{"id":578137,"date":"2022-12-18T04:00:23","date_gmt":"2022-12-18T04:00:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578137"},"modified":"2025-12-16T11:32:56","modified_gmt":"2025-12-16T11:32:56","slug":"imf-approves-usd-3-bn-loan-program-for-egypt","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-approves-usd-3-bn-loan-program-for-egypt\/","title":{"rendered":"IMF approves USD 3 bn loan program for Egypt"},"content":{"rendered":"<section id=\"578139\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578139\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/this-morning-its-argentina-v-france-messi-v-mbappe-in-the-world-cup-final-tonight\/\">\r\n                            THIS MORNING: It\u2019s Argentina v France, Messi v Mbappe in the World Cup final tonight                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/this-morning-its-argentina-v-france-messi-v-mbappe-in-the-world-cup-final-tonight\/\" target=\"_blank\">\n           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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/this-morning-its-argentina-v-france-messi-v-mbappe-in-the-world-cup-final-tonight\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/350.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578140\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/this-morning-its-argentina-v-france-messi-v-mbappe-in-the-world-cup-final-tonight\/350-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/350.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"350.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/350.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/350.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578139\" class=\"content-area-description single-story post-578139 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-banking tag-egyptian-tax-authority tag-enterpriseam tag-infrastructure tag-tax tag-what-were-tracking-today tag-world-cup wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people:<\/strong> We might be reaching the twilight of 2022 but the news flow is showing no signs of slowing down.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>It\u2019s the World Cup final tonight:<\/strong> Argentina and France will face off in the final of the World Cup at the Lusail Stadium at 5pm tonight. France are bidding to become the first team to retain the trophy since Brazil in 1962. Meanwhile, the Argentinians are looking to claim their World Cup victory since Maradona led his country to victory in 1986. And with this likely being his final opportunity to win the trophy, tonight\u2019s game is set up to be the defining match of Lionel Messi\u2019s international career.<\/p><p><strong>Coming in third and fourth:<\/strong> Croatia beat Morocco 2-1 in the third-place play-off yesterday, sealing themselves third place four years after becoming runners-up in Russia.<\/p><p><strong>The House is back in session this week<\/strong> following a 12-day break. <strong>Here\u2019s what\u2019s <\/strong><strong>on the agenda: <\/strong><\/p><ul>\n<li><strong>Today: <\/strong>The House will discuss legal changes that would allow the government to bring companies to develop the Tahya Misr 1 terminal at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd3f1189-fe0f-4c6d-914b-7c320d65f001\">Damietta port<\/a>. A consortium of three European firms signed an agreement with the port authority earlier this year which will see them <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2355832f-c95b-4862-98dc-bf706d99e5ac\">invest USD 500 mn<\/a>to build the terminal. It will also hold votes on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8154336d-5f19-46c1-8a9c-ac176dc579c0\">amendments to the Unified Tax Procedures Act<\/a>.<\/li>\n<li><strong>Tomorrow: <\/strong>MPs will vote on amendments to the Suez Canal Authority law that would establish a <a href=\"https:\/\/bit.ly\/3zQ1KUf\">EGP 10 bn investment fund<\/a>.<\/li>\n<li><strong>Tuesday: <\/strong>Agriculture Minister El Sayed El Quseir will face questions from MPs on food security amid the war on Ukraine, inflation and climate change.<\/li>\n<\/ul><p><strong>THIS WEEK-<\/strong><\/p><p><strong>EGX-listed Pachin will brief shareholders on acquisition offers it has received in its <\/strong><strong>ordinary general assembly on Tuesday<\/strong>, 20 December. Dubai-based National Paints Holdings has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bd16acf-0bc2-4e41-abb4-98ff04e3cb71\">offered to purchase 100% of the company<\/a> for EGP 29 per share, valuing it almost EGP 700 mn and far outbidding earlier offers from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa4253d1-4e21-484b-8dd5-c291322ebfa7\">Universal Building Materials and Chemicals<\/a> (Sipes) and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/282c2d10-3962-4fe7-9d62-eb7036227f7b\">Saybad Industrial Investment<\/a> that have since been withdrawn.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>PSA #1- E-invoicing deadline pushed until the end of the month: <\/strong>Companies have until the close of play on 31 December to register with the Tax Authority\u2019s e-invoicing system, after the Finance Ministry pushed the deadline from Thursday. Only 150k companies had signed up to the new system <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b338d2e-7242-4675-8656-d831457321b3\">as of the end of November<\/a>, well below a sought goal of 1 mn companies to register under the system.<\/p><p><strong>REMEMBER- The self-employed have a later deadline:<\/strong> The Finance Ministry<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bf798f1-37dd-4862-b1eb-536f8c97a47f\"><\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bf798f1-37dd-4862-b1eb-536f8c97a47f\">pushed the<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bf798f1-37dd-4862-b1eb-536f8c97a47f\">deadline<\/a> for self-employed professionals \u2014 including doctors, pharmacists and lawyers \u2014 to 30 April 2023 after<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4811d17-4f27-4d5b-afef-3cbec01f797b\"><\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4811d17-4f27-4d5b-afef-3cbec01f797b\">widespread opposition<\/a> to the system.<\/p><p><strong>PSA #2- Local banks have been granted another year to increase micro, small, and <\/strong><strong>medium enterprises\u2019 share of their loan portfolios by <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7420e90-5525-412d-b387-055a9c82e644\">five percentage points to 25%<\/a><\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/12\/CBE-SMES-2023.pdf\">central bank directive (pdf)<\/a>. Banks now have until 31 December 2023 to comply with the requirement, instead of until the end of this year. The central bank first announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7420e90-5525-412d-b387-055a9c82e644\">the requirement<\/a> in February 2021 as part of its financial inclusion strategy, which includes SME support as one of its key pillars.<\/p><p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue:<\/strong> <strong>A year of reckoning for startups:<\/strong> Our year in review on Startupland dives into the myriad challenges startups and investors faced over the course of 2022 \u2014 and how they\u2019ve managed to stay afloat despite the turbulence.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-tax-authority\/\">Egyptian Tax Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-cup\/\">World Cup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578141\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"578141\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/578141\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578141\" class=\"content-area-description single-story post-578141 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Simply-Somabay-2-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Somabay brings out the best in majestic natural elements where raw beauty and endless activities reign supreme. Immerse yourself into a picturesque getaway all year long. This is simply Somabay. For more information, call 16390 or visit <a href=\"http:\/\/www.somabay.com\">www.somabay.com<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578142\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578142\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/\">\r\n                            We got the IMF package \u2014 now here\u2019s what we need to do                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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In <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/12\/16\/pr22441-egypt-imf-executive-board-approves-46-month-usd3b-extended-arrangement\">a statement<\/a> Friday, the Fund\u2019s executive board said it had signed off on the 46-month extended fund facility (EFF) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddd263a4-f28f-47d4-90e2-e93c3db56a26\">agreed in October<\/a> and that it would immediately disburse USD 347 mn of the loan to \u201chelp meet the balance of payments needs and provide support to the budget.\u201d<\/p>\n<p><strong>We could get up to USD 18 bn in total:<\/strong> The EFF will \u201ccatalyze additional financing of about USD 14 bn from Egypt\u2019s international and regional partners, including new financing from GCC countries and other partners through the ongoing divestment of state-owned assets as well as traditional forms of financing from multilateral and bilateral creditors,\u201d the statement said. We could also be getting a separate USD 1.3 bn from the IMF\u2019s <a href=\"https:\/\/www.imf.org\/en\/Topics\/Resilience-and-Sustainability-Trust\">resilience and sustainability trust<\/a>, pending further EFF reviews.<\/p>\n<p><strong>That\u2019s double what we were expecting:<\/strong> The IMF said in October that the facility would unlock USD 5 bn in additional funding, but yesterday increased that figure to USD 14 bn. The Fund did not disclose where the additional USD 9 bn will come from.<\/p>\n<p><strong>REMINDER-<\/strong> The staff-level agreement reached in October was announced in tandem with a 200-bps interest rate hike and a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60dc5b0c-8c51-4c61-aa04-54e46a86a7c6\">large devaluation of the EGP<\/a>, the second such move of 2022 which has seen the currency fall almost 57% against the USD.<\/p>\n<p><strong>There\u2019s no such thing as money for nothing:<\/strong> In return for the facility, Egypt has agreed to drive home policy and economic reforms designed to strengthen its resilience against external shocks, restore its FX buffers and promote private-sector-led growth.<\/p>\n<p><strong>The laundry list:<\/strong><\/p>\n<ul>\n<li>A \u201cpermanent shift to a flexible exchange rate regime\u201d;<\/li>\n<li>Monetary policy reforms including ending subsidized lending programs;<\/li>\n<li>A combination of \u201cfiscal consolidation and debt management\u201d and increased social spending to protect vulnerable citizens;<\/li>\n<li>\u201cWide-ranging structural reforms\u201d to reduce the state\u2019s role in the economy.<\/li>\n<\/ul>\n<p><strong>A \u201cPERMANENT\u201d FLEXIBLE EXCHANGE RATE?<\/strong><\/p>\n<p><strong>Forget a \u201cdurably\u201d flexible FX rate \u2014 we\u2019re talking permanent now: <\/strong>The IMF emphasized a \u201cpermanent shift\u201d to a flexible exchange rate in its laundry list of requirements for the support package, upping the language from October when it had highlighted the need for a \u201cdurable\u201d FX rate regime. \u201cPermanent\u201d raises the stakes even higher: there can be no repegging further down the line, ever.<\/p>\n<p><strong>The rationale: <\/strong>\u201cA heavily managed exchange rate has not served Egypt well,\u201d the IMF wrote in background on Egypt. \u201cIt has led to periods of building imbalances, which in turn, have led to the loss of central and commercial bank foreign currency assets, rationing of foreign currency, forcing the central bank to abruptly devalue the EGP relative to other currencies.\u201d Egypt first moved to a floating exchange rate in 2016 but repegged the currency in the wake of the global economic crisis triggered by the covid-19 pandemic in 2020. The central bank allowed the currency to devalue against the USD in March but continued in a managed float up to the end of October when it went ahead with the second devaluation.<\/p>\n<p><strong>The IMF says we\u2019re on the right track<\/strong>: \u201cThe authorities\u2019 recent commitment to a durable shift to a flexible exchange rate regime and to unwind prior policy distortions \u2026 are welcome steps,\u201d IMF chief Kristalina Georgieva said.<\/p>\n<p><strong>Could there be another devaluation? <\/strong>There has been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52227eb0-e92b-467c-9665-2f8ec8f8decd\">plenty of chatter<\/a> of another devaluation in recent days on the back of rising USD rates in the parallel and derivatives markets. As of last week, the EGP was changing hands at 32-33 to the USD in these markets, up c.30% from the current official rate.<\/p>\n<p><strong>REDUCING INFLATION + STRENGTHENING MONETARY POLICY-<\/strong><\/p>\n<p><strong>The IMF wants the CBE to end subsidized lending schemes<\/strong> to increase the efficacy of monetary policy. The central bank has in recent years subsidized low-interest loans for key sectors of the economy, programs which reduce the effectiveness of interest rate policy as a tool for controlling the money supply and influencing inflation.<\/p>\n<p><strong>The government has already moved on this front: <\/strong>The Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc99d570-aa53-468e-b000-60de8fa427ff\">announced<\/a> last month that the central bank would have to stop providing the funding for subsidized loans and pass the responsibility to ministries.<\/p>\n<p><strong>Soaring inflation makes this all the more important:<\/strong> The currency devaluation and spillover effects from the war in Ukraine pushed inflation to its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">highest level in five years<\/a> in November. Economists now expect inflation to surpass 20% in 2023 which will likely require the central bank to further tighten policy.<\/p>\n<p><strong>PRIVATIZATION + TRANSPARENCY-<\/strong><\/p>\n<p><strong>The IMF\u2019s language on the state has also shifted from October:<\/strong> The Fund now expects authorities to \u201clevel the playing field\u201d between state-owned enterprises and private-sector firms, as well as rolling back state involvement in the economy. In October, it called for a \u201cmore robust competition framework.\u201d<\/p>\n<p><strong>Enter the <\/strong><strong>state ownership policy<\/strong><strong> and privatization program<\/strong>, which the government says will more than double the private sector\u2019s role in the economy to 65% over the next three years, and attract USD 40 bn in private investment by 2026. The government has been working on a state ownership document <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">since May<\/a>, holding consultations with public- and private-sector representatives, and discussing plans during the Egypt Economic Conference in October.<\/p>\n<p><strong>We\u2019re still not sure what the plan is, though:<\/strong> The ownership document is expected to go into effect at the end of this year having been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7263582-f660-4f87-b0b9-4d8f7a113480\">approved<\/a> by the cabinet last month, but no details have been made public by government ministers. In <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0M9qMe4ccENGhr3NXcU3j4nXSiVyvmFHLe6x4GW3h1dyeatwPkUXGjF72JQzhwW6rl\">a statement<\/a> yesterday, the cabinet said the plan included the \u201cspeedy issuance and announcement\u201d of the ownership policy.<\/p>\n<p><strong>Privatization has accelerated this year<\/strong> in response to the economic shock caused by the war in Ukraine: The state has sold upwards of USD 4 bn worth of state-owned shares of companies to Gulf sovereign wealth funds and the Sovereign Fund of Egypt is working on a plan to take to market more than 40 projects worth around EGP 140 bn to regional and international investors.<\/p>\n<p><strong>The government has committed to a number of structural reforms to improve transparency<\/strong> on the government\u2019s involvement in the economy, the Fund said in an adjoining <a href=\"https:\/\/www.imf.org\/en\/Countries\/EGY\/Egypt-qandas\">FAQ<\/a>. State-owned enterprises must submit financial accounts to the Finance Ministry twice a year, and a report on tax breaks, exemptions, and incentives they have received once a year, the lender wrote. It will also need to make public audit reports on its financials, any procurement contracts that exceed EGP 20 mn, payment arrears, and monthly budget outturns.<\/p>\n<p><strong>Our take: <\/strong>It\u2019s great that we\u2019re finally taking the private sector and the potential of its contributions to the economy seriously, but it is not enough for government officials to speak in general terms with CEOs coming in for a quick visit about how open Egypt is to FDI. We need to create an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">independent investment promotion agency<\/a> that speaks the language of global business, as we\u2019ve said in our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7#tldr-story-02\">five-step recipe to bring in USD 50 bn worth of FDI per year<\/a> while transforming us into an export powerhouse.<\/p>\n<p><strong>DEBT MANAGEMENT + SPENDING-<\/strong><\/p>\n<p><strong>The facility aims to reduce public debt to less than 80% of GDP in the medium term<\/strong>, <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0M9qMe4ccENGhr3NXcU3j4nXSiVyvmFHLe6x4GW3h1dyeatwPkUXGjF72JQzhwW6rl\">cabinet<\/a> said yesterday. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">had been planning<\/a> to reduce the debt-to-GDP ratio to 84% for the current fiscal year, though it expects the figure to land near <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/442d26fb-adde-475d-8498-8d6bb7b2edd3\">90%<\/a>.<\/p>\n<p><strong>Maait said as much back in October:<\/strong> Speaking at the Egypt Economic Conference, Maait <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/442d26fb-adde-475d-8498-8d6bb7b2edd3\">said<\/a> the government is targeting a 72% debt-to-GDP ratio by FY 2026-2027 (one fiscal year after the IMF facility ends), and a primary surplus of 2.3%, up from 1.3% in FY 2021-2022.<\/p>\n<p><strong>More social protection in the pipeline: <\/strong>The facility focuses on expanding the cash transfer program Takaful and Karama to take an extra 5 mn families under its wing, expanding the reach of the Universal Health Ins. System, and protecting the purchasing power of the lower class and pensioners, cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02wGHPd8rVJUSymB92TXNfirvTWRJVeRCsjSVdAHsznhJaz23iBoGnimDqckfvEs5Ll\">a separate statement<\/a>.<\/p>\n<p><strong>The story got attention in the foreign press:<\/strong> <a href=\"https:\/\/apnews.com\/article\/inflation-business-egypt-pandemics-covid-ab12af3d3d35b74d42a448f17ca18e17\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/imf-executive-board-approves-46-month-3-bln-extended-arrangement-egypt-2022-12-16\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-16\/egypt-gets-3-billion-imf-loan-to-support-struggling-economy?leadSource=uverify%20wall\">Bloomberg<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/12\/16\/business\/egypt-debt-crisis-mime-intl\/index.html\">CNN<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578144\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578144\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/cbe-to-raise-interest-rates-this-week-poll-2\/\">\r\n                            CBE to raise interest rates this week - poll                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/cbe-to-raise-interest-rates-this-week-poll-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Seven of the nine analysts and economists we surveyed see the Monetary Policy Committee raising rates later this week, with five expecting another huge 200-bps hike.<\/p>\n<p><strong>Where rates currently stand:<\/strong> The overnight deposit rate currently stands at 13.25% and overnight lending rate 14.25%, while the main operation and disc. rates are at 13.75%. The central bank has raised rates by 500 bps so far this year, including a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60dc5b0c-8c51-4c61-aa04-54e46a86a7c6\">surprise 200-bps hike<\/a> in October to support the currency in the wake of the devaluation, which has left the EGP down 25% against the greenback.<\/p>\n<p><strong>Continued inflationary pressures means continued monetary tightening: <\/strong>High inflation will likely push the CBE to go ahead with a 100 bps rate hike, Capital Economics MENA economist James Swanston said. Inflation hit a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">five-year high of 18.7%<\/a> last month as the CBE\u2019s decision to float the EGP hit food and beverage prices. Banking expert Hany Aboul Fotouh, a veteran of CI Capital, Arab Banking Corporation, and HSBC, predicts a 100-200 bps rate hike, on the back of November\u2019s inflationary figures. HC Securities banking and macro analyst Heba Monir is expecting the CBE to raise rates by 200 bps in a bid to tame inflation and boost foreign inflows.<\/p>\n<p><strong>Inflation to reach its peak next year: <\/strong>Inflation will likely peak next year and then decelerate gradually after that, Swanston said, adding that it will remain well above the CBE\u2019s target. \u201cWe don\u2019t see inflation falling into the CBE\u2019s range before mid-2024,\u201d he said. Aboul Fotouh thinks that inflation <strong>could hit the 25-27% mark <\/strong>during 1Q 2023 if Egypt continues to have a hard time securing foreign currency.<\/p>\n<p><strong>REMEMBER<\/strong>- We\u2019re still waiting for the Central Bank of Egypt to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06c4e072-4011-4127-a6c3-c014b13880aa\">announce<\/a> a new target range for inflation, after it previously scrapped its 7% (\u00b12%) target.<\/p>\n<p><strong>The EGP should brace for further depreciation: <\/strong>\u201cThe central bank may need a quick action plan which could include a 200 bps hike and a 15% currency depreciation,\u201d said Esraa Ahmed, economist at Al Ahly Pharos. \u201cWe believe that the government will benefit from the IMF loan, which will help secure another source for USD.\u201d Aboul Fotouh is also bracing for a cheaper EGP, seeing that the EGP is currently trading at 32-33 against the greenback in the black market.<\/p>\n<p><strong>An emergency meeting is unlikely to happen<\/strong>, CI Capital\u2019s Monsef Morsy told us, predicting 200 bps hikes during the next two meetings. \u201cWe hope that the USD coming into the country thanks to the IMF agreement (more on that above) will contribute to adding liquidity to the Egyptian banking sector,\u201d he said, adding that he is expecting inflation to reach 20-24% over the coming four months.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-poll\/\">Enterprise Poll<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poll\/\">POLL<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578146\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578146\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">NON-BANKING FINANCIAL SERVICES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products\/\">\r\n                            EFG Hermes\u2019 valU sets aside USD 25 mn to expand through M&#038;A + new products                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=EFG Hermes\u2019 valU sets aside USD 25 mn to expand through M&#038;A + new products&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products\/&title=EFG Hermes\u2019 valU sets aside USD 25 mn to expand through M&#038;A + new products\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EFG+Hermes%E2%80%99+valU+sets+aside+USD+25+mn+to+expand+through+M%26%23038%3BA+%2B+new+products+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F18%2Fefg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/355.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578147\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products\/355-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/355.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"355.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/355.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/355.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578146\" class=\"content-area-description single-story post-578146 post type-post status-publish format-standard has-post-thumbnail hentry category-non-banking-financial-services tag-buy-now-pay-later tag-efg-hermes tag-enterpriseam tag-fintech tag-non-banking-financial-services tag-valu tag-walid-hassouna wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>valU to spend USD 25 mn on regional + product expansion:<\/strong> EFG Hermes\u2019 buy-now-pay-later platform valU expects to invest some USD 25 mn to complete its expansion to Saudi Arabia and roll out new products in early 2023, valU CEO Walid Hassouna told <a href=\"https:\/\/www.zawya.com\/en\/business\/fintech\/ceo-interview-egyptian-valus-expansion-new-services-come-with-25mln-price-tag-qeosf4oj\">Zawya<\/a>.<\/p>\n<p><strong>REFRESHER-<\/strong> valU signed a sale and purchase agreement to buy a 35% stake in new Saudi consumer finance player Fas Finance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/57585b4e-9ad9-4ce6-ac4c-ee4307e080fb\">earlier this year<\/a>, which will pave the way for valU to enter the Saudi market. The agreement is currently pending approval from Saudi\u2019s central bank, according to Hassouna.<\/p>\n<p><strong>More acquisitions in the works:<\/strong> The company is in talks to acquire \u201csignificant\u201d minority stakes in two unnamed firms, as well as a third company valU is looking to acquire in full, Hassouna said. valU acquired fintech <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65572e00-f929-401b-bdf5-690f66c460fa\">Kiwe in October<\/a> and digital HR and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/097d2cc1-96bd-4d28-aa94-8365488c1ea3\">in August<\/a> bought payroll platform Paynas.<\/p>\n<p><strong>New product rollouts coming next year:<\/strong> valU plans to roll out a new prepaid credit card that will be valid with vendors not associated with the company, Hassouna said. The card is expected to launch in 1Q 2023. valU will also launch other new services, including salary advances, as well as life and property ins., through partnerships with fintech startups already operating in these spaces, Hassouna said, without providing further details.<\/p>\n<p><strong>VALU LINKS UP WITH GEIDEA-<\/strong><\/p>\n<p><strong>valU has partnered with Saudi SME fintech player <\/strong><strong><a href=\"https:\/\/geidea.net\/merchants\/en\/\">Geidea<\/a><\/strong>, giving it access to its merchant base and integrating its payment aggregation services into its offering, according to a <a href=\"https:\/\/ent.news\/2022\/12\/valU-x-Geidea-English-15-December-2022.pdf\">statement (pdf)<\/a>.<\/p>\n<p><strong>Geidea has been loving Egypt as of late: <\/strong>The Saudi fintech platform has recently partnered with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/933259c5-1ef8-407a-af25-9601a6ce71de\">foodtech startup Grubtech<\/a> and Egyptian <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1cdb8e85-83a5-4efa-abe3-855517f3b7ba\">B2B marketplace Fatura<\/a> to provide POS services in Egypt, while Banque Misr has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9776cae3-d560-4d53-b6ae-1c5480acbb8d\">signed an agreement<\/a>with Geidea to provide payment and e-commerce services to its clients.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/buy-now-pay-later\/\">buy now pay later<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/walid-hassouna\/\">Walid Hassouna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578148\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578148\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/hospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion\/\">\r\n                            Hospitality logistics startup Suplyd bags USD 1.6 mn pre-seed for expansion                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/hospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/hospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/hospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Hospitality logistics startup Suplyd bags USD 1.6 mn pre-seed for expansion&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/hospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/hospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion\/&title=Hospitality logistics startup Suplyd bags USD 1.6 mn pre-seed for expansion\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Hospitality+logistics+startup+Suplyd+bags+USD+1.6+mn+pre-seed+for+expansion+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F18%2Fhospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/hospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/357.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578149\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/hospitality-logistics-startup-suplyd-bags-usd-1-6-mn-pre-seed-for-expansion\/357-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/357.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"357.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/357.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/357.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578148\" class=\"content-area-description single-story post-578148 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-food tag-hospitality-tourism tag-investment-watch tag-startup-watch tag-suplyd wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Local hospitality supply-chain startup <\/strong><strong><a href=\"https:\/\/www.suplyd.app\">Suplyd<\/a><\/strong><strong> has raised USD 1.6 mn in pre-seed <\/strong><strong>funding<\/strong>, it said in <a href=\"https:\/\/ent.news\/2022\/12\/Suplyd-closes-1.6M-funding-round.pdf\">a statement (pdf)<\/a> Thursday. Participants in the round included <a href=\"https:\/\/endurecap.com\/\">Endure Capital<\/a>, <a href=\"https:\/\/www.seedstars.com\/\">Seedstars<\/a>, <a href=\"https:\/\/www.camel.ventures\/\">Camel Ventures<\/a>, the International Cooperation Ministry\u2019s <a href=\"https:\/\/falakstartups.com\/\">Falak Startups<\/a>, <a href=\"http:\/\/www.outlierz.co\/\">Outlierz<\/a>, <a href=\"https:\/\/plus.ventures\/\">Plus Ventures<\/a>, <a href=\"https:\/\/www.fort-ventures.com\/\">Fort<\/a>, <a href=\"https:\/\/www.alexandriaangels.com\/\">Alex Angels<\/a>, and other unnamed angel investors. Suplyd will use the funds to scale its tech, team, and operations, the company said.<\/p>\n<p><strong>About Suplyd: <\/strong>Founded in January 2022 by Gohar Said (<a href=\"https:\/\/www.linkedin.com\/in\/gohar-said-7572866b\/\">LinkedIn<\/a>), Karim Selima (<a href=\"https:\/\/www.linkedin.com\/in\/karim-selima-1581a080\/\">LinkedIn<\/a>), and Ahmed ElMahdy (<a href=\"https:\/\/www.linkedin.com\/in\/ahelmahdy\/\">LinkedIn<\/a>), Suplyd\u2019s B2B platform offers procurement, fulfillment, and payment services to hotels, restaurants, and caterers in Greater Cairo. The company\u2019s platform and network of tech-enabled fulfillment centers aim to streamline the hospitality supply chain, minimizing waste and improving price transparency. Competitors include <a href=\"https:\/\/www.oneorder.net\">OneOrder<\/a>, which closed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a569f96d-a8d1-4c39-990a-7d3528811831\">USD 3 mn seed<\/a> round earlier this month.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality-tourism\/\">hospitality + tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suplyd\/\">Suplyd<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578150\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"578150\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/578150\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578150\" class=\"content-area-description single-story post-578150 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb943e86-f689-461b-9297-3ebd510cdbd7\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/USAID-Ad2-English-web.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578151\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578151\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-molla-confirms-large-east-med-gas-find\/\">\r\n                            El Molla confirms large East Med gas find                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-molla-confirms-large-east-med-gas-find\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-molla-confirms-large-east-med-gas-find\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-molla-confirms-large-east-med-gas-find\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=El Molla confirms large East Med gas find&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-molla-confirms-large-east-med-gas-find\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-molla-confirms-large-east-med-gas-find\/&title=El Molla confirms large East Med gas find\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=El+Molla+confirms+large+East+Med+gas+find+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F18%2Fel-molla-confirms-large-east-med-gas-find%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-molla-confirms-large-east-med-gas-find\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/359.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578152\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-molla-confirms-large-east-med-gas-find\/359-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/359.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"359.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/359.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/359.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578151\" class=\"content-area-description single-story post-578151 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-chevron tag-eastern-mediterranean tag-energy tag-eni tag-enterpriseam tag-oil-and-gas tag-tarek-el-molla wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Oil Minister Tarek El Molla confirmed that a large gas discovery has been made in the <\/strong><strong>Narges block<\/strong> in the Eastern Mediterranean during a briefing to the House Energy Committee, <a href=\"https:\/\/bit.ly\/3hBIyUq\">Youm7<\/a> reported Thursday.<\/p>\n<p><strong>A report of a big gas find landed a few weeks ago:<\/strong> The Middle East Economic Survey <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ac341b9-5093-49ae-9713-b6fb67a58adf\">reported earlier this month<\/a> that a field holding an estimated 3.5 tn cubic feet of gas had been discovered by Chevron. El Molla declined to disclose any figures during the briefing, telling MPs that companies are still evaluating its size.<\/p>\n<p><strong>The Narges block is mostly foreign-operated: <\/strong>US energy giant Chevron holds 45% operating interest, Italian Eni owns 45% and state-owned Tharwa Petroleum holds the remaining 10%.<\/p>\n<p><strong>We need the extra gas:<\/strong> Egypt is trying to maximize its exports of natural gas amid a growing shortage of FX. It is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8825220-3a11-4b4f-85d0-10a069902e3a\">rationing its usage of gas<\/a> for domestic power production and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5077c32-5cdd-4909-b794-3dc873660365\">turning to other types of fuel<\/a> in order to free up more gas for export. The find comes at a good time for Egypt, which has seen output fall from a peak of 7.2 bn cf per day last September to 6.5 bn cf\/d in 3Q 2022, according to MEES.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chevron\/\">Chevron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-mediterranean\/\">Eastern Mediterranean<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-el-molla\/\">Tarek El Molla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578153\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578153\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/\">\r\n                            Qalaa Holdings remains profitable during 3Q 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Qalaa Holdings remains profitable during 3Q 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/&title=Qalaa Holdings remains profitable during 3Q 2022\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Qalaa+Holdings+remains+profitable+during+3Q+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F18%2Fqalaa-holdings-remains-profitable-during-3q-2022%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/361.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578154\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/361-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/361.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"361.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/361.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/361.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578153\" class=\"content-area-description single-story post-578153 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings-watch tag-egyptian-refining-company tag-enterpriseam tag-qalaa-holdings wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Qalaa Holdings returned to the black in 3Q 2022<\/strong>, reporting a EGP 16.7 mn profit against a EGP 440.7 mn loss in the same quarter last year in its latest <a href=\"https:\/\/ent.news\/2022\/12\/QH-3Q22-Business-Review-E-FINAL2.pdf\">earnings release (pdf)<\/a>. Revenues jumped 86% y-o-y to EGP 23.7 bn during the quarter, driven by the Egyptian Refining Company (ERC) which made up 75% of the firm\u2019s revenues. This is the second consecutive profitable quarter for the firm after it saw its bottom line enter the black for the first quarter since 2018 in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eec02640-3550-4731-99bb-e5c329f4f298\">2Q 2022<\/a>.<\/p>\n<p><strong>In detail: <\/strong>Subsidiary ERC\u2019s revenues doubled y-o-y to EGP 17.9 bn during the quarter, thanks to the increase in refined petroleum product prices and improved operations. Taqa Arabia saw its revenues grow 19% y-o-y during the quarter to EGP 2.9 bn on the back of a strong performance by Taqa Petroleum, higher distribution volumes at Taqa Power and volume growth at Taqa Gas.<\/p>\n<p><strong>Heading into 2023: <\/strong>Qalaa is focused on reducing its risk levels and growing its revenues. \u201cOur key focus heading in 2023 will be to continue driving EBITDA growth and build on the significant progress we have achieved when it comes to business development, cost cutting, and operational efficiencies,\u201d managing director and co-founder Hisham El Khazindar said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-refining-company\/\">Egyptian Refining Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578155\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578155\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/gafi-has-a-new-ceo\/\">\r\n                            GAFI has a new CEO                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/gafi-has-a-new-ceo\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/gafi-has-a-new-ceo\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/gafi-has-a-new-ceo\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=GAFI has a new CEO&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/gafi-has-a-new-ceo\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/gafi-has-a-new-ceo\/&title=GAFI has a new CEO\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=GAFI+has+a+new+CEO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F18%2Fgafi-has-a-new-ceo%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/gafi-has-a-new-ceo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/362.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578156\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/gafi-has-a-new-ceo\/362-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/362.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"362.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/362.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/362.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578155\" class=\"content-area-description single-story post-578155 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-bassel-rahmy tag-enterpriseam tag-gafi tag-hossam-heiba tag-mouawia-essekelli tag-moves tag-nevine-gamea tag-sme-development-authority wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Hossam Heiba<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/hossam-heiba-9062a98\/\">LinkedIn<\/a>) was appointed <strong>CEO <\/strong>of the<strong> General Authority for <\/strong><strong>Investment and Free Zones (GAFI)<\/strong> by Prime Minister Mostafa Madbouly, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02JSEzUgiMeF1CNwH9AxTRC8GJHhbaDq1jCcQYYtW8UUcmSdLjiRJkcrAQWHxQ2gynl\">a cabinet statement<\/a>. Heiba was previously the vice chairman and managing director of Egypt Post\u2019s investment arm. He succeeds Mohamed Abdel Wahab (<a href=\"https:\/\/www.linkedin.com\/in\/abdelwahabofficial\/\">LinkedIn<\/a>), who has headed up GAFI <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/30\/mohamed-abdel-wahab-tapped-as-new-head-of-egypts-gafi\/\">since 2019<\/a>.<\/p>\n<p><strong>Bassel Rahmy<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/bassel-rahmy-61129a94\">LinkedIn<\/a>) was appointed <strong>CEO <\/strong>of the government\u2019s <strong>Micro, Small, and <\/strong><strong>Medium Enterprises Development Agency (MSMEDA)<\/strong> for a one-year term starting 1 January 2023, according to <a href=\"https:\/\/www.facebook.com\/story.php?story_fbid=pfbid02ub4pybNVP253rbTMKp5JEowncC8fArDgZnsi9ABLT2BHp987sS7Uf3NjPmNPTbLl&id=100064812882317\">a cabinet statement<\/a>. Rahmy has some 20 years of experience in the banking sector with a focus on SMEs and microfinance, including 13 years in retail and SME banking at Alexbank. He succeeds former trade minister Nevine Gamea, who will not see out the rest of her term, which was due to <a href=\"https:\/\/www.elbalad.news\/5396025\">expire in July 2023<\/a>. The statement did not provide information about why Gamea had exited the role early. She had been at the helm of MSMEDA <a href=\"https:\/\/isdb-am.org\/speakers\/h-e-ms-nevine-gamea-minister-of-industry-and-trade-of-egypt-ceo-of-egyptian-micro-small-and-medium-enterprises-development-agency-msmeda\/\">since 2017<\/a>.<\/p>\n<p><strong>Mouawia Essekelli <\/strong>(<a href=\"https:\/\/www.linkedin.com\/in\/mouawia-essekelli-32a114184\/\">LinkedIn<\/a>) was appointed <strong>managing director <\/strong>and <strong>board member<\/strong> at <strong>Attijariwafa Bank Egypt<\/strong>, <a href=\"https:\/\/almalnews.com\/%d9%85%d8%b9%d8%a7%d9%88%d9%8a%d8%a9-%d8%a7%d9%84%d8%b5%d9%82%d9%84%d9%8a-%d8%b9%d8%b6%d9%88%d8%a7-%d9%85%d9%86%d8%aa%d8%af%d8%a8%d8%a7-%d8%ac%d8%af%d9%8a%d8%af%d8%a7-%d9%84%d9%84%d8%aa%d8%ac%d8%a7\/\">Al Mal<\/a> reports, succeeding Hicham Seffa (<a href=\"https:\/\/www.linkedin.com\/in\/hicham-seffa-112191109\/\">LinkedIn<\/a>). Essekelli has 30 years of banking experience, including 17 years in leadership roles at the Attijariwafa Group across Europe and Morocco. He most recently served as president of <a href=\"https:\/\/www.wafacash.com\/\">Wafacash<\/a>, the bank\u2019s money transfer subsidiary.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bassel-rahmy\/\">Bassel Rahmy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hossam-heiba\/\">Hossam Heiba<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mouawia-essekelli\/\">Mouawia Essekelli<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nevine-gamea\/\">Nevine Gamea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sme-development-authority\/\">SME Development Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578157\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"578157\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/578157\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578157\" class=\"content-area-description single-story post-578157 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/4-SODIC-Saxophone-1600x1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578158\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578158\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/last-nights-talk-shows-all-about-the-imf\/\">\r\n                            Last Night\u2019s Talk Shows: All about the IMF                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/last-nights-talk-shows-all-about-the-imf\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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These short-term plans need some USD 6-9 bn. As for the long-term, we could be looking at more inflows, higher employment rate and higher income,\u201d El Hadidi said (<a href=\"https:\/\/www.youtube.com\/watch?v=MHKya5mk-8Y\">watch, runtime: 3:58<\/a>).<\/p>\n<p><strong>The Egyptian economy will stabilize as soon as our backlogged ports start clearing up<\/strong>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef687b59-5f9e-424f-a77b-2c4e82da9b24\">CIB non-executive chairman<\/a> Hisham Ezz Al Arab told El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=hB3dlsPFjAs\">watch, runtime: 3:28<\/a>). Clearing up the ports won\u2019t be as expensive as people believe because many importers no longer want their products and will decide to auction it off rather than going through the hassle of releasing them from the ports, he added.<\/p>\n<p><strong>Why is a flexible EGP good news? <\/strong>Flexible currency makes it easier for a country to absorb external shocks, Ezz Al Arab said (<a href=\"https:\/\/www.youtube.com\/watch?v=72tEEiZeI8A\">watch, runtime: 16:10<\/a>). If the state had adopted a flexible exchange rate it would have helped lessen the USD 22 bn in outflows we saw earlier this year, he explained. <strong>Also covering the news:<\/strong> Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=VZ__hVYj4u0\">watch, runtime: 11:41<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=_4aPB5JNeGE\">watch, runtime: 5:25<\/a>).<\/p>\n<p><strong>ALSO ON THE AIRWAVES-<\/strong><\/p>\n<p><strong>Demand for the expat car import scheme hasn\u2019t lived up to expectations <\/strong>hence the cabinet amending the process last week (<a href=\"https:\/\/www.youtube.com\/watch?v=PgaBO5Dc6c0\">watch, runtime: 19:21<\/a>). The amendments came in response to complaints the state has received, customs official Ahmed Abu Bakr told Kelma Akhira. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7089f22-eb65-4418-81c1-c5fb17e42672\">amendments include<\/a> no longer requiring buyers to deposit fees for the program three months before transfers and waiving the requirement to have the Foreign Ministry certifying residences, bank statements and other documents related to the imported vehicles data was also scrapped.<\/p>\n<p><strong>The amendments are unlikely to drum up demand for the scheme<\/strong>, Alaa Selim, the secretary-general of the General Union for Egyptians Abroad said, adding that devalued EGP is making it more difficult for people to partake in the program. Finance Minister Mohamed Maait <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30f774c7-53ed-44fb-b8cc-2cbd3b37fa9e\">had previously said<\/a> that the scheme could raise up to USD 2.5 bn in FX.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-ezz-al-arab\/\">Hisham Ezz Al Arab<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578160\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, 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data-block-id=\"tx0m9xw\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-tx0m9xw-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-tx0m9xw-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div 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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-sisi-makes-the-rounds-in-washington\/\">\r\n                            El Sisi makes the rounds in Washington                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-sisi-makes-the-rounds-in-washington\/\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/el-sisi-makes-the-rounds-in-washington\/365-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/365.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"365.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/365.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/365.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578164\" class=\"content-area-description single-story post-578164 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>El Sisi meets US officials, lawmakers in Washington: <\/strong>President Abdel Fattah El Sisi held more bilateral meetings on the sidelines of the US-Africa summit in Washington last week:<\/p>\n<p><strong>US-Egypt defense ties and security issues <\/strong>were also top of the agenda in a meeting between El Sisi and White House national security adviser <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid087LRWwvfaU1xqEMk5LRgTceVzDeYXL4dSa2dSGrhd7NZzJui6y4etX3fWprSxgn2l?__cft__[0]=AZVn7GZDICcbiSI6zE1zgIReZ89DOSDgJOzjcmowatLXsZ5TFn6FVLaJMpZIU9jjliGJnymrMBNDlr0yLbwTX1IRwvU_OluJE4OUuuvdCxYiG3y23dYJ9-1S2D_X9aK9z_0szpdpc46xxoMBpa1QDn23SBTmlxetuyC8mj-FwWmYsdLFPdjlM4n4Bv536m9gA4KzunUj2kEBata75PJ3c-5j&__tn__=%2CO%2CP-R\">Jake Sullivan<\/a> on Friday, according to another set of separate <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid087LRWwvfaU1xqEMk5LRgTceVzDeYXL4dSa2dSGrhd7NZzJui6y4etX3fWprSxgn2l\">Ittihadiya<\/a> and <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/12\/16\/readout-of-national-security-advisor-jake-sullivans-meeting-with-president-of-egypt-abdel-fattah-el-sisi\/\">White House<\/a> statements. Sullivan \u201cstrongly affirmed US support for Egypt\u2019s water security, as well as for a swift diplomatic resolution on the Grand Ethiopian Renaissance Dam [GERD] that would safeguard the interests of all parties,\u201d according to the White House readout. Their meeting came two days after El Sisi asked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7aab20b-ec39-48fc-9e2b-38c99f32e3b8\">US Secretary of State Anthony Blinken<\/a> for help to reach a legally binding agreement with Ethiopia and Sudan on the disputed GERD.<\/p>\n<p><strong>El Sisi also met with World Bank chief David Malpass on Friday <\/strong>to discuss help from the multilateral lender and talked security with Secretary of Defense Lloyd J. Austin, according to separate <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02eKcP9XkPqQvGEtY4w1LYVNyKNcYCXAo4sWupx4Xe93mgUGv3oStjGFmgg4Z7e1nYl\">Ittihadiya<\/a> and <a href=\"https:\/\/www.defense.gov\/News\/Releases\/Release\/Article\/3246920\/readout-of-secretary-of-defense-lloyd-j-austin-iiis-meeting-with-egyptian-presi\/\">US defense department<\/a> statements.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578168\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/578168\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578168\" class=\"content-area-description single-story post-578168 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>NOVEMBER<\/strong><\/p>\n<p>20 November-18 December (Sunday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>19-20 December (Monday-Tuesday): The Arab Administrative Development Organization\u2019s<a href=\"https:\/\/www.arado.org\/Activity\/Details?Id=537954\">conference on Modern Methods in Hospital Management<\/a>, Cairo.<\/p>\n<p>20 December (Tuesday): EGX-listed Pachin will <a href=\"https:\/\/ent.news\/2022\/11\/Pachin-general-assembly.pdf\">brief shareholders<\/a> on offers received to acquire the company in an ordinary general assembly.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>25 December (Sunday): Senate back in session.<\/p>\n<p>31 December (Saturday): E-invoicing registration deadline.<\/p>\n<p>December: Egypt to <a href=\"https:\/\/bit.ly\/3bVoWYy\">expand Sudan electricity link capacity<\/a> to 300 MW.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>1 January (Sunday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>1 January (Sunday): Residential electricity bills are set to rise as per the government\u2019s <a href=\"https:\/\/ent.news\/2020\/6\/%D8%A7%D9%84%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D9%84%D8%AE%D9%85%D8%B3-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85%D8%A9-9-6-2020-1.pdf\">six-year roadmap (pdf)<\/a> to restructure electricity prices by 2025.<\/p>\n<p>7 January (Saturday): Coptic Christmas.<\/p>\n<p>24 January-6 February: Cairo International Book Fair, Egypt International Exhibition Center<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January (Thursday): President El Sisi will visit India as <a href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/35927\/Chief_Guest_at_Indias_Republic_Day_Celebrations_2023\">\u201cchief guest\u201d at celebrations<\/a>to mark the 74th anniversary of Indian independence.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.<\/p>\n<p>13-15 February (Monday-Wednesday): The <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>23-27 February (Thursday-Monday): Annual Business Women of Egypt\u2019s Women for Success conference.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>1 April (Saturday): Deadline for banks to establish sustainability unit.<\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>30 April (Sunday): Deadline for self-employed to register for e-invoicing.<\/p>\n<p>Late April \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday): National holiday in observance of Labor Day (TBC).<\/p>\n<p>4 May (Thursday): <a href=\"https:\/\/www.ief.org\/events\/8th-ief-igu-ministerial-gas-forum\">IEF-IGU Ministerial Gas Forum<\/a>, Cairo.<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>10 June (Saturday): Thanaweya Amma examinations <a href=\"https:\/\/moe.gov.eg\/what-s-on\/news\/dates-for-the-exams\/\">begin<\/a>.<\/p>\n<p>19-21 June (Monday-Wednesday): Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>End of December\/early January: SFE\u2019s pre-IPO fund <a href=\"https:\/\/www.alborsaanews.com\/2022\/11\/20\/1599698\">to kick off<\/a>roadshow.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q 2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/p>\n<p>2023: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/p>\n<p>1Q 2023: Internal trade database to <a href=\"https:\/\/hapijournal.com\/?p=212185\">launch<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":578138,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578137","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"40188743-0d08-41f7-914b-e5768fe1fed3","teaser":"","photo_url":"https:\/\/ent.news\/2022\/12\/348.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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