{"id":578699,"date":"2023-01-11T04:07:20","date_gmt":"2023-01-11T04:07:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578699"},"modified":"2025-12-16T11:45:24","modified_gmt":"2025-12-16T11:45:24","slug":"goldman-sachs-thinks-the-egp-will-weaken-a-bit-more-even-though-it-has-already-overshot-by-one-measure","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/goldman-sachs-thinks-the-egp-will-weaken-a-bit-more-even-though-it-has-already-overshot-by-one-measure\/","title":{"rendered":"Goldman Sachs thinks the EGP will weaken a bit more (even though it has already overshot, by one measure)"},"content":{"rendered":"<section id=\"578701\" 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=\"578701\">\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\/11\/this-morning-goldman-sachs-thinks-the-egp-has-further-to-fall-even-though-its-has-probably-already-overshot-its-fair-value\/\">\r\n                            THIS MORNING: Goldman Sachs thinks the EGP has further to fall \u2014 even though its has probably already overshot its fair value                        <\/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 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                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/160.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578702\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/this-morning-goldman-sachs-thinks-the-egp-has-further-to-fall-even-though-its-has-probably-already-overshot-its-fair-value\/160-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/160.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"160.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/160.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/160.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578701\" class=\"content-area-description single-story post-578701 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-foreign-exchange tag-global-growth-forecast tag-goldman-sachs tag-tax 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, friends, and welcome to the first \u201cbig\u201d news day of 2023. <\/strong><\/p><p><strong>THE BIG STORY HERE AT HOME remains the EGP<\/strong>, but we also have news of CIB getting in on the high-yield CD frenzy, the Finance Ministry\u2019s five-year tax policy document, and the World Bank\u2019s move to (slightly) downgrade Egypt\u2019s growth forecast.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>EGP WATCH- The EGP fell around 0.25% against the greenback yesterday<\/strong> to settle at 27.70, according to the central bank rate, after dropping <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66c2f875-a09f-4d8b-8fa7-f555567abfe2\">almost 2% on Monday<\/a>. The currency is down more than 11% since its level immediately before the central bank allowed it to slip further against the USD on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\">4 January<\/a>, and has fallen around 75% from its 15.78 \/ USD level immediately before the initial devaluation last March.<\/p><p><strong>The question we all need to be asking ourselves: Are we there yet? <\/strong>According to Goldman Sachs, not quite. \u201cWe believe that the adjustment is as yet incomplete and has significantly further to run before the supply-demand equilibrium in the FX market is restored,\u201d Goldman\u2019s Farouk Soussa wrote in a note to clients yesterday. While Soussa says we have made \u201cprogress in recent weeks,\u201d the absence of big inflows from the GCC and the Central Bank Egypt\u2019s limited ability to provide FX liquidity to the market \u201cimplies further EGP weakness and \/ or increases in local rates in the coming days.\u201d<\/p><p><strong>So, where will we settle? <\/strong>\u201cHow much further the EGP will depreciate is unclear to us,\u201d Soussa writes, reiterating that the EGP probably needs to hit the depreciation implied by the parallel market. While we\u2019re at EGP 27.70 to the greenback right now, \u201cthe ADR-implied parallel rate is closer to 35 EGP \/ USD (the gold price-implied rate is around 33 EGP \/ USD,\u201d he says.<\/p><p><strong>Still, we shouldn\u2019t lose hope: The EGP has already overshot its far value<\/strong> \u201cas implied by deviations of the real effective exchange rate from its long-run average,\u201d Soussa writes. As happened back in 2016, the overshoot is \u201clikely to prove temporary,\u201d he suggests, as it triggers both foreign direct and portfolio investment, bringing the EGP closer to its fair value \u201cin the medium- to long-term.\u201d<\/p><p><strong>MEANWHILE- CIB is getting in on the CDs frenzy<\/strong>, launching 18-month, 22.5%-yield certificates of deposit (CDs). The minimum buy-in is EGP 100k, according to its <a href=\"https:\/\/www.cibeg.com\/ar\/personal\/accounts-and-deposits\/deposits\/certificate?#section4\">website<\/a>. Buyers can opt for a one-time payment of 22.5% when their CDs mature, or can go for monthly interest payouts at a reduced 20.0% annualized rate. The CDs from the nation\u2019s largest private-sector lender come on the heels of the one-year, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\">25% CDs<\/a> released by state-owned Banque Misr and National Bank of Egypt last week, which as of yesterday morning had attracted <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31b6b920-fa94-4f96-9d32-52b392927490\">at least EGP 155 bn<\/a>.<\/p><hr class=\"grey-line\"><p><strong>THE TAXMAN ALWAYS RINGS TWICE- What to expect from the government\u2019s tax policy <\/strong><strong>document:<\/strong> Finance Minister Mohamed Maait gave us an early look at the ministry\u2019s five-year tax policy document yesterday ahead of its unveiling in a few weeks by President Abdel Fattah El Sisi. The document could introduce changes to the capital gains and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d05905c2-1ee1-4331-b531-13aef7d9b5c7\">income tax<\/a> but <strong>the 22.5% corporate income tax rate will remain unchanged<\/strong>, Maait said. Tax amendments are on the Madbouly government\u2019s agenda as part of its commitments to the IMF under its USD 3 bn loan agreement. We have more on this in the Economy section below.<\/p><p><strong>We\u2019re getting what business longs for: Predictability. <\/strong>After the document\u2019s ratification, the tax system will remain untouched for five years\u2019 time, Maait said. The state has been working to drum up more investments after 2022 saw <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">almost USD 20 bn<\/a> in outflows as rising interest rates around the world and soaring inflation triggered a global risk-off and sent Egypt\u2019s real interest rate into negative territory.<\/p><p><strong>ALSO- More details on the budget cutbacks to come: <\/strong>The Finance Ministry is currently working with the Planning Ministry on instructions for all state agencies on where they need to trim the fat. The cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e6920bc-9a6a-4599-b912-1c49ce596f43\">announced budget cutbacks<\/a> for FY2022-2023 earlier this week in response to rising inflation (more on that below) and the ongoing FX crunch.<\/p><hr class=\"grey-line\"><p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>GROWTH FORECAST- <\/strong><strong>The World Bank has revised down its growth forecast for Egypt <\/strong><strong>this fiscal year to 4.5%<\/strong> from a previous forecast of 4.8%, according to its latest <a href=\"https:\/\/ent.news\/2023\/1\/WB-Global-Economic-Prospects.pdf\">Global Economic Prospects report (pdf)<\/a>. The multilateral lender said high inflation, weakening external demand in our manufacturing and tourism sectors, fiscal and monetary tightening, our \u201clarge\u201d current account deficit, and potential trade disruption from \u201crules governing sourcing of foreign currency\u201d would all work to bring growth down from the estimated 6.6% it registered in FY 2021-2022.<\/p><p><strong>The whole world is hurting: The bank slashed its global growth forecast for 2023 by <\/strong><strong>almost half to 1.7%<\/strong>, down from its June prediction of 3.0%, on soaring inflation, aggressive policy tightening cycles and other knock-on effects of the war in Ukraine. <strong>The bank revised down growth forecasts for 95% of advanced economies and nearly 70% of EMs<\/strong>, it said in a <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2023\/01\/10\/global-economic-prospects\">statement<\/a> accompanying the report. For EMs, \u201cweakness in growth and business investment will compound the already-devastating reversals in education, health, poverty, and infrastructure and the increasing demands from climate change,\u201d said World Bank President David Malpass.<\/p><hr class=\"grey-line\"><p><strong>THE BIG STORY ABROAD in the international business press is <\/strong><strong>the kickoff of Goldman Sachs\u2019 biggest cost-cutting drive since the global <\/strong><strong>financial crisis.<\/strong> The cuts, which could see Goldman slash some 3k jobs, is getting top billing at the <a href=\"https:\/\/www.ft.com\/content\/55084b5c-4d68-4012-97c8-d1da4c13074f\">Financial Times<\/a>, while the <a href=\"https:\/\/www.wsj.com\/articles\/european-stocks-are-outshining-u-s-peers-11673360451?mod=hp_lead_pos1\">WSJ<\/a> hones in on the recent rally in European stocks. Crypto exchange Coinbase, meanwhile, has laid off another 20% of its workforce, the <a href=\"https:\/\/www.nytimes.com\/2023\/01\/10\/business\/coinbase-layoffs-crypto.html\">New York Times<\/a> notes.<\/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>I REALLY DON\u2019T CARE, DO U?<\/strong><\/p><ul>\n<li><a href=\"https:\/\/www.nytimes.com\/2023\/01\/10\/movies\/golden-globes-winners-list.html\">The Golden Globes<\/a> entertainment awards were wrapping up as we approached our dispatch deadline this morning.<\/li>\n<li>The World Economic Forum takes place next week in Davos, running 16-20 January.<\/li>\n<\/ul><hr class=\"grey-line\"><p><strong>FROM THE REGION- Has Libya called off its Med energy exploration agreement <\/strong><strong>with Turkey? <\/strong>A Libyan court on Monday suspended the controversial energy exploration pact the country made with Turkey last year, <a href=\"https:\/\/www.reuters.com\/business\/energy\/libyan-court-suspends-energy-deal-with-turkey-2023-01-10\/\">Reuters<\/a> reports citing an unnamed judiciary source.<\/p><p><strong>Why we care: <\/strong>Egypt and Greece had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a425266-f0dc-49c5-bb90-671de3af36c6\">rejected<\/a> the Libyan-Turkish agreement, arguing that Libya\u2019s Tripoli-based government did not have the authority to conclude any international agreements or MoUs. While details of the agreement remain obscure, <a href=\"https:\/\/www.reuters.com\/business\/energy\/turkey-libyan-government-agree-preliminary-maritime-energy-deal-2022-10-03\/\">Reuters<\/a> reported last year that it could include exploration rights in the so-called \u201cexclusive economic zone\u201d drawn up by the two countries in 2020, which Egypt and Greece disputed with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c3ad5b2-df09-4b29-a8b0-493e1b964837\">their own rival agreement<\/a> demarcating the maritime border in the oil and gas-rich East Med.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The national dialogue will kick off on <\/strong><strong>Saturday, 14 January.<\/strong><\/p><p><strong>Davos 2023:<\/strong> The usual suspects will descend on the Swiss town for the annual meetings of the <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\">World Economic Forum<\/a> on 16-20 January.<\/p><p><strong>Egyptian expats have until 14 March to import cars for cheap: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82bee1e7-27a9-4e86-bf75-057a2812bbdb\">expat car import<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82bee1e7-27a9-4e86-bf75-057a2812bbdb\">scheme<\/a> will conclude on Tuesday, 14 March with no wiggle room for extensions or exemptions, Finance Minister Mohamed Maait said during a presser yesterday, according to a Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82bee1e7-27a9-4e86-bf75-057a2812bbdb\">statement<\/a>. The deadline was initially set for 15 February but was pushed after the ministry introduced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b9054bf-ce9f-459a-8675-db68f4421421\">amendments<\/a> to make it easier for Egyptians abroad to take advantage of the scheme. Some 34k accounts have been created on the system for the scheme, though it\u2019s not clear how many of those have submitted applications so far (the number of applications <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4150d160-a6be-453d-a856-51b1e98762b1\">stood at just 4k<\/a> toward the end of December.)<\/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><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><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue:<\/strong> Will new rules for classifying contracting companies help stem the industry's losses?<\/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\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-growth-forecast\/\">global growth forecast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578703\" 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=\"578703\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/578703\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578703\" class=\"content-area-description single-story post-578703 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-4-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Somabay brings out the best in majestic natural elements where raw beauty and endless activities reign supreme. Immerse yourself into a picturesque getaway all year long. This is simply Somabay. For more information, call 16390 or visit <a href=\"http:\/\/www.somabay.com\">www.somabay.com<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578704\" 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=\"578704\">\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\/11\/imf-breaks-down-the-details-on-our-usd-3-bn-loan\/\">\r\n                            IMF breaks down the details on our USD 3 bn loan                        <\/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\/11\/imf-breaks-down-the-details-on-our-usd-3-bn-loan\/\" 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 IMF then <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c374319e-e849-44f6-bf5a-8179fb41caf5\">approved<\/a> the package and released the first USD 347 mn tranche in December.<\/p>\n<p><strong>We have some clarity on funding: <\/strong>We\u2019re getting over USD 5 bn before the end of the year from an array of lenders. Egypt is receiving USD 700 mn from the IMF over the course of 2023, with two USD 347 mn tranches scheduled for March and September. The government will receive USD 2 bn from selling down state-owned assets. The World Bank, the China Development Bank, the Asian Infrastructure Investment Bank, the Arab Monetary Fund, and the African Development Bank will stump up the rest.<\/p>\n<p><strong>What about the rest of the loan? <\/strong>We will see the remaining USD 2 bn from the IMF across six USD 347 tranches spanning until September 2026, with two disbursements scheduled for March and September each year.<\/p>\n<p><strong>But it\u2019s still not clear how Egypt\u2019s financing gap will be funded over the course of the program:<\/strong> Egypt faces a USD 17 bn financing gap over the next four years, with the USD 3 bn IMF program accounting for less than 20% of this. \u201cThe remainder [is] expected to be filled by other multilateral and bilateral creditors, including the World Bank, the Asian Infrastructure Investment Bank, as well as by the proceeds from sales of state-owned assets, including divestment to Egypt\u2019s regional partners and their sovereign wealth funds,\u201d according to the document.<\/p>\n<p><strong>GCC funds are staying put until 2026: <\/strong>In efforts to ensure that our funding gap doesn\u2019t expand any further, the government has secured assurances that the USD 28 bn in <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-10\/egypt-needs-critical-gulf-deals-to-cover-funding-gap-imf-says#xj4y7vzkg\">GCC<\/a> deposits at the CBE will not mature before the end of the loan program in September 2026. The money will not be used to purchase equities or debt.<\/p>\n<p><strong>Here\u2019s what Egypt signed up to in return for IMF assistance:<\/strong> A <a href=\"https:\/\/ent.news\/2023\/1\/IMF-Staff-report.pdf\">letter of intent<\/a> sent by Egyptian authorities to the Fund at the end of November commits the government to carrying out a number of policies designed to improve the country\u2019s foreign exchange position, boost the role of the private sector, and lower national debt.<\/p>\n<p><strong>#1- The CBE will remain committed to a \u201cdurably flexible\u201d exchange rate <\/strong>to help cushion the impact of external shocks, support competitiveness, and \u201cbalance external dynamics.\u201d The central bank has devalued the currency three times against the greenback in the past year and has lifted import curbs as it moves to implement a fully flexible exchange rate.<\/p>\n<p><strong>#2- Public investment projects will take a backseat<\/strong> as part of the state\u2019s efforts to ensure external sustainability and economic stability, the IMF says without providing many details. This week the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e6920bc-9a6a-4599-b912-1c49ce596f43\">announced budget cutbacks<\/a> for the current fiscal year that will see some national projects that require FX shelved.<\/p>\n<p><strong>#3- <\/strong><strong>More private sector involvement <\/strong>as the state works to <a href=\"https:\/\/www.ft.com\/content\/0ab59ecb-da0b-42d9-a5da-35674c001e28\">reduce its footprint<\/a> in the economy and \u201clevel the playing field between public and private institutions.\u201d The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">state is carrying out a privatization plan<\/a> under which the proceeds of some stake sales in state-owned assets go towards increasing international reserves and closing the financing gap.<\/p>\n<p><strong>#4- End subsidized lending programs:<\/strong> The CBE is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc99d570-aa53-468e-b000-60de8fa427ff\">working to phase out<\/a> its funding for subsidized loans and pass the responsibility for those loan programs that will continue to government ministries.<\/p>\n<p><strong>#5- All state-owned enterprises <\/strong>\u2014- public sector companies, public business sector companies, military-owned companies, and everything in between \u2014 are <strong>to publish annual tax expenditure reports. <\/strong><\/p>\n<p><strong>#6- New fiscal targets:<\/strong> A primary surplus of 1.7% for FY 2022-2023, slightly higher than the<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59bf3295-9f55-43bb-a1da-90128cc175ca\">1.6% the government was initially targeting<\/a>. It is also aiming to improve the current account deficit to 2% over the medium term.<\/p>\n<p><strong>#7- Tax reform:<\/strong> The government has committed to adjusting excise duties and simplifying value-added tax, though the document doesn\u2019t elaborate on how the government might change the tax system. Finance Minister Mohamed Maait yesterday said the government will publish a tax policy document in the coming weeks, outlining its plans for tax reform.<\/p>\n<p><strong>#8- Fuel prices:<\/strong> The government has committed to changing local fuel prices in line with movements in the global markets, noting that prices have been kept lower relative to the indexation mechanism. \u201cThis will help solidify the progress that has been made on fuel subsidy reform in recent years, protect valuable budgetary resources, and help our decarbonization efforts.\u201d<\/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\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578706\" 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=\"578706\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/inflation-hits-new-high-on-weaker-egp\/\">\r\n                            Inflation hits new high on weaker EGP                        <\/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\/11\/inflation-hits-new-high-on-weaker-egp\/\" 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\/11\/inflation-hits-new-high-on-weaker-egp\/')\">\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\/11\/inflation-hits-new-high-on-weaker-egp\/\">\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=Inflation hits new high on weaker EGP&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/inflation-hits-new-high-on-weaker-egp\/\">\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\/11\/inflation-hits-new-high-on-weaker-egp\/&title=Inflation hits new high on weaker EGP\">\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=Inflation+hits+new+high+on+weaker+EGP+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F11%2Finflation-hits-new-high-on-weaker-egp%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\/11\/inflation-hits-new-high-on-weaker-egp\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/164.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578707\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/inflation-hits-new-high-on-weaker-egp\/164-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/164.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"164.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/164.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/164.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578706\" class=\"content-area-description single-story post-578706 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-egp tag-enterpriseam tag-inflation 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-02\"><\/a> <strong>Inflation rose to a fresh five-year high in December<\/strong> as the impact of successive currency devaluations continued to feed through to the economy. Figures released yesterday by state statistics agency Capmas showed annual urban inflation jumped to 21.3% in December, up from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">18.7%<\/a> the month before, driven by surging food costs. This is the highest rate since December 2017, and is up from just 5.9% in December 2021.<\/p>\n<p><strong>This was above analysts\u2019 forecasts:<\/strong> The median forecast in a poll of economists conducted by <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-december-inflation-accelerates-annual-213-2023-01-10\/\">Reuters<\/a> had inflation rising to 20.5% during the month.<\/p>\n<p><strong>Food prices continue to soar:<\/strong> The rise in the headline rate was fuelled by a 37.2% y-o-y rise in food and beverage costs, which make up the largest component of the basket of goods used to measure inflation.<\/p>\n<p><strong>C<\/strong><strong>ore inflation hit another five-year high as price pressures<\/strong><strong> intensified across the broader economy: <\/strong>Core inflation, which strips out volatile items such as food and fuel, rose to 24.4% y-o-y in December from 21.5% a month earlier, according to <a href=\"https:\/\/ent.news\/2023\/1\/CPI-Press-Release-December-2022.pdf\">Central Bank of Egypt figures (pdf)<\/a> \u2014 its highest since November 2017. This is the 16th month in a row that core inflation has accelerated. The hospitality sector was hit particularly hard, with prices rising 33.2% y-o-y. Clothing and footwear prices were up 16.5% y-o-y while healthcare costs rose 12.3%.<\/p>\n<p><strong>Some respite for monthly inflation:<\/strong> Monthly inflation dipped to 2.1% in December, down from 2.3% in November.<\/p>\n<p><strong>The upsurge was driven by a trifecta of headwinds: <\/strong>Successive currency devaluations, the fallout from the war in Ukraine, and import restrictions all played a part. The Central Bank of Egypt has allowed the EGP to devalue three times in less than a year as part of its agreement with the IMF to move towards a permanently flexible exchange rate. The EGP has fallen 75.6% against the greenback since the first devaluation in March, and is down 11.7% since last week when the central bank allowed the currency to depreciate further.<\/p>\n<p><strong>A long way from target:<\/strong> The central bank is currently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b3b7b9a2-2fe4-419d-a713-f9655e5f5a22\">targeting<\/a> an inflation rate of 7% (\u00b1 2%) by 4Q 2024.<\/p>\n<p><strong>Analysts expect prices to continue to accelerate in the months ahead:<\/strong> In a note yesterday, CI Capital forecast inflation to peak at 22-24% during 1Q 2023 due to the ongoing depreciation of the EGP, while BNP Paribas is expecting it to rise to 25% by March. Jason Tuvey, an analyst at London-based Capital Economics, shares a similar outlook, telling the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-inflation-egypt-economy-f92b72a645a4d5f951ca50f4a7c226f4\">Associated Press<\/a> that consumer price growth will continue to rise in the coming months.<\/p>\n<p><strong>A fresh round of interest rate hikes to follow?<\/strong> Rising inflation may push the CBE to further raise interest rates when it next meets on 2 February. The central bank hiked rates by 800 bps last year, including a huge <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b3b7b9a2-2fe4-419d-a713-f9655e5f5a22\">300-bps increase<\/a> at its last meeting in December.<\/p>\n<p><strong>The story got ink from the international press:<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-december-inflation-accelerates-annual-213-2023-01-10\/\">Reuters,<\/a> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-10\/egypt-inflation-breaches-21-in-spreading-fallout-of-devaluation?srnd=premium-middle-east\">Bloomberg<\/a>, and the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-inflation-egypt-economy-f92b72a645a4d5f951ca50f4a7c226f4\">Associated Press<\/a> all covered the December inflation data.<\/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\/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\/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=\"578708\" 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=\"578708\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/adqs-abu-dhabi-ports-looks-to-invest-in-suez-port\/\">\r\n                            ADQ\u2019s Abu Dhabi Ports looks to invest in Suez Port                        <\/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\/11\/adqs-abu-dhabi-ports-looks-to-invest-in-suez-port\/\" 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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ADP would run the port under a usufruct contract.<\/p>\n<p><strong>Third port\u2019s a charm: <\/strong>ADP has been pushing aggressively into Egypt\u2019s maritime sector. The company was selected in March to build and run a terminal at the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59e81fe0-a882-4c1b-be34-6f92e338a4f9\">port of Sokhna<\/a> and is bidding to build a new terminal at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59e81fe0-a882-4c1b-be34-6f92e338a4f9\">Safaga port<\/a>. ADP also acquired a 70% stake in local shipping and logistics firm <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99f85003-cd06-4efe-813f-9d09a33d59d6\">International Associated Cargo Carrier<\/a> in September last year for USD 140 mn.<\/p>\n<p><strong>ADP isn\u2019t the only <\/strong><strong>GCC<\/strong><strong>-based<\/strong><strong> company that has its sights set on our ports:<\/strong> Dubai\u2019s DP World <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48320146-4e27-40ca-af19-3dca8c1683b6\">signed an agreement<\/a> to build a USD 80 mn logistics zone at Ain Sokhna Port.<\/p>\n<p>Meanwhile, Qatar\u2019s sovereign wealth fund is interested in Safaga port, with the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b25dff95-58b6-4c52-ad41-2a0d694c3251\">Qatar Investment Authority<\/a> reportedly in talks with the Madbouly government late last year to develop and manage the port under a 25-year contract.<\/p>\n<p><strong>The government has been keen to emphasize that the nation\u2019s ports are not up for sale:<\/strong> Amid a backlash from some opposition MPs over the government\u2019s privatization plans, Transport Minister Kamel El Wazir has reiterated that the government is not selling ports, but rather entering partnerships with both local and foreign private-sector players to manage and operate them.<\/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\/abu-dhabi-ports\/\">Abu Dhabi Ports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-port\/\">Suez Port<\/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=\"578710\" 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=\"578710\">\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\/11\/apex-acquires-shares-in-six-oil-concessions-from-eni\/\">\r\n                            Apex acquires shares in six oil concessions from Eni                        <\/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\/11\/apex-acquires-shares-in-six-oil-concessions-from-eni\/\" 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 assets will raise Apex\u2019s production by 65% to 11.5k barrels per day, which the company says will make it the eighth-largest oil producer in Egypt. Apex did not disclose how much it paid for the assets. The company declined to speak about the financial terms of the concessions when we asked yesterday.<\/p>\n<p><strong>The breakdown:<\/strong> Apex will acquire 100% of West Razzak, 75% of Ras Qattara, 45% of West Abu Gharadig, and 50% of East Kanayis, and become the operator of the concessions alongside the Egyptian General Petroleum Company. It will also get 25% of the East Obaiyed and South West Meleiha concessions, where Eni will remain the operator. The company aims to start natural gas production in the second quarter of 2023 in the East Obaiyed concession.<\/p>\n<p><strong>Apex + Eni also landed an exploration block:<\/strong> EGPC has awarded Apex and Eni each a 50% interest in the East Siwa exploration concession in the Western Desert, with Apex as the operator. The concession is awaiting parliament\u2019s approval in the second quarter of 2023.<\/p>\n<p><strong>Where the money\u2019s coming from: <\/strong>The acquisitions are being part-financed through a loan arranged by Mauritius Commercial Bank.<\/p>\n<p><strong>Apex has d<\/strong><strong>iscovered four fields in South <\/strong><strong>East of Meleiha <\/strong>since January 2021 and the company is collaborating with Eni to carry out additional exploratory drilling this year.<\/p>\n<p><strong>ICYMI- <\/strong>We recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0398667-a5a1-46c2-9764-4524086c825b\">spoke with Apex CEO and President Tom Maher<\/a> as part of our CEO poll on exports and FDI.<\/p>\n<p><strong>EXXONMOBIL ACQUIRES TWO OFFSHORE BLOCKS-<\/strong><\/p>\n<p><strong>US oil giant ExxonMobil has acquired two offshore blocks in the Nile Delta<\/strong>, the company said in <a href=\"https:\/\/ent.news\/2023\/1\/Egypt-PR-new-blocks-DEC-2022-122022-Final-Amended.pdf\">a press<\/a><a href=\"https:\/\/ent.news\/2023\/1\/Egypt-PR-new-blocks-DEC-2022-122022-Final-Amended.pdf\">release (pdf)<\/a> yesterday. ExxonMobil Egypt will operate both blocks and hold 100% interest. The awards are pending government approval, with operations scheduled to begin in 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\/egyptian-general-petroleum-corporation\/\">Egyptian General Petroleum Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exxonmobil\/\">ExxonMobil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578712\" 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=\"578712\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/578712\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578712\" class=\"content-area-description single-story post-578712 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\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=\"578713\" 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=\"578713\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/btech-kicks-off-egp-5-bn-securitization-program\/\">\r\n                            BTECH kicks off EGP 5 bn securitization program                        <\/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\/11\/btech-kicks-off-egp-5-bn-securitization-program\/\" 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\/11\/btech-kicks-off-egp-5-bn-securitization-program\/')\">\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\/11\/btech-kicks-off-egp-5-bn-securitization-program\/\">\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=BTECH kicks off EGP 5 bn securitization program&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/btech-kicks-off-egp-5-bn-securitization-program\/\">\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\/11\/btech-kicks-off-egp-5-bn-securitization-program\/&title=BTECH kicks off EGP 5 bn securitization program\">\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=BTECH+kicks+off+EGP+5+bn+securitization+program+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F11%2Fbtech-kicks-off-egp-5-bn-securitization-program%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\/11\/btech-kicks-off-egp-5-bn-securitization-program\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/169.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578714\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/btech-kicks-off-egp-5-bn-securitization-program\/169-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/169.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"169.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/169.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/169.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578713\" class=\"content-area-description single-story post-578713 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-cib tag-debt-watch tag-enterpriseam tag-securitization tag-zulficar-partners 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>BTECH has closed an EGP 1.038 bn securitized bond issuance<\/strong>, according to <a href=\"https:\/\/ent.news\/2023\/1\/B.TECH-X-CIB-NBE-V2En.pdf\">a joint<\/a><a href=\"https:\/\/ent.news\/2023\/1\/B.TECH-X-CIB-NBE-V2En.pdf\">statement (pdf)<\/a> from BTECH and CIB, which was the exclusive financial advisor on the transaction, as well as issuance manager, general arranger, promoter, and co-underwriter.<\/p>\n<p><strong>The details:<\/strong> The three-tranche issuance is the first in a short-term EGP 5 bn program that the company is rolling out over two years. The three tranches were rated P1 by Middle East Rating & Investors Services, the statement said.<\/p>\n<p><strong>Where the money\u2019s going:<\/strong> The proceeds will be put towards BTECH\u2019s growth plans, the statement said, without elaborating.<\/p>\n<p><strong>Also working on the transaction: <\/strong>CIB and the National Bank of Egypt served as the transaction custodians, Zulficar & Partners Law Firm was counsel and KPMG was the auditor.<\/p>\n<p><strong>The most recent undertaking after a bumper year for securitization:<\/strong> The securitization market saw issuances worth a combined EGP 51.2 bn in 2022, more than three times the EGP 15.8 bn sold the year prior, according to data tracked by Enterprise.<\/p>\n<p><strong>Under new ownership:<\/strong> Saudi Arabia sovereign wealth fund PIF last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/22b78d62-86d0-4331-878e-0da58c84ce0a\">acquired a 34% stake<\/a> in the company for an undisclosed amount. We sat down with BTECH CEO Mahmoud Khattab at the time to talk about how far BTECH has come and the strategy moving forward.<\/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\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zulficar-partners\/\">Zulficar &amp; Partners<\/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=\"578715\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-m3evjqs\" data-v=\"4\" 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       <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-wmrla4q\" data-v=\"4\" data-block-id=\"wmrla4q\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-wmrla4q-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-wmrla4q-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-cxm6jlp\" data-v=\"4\" data-block-id=\"cxm6jlp\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-cxm6jlp-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-cxm6jlp-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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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\/2023\/01\/11\/domestic-workers-could-go-legit-legislators-want-even-more-austerity\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/170.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578717\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/domestic-workers-could-go-legit-legislators-want-even-more-austerity\/170-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/170.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"170.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/170.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/170.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578716\" class=\"content-area-description single-story post-578716 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-economy tag-enterpriseam tag-hassan-shehata tag-legislation-watch tag-manpower-ministry tag-senate 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> It was another econ-heavy day in the Senate and the House of <\/strong><strong>Representatives <\/strong><strong>yesterday<\/strong>: The Manpower Minister chimed in on a Senate debate about integrating the informal economy, while both MPs and senators cheered the budget cuts announced by Prime Minister Moustafa Madbouly earlier this week \u2014 and asked for the government to go further on austerity.<\/p>\n<p><strong>Domestic workers could soon need licenses in bid to formalize the industry: <\/strong>The Manpower Ministry is preparing a draft law that would bring domestic workers into the formal economy, Manpower Minister Hassan Shehata told the Senate yesterday, according to a ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0smvzgLhVLE3JxYeX2zwRUrejBUnbCCvz7gDcHMn6WiLHv9de9U9FhYLcwXgjRsxNl\">statement.<\/a> Shehata said the draft bill would see those working for private households trained and licensed by the ministry, without giving any more details.<\/p>\n<p><strong>Part of the push to integrate informal workers: <\/strong>Shehata announced the draft bill during the second day of the Senate\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20a91332-a391-46b8-bbbf-01c7ecd09a43\">two-day debate<\/a> on a study prepared by senator and business leader Ahmed Abu Hashima on integrating the informal economy. The minister called Abu Hashmia\u2019s ideas \u201crealistic and implementable.\u201d He also highlighted ongoing government efforts to formalize sectors of the economy, including through the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/871ea863-674f-43ae-86c0-eca62612c541\">new draft labor law<\/a> making its way through the House and a national employment strategy that the ministry is drafting.<\/p>\n<p><strong>AND- Legislators want gov\u2019t budget cuts to go further + faster: <\/strong>Several MPs and senators welcomed the budget cuts and freezes on some state spending in hard currency announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e6920bc-9a6a-4599-b912-1c49ce596f43\">earlier this week<\/a> \u2014 but also said the move had come too late and urged the government to make further cutbacks and implement more fiscal discipline. Senator Mahmoud Sami, spokesperson for the Egyptian Socialist Democratic Party, called for \u201cless spending on mega national projects which are of no priority and require significant FX allocations,\u201d cuts to the salaries of high-paid government officials and consultants, and the postponement of expensive conferences like the World Youth Forum while global economic turmoil lasts.<\/p>\n<p><strong>The Senate has adjourned <\/strong>and will reconvene on Sunday, 22 January.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-shehata\/\">Hassan Shehata<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manpower-ministry\/\">Manpower Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senate\/\">Senate<\/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=\"578718\" 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=\"578718\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/578718\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578718\" class=\"content-area-description single-story post-578718 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\/2-SODIC-Startup-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=\"578719\" 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=\"578719\">\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\/11\/good-news-for-local-wheat-farmers\/\">\r\n                            Good news for local wheat farmers?                        <\/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\/11\/good-news-for-local-wheat-farmers\/\" 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\/11\/good-news-for-local-wheat-farmers\/')\">\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\/11\/good-news-for-local-wheat-farmers\/\">\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=Good news for local wheat farmers?&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/good-news-for-local-wheat-farmers\/\">\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\/11\/good-news-for-local-wheat-farmers\/&title=Good news for local wheat farmers?\">\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=Good+news+for+local+wheat+farmers%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F11%2Fgood-news-for-local-wheat-farmers%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\/11\/good-news-for-local-wheat-farmers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/171.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578720\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/good-news-for-local-wheat-farmers\/171-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/171.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"171.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/171.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/171.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578719\" class=\"content-area-description single-story post-578719 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-commodities tag-enterpriseam tag-last-nights-talk-shows tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The pundits spent most of last night unpacking the information released by the IMF <\/strong><strong>yesterday on our USD 3 bn facility <\/strong>(see the full story in our Economy section, above.) Elsewhere, the talking heads were talking about moves to maximize this year\u2019s wheat harvest.<\/p>\n<p><strong>Will gov\u2019t up its wheat purchase price? <\/strong>President Abdel Fattah El Sisi directed the government yesterday to set a local wheat purchase price that is profitable for farmers and would encourage them to up production, according to an Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0q3FSu6i4FWNmr333pp6FUTXcjxUT7tkpr4tQXA9faQ7tmYG7gekfajySzoy9gTWJl\">statement<\/a>.<\/p>\n<p><strong>That will likely mean increasing the<\/strong><strong><a href=\"https:\/\/bit.ly\/3IEDARK\">EGP 1k per ardeb price point<\/a><\/strong><strong> that cabinet set last summer for the 2023 harvest season<\/strong> \u2014 which already represents a hike of nearly 15% from the EGP 865-885 per ardeb it paid last year, Agriculture Ministry Spokesperson Mohamed El Kersh told Kelma Akhira\u2019s Lamees El Hadidi in a phone call (<a href=\"https:\/\/www.youtube.com\/watch?v=xvtvkJ-q07M\">watch, runtime: 3:52<\/a>). Agriculture Minister El Sayed El Quseir also discussed the news in a phone call with Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=wjyjHw7Yx6M\">watch, runtime: 21:31<\/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\/commodities\/\">commodities<\/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\/wheat\/\">wheat<\/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=\"578721\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578722\" 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=\"578722\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/\">\r\n                            Oil Ministry projects won\u2019t freeze FX spending -El Molla                        <\/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\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/\" 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\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/')\">\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\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/\">\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=Oil Ministry projects won\u2019t freeze FX spending -El Molla&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/\">\n               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data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"173.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/173.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/173.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578722\" class=\"content-area-description single-story post-578722 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-energy tag-enterpriseam tag-hsbc tag-karmsolar tag-renewables tag-tourism tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>ENERGY-<\/strong><\/p><p><strong>Oil Ministry projects are excluded from the government\u2019s decision to ration FX <\/strong><strong>spending<\/strong>, Minister Tarek El Molla told CNBC in an interview (<a href=\"https:\/\/www.cnbcarabia.com\/105300\/2023\/01\/10\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D9%88%D8%A7%D9%84%D8%AB%D8%B1%D9%88%D8%A9-%D8%A7%D9%84%D9%85%D8%B9%D8%AF%D9%86%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D9%85%D8%B4%D8%A7%D8%B1%D9%8A%D8%B9-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D9%85%D8%B3%D8%AA%D8%AB%D9%86%D8%A7%D8%A9-%D9%85%D9%86-%D9%82%D8%B1%D8%A7%D8%B1-%D8%AA%D8%B1%D8%B4%D9%8A%D8%AF-%D8%A7%D9%84%D8%A5%D9%86%D9%81%D8%A7%D9%82-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1%D9%8A-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D9%8A\">watch, runtime: 10:08<\/a>) The Oil Ministry\u2019s partner companies tend to cover upfront investments in new oil and gas projects rather than the ministry itself, El Molla added. The Madbouly government directed on Monday that all but \u201cessential\u201d ministries make budget cutbacks until the end of the current fiscal year and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e6920bc-9a6a-4599-b912-1c49ce596f43\">limit spending<\/a> on some national projects that require FX.<\/p><p><strong><a href=\"https:\/\/www.karmsolar.com\/\">KarmSolar<\/a><\/strong><strong> has <\/strong><strong>secured EGP 83 mn in funding from our friends at HSBC to develop a <\/strong><strong>solar grid <\/strong><strong>in Farafra<\/strong>, the company\u2019s second microgrid after the <a href=\"https:\/\/www.karmsolar.com\/news\/introducing-the-launch-of-the-marsa-alam-solar-grid\">Marsa Alam Solar Grid<\/a>, according to <a href=\"https:\/\/ent.news\/2023\/1\/Karm-Solar-HSBC-EN.pdf\">a statement (pdf)<\/a>. The solar energy player received debt financing for the first phase of the project from HSBC with Ezdahar\u2019s support. Karmsolar is aiming to get the facility up and running by 3Q 2023, and have so far signed up Juhayna and Nawa for Agricultural Investment as offtakers.<\/p><p><strong>SOCIETY-<\/strong><\/p><p><strong>US non-profit group Population Council will conduct a family planning study <\/strong><strong>starting in February<\/strong> alongside Capmas and the Planning Ministry, <a href=\"https:\/\/www.thenationalnews.com\/mena\/2023\/01\/10\/egypt-to-conduct-family-planning-survey-amid-population-explosion\/\">the National<\/a> reports. The study will poll 17k Egyptians on their opinions regarding a variety of population-related topics. Despite Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/408963a5-d888-45da-b2ff-69033ecd43bc\">bringing down its fertility rate<\/a> from 3.5 births per woman in 2014 to 2.8 in 2021, the population of the Arab world\u2019s most populous country grew by 1.6 mn in 2022 and is expected to hit 160 mn by 2050. Egypt is one of eight countries projected to drive more than half of the projected increase in global population up to 2050, according to the <a href=\"https:\/\/www.un.org\/en\/desa\/world-population-projected-reach-98-billion-2050-and-112-billion-2100\">UN<\/a>.<\/p><p><strong>TOURISM-<\/strong><\/p><p><strong>Marsa Alam Airport received its first charter flight from Milan\u2019s Malpensa Airport <\/strong><strong>yesterday<\/strong>, operated by Hungarian budget airline Wizz Air, according to a Tourism Ministry <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid02z5TUtgY6zX5GYkmWJA4Q4ZY9JQLQA3mM2AYTMwo5YApFwbHQT8DyoEfckPwfmMqgl&amp;id=100064546665021&amp;mibextid=Nif5oz\">statement<\/a>. Flights are scheduled to run twice weekly on the route.<\/p><p><strong>TRADE- <\/strong><\/p><p><strong>The government will establish a new EGP 2.5 bn logistics and commercial zone in<\/strong> <strong>Beni Suef<\/strong>, according to <a href=\"https:\/\/bit.ly\/3XiMatz\">Al Mal<\/a>. Local media had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/700c8f08-d61a-47f2-b0e5-7cb9d98e2056\">previously reported<\/a> that the General Authority for Land and Dry Ports is conducting a feasibility study to decide whether to establish a logistics area alongside the Beni Suef dry port.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karmsolar\/\">KarmSolar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"578728\" 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\/11\/578728\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578728\" class=\"content-area-description single-story post-578728 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>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>16 April (Sunday): Coptic Easter<\/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>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\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":578700,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578699","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"8ca83006-3ccb-46d0-897d-24594698af82","teaser":"","photo_url":"https:\/\/ent.news\/2023\/1\/158.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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