{"id":578386,"date":"2022-12-27T04:00:02","date_gmt":"2022-12-27T04:00:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578386"},"modified":"2025-12-16T11:38:14","modified_gmt":"2025-12-16T11:38:14","slug":"cbe-announces-exemptions-from-fx-withdrawal-limit","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-announces-exemptions-from-fx-withdrawal-limit\/","title":{"rendered":"CBE announces exemptions from FX withdrawal limit"},"content":{"rendered":"<section id=\"578388\" 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=\"578388\">\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\/27\/this-morning-central-bank-announces-exemptions-for-fx-withdrawal-limits\/\">\r\n                            THIS MORNING: Central bank announces exemptions for FX withdrawal limits                        <\/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\/27\/this-morning-central-bank-announces-exemptions-for-fx-withdrawal-limits\/\" target=\"_blank\">\n                 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src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/544.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578389\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/this-morning-central-bank-announces-exemptions-for-fx-withdrawal-limits\/544-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/544.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"544.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/544.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/544.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578388\" class=\"content-area-description single-story post-578388 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-central-bank-of-egypt tag-economy tag-egp tag-enterpriseam tag-financial-regulatory-authority tag-financial-services tag-insurance 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, good people:<\/strong> We\u2019re continuing our 2022 rewind today, looking back at the year in M&amp;A, investment and capital markets.<\/p><p><strong>PSA: You\u2019re reading the penultimate EnterpriseAM issue of 2022.<\/strong> We\u2019re giving ourselves a well-earned three-day weekend to take us into the New Year, meaning that Wednesday will be the final time we appear in your inboxes this year.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a><strong> It\u2019s official: There are exceptions for FX withdrawal limits. <\/strong>The Central Bank of Egypt yesterday <a href=\"https:\/\/ent.news\/2022\/12\/CBE-Statement-26-12-22.pdf\">confirmed (pdf)<\/a> reports that people withdrawing FX overseas for medical or educational purposes will be exempt from withdrawal limits. The central bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2982268-2261-4c4d-87c1-8482fe1b962f\">introduced the withdrawal limit last Thursday<\/a> as part of efforts to address a growing shortage of foreign currency in Egypt and crack down on the parallel market. The limits were prompted, it said, by a spike in the number of people in Egypt using bank cards to withdraw FX overseas<\/p><p><strong>Just how much has been leaving the country?<\/strong> The bank said that it recorded up to USD 55 mn in withdrawals in a single day, almost five fold the average withdrawals recorded this time last year. Banque Misr has seen customers withdraw USD 10 mn a day using bank cards this month, up from USD 600k usually, according to bank chief Mohamed Eletreby, who described the withdrawals as \u201cabuse of the state\u2019s hard currency assets,\u201d during an interview on Kelma Akhira last night (<a href=\"https:\/\/www.youtube.com\/watch?v=lmSNVFgm3Rs\">watch, runtime: 20:01<\/a>).<\/p><p><strong>QUAKE WATCH- A magnitude 5 earthquake took place in the Gulf of Suez in the early <\/strong><strong>hours of the morning<\/strong>, according to the <a href=\"https:\/\/www.facebook.com\/NRIAG2\/posts\/pfbid02jGcyFS9XLxcQxQK4r53q6jYS9K7jxvTtxQNjCZJiQTL6hr3AjcUVRxYHuvy9m3bFl\">National Seismological Network<\/a>. Tremors were felt as far away as Cairo, Beni Suef and Sohag but no casualties or damage to buildings have been reported, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2778050\">Al Masry Al Youm<\/a> reported.<\/p><p><strong>HAPPENING THIS WEEK-<\/strong><\/p><p><strong>Israel\u2019s far-right government could be sworn in Thursday:<\/strong><em> <\/em>Israeli PM-elect Benjamin Netanyahu will push to swear in his new coalition government on Thursday, the <a href=\"https:\/\/www.timesofisrael.com\/netanyahu-government-set-for-swearing-in-thursday-but-hurdles-remain\/\">Times of Israel<\/a> reported yesterday. The Likud leader last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54a530eb-e58a-4bba-a1c3-7219411c5434\">reached an agreement<\/a> to form a coalition with several far-right nationalist and religious parties, putting the country on the verge of the most extreme government in its history.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/China_covid-19_Shanghai_Dec22-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>As virus cases surge, China is pushing ahead unwinding zero-covid rules: <\/strong>China is scrapping its quarantine requirement for travelers starting 8 January as it continues to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8269afe9-9c8b-4ba2-a7b4-7872efdd871b\">end its strict virus curbs<\/a>. Arrivals to China have been forced to undergo a mandatory quarantine since March 2020, which initially lasted three weeks but has since been reduced to the current five days. The announcement comes despite Chinese hospitals now operating at full capacity as the unwinding of restrictions causes the virus to sweep through the country. (<a href=\"https:\/\/www.reuters.com\/world\/china\/china-drop-covid-quarantine-rule-inbound-travellers-jan-8-2022-12-26\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-26\/china-to-scrap-inbound-quarantine-in-dismantling-of-covid-zero?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-asia-china-64097497\">BBC<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/china-to-open-borders-despite-surge-in-covid-19-cases-11672073476?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.ft.com\/content\/eb8530d3-414f-4e65-8ce5-09fba3dbee14\">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><strong>Good news for car ins. policyholders:<\/strong> Ins. companies will now only be able to write off a vehicle when the repair bill exceeds 50% of the cost of the policy, under <a href=\"https:\/\/bit.ly\/3PXyyBM\">new regulations<\/a> introduced by the Financial Regulatory Authority to protect policyholders. Also under the new rules:<\/p><ul>\n<li>Insurers are required to use a third party to estimate the car\u2019s market value in case of a disagreement with the policyholder.<\/li>\n<li>When a policyholder switches providers, the insurer is obliged to share the value of losses with the new company.<\/li>\n<\/ul><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Companies have T-minus four days to register with the Egyptian Tax Authority\u2019s <\/strong><strong>e-invoicing system <\/strong>after the Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/268e9e38-7c3a-443c-939d-f83f9142ce5f\">earlier this month<\/a> gave companies an additional two weeks. Only 150k companies had signed up to the new system <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b338d2e-7242-4675-8656-d831457321b3\">as of the end of November<\/a>, well below a sought goal of 1 mn companies to register under the system.<\/p><p><strong>REMEMBER- This deadline no longer applies to the self-employed: <\/strong>The Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bf798f1-37dd-4862-b1eb-536f8c97a47f\">pushed the deadline<\/a> for self-employed professionals \u2014 including doctors, pharmacists and lawyers \u2014 to 30 April 2023 after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4811d17-4f27-4d5b-afef-3cbec01f797b\">widespread opposition<\/a> to the system.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><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: The green economy in 2022: COP27 was the news event of the year. <\/strong>In <a href=\"https:\/\/enterprise.press\/greeneconomys\/2022-saw-the-climate-crisis-intensify-and-egypts-transition-to-a-greener-economy-step-up-a-gear\/\">Part I of our Year in Review<\/a> on the green economy, we took a look at how the impacts of climate change caused problems for livestock and bee farmers last year, as well as the fishing and tourism industries that depend on our Red Sea coral reef ecosystems. This week, we recap the single most important climate event of 2022: the COP27 UN climate summit held in Sharm El Sheikh in November.<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578390\" 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=\"578390\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/578390\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578390\" class=\"content-area-description single-story post-578390 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\/discomania-somabay1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>31 December: Disco Mania, a new commercial concept at Somabay Theater: Somabay always ends the year in the absolute best way possible. Our new year\u2019s weekend is bound to be explosive this year. We\u2019ve come up with some of your favorite concepts over the past years and we\u2019re back for a whole new commercial concept this New Year\u2019s Eve, boasting a massive commercial line-up on 31 December with a set from local tastemaker DJUNKIE, who'll be followed by shows from Aziza and The Girly Show. For more information, kindly call 16390.<\/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=\"578391\" 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=\"578391\">\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\/27\/the-bidding-war-for-pachin-is-heating-up-again\/\">\r\n                            The bidding war for Pachin is heating up again                        <\/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\/27\/the-bidding-war-for-pachin-is-heating-up-again\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The bid is a 1.7% premium to the UAE\u2019s National Paints Holdings\u2019 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bd16acf-0bc2-4e41-abb4-98ff04e3cb71\">takeover bid<\/a>, valuing the company at EGP 708 mn.<\/p>\n<p><strong>What\u2019s next? <\/strong>Eagle Chemicals will now conduct due diligence on the company, the statement said. Pachin is set to respond to NPH\u2019s offer in January, as we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b30f18a-8862-4ce9-ac4c-db488429e7ff\">reported<\/a> earlier.<\/p>\n<p><strong>Two bidders are out of the race:<\/strong> <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> have both withdrawn takeover bids after Pachin rejected them for undervaluing the firm.<\/p>\n<p><strong>REMEMBER-<\/strong> The play for Pachin comes amid the government\u2019s privatization push, which should see it reduce its involvement in or exit certain industries to make way for the private sector. Pachin is currently approximately 54% owned by state-owned companies and banks.<\/p>\n<p><strong>Advisors: <\/strong>Al Ahly Pharos is providing financial advice to Pachin while Shalakany Law Office is 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\/eagle-chemicals\/\">Eagle Chemicals<\/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\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578393\" 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=\"578393\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/578393\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578393\" class=\"content-area-description single-story post-578393 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.57357.org\/en\/donation\/donation-ways\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Moharram-Partners-57357-Web-ENG.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=\"578394\" 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=\"578394\">\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\">YEAR IN REVIEW: M&amp;A<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/the-2022-downturn-in-global-ma-wasnt-felt-in-egypt\/\">\r\n                            The 2022 downturn in global M&#038;A wasn\u2019t felt in Egypt                        <\/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\/27\/the-2022-downturn-in-global-ma-wasnt-felt-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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After reaching a record high of <a href=\"https:\/\/www.reuters.com\/markets\/us\/global-ma-volumes-hit-record-high-2021-breach-5-trillion-first-time-2021-12-31\/\">USD 5.8 tn<\/a> in 2021, the value of global transactions has fallen this year as rising interest rates and market turbulence restricted funding and hit corporate valuations. Dealogic data reported by <a href=\"https:\/\/www.reuters.com\/markets\/deals\/dealmakers-brace-slow-2023-recovery-after-global-ma-sinks-2022-12-21\/\">Reuters<\/a> last week put the total figure for 2022 at USD 3.66 tn, down 37% from 2021.<\/p>\n<p><strong>The same can\u2019t be said for Egypt<\/strong>, where Gulf sovereign wealth funds \u2014 triggered by the economic crisis \u2014 led a buying spree that has further consolidated the GCC\u2019s key role in the Egyptian economy.<\/p>\n<p>According to the Enterprise M&A Tracker:<\/p>\n<ul>\n<li><strong>M&A volumes more than doubled in 2022:<\/strong> The number of completed transactions in Egypt rose to 66 in 2022, up from 31 the previous year.<\/li>\n<li><strong>Most of the money flowed in:<\/strong> The vast majority of M&A transactions were inbound, with only a handful of Egyptian companies making deals overseas.<\/li>\n<li><strong>Foreign inbound M&A was dominated by the Gulf:<\/strong> Companies and institutions in Saudi Arabia and the UAE were involved in 40 transactions between them in 2022 while Kuwait and Qatar were involved in a few.<\/li>\n<li><strong>The most popular sector was:<\/strong> Banking + financial services, followed by manufacturing and energy. According to our records, 16 M&As were completed in the banking sector in 2022, nine in manufacturing and four in energy, two of which were in renewables.<\/li>\n<\/ul>\n<p><strong>The Biggest M&A Transaction of the Year award goes to\u2026:<\/strong> Vodacom\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a27eb556-facb-488b-909d-51f3ed0dc9b6\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a27eb556-facb-488b-909d-51f3ed0dc9b6\">Vodafone Group\u2019s 55% stake in Vodafone Egypt<\/a> was easily the biggest transaction in the Egyptian market in 2022, coming in at almost EUR 2.4 bn (c. USD 2.5 bn \/ EGP 47 bn). The companies recently completed the deal, with the British firm <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a27eb556-facb-488b-909d-51f3ed0dc9b6\">confirming earlier this month<\/a> that it had transferred the shares to its South African subsidiary.<\/p>\n<p><strong>First Abu Dhabi Bank (FAB) tried to pull off what would have been the most significant <\/strong><strong>acquisition in Egypt\u2019s financial services sector in years:<\/strong> In February, the Emirati lender <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d68b5eb-a11f-4c88-b404-0e64bb3de85d\">offered<\/a> to purchase a majority stake in EFG Hermes in a transaction that at the time valued it at around EGP 18.5 bn (c. USD 1.2 bn), only to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/003314c4-b1ce-48c1-8c81-d789953d2a6b\">drop the bid<\/a> two months later after the global markets were upended by Russia\u2019s invasion of Ukraine.<\/p>\n<p><strong>2022 was the year of the Gulf sovereign wealth fund:<\/strong> The economic crisis allowed Gulf wealth funds, particularly those in the UAE and Saudi Arabia, to significantly increase their clout in the Egyptian economy while helping to shore up the country\u2019s dwindling supply of foreign currency. In addition to depositing USD 10 bn at the central bank, Abu Dhabi\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">ADQ<\/a> and Saudi Arabia\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\">Public Investment Fund<\/a> (PIF) have spent some USD 3.1 bn to acquire significant minority stakes in some of the EGX\u2019s strongest companies from the government.<\/p>\n<p><strong>Together, the two funds now own almost half of two of Egypt\u2019s biggest fertilizer <\/strong><strong>companies:<\/strong> ADQ and the PIF now own 41.5% of Abu Qir Fertilizers and 45% of Misr Fertilizers Production Company (Mopco).<\/p>\n<p><strong>The financial sector was also one of their biggest targets:<\/strong> ADQ became the single-biggest shareholder of the country\u2019s largest private-sector bank CIB and its leading fintech firm Fawry. The fund bought a 17.2% stake in CIB for USD 911.5 mn and 11.8% of Fawry for almost USD 55 mn. Meanwhile, the PIF took a 25% stake in e-Finance, the government\u2019s venture into the fintech sector, and is reportedly currently in talks with the central bank to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fcd561f4-e06e-4dac-b76c-45e14ef0616f\">fully acquire United Bank<\/a>.<\/p>\n<p><strong>Pharma + retail:<\/strong> The PIF increased its footprint in Egypt\u2019s pharma sector by purchasing 4.7% of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfa56241-8a86-4457-8bac-4ad26d1405e5\">EIPICO<\/a> and upping its holdings of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d183b0b5-6e15-4503-a9da-566a821f9732\">Rameda<\/a> to become the company\u2019s second-largest shareholder. It also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/22b78d62-86d0-4331-878e-0da58c84ce0a\">acquired 34%<\/a> of consumer electronics and household appliances retailer BTECH for an undisclosed amount while ADQ <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfd029da-b02c-4cc7-963e-40537643f0c3\">completed the purchase<\/a> of Abu Auf parent Auf Group. The PIF, alongside other undisclosed funds, also made an entrance into the education sector with the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e00ca2f4-29f5-4553-bfe1-5ddf96cf7380\">acquisition of a 15% stake<\/a> in CIRA Education.<\/p>\n<p><strong>A play for the Egyptian real estate sector:<\/strong> ADQ, alongside Emirati real estate giant Aldar Properties, acquired SODIC in late 2021. Under its new ownership, SODIC \u2014 already one of Egypt\u2019s leading developers \u2014 has moved to expand its footprint this year. After <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b630d6b5-670a-41ce-8796-a3e29de7b5fc\">failing in its bid<\/a> to take over Madinet Nasr Housing & Development (MNHD) in the summer, the developer recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/592bab85-1d68-48e9-8e68-08e6e1699a10\">submitted an initial offer<\/a> to acquire 100% of Orascom for Real Estate and is currently performing due diligence.<\/p>\n<p><strong>And Egyptian ports: <\/strong><\/p>\n<p><strong>#1- Alexandria Container & Cargo Handling is now majority-owned by Gulf wealth funds<\/strong> after state institutions agreed to sell shares to bring in vital supplies of hard currency. ADQ <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">acquired a third<\/a> of the EGX-listed company for USD 186.1 mn in April and the Public Investment Fund followed suit four months later, buying a 20% stake for around USD 156.3 mn.<\/p>\n<p><strong>#2- One of the country\u2019s leading private-sector shipping firms is now owned by ADQ\u2019s <\/strong><strong>ADP:<\/strong> Abu Dhabi Ports, majority-owned by ADQ, paid USD 140 mn to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99f85003-cd06-4efe-813f-9d09a33d59d6\">purchase a 70% stake in International Associated Cargo Carrier<\/a> (IACC), an Egyptian investment firm that owns two local maritime logistics companies: shipping firm company Transmar and terminal operator Transcargo International (TCI).<\/p>\n<p><strong>It\u2019s not just Gulf wealth funds that are hungry for Egyptian assets:<\/strong> Several private-sector actors from Saudi Arabia and the UAE have made significant acquisitions this year. Both the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7db77de-8131-4034-a751-9cfa05b11aaa\">Egyptian Belgian Company<\/a> \u2014 best known for its Ole-branded baked goods \u2014 and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c36b7a05-9d2e-4244-bb23-a48d8d0e4880\">Giza Systems<\/a> are now in Saudi hands. From the Emirati private sector, the Dubai-based National Paints Holdings is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bd16acf-0bc2-4e41-abb4-98ff04e3cb71\">attempting to take over the EGX-listed Paint and Chemical Industries<\/a> (Pachin), more than half of which is owned by state institutions, while investment firm Rimco <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9558187e-e04f-4c81-bcdd-d992e4b3e679\">bought 3%<\/a> of leading snack food maker Edita. Meanwhile, the distribution arm of the UAE\u2019s state oil company, Adnoc, launched a bid to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9feab20-0529-4fc8-b246-002709a00f77\">acquire half of TotalEnergies\u2019 Egyptian subsidiary<\/a>, which is one of the biggest fuel retail operators in the country.<\/p>\n<p><strong>One non-state Emirati investment group has been particularly active in Egypt this year:<\/strong> Chimera Investments acquired 56% of Beltone Financial for EGP 384.8 mn (USD 20.3 mn) in July, and followed that up with the purchase of a 22% stake in MNT Investments, which is majority-owned by GB Capital. The GB Auto subsidiary also agreed this month to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/148c0cd3-7e12-4e7a-86bf-24b8540f2621\">sell a 45% stake in GB Lease<\/a> to the Abu Dhabi-based investment firm, a transaction which could close before the end of the year should GB Auto board give the sale its blessing.<\/p>\n<p><strong>Don\u2019t forget the Qataris:<\/strong> One of the key factors motivating Egypt to bury the hatchet with its erstwhile regional foe has been the hunt for new foreign direct investment, and Doha has been only too happy to enter into talks to acquire stakes in Egyptian companies. Leading the discussions on the Qatari side has been the Qatar Investment Authority (QIA) \u2014 the country\u2019s wealth fund \u2014 which has been reported to be considering spending <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23c6426c-0b5d-4302-aeb2-74226e86a276\">as much as USD 2.5 bn<\/a> to purchase government-held shares in a number of companies including Vodafone Egypt.<\/p>\n<p><strong>Talks with the wealth fund have dragged on for much of the year with few updates from <\/strong><strong>the parties involved<\/strong>, though the QIA did <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f72cd713-290a-4932-b374-56c1dbdcc856\">deposit USD 1 bn<\/a> at the Central Bank of Egypt as a stop-gap until agreements are finalized. This took the amount deposited at the CBE by Doha in 2022 to USD 4 bn after an initial USD 3 bn transfer in the wake of the economic crisis caused by the war in Ukraine. Qatar pledged in March to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">invest USD 5 bn<\/a> in Egypt in response to the crisis.<\/p>\n<p><strong>It\u2019s not just the wealth fund, though:<\/strong> Qatari dairy producer Baladna <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab69ed9f-2474-4533-bc93-4be024e8c22f\">became Juhayna\u2019s<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab69ed9f-2474-4533-bc93-4be024e8c22f\">third-largest shareholder<\/a> with a series of share purchases through the year that saw it acquire <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab69ed9f-2474-4533-bc93-4be024e8c22f\">more than 10%<\/a> of the company.<\/p>\n<p><strong>valU went on an M&A spree:<\/strong> EFG Hermes\u2019 consumer finance arm valU began its expansion into Saudi Arabia with the announcement of a partnership with the Alhokair family. In June, the companies said that valU had agreed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/57585b4e-9ad9-4ce6-ac4c-ee4307e080fb\">purchase 35%<\/a> of new Saudi NBFS player Fas Finance from Alhokair\u2019s Fas Labs, while the three Alhokair brothers would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c1b2e26-b114-4d61-b81d-cb0d118bfffd\">buy a 5% stake<\/a> in valU. The non-bank lender followed this up by acquiring HR and payroll platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/097d2cc1-96bd-4d28-aa94-8365488c1ea3\">Paynas in August<\/a> and fintech <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65572e00-f929-401b-bdf5-690f66c460fa\">Kiwe in October<\/a>, as well <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c5c3ce9-ff58-465d-a9a8-5e658aeeb094\">making an investment<\/a> in MENA e-commerce platform Hoods. 2023 looks like it will be more of the same for the company after it announced this month that it was <a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products-91463\/\">setting aside USD 25 mn<\/a> for fresh acquisitions and the rollout of new products.<\/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\/adq\/\">ADQ<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"578396\" 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=\"578396\">\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\">YEAR IN REVIEW: CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/capital-markets-in-2022-it-just-wasnt-the-year-for-fresh-paper\/\">\r\n                            Capital markets in 2022: It just wasn\u2019t the year for fresh paper                        <\/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\/27\/capital-markets-in-2022-it-just-wasnt-the-year-for-fresh-paper\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The club raised EGP 37 mn during the institutional component of the offering in November and retail investors put in orders for just 18% of the shares made available to the public, despite <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be4dfabc-04c6-46bf-ac9a-5fc1f879312e\">being extended twice<\/a> due to weak investor interest. The planned IPO was by all means a small transaction, but could have played a significant role in encouraging other sporting clubs \u2014 including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e353e401-9cdc-41c4-b421-29d9f5246904\">Al Ahly<\/a> \u2014 to follow suit.<\/p>\n<p><strong>We started 2022 with an optimistic outlook on Egypt\u2019s IPO pipeline, not least because<\/strong><strong> of the state privatization program:<\/strong> At the start of the year, the government envisioned <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">as many as 10<\/a> state-owned companies selling shares on the bourse in 2022, either via IPOs or secondary stake sales. Officials including Finance Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a1cc54-983a-4d83-b1b1-9d8fba1e65a6\">Mohamed Maait<\/a> and Planning Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53d12a2a-49ef-49e0-ae71-3db7b494282d\">Hala El Said<\/a> each signaled the state privatization program would be revived early in the year.<\/p>\n<p><strong>Among the offerings that were originally in the government\u2019s pipeline:<\/strong> Heliopolis Housing, which was planning to pull the trigger on its secondary offering <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/641306a6-3955-4bf6-bf11-667c71dc756b\">by the middle of 2022<\/a>, while state fertilizer Mopco was <a href=\"https:\/\/alborsaanews.com\/2021\/11\/18\/1482781\">originally in the chute<\/a> to tap the EGX in 1H 2022. There were also signs the hotly-anticipated IPO of Banque du Caire could be back on after it was postponed due to the pandemic, and Misr Ins. Holding subsidiary Misr Life Ins. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01c4eb21-6559-49bf-86ce-bb682d493449\">was eyeing a 2H 2022 window<\/a> for its IPO.<\/p>\n<p><strong>There were also high hopes for military-owned companies going public:<\/strong> Fuel retailer Wataniya and bottled water company Safi, which have been part of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e7223f0-f9e2-4a3f-a311-6c4ff9efe6fd\">Sovereign Fund of Egypt-led program<\/a> to open up military-affiliated companies for privatization since late 2020, were scheduled to go public before the end of 2022. El Said <a href=\"https:\/\/www.reuters.com\/article\/egypt-economy-military-int-idUSKBN28U0VN\">earlier signaled<\/a> the two companies could IPO on the EGX after an initial stake sale to a strategic investor, while Prime Minister Moustafa Madbouly suggested <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e9e5e71-1bbb-4cb4-a470-efcb60e3d219\">in September<\/a> that the companies would go through with a full-on IPO.<\/p>\n<p><strong>Things soon began to shift with Russia\u2019s invasion of Ukraine in late February<\/strong>, which triggered a general risk-off sentiment and the retreat of foreign institutional investors from emerging markets. The market turmoil drove the benchmark EGX30 into a bear market, and by the mid-point of the year it had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ecae4630-3a1a-4c33-86bd-a4a28695feb6\">fallen to lows<\/a> not seen since November 2016.<\/p>\n<p><strong>The SFE shifted its tactics in response to the new realities:<\/strong> The SFE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad594bfd-50a6-46b2-a0f8-598df16b006a\">said around midway<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad594bfd-50a6-46b2-a0f8-598df16b006a\">through the year<\/a> that it would pivot from public share sales to selling stakes to strategic investors in response to market turbulence and global economic volatility. Among the companies the SFE flagged for a private share sale was the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e20e3ec-470d-40fc-bd71-c08efcd42d82\">new holding company<\/a> that the government plans to create out of seven or eight state-owned hotels.<\/p>\n<p><strong>Others opted to sit on the sidelines until things got better:<\/strong> A handful of companies \u2014 both state-owned and from the private sector \u2014 decided to postpone their stake sale plans to next year amid market volatility. These include Abu Auf\u2019s parent company AUF, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f120b609-aad0-4057-a516-16bdeae16ef2\">said<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f120b609-aad0-4057-a516-16bdeae16ef2\">in April<\/a> it is pushing its planned EGX debut until 2H 2022, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bafb238-9ada-4c08-9846-30e51c6203ef\">Aman Holding<\/a>, and state-owned Banque du Caire, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/004a2209-c482-4067-af0e-5ba87566e2d4\">decided in July<\/a> to postpone the sale until market conditions improve. BdC has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e107adf1-0206-4eff-b9f5-6b0fdabc39b9\">until 31 March 2023<\/a> to finish its IPO procedures.<\/p>\n<p><strong>Throughout the volatility, regulators tried to breathe fresh life into the markets:<\/strong> The Financial Regulatory Authority (FRA), <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44cce70e-9e32-4176-848b-df0c7a3fcf7f\">now headed<\/a> by former EGX boss Mohamed Farid, began introducing regulatory changes designed to boost liquidity on the bourse. Under <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/781f8a28-a5ae-4f4f-b1e2-a24e80ce512a\">the changes<\/a>, companies can now \u201ctemporarily\u201d list their shares on the EGX before getting regulatory approval from the FRA and have six months to meet listing requirements, including minimum quotas for the number of listed shares and shareholders. The regulatory body also scrapped proposed limits on margin trading, allowed any of the Finance Ministry\u2019s issued securities to be listed on the EGX \u2014 paving the way for an active secondary market for debt \u2014 and signaled it could resuscitate short selling.<\/p>\n<p><strong>\u2026And tried to attract more institutions to invest in capital markets:<\/strong> EGX officials met with state-owned institutions in a bid to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccbd1317-0c5a-4ebc-b7ac-8f2b6f0040c2\">encourage state institutions<\/a> to invest in capital markets to increase the amount of domestic institutional money in Egypt\u2019s equity market. Meanwhile, the FRA\u2019s eased listing requirements helped kick off \u201cserious talks\u201d with as many as six private sector companies looking to list on the bourse, EGX head Ramy El Dokany <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a8713af9-263c-47e8-83ae-b448caf106bc\">said in September<\/a>.<\/p>\n<p><strong>The bright spot: The EGX has been on a tear in recent weeks<\/strong>, becoming one of the world\u2019s best-performing exchanges in the wake of <a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/\">October\u2019s currency devaluation<\/a> and the announcement of a USD 3 bn IMF bailout package. The EGX 30 has surged 68% since its July low, and is now up 21.9% year-to-date.<\/p>\n<p><strong>ALSO- Remember SPACs?<\/strong> Despite being all the rage in 2020 and 2021, leading regulators here at home to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a464bafe-21f2-4b7e-a02e-63708d29114c\">set up a regulatory framework<\/a> to allow SPACs, the blank-check companies never properly landed in Egypt. Last we heard <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91e16223-c13c-4319-8cd6-edd1942aed70\">in March<\/a>, the paperwork for Egypt\u2019s first SPAC had been filed and was waiting on FRA signoff. The firm had been set to list on the EGX by the end of January or early February this year.<\/p>\n<p><strong>CORPORATE DEBT-<\/strong><\/p>\n<p><strong>Faced with an anemic bourse, plenty of corporates pursued other avenues for raising<\/strong><strong> capital<\/strong>, including debt issuances.<\/p>\n<p><strong>Egypt\u2019s securitization market has been on fire this year:<\/strong> Companies have sold a record EGP 45.42 bn of securitized bonds to investors (mainly banks) so far this year. That\u2019s almost three times the volume issued in 2021, which totaled EGP 15.81 bn. The New Urban Communities Authority was behind the largest issuance of the year (and the largest ever in the Egyptian market), <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e4b248f-60d6-4930-9a92-c2a6aeddb6dd\">pulling off a EGP 20 bn sale<\/a> in September to finance new developments.<\/p>\n<p><strong>2022 saw a new type of security make its Egypt debut:<\/strong> CIRA Education took to market Egypt\u2019s first-ever future flow security, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b387f20-658e-4fcc-89e6-602f5c20a966\">selling EGP 800 mn<\/a> to local and regional banks. Future flow securities allow companies to securitize off-balance sheet cashflows, potentially opening up structured finance to a wider range of sectors such as utilities, telecoms and healthcare.<\/p>\n<p><strong>Other areas of the corporate debt market? Not so much.<\/strong> GB Auto\u2019s Drive Finance was responsible for the lone corporate bond issuance of 2022, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/135091b7-9840-40c6-a0bb-9a0f58ac8de0\">selling bonds worth EGP 700 mn<\/a> in June. The corporate sukuk picked up a little from 2021, with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6170918c-d131-411e-a667-a3f24c66a66c\">Palm Hills Development<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa7794f4-ae2b-4c7d-9567-ada4a3097e08\">Contact Financial<\/a> taking to market the year\u2019s only two issuances worth a combined EGP 5.3 bn. Contact was the only company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b389205-5282-4d47-b93a-13d8a30d62ff\">to sell sukuk in 2021<\/a> with a EGP 2.5 bn issuance.<\/p>\n<p><strong>So, what\u2019s in store for 2023?<\/strong> The government looks like it\u2019s getting its ducks in a row to kick off stake sales on the EGX, with Maait saying <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76937c25-3c19-442b-995a-5cf50812c220\">earlier this month<\/a> the government could sell stakes in unnamed companies in the banking and oil sectors before March 2023. Meanwhile, Damietta Container & Cargo Handling Company and Port Said Container & Cargo Handling Company \u2014 both subsidiaries of the Holding Company for Maritime Transport \u2014 could sell 25% stakes on the EGX in 1Q 2023. The Suez Canal Authority had also previously signaled it would IPO the Canal Mooring & Lights Company on the EGX at the end of this year, but we\u2019re going to go on a limb and assume those plans have been pushed to 2023.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/year-in-review-capital-markets\/\">YEAR IN REVIEW: CAPITAL MARKETS<\/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=\"578398\" 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=\"578398\">\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\">YEAR IN REVIEW: INVESTMENTS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/say-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments\/\">\r\n                            Say thank you to the GCC + green hydrogen for a stellar year for investments                        <\/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\/27\/say-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments\/\" 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\/27\/say-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments\/')\">\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\/27\/say-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments\/\">\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=Say thank you to the GCC + green hydrogen for a stellar year for investments&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/say-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments\/\">\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\/27\/say-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments\/&title=Say thank you to the GCC + green hydrogen for a stellar year for investments\">\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=Say+thank+you+to+the+GCC+%2B+green+hydrogen+for+a+stellar+year+for+investments+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F27%2Fsay-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments%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\/27\/say-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/549.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578399\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/say-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments\/549-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/549.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"549.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/549.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/549.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578398\" class=\"content-area-description single-story post-578398 post type-post status-publish format-standard has-post-thumbnail hentry category-year-in-review-investments-2 tag-energy tag-enterpriseam tag-green-hydrogen tag-infrastructure tag-investment-watch tag-manufacturing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>2022 was a positive year for investments \u2014 especially as green<\/strong><strong> hydrogen stole the show and we attracted lots of GCC interest:<\/strong> In a year of global economic turmoil and uncertainty here at home \u2014 with imported inflation and a currency under pressure \u2014 Egypt is ending 2022 having attracted a whole lot of investment interest. This year\u2019s announced investments significantly outpace last year\u2019s in terms of value, despite the number of announcements staying more or less steady y-o-y.<\/p>\n<p><strong>Our usual disclaimer: We derived the data points for this wrapup from our internal<\/strong><strong> Enterprise Investment Tracker<\/strong>, which we use to keep tabs on announced and executed investments in Egypt. Our tracker only accounts for capital expenditure and does not include opex spending plans. The data is also not necessarily complete \u2014 there are investments out there that didn\u2019t make it onto our radar because they weren\u2019t announced, particularly from smaller and mid-sized companies, and companies that aren\u2019t publicly traded.<\/p>\n<p><strong>ALSO-<\/strong> Our last two years of data tracked investment values in EGP. For consistency purposes, we\u2019re tracking this year\u2019s investments in USD. Comparative values from last year\u2019s data are expressed in USD equivalent, based on the FX rate at the end of 2021.<\/p>\n<p><strong>In 2022, we reported on 113 announced investments worth a whopping USD 192.2 bn.<\/strong> The actual total value of planned investments was higher \u2014 15 of these commitments did not specify a value.<\/p>\n<p><strong>That\u2019s a much bigger pipeline (in terms of value) than last year<\/strong>, when we reported on 118 announced investments worth a combined USD 26.4 bn.<\/p>\n<p><strong>The top three industries for investment in 2022, by announced value:<\/strong><\/p>\n<ul>\n<li><strong>Energy at USD 151.6 bn<\/strong>, buoyed primarily by the USD 119 bn of green hydrogen and wind projects Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7267be18-acb5-4b9f-874a-e36102c2cad5\">signed during COP27<\/a>;<\/li>\n<li><strong>Manufacturing at USD 3.7 bn<\/strong>, including a potential <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b49058d-1eb4-4cf5-8661-1050f05a1698\">USD 2.3 bn complex<\/a> to make solar panel components, courtesy of a group of unnamed Chinese firms;<\/li>\n<li><strong>Infrastructure, with USD 2.5 bn<\/strong> of investment commitments announced throughout the year.<\/li>\n<\/ul>\n<p><strong>Rounding out the top five:<\/strong> Food and beverages (USD 471 mn) and tech (USD 440 mn).<\/p>\n<p><strong>How does that compare to 2021?<\/strong> Last year, the top five target industries for investments were energy (USD 11.27 bn), real estate (USD 6.36 bn), infrastructure (USD 2.43 bn), healthcare (USD 1.65 bn), and food and beverages (USD 517 mn).<\/p>\n<p><strong>The biggest y-o-y increase in investment this year by value:<\/strong> Energy, by a very, very wide margin. Investment commitments announced this year for energy projects ballooned by some 1,245% y-o-y.<\/p>\n<p><strong>Meanwhile, healthcare and real estate saw the biggest drops in investments compared to<\/strong><strong> last year.<\/strong> Healthcare investments from private sector players nosedived 99% y-o-y to USD 23.9 mn in 2022. In real estate, investments fell 76% y-o-y to USD 1.5 bn. This should come as no surprise, considering inflation and cost pressures significantly hindered operations for many real estate developers as they struggled to secure building and raw materials. Some 10-20% of real estate developers have at some point <a href=\"https:\/\/enterprise.press\/hardhats\/real-estate-infrastructure-players-coping-high-inflation\/\">halted their construction<\/a> projects this year due to fiscal and logistical pressures, sources have previously told us. Some have even sold off projects before starting construction.<\/p>\n<p><strong>Other than the energy boom, the big investment trend of 2022 for Egypt was the influx of<\/strong><strong> GCC interest.<\/strong> Out of the total planned investments announced this year, Gulf-based investors accounted for USD 55.7 bn \u2014 that\u2019s around 23% for those of you keeping score at home. This figure includes the USD 10 bn Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">pledged to give as aid<\/a> to Egypt, as well as the separate USD 10 bn Abu Dhabi\u2019s sovereign wealth fund, ADQ, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248f9feb-5ba0-4777-b6a8-e910c3e8cc67\">pledged to invest<\/a> in industrial projects in Egypt, the UAE, and Jordan.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578400\" 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=\"578400\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/578400\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578400\" class=\"content-area-description single-story post-578400 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\/5-SODIC-After-Party-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=\"578401\" 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=\"578401\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/last-nights-talk-shows-banks-to-secure-fx-to-clear-import-backlog-within-4-days-says-el-sisi\/\">\r\n                            Last Night\u2019s Talk Shows: Banks to secure FX to clear import backlog within 4 days, says El Sisi                        <\/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\/27\/last-nights-talk-shows-banks-to-secure-fx-to-clear-import-backlog-within-4-days-says-el-sisi\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The president was speaking a day after the government said it was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2982268-2261-4c4d-87c1-8482fe1b962f\">working on a plan to release the remaining goods<\/a> from ports, which it valued at around USD 9.5 bn. Speaking during the ceremony yesterday, Prime Minister Moustafa Madbouly said that authorities have agreed to prioritize the release of USD 4-4.5 bn worth of commodities from ports including those required for manufacturing, reiterating cabinet spokesperson Nader Saad from a day earlier (<a href=\"https:\/\/www.youtube.com\/watch?v=cH15YlJeo2Y\">watch, runtime: 5:51<\/a>).<\/p>\n<p><strong>Remember:<\/strong> Authorities have pledged to scrap the requirement for businesses to use letters of credit to finance imports <a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/\">by the end of this month<\/a> as part of its agreement with the IMF to transition to a flexible exchange rate.<\/p>\n<p><strong>Cabinet will also be publishing a weekly tally for goods released from ports<\/strong>, detailing the amount and types of goods it has released each week, Madbouly said. El Sisi and Madbouly\u2019s statements got attention internationally: <a href=\"https:\/\/news.yahoo.com\/egypt-banks-help-clear-import-103623769.html\">Bloomberg<\/a>.<\/p>\n<p><strong>El Sisi\u2019s speech was the top story on the airwaves last night<\/strong>, receiving coverage from Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=G3cGod9vUBs\">watch, runtime: 3:22<\/a>), Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=npA1GMPBxhw%5C\">watch, runtime: 1:44<\/a>), and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=IdtPpWjlGD0\">watch, runtime: 2:23<\/a>).<\/p>\n<p><strong>MEANWHILE- The heads of the two largest state-owned banks made appearances on the <\/strong><strong>airwaves<\/strong> last night to back up the central bank\u2019s move last week to introduce a limit on overseas FX withdrawals. Banque Misr chief Mohamed Eletreby on Kelma Akhira with Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=lmSNVFgm3Rs\">watch, runtime: 20:01<\/a>) and National Bank of Egypt Chairman Hisham Okasha phoned in to El Hekaya to speak with Amr Adib about the dash for FX (<a href=\"https:\/\/www.youtube.com\/watch?v=YnNicJzAQ40\">watch, runtime: 15:35<\/a>). We have more on this in this morning\u2019s What We\u2019re Tracking Today, above.<\/p>\n<p><strong>Don\u2019t hold your breath over new high-interest certificates: <\/strong>It's unlikely that we\u2019ll see new high-interest certificates of deposit from the NBE, Okasha told Adib. And Eletreby explained to El Hadidi how much high-interest CDs cost banks and therefore need to be studied very carefully.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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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=\"578404\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/soaring-food-prices-at-home-are-continuing-to-get-attention-overseas\/\">\r\n                            Soaring food prices at home are continuing to get attention overseas                        <\/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 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<\/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\/27\/soaring-food-prices-at-home-are-continuing-to-get-attention-overseas\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/551.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578405\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/soaring-food-prices-at-home-are-continuing-to-get-attention-overseas\/551-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/551.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"551.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/551.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/551.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578404\" class=\"content-area-description single-story post-578404 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-abdel-fattah-el-sisi tag-economy tag-enterpriseam tag-inflation wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Food price inflation is getting more digital ink in the foreign press:<\/strong> The <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/12\/26\/egypt-economy-inflation-food-prices\/\">Washington<\/a><a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/12\/26\/egypt-economy-inflation-food-prices\/\">Post<\/a> is out with a story about how koshary \u2014 a typically low-cost meal \u2014 is becoming increasingly expensive amid surging inflation, while <a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/12\/26\/egypts-el-sisi-says-government-can-do-no-more-to-stop-food-price-surge\/\">the National<\/a> is taking note of remarks from President Abdel Fattah El Sisi that the state has done everything in its power to cap soaring food costs as inflation hit a five-year high of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">18.7% in November<\/a>.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578406\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578411\" 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\/27\/578411\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578411\" class=\"content-area-description single-story post-578411 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>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>2 January (Monday): House back in session.<\/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>2 February (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/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>30 March (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/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>18 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/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>22 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/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>AUGUST 2023<\/strong><\/p>\n<p>3 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>21 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/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>NOVEMBER 2023<\/strong><\/p>\n<p>2 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>DECEMBER 2023<\/strong><\/p>\n<p>21 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/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: FRA to introduce <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/677d7076-0142-4ba8-9bee-b1d82926f380\">new rules<\/a> for short selling.<\/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    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