{"id":578225,"date":"2022-12-20T04:00:13","date_gmt":"2022-12-20T04:00:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578225"},"modified":"2025-12-16T11:34:42","modified_gmt":"2025-12-16T11:34:42","slug":"abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/","title":{"rendered":"Abu Dhabi\u2019s Chimera Investments to acquire 45% of GB Lease"},"content":{"rendered":"<section id=\"578227\" 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=\"578227\">\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\/20\/this-morning-at-least-two-banks-have-tightened-fx-limits-pachin-shareholders-to-discuss-takeover-offers-today\/\">\r\n                            THIS MORNING: At least two banks have tightened FX limits + Pachin shareholders to discuss takeover offers today.                        <\/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 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src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/415.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578228\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/this-morning-at-least-two-banks-have-tightened-fx-limits-pachin-shareholders-to-discuss-takeover-offers-today\/415-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/415.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"415.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/415.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/415.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578227\" class=\"content-area-description single-story post-578227 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-banking tag-cib tag-economy tag-egp tag-enterpriseam tag-film tag-hsbc tag-ma-watch tag-suez-canal tag-what-were-tracking-today 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 and happy hump day, ladies and gents.<\/strong> We have an M&amp;A-heavy issue for you this morning, another indicator that the news flow is showing no signs of slowing down as we hurtle towards the end of the year.<\/p><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>PSA- <\/strong><strong>At least two major banks<\/strong><strong> have tightened foreign-currency purchase and withdrawal limits<\/strong> amid a continued shortage of FX in the financial system. CIB and HSBC have lowered monthly limits on withdrawals and purchases made using their debit and credit cards abroad. Lenders first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d4e1310-8476-4983-bf26-83593b2f6167\">introduced the limits in October<\/a> in a move analysts said was designed to conserve the banks\u2019 FX assets. Other local lenders including Banque Misr and FAB Egypt have not made any announcements on changes to spending limits.<\/p><ul>\n<li><strong>CIB lowered monthly withdrawal limits abroad for the vast majority of debit cards to EGP 2.5k from EGP 5-30k<\/strong>, according to a <a href=\"https:\/\/www.cibeg.com\/-\/media\/project\/downloads\/fees-and-charges\/personal-arabic\/new-international-limits-for-debit-and-credit-cards---a.pdf?utm_source=International%20Spending%20Limit%20Ar%20SMS&amp;utm_campaign=International%20Spending%20Limit%20Ar%20SMS&amp;utm_content=International%20Spending%20Limit%20Ar%20SMS&amp;utm_medium=International%20Spending%20Limit%20Ar%20SMS\">statement (pdf)<\/a> posted to the bank\u2019s website. It made no changes to its limits on international card purchases, whether made in person or online.<\/li>\n<li><strong>HSBC lowered its monthly withdrawal limit to USD 1.5k per customer<\/strong> on all of its debit and credit cards, down from USD 5K, according to its <a href=\"https:\/\/www.hsbc.com.eg\/credit-cards\/foreign-usage-limits\/\">website<\/a>. It also introduced monthly limits on purchases in foreign currency \u2014 both in person and online \u2014 to EGP 10k- 50k, depending on card type.<\/li>\n<\/ul><p><strong>REMINDER- Outflows of hard currency triggered by the war in Ukraine and rising interest rates has put FX in increasingly short supply<\/strong>, with the banking system\u2019s net foreign liabilities widening to an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d4e1310-8476-4983-bf26-83593b2f6167\">all-time high of USD 20 bn<\/a> at the end of September. Analysts told us in October that the move by the banks was likely a move to ease the pressure on their net foreign assets.<\/p><p><strong>What has changed?<\/strong> The FX liquidity squeeze has intensified in recent days, with traders indicating that greenbacks were being bought for as high as EGP 38 last Friday, according to <a href=\"https:\/\/bit.ly\/3WextaU\">Al Arabiya<\/a>.<\/p><p><strong>But, some relief:<\/strong> This went into abrupt reversal in the wake of the IMF signing off on our USD 3 bn loan request on Friday. Since then, the parallel market rate has fallen back with traders dumping USDs as the price continued to fall. As of yesterday, the official exchange rate was 24.77 and the average rate in banks was 24.74.<\/p><hr class=\"grey-line\"><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><strong>EGX-listed Pachin will brief shareholders on acquisition offers it has received in its <\/strong><strong>ordinary general assembly.<\/strong> 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><p><strong>On the House agenda: <\/strong>For its last session of the week, the House will host Agriculture Minister El Sayed El Quseir, who will face questions from MPs on food security amid the war on Ukraine, inflation and climate change.<\/p><p><strong>The Transport Ministry will ink an agreement with the <\/strong><strong>Misr Holland Company<\/strong> to add <a href=\"https:\/\/www.venturesonsite.com\/projects\/egypt\/infrastructure\/83443-berth-3-85-in-alexandria-port\">a new<\/a><a href=\"https:\/\/www.venturesonsite.com\/projects\/egypt\/infrastructure\/83443-berth-3-85-in-alexandria-port\">berth<\/a> at Alexandria Port, <a href=\"https:\/\/bit.ly\/3G5SeQq\">Al Mal<\/a> reported.<\/p><p><strong>THIS WEEK-<\/strong><\/p><p><strong>It\u2019s the Central Bank of Egypt\u2019s final policy meeting of the year on Thursday<\/strong>, and analysts <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f634c395-5dfb-40bf-a4fe-388c6fe8a1b5\">we surveyed last week<\/a> expect policymakers to close out 2022 with another king-size 200-bps rate hike to support the currency and tackle rising inflation. Seven of the nine analysts and economists are forecasting the central bank to raise rates, five of which see a 200-bps hike. This would take the policy rate to 15.25%, its highest level since early 2019.<\/p><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>Dominating the conversation in the Western press this morning: The Donald could face <\/strong><strong>up to four charges for his involvement in last year\u2019s Capitol attack.<\/strong> Lawmakers investigating the 6 January 2021 attack on the US Capitol have urged the US Department of Justice to press criminal charges against former president Donald Trump for his role in inciting the crowd. The House committee wants to charge Trump with four crimes, including aiding or inciting insurrection and conspiracy to defraud the US. (<a href=\"https:\/\/apnews.com\/article\/january-6-final-hearing-investigation-wraps-0bceb95826c1c836023d2810ccbeccca?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/us\/us-house-jan-6-capitol-riot-probe-consider-trump-criminal-referral-2022-12-19\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/jan-6-panel-to-vote-on-criminal-referrals-release-summary-of-report-11671429912\">WSJ<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/12\/19\/us\/jan-6-committee-trump\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/politics\/2022\/12\/19\/trump-referrals-jan-6-committee\/\">Washington Post<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-19\/house-jan-6-panel-considers-recommending-prosecution-for-trump?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/65adf18f-5d4d-44fd-8a32-0bf8cbd25833\">FT<\/a>)<\/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><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>WATCH THIS SPACE- Another record-breaking year for Suez revenues?<\/strong> The Suez Canal Authority expects revenues to rise 15% to hit a record USD 8 bn in FY 2022-2023, SCA Chairman Osama Rabie told MPs yesterday. Canal revenues \u2014 an important source of hard currency for Egypt \u2014 reached an all-time high of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fd06a9c6-1825-4822-aba2-3a0e5c724c91\">USD 7 bn<\/a> in FY 2021-2022 on the back of record tonnage and a record number of transiting vessels.<\/p><p><strong>This will be bolstered by higher transit fees:<\/strong> As energy prices, freight rates and daily tanker time-charter rates continue to rise, the SCA has announced a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7a4a36e-9b5f-4a44-8185-67a3f5ca1389\">15% fee increase<\/a> on vessels crossing the canal starting 1 January 2023 (10% for dry bulk ships and cruise ships), meaning we may see more records in the future.<\/p><p><strong>WORTH WATCHING-<\/strong><\/p><p><strong>Egypt\u2019s version of Shark Tank is set to air next month: <\/strong>The local version of the hit TV show that showcases entrepreneurs looking to attract funds, will air exclusively on CBC and WATCH IT in January, according to a <a href=\"https:\/\/ent.news\/2022\/12\/Shark-Tank-EN-PRL.docx.pdf\">press<\/a><a href=\"https:\/\/ent.news\/2022\/12\/Shark-Tank-EN-PRL.docx.pdf\">release<\/a><a href=\"https:\/\/ent.news\/2022\/12\/Shark-Tank-EN-PRL.docx.pdf\">(pdf)<\/a>.<\/p><p><strong>The sharks:<\/strong><\/p><ul>\n<li><strong>Ayman Abbas<\/strong>, founder of the Egyptian Chinese Drilling Company<\/li>\n<li><strong>Ahmed El Sewedy<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/ahmed-elsewedy-a16132194\/\">LinkedIn<\/a>), president and CEO of El Sewedy Electric<\/li>\n<li><strong>Mohamed Farouk<\/strong>, chairman and CEO of Mobica Designs<\/li>\n<li><strong>Hilda Luca<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/hilda-louca-06074a20\/\">LinkedIn<\/a>), founder and CEO of online shopping platform MITCHA<\/li>\n<li><strong>Mohamed<\/strong><strong> Ismail <\/strong><strong>Mansour<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/mohamed-i-mansour-99600479\/\">LinkedIn<\/a>), co-founder and CEO of Infinity Solar and Managing Director of McDonald's Egypt<\/li>\n<li><strong>Abdullah Salam<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/m-abdallah-sallam-6a6aa018\/\">LinkedIn<\/a>), CEO and managing director of Madinat Nasr for Housing and Development.<\/li>\n<\/ul><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>We take a look at the ups and downs that 2022 served up for the green economy, as sectors including the EV industry grew at pace, at the same time as the climate crisis wrought further damage on local ecosystems, causing losses to our agriculture and tourism sectors.<\/p>\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\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/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=\"578229\" 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=\"578229\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/578229\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578229\" class=\"content-area-description single-story post-578229 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\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=\"578230\" 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=\"578230\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/\">\r\n                            Abu Dhabi\u2019s Chimera Investments to acquire 45% of GB Lease                        <\/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\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/\" 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\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/')\">\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\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/\">\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=Abu Dhabi\u2019s Chimera Investments to acquire 45% of GB Lease&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/\">\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\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/&title=Abu Dhabi\u2019s Chimera Investments to acquire 45% of GB Lease\">\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=Abu+Dhabi%E2%80%99s+Chimera+Investments+to+acquire+45%25+of+GB+Lease+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F20%2Fabu-dhabis-chimera-investments-to-acquire-45-of-gb-lease%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\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/418.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578231\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/418-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/418.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"418.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/418.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/418.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578230\" class=\"content-area-description single-story post-578230 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-chimera-investments tag-enterpriseam tag-gb-auto tag-gb-lease tag-leasing tag-ma-watch tag-non-banking-financial-services 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-01\"><\/a> <strong>Chimera to acquire 45% of GB Lease: <\/strong>GB Capital has agreed to sell a 45% stake in GB Lease to our friends at Abu Dhabi-based investment firm Chimera Investments for EGP 855 mn, parent company GB Auto said in an EGX <a href=\"https:\/\/ent.news\/2022\/12\/%D8%AC%D9%89-%D8%A8%D9%89-%D8%A7%D9%88%D8%AA%D9%88-%D8%A8%D9%8A%D8%A7%D9%86-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-19-12-2022.pdf\">disclosure (pdf)<\/a> yesterday. GB Capital will retain the remaining 55% stake in the company, which the transaction values at EGP 1.9 bn, according to our math.<\/p>\n<p><strong>A 2022 close?<\/strong> The acquisition is expected to close before the end of the year, GB Auto IR head Marina Kamal told us.<\/p>\n<p><strong>We knew this was coming: <\/strong>Chimera and GB Capital <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d95db4f-30ad-4c19-be74-c430dc796d97\">have been in talks<\/a> over the acquisition since September. The GB Auto subsidiary has been mulling the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/607f07dc-39e5-41e8-92e6-e07275e4c2e7\">partial selldown<\/a> of its leasing business for over a year, during which time the company had received offers from several firms.<\/p>\n<p><strong>It\u2019s not final yet: <\/strong>The transaction is still pending board approval at GB Auto, the company said in a separate <a href=\"https:\/\/ent.news\/2022\/12\/%D8%AC%D9%89-%D8%A8%D9%89-%D8%A7%D9%88%D8%AA%D9%88-%D9%85%D8%AC%D9%84%D8%B3-19-12-2022.pdf\">disclosure (pdf)<\/a>. The company has tapped Baker Tilly for an independent assessment to determine the fair value of GB Lease\u2019s shares, the disclosure said. The board will then decide whether the value the companies have agreed on is appropriate, Kamal told us.<\/p>\n<p><strong>This isn\u2019t GB Auto and Chimera\u2019s first tie-up:<\/strong> GB Auto <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62633330-583e-48e5-aa0e-388dfee91e7d\">sold<\/a> a 7.5% stake in MNT Investments to Chimera last week as part of a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c95034ed-0327-4eef-8d94-7329f3f97e13\">larger agreement<\/a> that will see Chimera acquire a 21.7% stake in the Netherlands-based payments company. The remaining 14.2% is being sold by other unnamed investors in MNT.<\/p>\n<p><strong>Chimera likes our NBFS sector: <\/strong>The Abu Dhabi-based investment firm also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40303139-6bd0-4c73-a30a-57bb74e74a45\">acquired a 56% stake in Beltone Financial<\/a> in August for around EGP 384.8 mn, with Orascom Financial Holding divesting all <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d08b767-4583-4e55-bec6-5c9c8aca0637\">of its 259.1 mn shares<\/a>.<\/p>\n<p><strong>Advisors: <\/strong>Arqaam Capital is acting as the sell-side advisor to GB Capital and Matouk Bassiouny & Hennawy is the sell-side legal advisor, while Adsero-Ragy Soliman and Partners are buy-side counsel.<\/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\/chimera-investments\/\">Chimera Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-auto\/\">GB Auto<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-lease\/\">GB Lease<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/leasing\/\">leasing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578232\" 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=\"578232\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/\">\r\n                            Capricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed                        <\/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\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/\" 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\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/')\">\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\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/\">\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=Capricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/\">\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\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/&title=Capricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed\">\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=Capricorn+shareholder+revolts+against+board+ahead+of+potential+merger+with+Israel%E2%80%99s+NewMed+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F20%2Fcapricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed%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\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/419.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578233\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/419-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/419.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"419.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/419.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/419.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578232\" class=\"content-area-description single-story post-578232 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-capricorn-energy tag-energy tag-enterpriseam tag-ma-watch tag-newmed tag-oil-and-gas 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-03\"><\/a> <strong>Another roadblock in the Capricorn-NewMed tie-up: <\/strong>One of Capricorn Energy biggest shareholders, Palliser Capital, is calling for a general meeting to vote on removing seven of the company\u2019s directors \u2014 including CEO Simon Thompson and CFO James Smith, <a href=\"https:\/\/www.reuters.com\/business\/energy\/capricorn-shareholder-palliser-calls-board-overhaul-meeting-documents-show-2022-12-19\/\">Reuters<\/a> reports. Palliser is the company\u2019s third-largest shareholder and is one of a number of investors in the energy company that have voiced their opposition to a potential merger with Israel\u2019s NewMed energy.<\/p>\n<p><strong>Refresher: <\/strong>NewMed had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e20731c9-91e5-4f84-80a8-684f2834b9b5\">proposed an all-share merger<\/a> with Capricorn in October after shareholders including Palliser blocked a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91191b64-74c4-49d6-80dd-3260bd490ab2\">previous merger plan<\/a> with Tullow Oil on grounds that it undervalued the company. The latest proposal would give NewMed control of Capricorn\u2019s assets in Egypt, paving the way for closer energy ties between Israel and Egypt and creating what the companies described as a \u201cMENA gas and energy champion.\u201d<\/p>\n<p><strong>What\u2019s the beef? <\/strong>Shareholders accounting for more than 40% of the company\u2019s ownership are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bd16acf-0bc2-4e41-abb4-98ff04e3cb71\">opposing<\/a> the planned merger on the basis that it undervalues Capricorn and that it is \u201cunnecessarily biased towards NewMed.\u201d Palliser also said it had assurances from another 28% of shareholders who had \"lost trust in the current board,\u201d the newswire says.<\/p>\n<p><strong>Palliser has candidates in mind: <\/strong>Palliser\u2019s six candidates for directors include Hesham Mekawi, the former North Africa regional president at BP, and Christopher Cox, the former CEO of Spirit Energy. It wants to convene a shareholder meeting by 30 January for a vote on its plan.<\/p>\n<p><strong>NewMed <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1b4b83fc-cf94-42c2-a2c8-1d12b64eefb5\">was hopeful<\/a><\/strong><strong> the merger will go through sometime in 1Q 2023<\/strong>, \u200b\u200bNewMed CEO Yossi Abu recently said, downplaying shareholders\u2019 objections and saying he expects both companies\u2019 shareholders to ultimately approve the merger.<\/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\/capricorn-energy\/\">Capricorn Energy<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/newmed\/\">NewMed<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578234\" 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=\"578234\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/578234\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578234\" class=\"content-area-description single-story post-578234 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.youtube.com\/watch?v=Tw7QiXSzD7Y\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Otrivin-second-insertion-web-specs.png?ssl=1\" alt=\"enterprise\"><\/a><\/p>\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=\"578235\" 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=\"578235\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/mps-give-initial-approval-to-suez-canal-fund\/\">\r\n                            MPs give initial approval to Suez Canal fund                        <\/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\/20\/mps-give-initial-approval-to-suez-canal-fund\/\" 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\/20\/mps-give-initial-approval-to-suez-canal-fund\/')\">\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\/20\/mps-give-initial-approval-to-suez-canal-fund\/\">\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=MPs give initial approval to Suez Canal fund&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/mps-give-initial-approval-to-suez-canal-fund\/\">\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\/20\/mps-give-initial-approval-to-suez-canal-fund\/&title=MPs give initial approval to Suez Canal fund\">\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=MPs+give+initial+approval+to+Suez+Canal+fund+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F20%2Fmps-give-initial-approval-to-suez-canal-fund%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\/20\/mps-give-initial-approval-to-suez-canal-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/421.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578236\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/mps-give-initial-approval-to-suez-canal-fund\/421-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/421.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"421.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/421.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/421.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578235\" class=\"content-area-description single-story post-578235 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-economy tag-enterpriseam tag-house-of-representatives tag-legislation-watch tag-osama-rabie tag-suez-canal tag-suez-canal-authority wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>MPs give initial approval to the Suez Canal Authority\u2019s EGP 10 bn fund: <\/strong>The House of Representatives yesterday gave its initial approval on amendments to the Suez Canal Authority (SCA) law that would establish a <a href=\"https:\/\/bit.ly\/3zQ1KUf\">EGP 10 bn fund<\/a>.<\/p>\n<p><strong>A rainy day fund: <\/strong>The fund\u2019s resources will be deployed to help the SCA absorb external economic shocks such as the covid-19 pandemic and the war in Ukraine, the head of the authority, Osama Rabie, said.<\/p>\n<p><strong>The SCA will be able to sell and lease its assets as well as use its financial resources and revenues to capitalize the fund. <\/strong>It's not clear if this includes canal revenues, which are usually destined for state coffers. Rabie will head the fund\u2019s board and the rest of the board members will be appointed by Prime Minister Moustafa Madbouly.<\/p>\n<p><strong>MPs voice opposition to privatization:<\/strong> A large number of MPs voted down the amendments, claiming that the chief objective of the bill is to sell down assets owned by the SCA. \u201cThis is an authority for generating FX for the country and not a company whose assets could be up for sale or privatization,\u201d Rep. Atef El Meghawry said during the session.<\/p>\n<p><strong>The canal\u2019s assets are off limits<\/strong>, those belong to the government and are not up for sale, Rabie told Al Hayah Al Youm in an interview last night (<a href=\"https:\/\/www.youtube.com\/watch?v=kWSKWbwQE_c\">watch, runtime: 5:06<\/a>). The only assets the fund will be able to sell or lease are those it will invest in.<\/p>\n<p><strong>The fund already has a few investments in mind: <\/strong>The fund could invest in the manufacture of ships and in green hydrogen projects, Rabie added.<\/p>\n<p><strong>What\u2019s next:<\/strong> The amendments will return to the general assembly for a final vote in an upcoming session.<\/p>\n<p><strong>MORE CALLS FOR GOV\u2019T RESIGNATION-<\/strong><\/p>\n<p><strong>MPs launched attacks on the Madbouly government for its handling of the economic <\/strong><strong>crisis for the second session in a row<\/strong>, and called on ministers to take tougher action to rein in the FX black market and surging food prices. \u201cThe failure to contain the FX black market or shore up the country's FX revenues are two good reasons for dismissing the government,\u201d said Rep. Amr Darwish, who called on the central bank to stabilize the market as soon as possible.<\/p>\n<p><strong>The state took measures to reduce black market trading on Sunday<\/strong>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ee2a975-49a7-446e-9c85-830ea99ce02f\">introducing new rules<\/a> for gold exporters requiring them to receive payment into a bank account within 10 days of making a sale or face being blacklisted by the banking sector.<\/p>\n<p><strong>ALSO FROM THE HOUSE:<\/strong><\/p>\n<ul>\n<li><strong>Penal Code amendments discussion pushed back: <\/strong>The amendments would give utility companies the right to stop servicing housing built on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51fcc8c7-c0c9-4cc8-aaba-691d7d276bbd\">agricultural land<\/a>.<\/li>\n<li><strong>The Energy Committee approv<\/strong><strong>ed a<\/strong><strong> EUR 500k French<\/strong><strong> gran<\/strong><strong>t <\/strong>to help Egypt fund its green hydrogen sector, which the cabinet approved in October.<\/li>\n<\/ul>\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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/osama-rabie\/\">Osama Rabie<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-authority\/\">Suez Canal 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=\"578237\" 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=\"578237\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/578237\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578237\" class=\"content-area-description single-story post-578237 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\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=\"578238\" 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=\"578238\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/the-imf-the-egp-were-the-topics-du-jour-on-the-airwaves\/\">\r\n                            The IMF + the EGP were the topics du jour on the airwaves                        <\/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\/20\/the-imf-the-egp-were-the-topics-du-jour-on-the-airwaves\/\" 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\/20\/the-imf-the-egp-were-the-topics-du-jour-on-the-airwaves\/')\">\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\/20\/the-imf-the-egp-were-the-topics-du-jour-on-the-airwaves\/\">\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=The IMF + the EGP were the topics du jour on the airwaves&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/the-imf-the-egp-were-the-topics-du-jour-on-the-airwaves\/\">\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\/20\/the-imf-the-egp-were-the-topics-du-jour-on-the-airwaves\/&title=The IMF + the EGP were the topics du jour on the airwaves\">\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=The+IMF+%2B+the+EGP+were+the+topics+du+jour+on+the+airwaves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F20%2Fthe-imf-the-egp-were-the-topics-du-jour-on-the-airwaves%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\/20\/the-imf-the-egp-were-the-topics-du-jour-on-the-airwaves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/422.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578239\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/the-imf-the-egp-were-the-topics-du-jour-on-the-airwaves\/422-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/422.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"422.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/422.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/422.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578238\" class=\"content-area-description single-story post-578238 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-azza-fahmy tag-economy tag-egp tag-enterpriseam tag-fashion tag-imf tag-last-nights-talk-shows tag-suez-canal wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The economy dominated the conversation on an otherwise uneventful night on the <\/strong><strong>airwaves.<\/strong> The nation\u2019s talking heads did their best to put a positive spin on the ongoing FX crunch, voicing optimism that the <a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do-91483\/\">incoming money from the IMF<\/a> will help to stabilize the EGP and replenish the banking system\u2019s supply of FX.<\/p>\n<p><strong>The IMF agreement is helping to reverse volatility in the parallel market<\/strong>, El Hekaya\u2019s Amr Adib said, noting that the greenback has fallen 15% against the EGP since Friday (<a href=\"https:\/\/www.youtube.com\/watch?v=gvnis5k4huM\">watch, runtime: 33:20<\/a>).<\/p>\n<p><strong>The USD will eventually settle down<\/strong>, Egyptian Gulf Bank Executive Director Nidal Assar told Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=bPSpI0Kz8ko\">watch, runtime: 8:57<\/a>). \u201cThe IMF\u2019s approval and bridging our gap in funds will help fulfill the high demand on hard currencies \u2026 it\u2019s not a one way street,\u201d said, referring to the EGP losing value against the USD, citing the 2016 devaluation when people were speculating that the EGP would fall to 23-24 against the greenback.<\/p>\n<p><strong>Privatization is one of the tonics:<\/strong> The state needs to shed some of its assets to acquire liquidity, Adib said, pointing the finger at cigarette producer Eastern Company. \u201cIf the government decided to privatize the company, it will be met with great demand from local and foreign investors,\u201d he said.<\/p>\n<p><strong>More state transparency needed: <\/strong>The Madbouly government needs to work on relaying its every move to its citizens, rather than leave them in shock of surprise devaluations or rate hikes, Adib said.<\/p>\n<p><strong>ALSO ON THE AIRWAVES-<\/strong><\/p>\n<p><strong>How did the Balmain-<\/strong><strong><a href=\"https:\/\/www.azzafahmy.com\/eg\/\">Azza Fahmy<\/a><\/strong><strong> collab come to be? <\/strong>The household fashion brand wanted a pharaonic-inspired wearable piece and they contacted our very own jewelry designer Fahmy to get it done, Fahmy told Kelma Akhira last night (<a href=\"https:\/\/www.youtube.com\/watch?v=tFeGTD_Nyzo\">watch, runtime: 8:32<\/a>). Fahmy took inspiration from Egypt\u2019s rich history to create the Eye of Horus bustier and did so in only a three-month period.<\/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\/azza-fahmy\/\">Azza Fahmy<\/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\/fashion\/\">fashion<\/a>\n                <!-- 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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, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div 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0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578241\" 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=\"578241\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/an-archaeological-discovery-in-damietta\/\">\r\n                            An archaeological discovery in Damietta                        <\/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\/20\/an-archaeological-discovery-in-damietta\/\" 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 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data-image-title=\"423.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/423.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/423.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578241\" class=\"content-area-description single-story post-578241 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-ancient-egypt tag-enterpriseam tag-human-rights tag-journalism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s another mixed bag in the international press this morning:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.france24.com\/en\/tv-shows\/the-interview\/20221215-independent-egyptian-journalist-lina-atallah-we-feel-really-lonely\">France24<\/a><\/strong><strong> speaks with co-founder and editor of Mada Masr Lina Attalah <\/strong>on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14afdbde-4caa-4737-95f6-c4b3fad5045a\">charges<\/a> against the publication\u2019s journalists and journalistic freedoms in Egypt. <\/li>\n<li><strong>The three remaining members of Cairo\u2019s Jewish community find ways to celebrate <\/strong><strong>Hanukkah <\/strong>and protect their heritage, <a href=\"https:\/\/www.cbsnews.com\/news\/egypt-last-jews-hanukkah-ensuring-culture-doesnt-disappear-with-them\/\">CBS<\/a> reports.<\/li>\n<li><strong>An archaeological mission in Damietta has unearthed a number of tombs<\/strong>, tiles and amulets dating back to sometime between 664 BC and 332 BC that could \u201crewrite history.\u201d (<a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/12\/19\/egypt-discovers-tombs-tiles-and-amulets-at-nile-delta-site\/\">The National<\/a>)<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div 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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/maf-to-invest-egp-750-mn-in-egypt-by-2025\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/427.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578245\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/maf-to-invest-egp-750-mn-in-egypt-by-2025\/427-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/427.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"427.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/427.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/427.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578244\" class=\"content-area-description single-story post-578244 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-arabian-construction-company tag-banking tag-cib tag-debt-watch tag-development-finance tag-energy tag-enterpriseam tag-majid-al-futtaim tag-manufacturing tag-real-estate tag-renewables tag-retail tag-suez-canal 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_408146\"\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\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>DEBT-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Arabian Construction Company to borrow EGP 3 bn from CIB: <\/strong>CIB has agreed to provide the Arabian Construction Company (ACC) with a EGP 3 bn credit facility to fund its joint projects with Egyptian and Saudi private sector players, the bank <a href=\"https:\/\/ent.news\/2022\/12\/CIB-AR-PRL.pdf\">said (pdf)<\/a> yesterday. ACC has played a key role in developing some of Egypt\u2019s most prominent hotels, that includes the Nile Ritz, the Marriott and the Movenpick hotel in Aswan.<\/p><p><strong>DEVELOPMENT FINANCE-<\/strong><\/p><p><strong>Egypt to receive food security technical assistance from EBRD + FAO:<\/strong> The European Bank for Reconstruction and Development (EBRD) and the UN\u2019s Food and Agriculture Organization (FAO) have <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-and-fao-mark-25-years-of-cooperation-with-us55-million-initiative.html\">announced<\/a> a USD 5.5 mn package of technical assistance aimed at improving food security in Egypt, Jordan, Lebanon, Morocco, Tunisia and Gaza. The package will kick off next month with the aim of helping governments revisit their agrifood policies.<\/p><p><strong>REAL ESTATE-<\/strong><\/p><p><strong>State-owned financial institutions + Allianz launch<\/strong><strong> real estate fund<\/strong><strong>: <\/strong>Banque Misr, Banque du Caire, Misr Ins. Holding and Allianz have launched a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e4e536d-eb8a-4f29-b187-0fde318a5cea\">real estate investment fund<\/a> which will invest in commercial property, Banque Misr <a href=\"https:\/\/ent.news\/2022\/12\/TMG-IHC-Alianz-AR-PRL.pdf\">said (pdf)<\/a> yesterday. The fund, dubbed Misr Real Estate Investment 1, has a target capital of EGP 500 mn and reached a EGP 360 mn first close, with the three state institutions contributing EGP 100 mn and Allianz putting up the remainder. It has already made its first purchase, buying property owned by Talaat Moustafa Holding in Al Rehab and Madinaty.<\/p><p><strong>RENEWABLES- <\/strong><\/p><p><strong>#1- KfW supports Egypt\u2019s efforts to localize solar manufacturing: <\/strong>German development bank KfW has awarded a EUR 2.7 mn grant to <a href=\"https:\/\/www.creativepowersolutions.com\">Creative Power Solutions<\/a><a href=\"https:\/\/www.creativepowersolutions.com\">(CPS)<\/a> for a planned EUR 5.4 mn solar thermal collector factory in Sadat City, according to <a href=\"https:\/\/www.zawya.com\/en\/business\/energy\/germanys-ife-grants-over-2mln-for-solar-thermal-collectors-facility-in-egypt-t4wgm8ig\">Zawya<\/a>. The factory will be the first of its kind in MENA, helping Egyptian ambitions to localize the manufacture of solar panels. The grant comes under KfW\u2019s investing for employment facility.<\/p><p><strong>About the factory: <\/strong>CPS is partnering with Swedish solar components manufacturer <a href=\"https:\/\/www.absolicon.com\">Absolicon<\/a> to build the plant, which will produce some 18k solar collectors \u2014 a key component of solar panels \u2014 every year. Construction is set to start in 1Q 2023 and the plant will come online in 1Q 2024.<\/p><p><strong>#2- Offers roll in for the <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/06\/nrea-to-offer-tender-for-solar-energy-plant-in-hurghada\/\">Hurghada solar plant<\/a><\/strong><strong>:<\/strong> Arab, Japanese and Chinese companies have submitted offers to the New and Renewable Energy Authority (NREA) to build, operate, and maintain a 20-MW solar plant in Hurghada, sources at the authority reportedly told <a href=\"https:\/\/www.alborsaanews.com\/2022\/12\/17\/1610244\">Daily News Egypt<\/a>. The authority will open technical envelopes from bidders next month, the sources added. The plant will be financed by the Japan International Cooperation Agency.<\/p><p><strong>RETAIL-<\/strong><\/p><p><strong>MAF lays out Egypt investments plans through 2025: <\/strong>Emirati retail giant Majid Al Futtaim plans to invest EGP 400 mn (USD 16.2 mn) in Egypt next year and more than EGP 750 mn (USD 30.3 mn) by 2025 to double the size of Carrefour\u2019s presence in the local market, it <a href=\"https:\/\/ent.news\/2022\/12\/Majid-El-Futtaim-2023-investments.pdf\">said (pdf)<\/a> yesterday.<\/p><p><strong>SHIPPING-<\/strong><\/p><p><strong>Suez Canal Authority extends transit fee discounts: <\/strong>The SCA will continue granting dry bulk ships moving between West Africa and East Asian ports a 75% rebate on transit fees until 30 June 2023, according to an <a href=\"https:\/\/www.suezcanal.gov.eg\/english\/navigation\/navigationcirculars\/pages\/pc_22021-18-12-2022.aspx\">authority circular<\/a>. Vessels heading to ports between Karachi in Pakistan and Cochi in South India will continue to receive 25% discounts and those heading to the Arabian Gulf, 15%.<\/p>\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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arabian-construction-company\/\">Arabian Construction Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/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\/majid-al-futtaim\/\">Majid Al Futtaim<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/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=\"578248\" 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=\"578248\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/ghana-is-heading-for-default\/\">\r\n                            Ghana is heading for default                        <\/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\/20\/ghana-is-heading-for-default\/\" 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\/20\/ghana-is-heading-for-default\/')\">\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\/20\/ghana-is-heading-for-default\/\">\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=Ghana is heading for default&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/ghana-is-heading-for-default\/\">\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\/20\/ghana-is-heading-for-default\/&title=Ghana is heading for default\">\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=Ghana+is+heading+for+default+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F20%2Fghana-is-heading-for-default%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\/20\/ghana-is-heading-for-default\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/430.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578249\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/ghana-is-heading-for-default\/430-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/430.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"430.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/430.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/430.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578248\" class=\"content-area-description single-story post-578248 post type-post status-publish format-standard has-post-thumbnail hentry category-around-the-world tag-around-the-world tag-emerging-markets tag-enterpriseam tag-oil-and-gas tag-world-trade-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Debt-ridden Ghana to default on external debt: <\/strong>Ghana will not continue to make payments on most of its external debts including foreign currency bonds, commercial loans and most bilateral debt citing large capital outflows and a loss of external market access thanks to the pandemic, the country\u2019s Finance Ministry <a href=\"https:\/\/mofep.gov.gh\/press-release\/2022-12-19\/suspension-of-payments-on-selected-external-debts-of-the-government-of-ghana\">said<\/a> yesterday. Last week the IMF agreed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d6cda7b-c469-4244-84e8-f4f92851af2b\">offer Ghana<\/a> a USD 3 bn loan to help the country \u201crestore macroeconomic stability and debt sustainability.\u201d<\/p>\n<p><strong>Ghana would be the third country this year to default on its debt<\/strong> following Sri Lanka and Russia, and the eighth since the start of the covid-19 pandemic in 2020.<\/p>\n<p><strong>Also worth knowing this morning:<\/strong><\/p>\n<ul>\n<li><strong>EU members have finally agreed on a gas price cap after months of talks:<\/strong> From 15 February, a Europe-wide gas price cap will kick in should prices on the TTF gas exchange rise above EUR 180 \/ MWh for three consecutive days, according to <a href=\"https:\/\/www.reuters.com\/business\/energy\/eu-countries-make-final-push-gas-price-cap-deal-this-year-2022-12-19\/\">Reuters<\/a>. A second condition \u2014 designed to deter suppliers from selling to other buyers \u2014 will see the cap triggered only when prices are EUR 35 higher than a global LNG reference price for the same three days.<\/li>\n<li><strong>Abu Dhabi <\/strong><strong><a href=\"https:\/\/www.wto.org\/english\/news_e\/news22_e\/gc_19dec22_e.htm\">will host<\/a><\/strong><strong> the World Trade Organization\u2019s 2024 <\/strong><strong>ministerial conference<\/strong>, which brings together trade ministers from all over the world. Cameroon will host the following meeting.<\/li>\n<\/ul>\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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/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\/world-trade-organization\/\">World Trade Organization<\/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=\"578252\" 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\/20\/578252\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578252\" class=\"content-area-description single-story post-578252 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>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\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":578226,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578225","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"1068d04a-2381-45e2-a67a-f5b54253b08e","teaser":"","photo_url":"https:\/\/ent.news\/2022\/12\/413.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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