{"id":578590,"date":"2023-01-05T04:03:54","date_gmt":"2023-01-05T04:03:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578590"},"modified":"2025-12-16T11:42:50","modified_gmt":"2025-12-16T11:42:50","slug":"banque-misr-nbe-offer-25-cds-as-egp-drops-against-the-greenback","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/banque-misr-nbe-offer-25-cds-as-egp-drops-against-the-greenback\/","title":{"rendered":"Banque Misr, NBE offer 25% CDs as EGP drops against the greenback"},"content":{"rendered":"<section id=\"578592\" 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=\"578592\">\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\/2023\/01\/05\/this-morning-enjoy-the-long-weekend-folks\/\">\r\n                            THIS MORNING: Enjoy the long weekend, folks                        <\/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\/2023\/01\/05\/this-morning-enjoy-the-long-weekend-folks\/\" 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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Happy Thursday \u2014 and a very Merry Christmas to everyone celebrating this weekend. <\/strong><\/p><p><strong>THE BIG STORY here at home this morning is the Central Bank of Egypt\u2019s big move yesterday on the foreign exchange front. <\/strong>Hassan Abdalla allowed the EGP to slide nearly 7% against the greenback to 26.49. In parallel, the Big Two state-owned banks introduced one-year EGP certificates of deposit that offer a never-before-seen 25% interest rate.<\/p><p><strong>What\u2019s the logic? Abdalla is looking for a market-clearing rate<\/strong> \u2014 the exchange rate at which folks clinging to USD are willing to convert them into local currency. In short:<\/p><ul>\n<li><strong>The market will set the rate: <\/strong>By allowing the EGP to slide against foreign currencies, Abdalla is signaling to the market (and the IMF) that the central bank has indeed moved to what he has previously called a \u201cdurably flexible\u201d exchange rate.<\/li>\n<li><strong>And here\u2019s a sweetener: <\/strong>As Banque Misr\u2019s Mohamed El Etreby made clear yesterday, the idea is that the \u201climited-time-only\u201d 25% CDs will convince folks holding USD that now is the time to go longer on the local currency.<\/li>\n<\/ul><p>^^ We have chapter and verse in this morning\u2019s news well, below.<\/p><p><strong>THE BIG STORY ABROAD remains the standoff in the US House of <\/strong><strong>Representatives<\/strong> as the GOP-controlled chamber failed for a second day to elect a new speaker. Turned on by various flanks of his own party, Republican leader Kevin McCarthy was voted down in his quest for the post a fourth, fifth, and sixth time before the House managed to pass one vote \u2014 agreeing to adjourn for the night. The spectacle will continue when they give it another go today. Bloomberg, <a href=\"https:\/\/www.reuters.com\/world\/us\/us-house-republicans-face-showdown-over-mccarthys-speaker-bid-2023-01-04\/\">Reuters<\/a>, <a href=\"https:\/\/apnews.com\/article\/house-speaker-vote-updates-669e23dc963da9579ab10e4b3da78911?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01\">AP<\/a>, <a href=\"https:\/\/www.wsj.com\/livecoverage\/kevin-mccarthy-house-speaker-vote-santos?mod=hp_lead_pos1\">WSJ<\/a>, <a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/01\/04\/house-speaker-vote-live-updates-kevin-mccarthy\/\">WaPo<\/a> and <a href=\"https:\/\/www.nytimes.com\/live\/2023\/01\/04\/us\/house-speaker-vote\">NYT<\/a> all have more.<\/p><p><strong>FROM THE REGION- Dubai has unveiled a USD 7.8 tn (AED 32 tn) economic plan <\/strong><strong>for the next decade. <\/strong>The plan aims to double the city-state\u2019s foreign trade and investments in efforts to bolster its role as a global financial hub, Dubai ruler Sheikh Mohammed bin Rashid said in a <a href=\"https:\/\/twitter.com\/HHShkMohd\/status\/1610592149707395072?cxt=HHwWgMC8ldzB_NksAAAA\">tweet<\/a> yesterday. The plan targets foreign trade income of AED 25.6 tn and foreign investments of AED 650 bn in total between now and 2023.<\/p><hr class=\"grey-line\"><p><strong>PSA #1- Private sector + EGX will be off on Sunday: <\/strong>The private sector will be off next Sunday, 8 January in observance of Coptic Christmas, the Manpower Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0DP8jp4Y3AB1vZp7UJbx42rYVWjYuGZrRMKrBH9K2x14jgP2b5xXrBkZnRTG5KDmnl\">confirmed in a<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0DP8jp4Y3AB1vZp7UJbx42rYVWjYuGZrRMKrBH9K2x14jgP2b5xXrBkZnRTG5KDmnl\">statement<\/a>. The EGX will also be closed, the bourse said in a <a href=\"https:\/\/ent.news\/2023\/1\/EGX-Coptic-Christmas-2023.jpg\">separate statement<\/a>, following a similar announcement from the Central Bank of Egypt. Prime Minister Moustafa Madbouly had announced the day would be a national holiday earlier this week.<\/p><p><strong>That means us, too: <\/strong>EnterpriseAM will be back in your inboxes at the appointed hour on Monday, 9 January.<\/p><p><strong>PSA #2- We\u2019re in for very seasonable weather for Christmas weekend<\/strong>, with daytime highs of 20\u00b0C and overnight lows of 9\u00b0C all three days.<\/p><p><strong>PSA #3- There\u2019s a 90% chance of up to 5 mm of rain on Sunday evening<\/strong>, our favourite weather app says, suggesting we\u2019ll start the work week on Monday with cooler temperatures (a daytime high of 16\u00b0C) and a possibility of 3-4 mm of rain.<\/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>MARKET WATCH-<\/strong><\/p><p><strong>Warm European weather drives natural gas prices below pre-Ukraine war levels:<\/strong> Unseasonably warm weather in Europe is continuing to push down natural gas prices, with benchmark futures falling as much as 8.7% to their lowest level in 11 months, reports <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-04\/europe-gas-falls-again-as-warm-weather-brings-relief-for-markets?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>. If temperatures stay high and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0924942-d112-4dc1-9d44-4618c4dd9026\">alternative energy sources<\/a> like wind power continue to record level outputs, further falls are likely, which would offer some measure of relief for depleting natural gas inventories. But governments continue to urge energy saving measures, as the coldest parts of winter are still to come and natural gas prices remain well above the five-year average.<\/p><p><strong>Oil prices are also on the decline:<\/strong> The fresh covid outbreak in China unleashed by Beijing\u2019s loosening of yearslong restrictions has sent crude oil prices tumbling this week, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-03\/oil-holds-steep-decline-as-demand-concerns-pushed-to-the-fore?sref=mmeFTDW1\">Bloomberg<\/a> reports. WTI crude fell almost 10% over the last two days, while Brent futures closed down more than 5% for the day yesterday at USD 77.84 a barrel.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The House of Representatives adjourned on Tuesday<\/strong> and will reconvene plenary sessions on Sunday, 15 January.<\/p><p><strong>The key news triggers as we start a new month:<\/strong><\/p><ul>\n<li><strong>Inflation<\/strong> figures for <strong>December<\/strong> will be released on <strong>Tuesday, 10 January<\/strong>.<\/li>\n<li>The<strong> national dialogue<\/strong> will kick off on <strong>Saturday, 14 January<\/strong>.<\/li>\n<li>The government\u2019s <strong>fuel pricing committee <\/strong>will meet this month to <strong>decide quarterly fuel prices<\/strong>.<\/li>\n<li>Global movers and shakers will descend on <strong>Davos<\/strong> for the<strong> World Economic Forum\u2019s annual meetings<\/strong> on <strong>16-20 January<\/strong>.<\/li>\n<li>The <strong>IMF<\/strong> will publish an <strong>updated World Economic Outlook<\/strong> towards the end of the month.<\/li>\n<\/ul><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><div class=\"stand-out\">\n<p><strong>ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help<\/strong><strong> us build some very cool new things.<\/strong> <a href=\"https:\/\/enterprise.press\/\">Enterprise<\/a> \u2014 the essential daily read on what\u2019s happening in business, finance, economics and policy in Egypt and the wider region \u2014 is looking for writers, reporters, and editors to help us build new publications. We're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and ideas moving markets. Egyptian and foreign nationals alike are welcome to apply.<\/p>\n<p><strong>NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> We have the Enterprise Business Writing Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run in our publications. <strong>Those who successfully complete the program will then be offered full-time positions on staff.<\/strong><\/p>\n<p><strong>During the program you will learn:<\/strong><\/p>\n<ul>\n<li><strong>The key news stories and trends shaping business<\/strong> and the economy in Egypt and the region, across various sectors;<\/li>\n<li><strong>Business and finance for non-finance people:<\/strong> Whether it's industry jargon, key concepts, or simply how to read a an income statement;<\/li>\n<li><strong>How to construct an Enterprise story:<\/strong> From idea formulation down to the structure, style, and tone of writing;<\/li>\n<li><strong>The ins and outs of a newsroom, <\/strong>including how to develop sources that will give you the key insights needed to tell a complete story;<\/li>\n<li><strong>How to communicate these stories<\/strong> with the confidence and language of an insider.<\/li>\n<\/ul>\n<p><strong>Apply directly to <\/strong><strong><a href=\"mailto:jobs@enterprisemea.com\">jobs@enterprisemea.com<\/a><\/strong><strong> and mention \u201cwriting development program\u201d in your subject line.<\/strong><\/p>\n<\/div>\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\/banque-misr\/\">Banque Misr<\/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\/national-bank-of-egypt\/\">National Bank of Egypt<\/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=\"578594\" 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=\"578594\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/578594\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578594\" class=\"content-area-description single-story post-578594 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 decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/Simply-Somabay-3-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Somabay brings out the best in majestic natural elements where raw beauty and endless activities reign supreme. Immerse yourself into a picturesque getaway all year long. This is simply Somabay. For more information, call 16390 or visit <a href=\"http:\/\/www.somabay.com\">www.somabay.com<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578595\" 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=\"578595\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/cbe-lets-egp-slide-as-big-two-state-owned-banks-announce-25-cds\/\">\r\n                            CBE lets EGP slide as Big Two state-owned banks announce 25% CDs                        <\/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\/2023\/01\/05\/cbe-lets-egp-slide-as-big-two-state-owned-banks-announce-25-cds\/\" 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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To get people holding FX outside the banking system to bring it in. And to tamp down on inflation by reducing liquidity in the market.<\/p>\n<p><strong>It was a two-step yesterday morning:<\/strong><\/p>\n<p><strong>#1- Record-high yield on CDs: <\/strong>Banque Misr and the National Bank of Egypt \u2014 the nation\u2019s two largest banks \u2014 introduced one-year, 25% certificates of deposit (CDs) (<a href=\"https:\/\/www.facebook.com\/BanqueMisr.1920\/posts\/pfbid02oSR78VXZ9fVAsUnwewAsJPjcZMRCxdC6MRgpU2Fo4icn5nU7SbdWcWLSPD1iuJ6Ul\">here<\/a> and <a href=\"https:\/\/ent.news\/2023\/1\/NBE-certificate.pdf\">here<\/a>). Banque du Caire has yet to follow suit. Buyers can opt for a one-time payment of 25% when their CDs mature in 12 months' time, or can go for monthly interest payouts at a reduced 22.5% annualized rate.<\/p>\n<p><strong>#2- By the end of the day, the EGP had dipped nearly 7% against the greenback to close <\/strong><strong>at 26.49<\/strong>, according to the central bank\u2019s website. That\u2019s the EGP\u2019s biggest single-day drop since last October\u2019s devaluation, which the CBE said at the time marked its move to a \u201cdurably flexible\u201d exchange rate. The EGP has now fallen by over 34% against the greenback from the rate before the October deval and is down by almost 70% from its 15.78 \/ USD level immediately before the devaluation in March 2022.<\/p>\n<p><strong>Banque Misr Chairman Mohamed El Etreby was lead messenger on the day\u2019s events<\/strong>, speaking with everyone from CNBC Arabia (<a href=\"https:\/\/www.cnbcarabia.com\/105120\/2023\/01\/04\/\u0631\u0626\u064a\u0633-\u0645\u062c\u0644\u0633-\u0625\u062f\u0627\u0631\u0629-\u0628\u0646\u0643-\u0645\u0635\u0631-\u0644\u0640-CNBC-\u0639\u0631\u0628\u064a\u0629:-\u0627\u0631\u062a\u0641\u0627\u0639-\u0623\u0633\u0639\u0627\u0631-\u0627\u0644\u0641\u0627\u0626\u062f\u0629-\u0633\u0627\u0647\u0645-\u0641\u064a-\u0627\u0633\u062a\u0642\u0637\u0627\u0628-\u0627\u0644\u0648\u062f\u0627\u0626\u0639-\u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629\">watch, runtime: 9:56<\/a>) to Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=uqEYhpg15hs\">watch, runtime: 10:54<\/a>) and Yahduth Fi Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=ScLKm3C-y00\">watch, runtime: 11:09<\/a>).<\/p>\n<p><strong>It\u2019s about de-dollarization\u2026 <\/strong>\u201cThe move widens the gap between the return on foreign currencies such as the USD and the EUR, both at less than 5%, and the return on the EGP [CDs] of 25%, <strong>giving the local currency a 20% edge<\/strong>,\u201d El Etreby said (<a href=\"https:\/\/www.youtube.com\/watch?v=uqEYhpg15hs\">watch, runtime: 10:54<\/a>).<\/p>\n<p><strong>\u2026and tamping down inflation: <\/strong>With the prevailing notion that in a high-inflation environment, EGP is best spent on assets that \u2018hold their value,\u2019 the new CDs will be \u201cone of the triggers that will drive down inflation,\u201d El Etreby said.<\/p>\n<p><strong>High-yield CDs worked before<\/strong>, El Etreby said: \u201cWe devised CDs with a 20% return back in 2017 to curb inflation that had skyrocketed to more than 31%. [Those CDs] helped bring down inflation to 5-6%.\u201d He expects the 25% certificates to have the same impact this time around, telling CNBC in a separate interview that the CDs are part of a wider strategy to bring inflation back down to single digits. Inflation hit a five-year high of 18.7% in November.<\/p>\n<p><strong>Get \u2018em while you can: <\/strong>There\u2019s no fixed date for when the CDs will be taken off the market, El Etreby said. \u201cThey could close in a week, two, three \u2014 the period still hasn\u2019t been set,\u201d he said, adding that he expected the CDs would be bought both by people who are currently holding savings in foreign currencies as well as folks who are sitting on EGP savings.<\/p>\n<p><strong>STRONG APPETITE FOR CDs?<\/strong><\/p>\n<p><strong>Analysts expect savers to pile into the CDs:<\/strong> \u201cThe new CDs will increase the attractiveness of the EGP as a saving instrument and reduce dollarization,\u201d HC Securities banking and macro analyst Heba Monir told Enterprise. Market watcher Hany Aboul Fotouh agrees, telling us that savers have been \u201cwaiting\u201d for high-yield instruments, which will likely encourage some to sell off their FX holdings to invest in the EGP-denominated CDs. Aboul Fotouh also anticipates the CDs will spur higher remittances from Egyptians living abroad.<\/p>\n<p><strong>Tempting returns: <\/strong>\u201cBased on our inflation expectation of 15.4% for 2023, we estimate the 25% CDs will offer a positive real return of 9.57%,\u201d Monir said.<\/p>\n<p><strong>AND WHAT ABOUT THE EGP?<\/strong><\/p>\n<p><strong>Float or devaluation? <\/strong>\u201cThis is certainly another devaluation,\u201d Abu Dhabi Commercial Bank Chief Economist Monica Malik is quoted as telling Bloomberg. Mohamed Abu Basha, head of macroeconomic analysis at EFG Hermes, told the Financial Times that we\u2019ll have to wait and see whether this means we have shifted to what the International Monetary Fund called a \u201ctruly floating\u201d rate. \u201cTo judge, we need to monitor the level at which the currency will eventually stabilize, the extent to which this will lead to improved foreign currency liquidity in banks and if we will see more volatility in the EGP going forward,\u201d he\u2019s quoted as saying.<\/p>\n<p><strong>Allowing the EGP to slide is part of a wider policy plan<\/strong> that includes the recent rate hikes and the CBE\u2019s decision to scrap requirements for importers to secure letters of credit, Al Ahly Pharos economist Esraa Ahmed told Enterprise. \u201cThis package of decisions was necessary to clamp down on the parallel market and jumpstart economic activity \u2014 which wouldn\u2019t happen with just one of these moves in isolation,\u201d Ahmed said.<\/p>\n<p><strong>We\u2019ll know more as the backlog at ports clears \u2014 and there\u2019s been progress on<\/strong><strong> that front:<\/strong> The value of backlogged imports cleared from our ports since 1 December stood at more than USD 6.8 bn as of yesterday, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0sJJFMBdhjqMPkYq1hMndJax5nTSFmp2oSzFjxt4UP3ezbCee9TmYdmJZ5HpSd28Vl\">statement<\/a>, up from some USD 6 bn at the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d041e1e1-1f9c-4271-8391-d6c3b10e965f\">start of this week<\/a>. The statement didn\u2019t disclose how much remains stuck in ports, though the government last week pegged the value at USD 9.5 bn as of 25 December.<\/p>\n<p><strong>BACKGROUND-<\/strong><\/p>\n<p><strong>#1- Currency flexibility was among key demands from the IMF<\/strong> in return for our <a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/\">USD 3<\/a><a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/\">bn loan<\/a>. The IMF said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1719f1e8-80c8-4aa6-88cd-7b5b924bf865\">last month<\/a>that it will be looking for \u201cdaily volatility in the exchange rate that is similar to the volatility observed in truly floating exchange rate regimes\u201d following the <a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/\">Central Bank of Egypt\u2019s (CBE) scrapping of import restrictions<\/a>.The central bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d041e1e1-1f9c-4271-8391-d6c3b10e965f\">lifted last week<\/a> the requirement to use letters of credit to finance imports in an effort to clear a longstanding backlog of imports, reversing a decision taken in February to help conserve foreign currency following large outflows triggered by the war in Ukraine.<\/p>\n<p><strong>#2- <\/strong><strong>NBE and Banque Misr previously <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">introduced<\/a><\/strong><strong> one-year, 18% CDs last year<\/strong> on the back of the EGP devaluation in March, but stopped selling the certificates <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccbb6a41-06c6-4816-af30-0782f8606acd\">months later<\/a>, citing the high cost. The CDs, which were designed to pull liquidity into the banking system, pulled in EGP 750 bn over the course of 10 weeks. NBE, Banque Misr and Banque du Caire also brought to market three-year, 17.25% certificates of deposit in tandem with the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60dc5b0c-8c51-4c61-aa04-54e46a86a7c6\">October devaluation<\/a>, when the central bank moved to a \u201cdurably flexible\u201d exchange rate.<\/p>\n<p><strong>#3- <\/strong><strong>The new CDs come on the back of the central bank\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b3b7b9a2-2fe4-419d-a713-f9655e5f5a22\">jumbo interest rate hike<\/a><\/strong><strong> late last month. <\/strong>The CBE raised interest rates by 300 bps at the end of December under efforts to crack down on rising inflation. The Monetary Policy Committee (MPC) hiked the overnight deposit rate to 16.25%, the overnight lending rate to 17.25%, while the main operation and disc. rates were raised to 16.75%.<\/p>\n<p><strong>INTERNATIONAL REAX-<\/strong><\/p>\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-04\/egypt-s-pound-heads-for-biggest-drop-since-october-devaluation?srnd=premium-middle-east\">Bloomberg<\/a>, <a href=\"https:\/\/www.reuters.com\/markets\/currencies\/egypts-currency-weakens-2590-dollar-2023-01-04\/\">Reuters<\/a>, the<a href=\"https:\/\/www.ft.com\/content\/b5d45d6d-4b69-4fe1-89d5-36d1a591b32d\">Financial Times<\/a>, and the <a href=\"https:\/\/www.washingtonpost.com\/business\/egyptian-pound-sees-largest-single-day-fall-since-imf-deal\/2023\/01\/04\/0dea2d50-8c50-11ed-b86a-2e3a77336b8e_story.html\">Washington Post<\/a> all have coverage.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\" 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\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/usd-egp\/\">USD-EGP<\/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=\"578597\" 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=\"578597\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/car-sales-drop-again-in-november\/\">\r\n                            Car sales drop again in November                        <\/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\/2023\/01\/05\/car-sales-drop-again-in-november\/\" 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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Some 5.2k passenger vehicles were sold in November, down 74% from November 2021, according to figures released by the Automotive Information Council (AMIC).<\/p>\n<p><strong>How bad is 5.2k cars? It\u2019s really, really bad. <\/strong>EGX-listed GB Auto sold just over 8.2k cars in 4Q 2019 (the last year before covid-caused supply constraints hit the market).<\/p>\n<p><strong>The downward trend co<\/strong><strong>ntinues: <\/strong>Passenger vehicle sales in November were the lowest ever recorded by our internal trackers, which include AMIC sales data going back to the start of 2018. Excluding the outbreak of the pandemic in April 2020, the November data marks the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8af7e94a-948b-4e82-88c1-7bf953056801\">third consecutive month<\/a> of record low auto sales. AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants.<\/p>\n<p><strong>It was a disappointing month all around: <\/strong>Around 1.4k buses were sold in November, down 55% in comparison to November 2021. Truck sales dropped 64% y-o-y, also recording 1.4k units.<\/p>\n<p><strong>REMEMBER-<\/strong> <strong>Sales will likely pick up again this year <\/strong>after the central bank revoked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d041e1e1-1f9c-4271-8391-d6c3b10e965f\">import restrictions<\/a> brought in last spring to conserve hard currency. Car sales fell through most of 2022 thanks to the restrictions, which made it almost impossible for distributors to bring fully built up vehicles, assembly kits, and spare parts into the country and forced a number of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3242bc1d-f416-47a6-a914-3ce472eb1c9f\">global car manufacturers<\/a> to suspend sales to Egypt.<\/p>\n<p><strong>We might also see some new cars on the streets<\/strong> \u2014 though likely <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4150d160-a6be-453d-a856-51b1e98762b1\">fewer<\/a> than the government had initially hoped \u2014 through the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82bee1e7-27a9-4e86-bf75-057a2812bbdb\">expat car import scheme<\/a>, which allows Egyptians living abroad to bring in cars using FX.<\/p>\n<p><strong>Have patience: <\/strong>It will take time for local assemblers to place and receive kit orders and for importers of fully built-up units to be able to pay for their orders \u2014 so <strong>don\u2019t expect to get your hands on a new car before mid-2023. <\/strong><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amic\/\">AMIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578599\" 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=\"578599\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/private-sector-contracts-for-25th-consecutive-month\/\">\r\n                            Private sector contracts for 25th consecutive month                        <\/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\/2023\/01\/05\/private-sector-contracts-for-25th-consecutive-month\/\" 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 PMI reading rose to 47.2 in December from 45.4 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ea9cc57-7ea8-406e-baa5-ec52c6e0d631\">a month earlier<\/a>, but remained below the 50.0 mark that separates growth from contraction. Surging inflation, a weaker EGP, and import restrictions were once again to blame for deteriorating conditions, S&P Global said.<\/p>\n<p><strong>Inflationary pressures are the biggest culprit:<\/strong> \u201cAccording to survey panelists, lower activity generally reflected weak demand conditions, as rising prices led customers to make additional cuts to spending,\u201d S&P Global said. Inflation hit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">a five-year high<\/a>of 18.7% in November. December\u2019s inflation figures are expected to be released next Tuesday, 10 January.<\/p>\n<p><strong>As well as the falling EGP:<\/strong> \"The pound\u2019s depreciation against the USD in recent months continued to drive input costs higher, although the latest data signaled a softer rate of inflation than November's over four-year record,\u201d said S&P Global economist David Owen. The currency has fallen some 34% against the greenback since late October, when the central bank devalued the EGP and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddd263a4-f28f-47d4-90e2-e93c3db56a26\">moved to a durably flexible exchange rate<\/a>. A weaker local currency led material prices to surge while staff costs saw a modest rise, respondents said.<\/p>\n<p><strong>Fewer hands on deck: <\/strong>Businesses also slashed headcounts for the second time in three months, pushing backlogs of work to rise at their fastest pace in over two years.<\/p>\n<p><strong>The outlook is still optimistic<\/strong><strong>:<\/strong> \u201cExpectations towards future output improved for the second month running from October's record low and were the strongest since June\u201d despite ongoing concerns over global economic conditions, the report said<\/p>\n<p><strong>The story is getting ink from <\/strong><strong><a href=\"https:\/\/www.nasdaq.com\/articles\/egypt-private-sector-activity-continues-to-shrink-in-december-pmi\">Reuters<\/a><\/strong> and <strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-04\/egyptian-firms-cut-output-shed-jobs-as-devaluation-hits-hard?srnd=premium-middle-east\">Bloomberg<\/a><\/strong>.<\/p>\n<p><strong>FROM THE REGION-<\/strong><\/p>\n<p><strong>Non-oil business activity in the UAE grew at a marginally slower <\/strong><strong>pace in December<\/strong>, with the PMI falling to 54.2 from 54.4 in November, according to <a href=\"https:\/\/www.pmi.spglobal.com\/Public\/Home\/PressRelease\/25f6733abb35405990ac7fb9a4bf6516\">S&P Global (pdf)<\/a>. The lowest reading since the start of 2022 provided \u201cfurther signs that growth momentum has moderated from its post-pandemic peak in the third quarter,\u201d Owen said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp-global\/\">S&amp;P Global<\/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=\"578601\" 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=\"578601\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/italy-proposes-a-usd-2-8-bn-electrical-interconnection-project-with-egypt\/\">\r\n                            Italy proposes a USD 2.8 bn electrical interconnection project with 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\/2023\/01\/05\/italy-proposes-a-usd-2-8-bn-electrical-interconnection-project-with-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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The Italian proposal also commits the country to securing funding from Italian banks and European financing agencies for the project, were it to go ahead.<\/p>\n<p><strong>SOUND SMART- We\u2019ve built a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97de7175-da9a-4189-99de-bfb45a999e00\">large surplus<\/a><\/strong><strong> of electricity generation capacity over the past few years \u2014 and Europe is looking for energy suppliers. <\/strong>Italy\u2019s proposal comes as Europe faces an unprecedented energy crisis thanks to the loss of Russian fossil fuels. We\u2019re well placed to help fill the gap: Egypt has already been preparing to link its electricity grids with Greece and Cyprus through a subsea cable as part of the USD 4 bn <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/12\/egypt-cyprus-greece-begin-working-to-implement-usd-4-bn-electricity-interconnection-project\/\">EuroAfrica Interconnector project<\/a> since 2018, while the USD 1.8 bn 3 GW <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/653bc78e-5d38-4458-975b-249cc9521b61\">Egypt-Saudi electricity interconnection<\/a> is set to go live in May 2025. Our grid is currently linked with Jordan, Palestine, Libya, and most recently Sudan.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-italy-relations\/\">Egypt-Italy relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/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\/infrastructure\/\">infrastructure<\/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=\"578603\" 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=\"578603\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/578603\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578603\" class=\"content-area-description single-story post-578603 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 decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Moharram-Partners-57357-Web-ENG.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578604\" 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=\"578604\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/\">\r\n                            Another bidder joins the war for Pachin                        <\/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\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/\" 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\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/')\">\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\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/\">\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=Another bidder joins the war for Pachin&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/\">\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\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/&title=Another bidder joins the war for Pachin\">\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=Another+bidder+joins+the+war+for+Pachin+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F05%2Fanother-bidder-joins-the-war-for-pachin%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\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/91.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578605\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/91-jpg-25\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/91.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"91.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/91.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/91.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578604\" class=\"content-area-description single-story post-578604 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-al-ahly-pharos tag-compass-capital tag-enterpriseam tag-ma-watch 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>Everyone wants a piece of Pachin: <\/strong><a href=\"https:\/\/compass-cap.com\/\">Compass Capital<\/a> has submitted a non-binding offer to purchase between 51-90% of Paint and Chemical Industries (Pachin) for EGP 30 a share, according to a <a href=\"https:\/\/ent.news\/2023\/1\/Pachin-Compas-Capital.pdf\">disclosure to the EGX (pdf)<\/a> from the Financial Regulatory Authority yesterday. Compass\u2019 offer values Pachin at EGP 720 mn.<\/p>\n<p><strong>The bids are hotting up:<\/strong> Compass\u2019 offer is the highest of five that the regional paint distributor has received since last summer, outbidding Eagle Chemicals\u2019 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/874466e8-8b0c-47fa-ac88-f81e2bc9b58c\">EGP 29.5 a share offer<\/a> and UAE\u2019s National Paints Holdings <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bd16acf-0bc2-4e41-abb4-98ff04e3cb71\">EGP 29 per share<\/a> offer.<\/p>\n<p><strong>Two suitors have fallen by the wayside:<\/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> withdrew their takeover bids after Pachin rejected them for undervaluing the firm.<\/p>\n<p><strong>What\u2019s next? <\/strong>Compass will conduct due diligence on the company before determining a final price, while Eagle Chemicals is also working on its due diligence. We\u2019re expecting to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b30f18a-8862-4ce9-ac4c-db488429e7ff\">hear back from Pachin<\/a> in response to NPH\u2019s offer later this month, but seeing as the company has now received not one, but two offers that are more generous, it\u2019s not looking too good for NPH.<\/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 advising Pachin while Shalakany Law Office is counsel.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-pharos\/\">Al Ahly Pharos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/compass-capital\/\">Compass Capital<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578606\" 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=\"578606\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\">\r\n                            Bank ABC and Blom Bank Egypt are now one                        <\/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\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\" 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\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/')\">\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\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\">\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=Bank ABC and Blom Bank Egypt are now one&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\">\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\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/&title=Bank ABC and Blom Bank Egypt are now one\">\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=Bank+ABC+and+Blom+Bank+Egypt+are+now+one+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F05%2Fbank-abc-and-blom-bank-egypt-are-now-one%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\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/92.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578607\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/92-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/92.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"92.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/92.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/92.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578606\" class=\"content-area-description single-story post-578606 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-bank-abc tag-blom-bank tag-enterpriseam tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Bank ABC and Blom Bank Egypt are now a single entity: <\/strong>Bahrain\u2019s Bank ABC has completed the legal merger of Bank ABC Egypt and Blom Bank Egypt, following its acquisition of 99.5% of Blom Bank Egypt, the buyer said in a <a href=\"https:\/\/www.bank-abc.com\/world\/egypt\/en\/aboutabc\/media\/press\/pages\/bank-abc-egypt-targets-new-era-of-growth-following-completion-of-leg.aspx\">statement<\/a> yesterday.<\/p>\n<p><strong>This has been at least two years in the making: <\/strong>The two sides reached an initial agreement on the acquisition in January<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f5950c1-ec0e-48cd-a605-1f1807efcbca\">2021<\/a> before <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4b287f2-a3b9-4821-9670-9dc5c1650303\">tying the knot in August<\/a> in a USD 424 mn transaction, valuing Blom Bank\u2019s Egyptian arm at USD 427 mn (EGP 6.7 bn at the time.)<\/p>\n<p><strong>The merger will expand Bank ABC\u2019s local network to 68 branches throughout the country<\/strong>, adding Blom\u2019s 41 locations to its existing 27-branch network. The purchase includes Blom Bank Egypt\u2019s physical and non-physical assets and customer accounts. The acquisition triples Bank ABC\u2019s market share, takes its total assets to EGP 67 bn, and will help it expand its service offerings.<\/p>\n<p><strong>Advisors:<\/strong> HSBC Bank Middle East was the financial advisor for Bank ABC. Zulficar & Partners was the legal advisor to the buyer, while Commercial International Brokerage Company (CIBC) was the broker.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bank-abc\/\">Bank ABC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blom-bank\/\">Blom Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578608\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"578608\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/578608\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578608\" class=\"content-area-description single-story post-578608 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/1-SODIC-Karokee-1600x1600-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578609\" 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=\"578609\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/talking-25-cds\/\">\r\n                            Talking 25% CDs                        <\/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\/2023\/01\/05\/talking-25-cds\/\" 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\/2023\/01\/05\/talking-25-cds\/')\">\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\/2023\/01\/05\/talking-25-cds\/\">\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=Talking 25% CDs&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/talking-25-cds\/\">\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\/2023\/01\/05\/talking-25-cds\/&title=Talking 25% CDs\">\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=Talking+25%25+CDs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F05%2Ftalking-25-cds%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\/2023\/01\/05\/talking-25-cds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/93.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578610\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/talking-25-cds\/93-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/93.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"93.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/93.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/93.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578609\" class=\"content-area-description single-story post-578609 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-banque-misr tag-debt tag-economy tag-enterpriseam tag-last-nights-talk-shows tag-mohamed-el-etreby tag-national-bank-of-egypt tag-new-administrative-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The new one-year, 25% certificate of deposit (CDs) by Banque Misr and the <\/strong><strong>National Bank of Egypt dominated the talk shows yesterday<\/strong>. Banque Misr Chairman Mohamed El Etreby held phone calls with most of the talking heads, explaining the decision and its intended effects on the parallel market and inflation. We have full coverage in this morning\u2019s news well, above.<\/p>\n<p><strong>ALSO- There was plenty of airtime given to news that Egypt made USD 2.5 bn in external <\/strong><strong>debt repayments in November and December<\/strong>, first reported by the state <a href=\"https:\/\/bit.ly\/3IoTXC7\">Middle East News Agency<\/a> citing an unnamed banking official. Foreign reserves rose <a href=\"https:\/\/bit.ly\/3IoTXC7\">by nearly USD 500 mn<\/a> over the course of December despite the payments, the pundits noted. Al Hayah Al Youm\u2019s Lobna Assal (<a href=\"https:\/\/www.youtube.com\/watch?v=bwwEKODcPNc\">watch, runtime:3:56<\/a>) and Masaa DMC\u2019s Ramy Radwan (<a href=\"https:\/\/www.youtube.com\/watch?v=SypHenfoY9I\">watch, runtime: 1:45<\/a>) had coverage.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>DATA POINT- Some <\/strong><strong>30k civil servants will move to offices in the new administrative <\/strong><strong>capital by mid-M<\/strong><strong>arch <\/strong>in a pilot phase<strong>,<\/strong> new administrative capital CEO Khalid Abbas told Masa DMC\u2019s Ramy Radwan in a phone call (<a href=\"https:\/\/www.youtube.com\/watch?v=vpJ48ZP2O0c\">watch, runtime:7:27<\/a>.) Government employees began to make the move to the new capital this week, he said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-etreby\/\">Mohamed El Etreby<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-administrative-capital\/\">new administrative capital<\/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=\"578611\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578614\" 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=\"578614\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/my-morning-routine-hisham-ghorab-co-founder-and-managing-partner-style-design\/\">\r\n                            My Morning Routine: Hisham Ghorab, co-founder and managing partner, Style Design                        <\/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\/2023\/01\/05\/my-morning-routine-hisham-ghorab-co-founder-and-managing-partner-style-design\/\" 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\/2023\/01\/05\/my-morning-routine-hisham-ghorab-co-founder-and-managing-partner-style-design\/')\">\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\/2023\/01\/05\/my-morning-routine-hisham-ghorab-co-founder-and-managing-partner-style-design\/\">\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=My Morning Routine: Hisham Ghorab, co-founder and managing partner, Style Design&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/my-morning-routine-hisham-ghorab-co-founder-and-managing-partner-style-design\/\">\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\/2023\/01\/05\/my-morning-routine-hisham-ghorab-co-founder-and-managing-partner-style-design\/&title=My Morning Routine: Hisham Ghorab, co-founder and managing partner, Style Design\">\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=My+Morning+Routine%3A+Hisham+Ghorab%2C+co-founder+and+managing+partner%2C+Style+Design+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F05%2Fmy-morning-routine-hisham-ghorab-co-founder-and-managing-partner-style-design%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\/2023\/01\/05\/my-morning-routine-hisham-ghorab-co-founder-and-managing-partner-style-design\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/95.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578615\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/my-morning-routine-hisham-ghorab-co-founder-and-managing-partner-style-design\/95-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/95.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"95.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/95.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/95.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578614\" class=\"content-area-description single-story post-578614 post type-post status-publish format-standard has-post-thumbnail hentry category-my-morning-routine tag-enterpriseam tag-hisham-ghorab tag-my-morning-routine tag-style-design 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-09\"><\/a> <strong>Hisham Ghorab<\/strong>,<strong> co\u2013founder and managing partner, Style Design:<\/strong> Each week, My Morning Routine looks at how a successful member of the community starts their day \u2014 and then throws in a couple of random business questions just for fun. Speaking to us this week is Hisham Ghorab, co\u2013founder and managing partner at architecture and design firm Style Design. Edited excerpts from our conversation:<\/p>\n<p><strong>My name is Hisham Ghorab. I am a proud Egyptian, a married family man with two daughters now in their twenties, and a dog lover<\/strong>. With Nala, our little golden retriever, life at home is never boring. Professionally, I am an architect and the co-founder and managing partner of the multidisciplinary architecture and design firm Style Design.<\/p>\n<p><strong>We are based in Cairo and specialize in integrated design projects, <\/strong>including design, contracting, retail, and maintenance. We were founded in 1989 and currently employ c. 300 people and serve a variety of projects in both local and international markets, ranging from residential and commercial properties to offices and co-working spaces, hospitality and F&B, education, government, healthcare, and more<\/p>\n<p><strong>As managing partner of Style Design, my most important responsibility is to be there for my employees<\/strong> \u2013 to support them and help them excel and grow further. They are the ones to whom we owe our success. My other duties are divided into strategic and operative responsibilities.<\/p>\n<p><strong>As soon as I wake up \u2013 which is usually around 7am \u2013 I head to the gym for an hour or run a lap around the track.<\/strong> When I exercise in the morning, I have more energy throughout the day, can concentrate better, and I\u2019m simply in a better mood. Then I shower, have my morning coffee and breakfast, and get ready for my workday. My morning meetings start in the car on my way to work.<\/p>\n<p><strong>In my daily life, there is no such thing as a \u201cnormal\u201d workday. <\/strong>I have days when I\u2019m in the office, days where I\u2019m on site, days where I\u2019m at one of our showrooms, or days where I meet with clients.<\/p>\n<p><strong>As an architect, it\u2019s also very important to find some time for yourself to focus and reorganize. <\/strong>It\u2019s during this time that my creativity kicks in and I can focus on strategic milestones and getting work done.<\/p>\n<p><strong>When I get home from work, I eat dinner and then usually take a short power nap<\/strong>. After that, I like to spend time with my family and friends. I firmly believe that a healthy work-life balance is really important for your health and psyche. Even though it is sometimes difficult to achieve, I always try to find the time to exercise and spend time with my family. I also place great importance on my sleep and try to get at least 7 hours so that my body has enough time to recover and recharge for the next morning<\/p>\n<p><strong>I want to act as a role model and encourage younger generations to discover their passion for architecture and design. <\/strong>I would also like to work on more projects that contribute to the preservation and revitalization of historic districts and our cultural heritage, as with some of our recent projects \u2014 like Khufu\u2019s restaurant and the King Khufu Center at the Great Pyramids of Giza, the Tahrir Cultural Center and cafeteria at AUC, as well as the Consoleya co-working space in Downtown Cairo.<\/p>\n<p><strong>I\u2019m a big fan of books about personal and professional development. <\/strong><strong><a href=\"https:\/\/simonsinek.com\/books\/start-with-why\/\">Start With Why<\/a><\/strong> <strong>by Simon Sinek is one of my favorite books. <\/strong>It challenges you to rethink your daily behaviors and actions by constantly looking for the \u201cwhy\u201d in everything you do \u2013 whether it\u2019s growing your business or seeking a more fulfilling and meaningful life. Other books I highly recommend are Eckhart Tolle\u2019s <a href=\"https:\/\/eckharttolle.com\/power-of-now-excerpt\/\">The Power of Now<\/a>, <a href=\"https:\/\/jamesclear.com\/atomic-habits\">Atomic Habits<\/a> by James Clear, and The 7 Habits of Highly Effective People by Stephen Covey.<\/p>\n<p><strong>Success is not a comfortable process. You have to learn and adapt and be comfortable being uncomfortable.<\/strong> Self-development author Brian Tracy lists three enemies of success, the first of which is the comfort zone. Some 80% of the population find reasons for not changing even if change can be positive or beneficial. If you want to be successful, start putting some pressure on yourself as nothing grows in the comfort zone.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-ghorab\/\">Hisham Ghorab<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/style-design\/\">Style Design<\/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=\"578616\" 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\/2023\/01\/05\/578616\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578616\" class=\"content-area-description single-story post-578616 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>JANUARY<\/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>January: Global Auto to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/feba3115-5fdb-4cdf-bf31-aa0284dd48b0\">restart BMW assembly<\/a> in Egypt.<\/p>\n<p>7 January (Saturday): Coptic Christmas.<\/p>\n<p>8 January (Sunday): National holiday in observance of Coptic Christmas.<\/p>\n<p>16-20 January (Monday-Friday): <a href=\"https:\/\/www.weforum.org\/events\/\">Davos 2023<\/a>.<\/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 (TBC).<\/p>\n<p>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/p>\n<p><strong>FEBRUARY<\/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 <\/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 <\/strong><\/p>\n<p>1 April (Saturday): Deadline for banks to establish sustainability units.<\/p>\n<p>10-16 April (Monday-Sunday): IMF \/ World Bank Spring Meetings, Marrakesh, Morocco.<\/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>30 April (Sunday): End of Mediterranean, Nile Delta oil + gas exploration tender.<\/p>\n<p>Late April \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY <\/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 new Board of Governors,from 22-26 May 2023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE <\/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 <\/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 <\/strong><\/p>\n<p>3 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER <\/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 <\/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 <\/strong><\/p>\n<p>2 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>DECEMBER <\/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: Egypt + Qatar to launch joint business forum.<\/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\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":578591,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578590","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"bb1f216d-b80b-4a60-9927-4f99004536c2","teaser":"","photo_url":"https:\/\/ent.news\/2023\/1\/84.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Banque Misr, NBE offer 25% CDs as EGP drops against the greenback - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/banque-misr-nbe-offer-25-cds-as-egp-drops-against-the-greenback\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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