{"id":578782,"date":"2023-01-15T04:11:16","date_gmt":"2023-01-15T04:11:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578782"},"modified":"2025-12-16T11:47:13","modified_gmt":"2025-12-16T11:47:13","slug":"its-day-three-of-the-float","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/its-day-three-of-the-float\/","title":{"rendered":"It\u2019s day three of The Float"},"content":{"rendered":"<section id=\"578784\" 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=\"578784\">\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\/15\/this-morning-chinese-foreign-minister-qin-gang-is-in-town\/\">\r\n                            THIS MORNING: Chinese Foreign Minister Qin Gang is in town                        <\/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\/15\/this-morning-chinese-foreign-minister-qin-gang-is-in-town\/\" 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 workday begins for most London-based institutions at 8:30am local time.<\/p>\n<p><strong>DATA POINT #1- Egypt\u2019s trade deficit widened in October 2022<\/strong> to USD 3.58 bn, up 21% from October 2021, according to <a href=\"https:\/\/ent.news\/2023\/1\/Capmas-October-2022-Imports.pdf\">figures (pdf)<\/a> from the state statistics agency Capmas.<\/p>\n<ul>\n<li><strong>Exports fell almost 10% y-o-y<\/strong> in October to USD 3.77 bn, down from USD 4.16 bn in October 2021. Capmas attributed the lower exports to declining oil and fertilizer prices.<\/li>\n<li><strong>Imports rose slightly to USD 7.35 bn<\/strong>, up 3.0% y-o-y from USD 7.11 bn last year.<\/li>\n<\/ul>\n<p><strong>THE BIG STORY ABROAD: The revelation that more classified documents were found at <\/strong><strong>US President Joe Biden\u2019s Delaware home <\/strong>marks a reputational blow to the president just as he gears up for a tough re-election bid. The <a href=\"https:\/\/www.ft.com\/content\/2719b2ac-b019-4106-b797-0f01c65f1a5f\">Financial Times<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-documents-bungle-seen-political-black-eye-before-2024-launch-2023-01-14\/\">Reuters<\/a>, <a href=\"https:\/\/apnews.com\/article\/biden-united-states-government-district-of-columbia-0574fd762159e8cb5f31c85205df3dc0?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\">AP<\/a>, the <a href=\"https:\/\/www.wsj.com\/articles\/additional-documents-marked-as-classified-found-at-bidens-wilmington-residence-11673715840?mod=hp_lead_pos1\">WSJ<\/a>, <a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/01\/14\/biden-classified-documents-timeline-release\/\">WaPo<\/a>, and the <a href=\"https:\/\/www.nytimes.com\/2023\/01\/14\/us\/biden-classified-documents-delaware.html\">NYT<\/a> have more.<\/p>\n<p><strong>There\u2019s bad press for the other world superpower, too:<\/strong> Chinese authorities reported a country wide death toll of 60k covid patients in five weeks after Beijjing relaxed strict covid restrictions, <a href=\"https:\/\/www.ft.com\/content\/9bac3627-1f80-4423-bad7-a0c331740b06\">the Financial Times<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/china\/air-travel-recovers-china-amid-covid-infection-worries-2023-01-14\/\">Reuters<\/a> report.<\/p>\n<p><strong>MEANWHILE- <\/strong><strong><a href=\"https:\/\/www.ihf.info\/media-center\/news\/impressive-egypt-reach-first-victory-over-croatia\">Egypt shocked Croatia 31-22<\/a><\/strong><strong> at the start of 2023 World Men\u2019s Handball Championships.<\/strong> It was Egypt\u2019s first-ever victory over Croatia. Egypt next takes on Morocco tonight at 7pm CLT, while Croatia will play the United States at 9:30pm. Whatever happens tonight, Egypt will play its next group stage match against the United States on Tuesday at 7pm.<\/p>\n<p><strong>HAPPENING TODAY-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Chinese Foreign Minister Qin Gang will meet with Foreign Minister <\/strong><strong>Sameh Shoukry in Cairo, <\/strong>state-owned agency <a href=\"https:\/\/www.mena.org.eg\/ar\/news\/dbcall\/table\/webnews\/id\/9967275\">MENA<\/a> reports. The pair will hold a press conference after their meeting. Egypt is the last stop on an African tour that saw Qin last week visit Ethiopia, Gabon, Angola, and Benin.<\/p>\n<p><strong>THIS WEEK-<\/strong><\/p>\n<p><strong>Tourism Minister Ahmed Issa is making an appearance at AmCham\u2019s monthly luncheon <\/strong><strong>tomorrow<\/strong>, where he will speak on the government\u2019s strategy to develop Egypt\u2019s tourism industry. The event will be held at the Four Seasons Nile Plaza Hotel, Plaza Ballroom, from 1:30pm.<\/p>\n<p><strong>It\u2019s <\/strong><strong><a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/\">Davos<\/a><\/strong><strong> time:<\/strong> The great and the good of global finance, business, politics and media will converge on the Swiss town this week to chew over the biggest challenges facing the planet. With \u201cCooperation in a Fragmented World\u201d the chosen theme for this year\u2019s event, expect discussions to be dominated by the war in Ukraine, deglobalization, and food and energy security.<\/p>\n<p>Representing Egypt at this year\u2019s event are <strong>Planning Minister <\/strong><strong>Hala El Said<\/strong> and <strong>International Cooperation Minister <\/strong><strong>Rania Al <\/strong><strong>Masha<\/strong><strong>t<\/strong>, who will take part in a number of panel discussions over the five days.<\/p>\n<p><strong>PSA- It\u2019s a short week in the US of A: <\/strong>Our readers in the US are off tomorrow in observance of Martin Luther King Day. <strong>Here at home, we\u2019ll next observe a public holiday on Thursday, 26 January. <\/strong><\/p>\n<hr class=\"grey-line\">\n<p><strong>We have a COP28 president:<\/strong> Sultan Al Jaber, the head of the UAE\u2019s state oil company, Adnoc, has been appointed to lead the COP28 climate summit which will be hosted in Dubai later this year. He will take the reins from current COP president Sameh Shoukry, who will spend the remainder of his presidency trying to negotiate the details of the landmark <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2441141b-84ae-42f1-b70e-d9b7bba2f29c\">loss and damage fund<\/a> agreed at COP27.<\/p>\n<p><strong>His appointment hasn\u2019t gone down well with the activist set<\/strong>, who are questioning the decision to allow the head of one of the world\u2019s largest oil companies to preside over the climate summit.<\/p>\n<p><strong>Al Jaber\u2019s appointment and backlash is getting coverage from several international media outlets<\/strong>: <a href=\"https:\/\/apnews.com\/article\/politics-abu-dhabi-united-nations-arab-emirates-business-25c9257c39bf6601ea89676673886e1a\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/uae-names-adnoc-chief-jaber-cop28-climate-conference-president-2023-01-12\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-12\/uae-names-energy-chief-as-president-for-cop28-climate-summit\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/fbe791c6-f6f2-4602-892c-8261ef34bedf\">FT<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/science-environment-64240206\">BBC<\/a> | <a href=\"https:\/\/www.cnbc.com\/2023\/01\/12\/cop28-uae-sparks-backlash-by-appointing-oil-chief-as-president.html\">CNBC<\/a>.<\/p>\n<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<\/p><\/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    <\/div>\n<\/p><\/div>\n<\/div>\n<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>The House of Representatives is back in session <\/strong>and has a busy agenda for the next three days.<\/p>\n<p><strong>Today is econ heavy. <\/strong>The House is set to discuss and vote on agreements that could see Egypt join three multilateral economic entities:<\/p>\n<ul>\n<li>The African Development Bank\u2019s food security and economic resilience support program, which has offered us <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a7e93c-19dd-4e9d-84ed-e663de1c9ef5\">a USD 271 mn loan<\/a>;<\/li>\n<li>the BRICS economic group\u2019s USD 100 bn multilateral lender <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36aae1c9-6831-4812-a819-7bf73e700483\">New Development Bank<\/a>;<\/li>\n<li>and a multilateral agreement offering administrative assistance on tax matters. <\/li>\n<\/ul>\n<p><strong>MPs will also table 30 questions on recent economic developments<\/strong>, ranging from the IMF loan to newly introduced budget cutbacks. The House will also discuss and vote on amendments to the law regulating <strong>police officers\u2019 performance and disciplinary measures<\/strong> against them.<\/p>\n<p><strong>Oil exploration bill on Monday: <\/strong>The House will vote tomorrow on a draft law that allows the Oil Minister to contract the Egyptian General Petroleum Corporation (EGPC) and Brenco to explore for oil offshore North Sinai.<\/p>\n<p><strong>Tuesday will see Water and Irrigation Minister Hani Sewilam face questions <\/strong>from MPs.<\/p>\n<p><strong>MEANWHILE- National dialogue kickoff postponed: <\/strong>The board of trustees of the national dialogue has pushed back the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/57dd3a9c-3013-4f71-aa04-878f7fbf208e\">14 January date<\/a> set for its launch, after political parties failed to name their representatives to the sessions on time, National Dialogue General Coordinator Diaa Rashwan said on Friday (<a href=\"https:\/\/www.youtube.com\/watch?v=3Msu5WYBrvA\">watch, runtime: 36:15<\/a>). The board will meet midweek to set a new date for the kickoff, which will be \u201cvery soon,\u201d Rashwan said. The dialogue\u2019s 19 subcommittees are set to meet 3-6 times per week to discuss around 122 issues in total, Rashwan said, with high inflation and public debt topping the agenda of the 45 issues set to be discussed by the economic subcommittee.<\/p>\n<hr class=\"grey-line\">\n<p><strong>DATA POINT #2- The majority of our wheat imports (57%) came from Russia in <\/strong><strong>2022,<\/strong> up from 50% in 2021, <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2TR0ZJ\">Reuters<\/a> reports. Russia accounted for the lion\u2019s share of our wheat imports last year despite a 6.7% y-o-y in decline in shipments from the country, as total wheat imports fell 18.7% y-o-y to 9.5 mn tons. Ukrainian shipments, meanwhile, made up just 8.9% of the total, down from 28% in 2021.<\/p>\n<p><strong>If the price is right: <\/strong>\u201cIt\u2019s about the prices of course. We tender, and we check free-on-board and freight costs and then we buy no matter the origin,\u201d Supply Minister Ali Moselhy is quoted as telling Reuters.<\/p>\n<p><strong>ICYMI- War in Ukraine sent international grain prices soaring last year<\/strong>, forcing Egypt \u2014 the world\u2019s largest importer of wheat \u2014 to rely more on the local harvest, diversify the source of its imports, and pivot from international tenders to direct purchases on the global markets.<\/p>\n<p><strong>CORRECTION-<\/strong> In Thursday\u2019s edition of EnterpriseAM, we incorrectly said Tarek Metwally is currently the deputy managing director of Blom Bank Egypt. Metwally resigned from his position in 2018. Rabih El Halabi (<a href=\"https:\/\/www.linkedin.com\/in\/rabih-halabi-2a4245132\/\">LinkedIn<\/a>) is Blom Bank Egypt\u2019s current deputy managing director. The story has been amended on our web edition.<\/p>\n<p class='web-image' ><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> What does 2023 have in store for StartupLand?<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop28\/\">COP28<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/data\/\">data<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"578786\" 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=\"578786\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/578786\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578786\" class=\"content-area-description single-story post-578786 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/Simply-Somabay-5-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Somabay brings out the best in majestic natural elements where raw beauty and endless activities reign supreme. Immerse yourself into a picturesque getaway all year long. This is simply Somabay. For more information, call 16390 or visit <a href=\"http:\/\/www.somabay.com\">www.somabay.com<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578787\" 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=\"578787\">\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\/15\/foreign-investors-are-starting-to-come-back-into-the-market-after-wednesdays-devaluation\/\">\r\n                            Foreign investors are starting to come back into the market after Wednesday\u2019s devaluation                        <\/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\/15\/foreign-investors-are-starting-to-come-back-into-the-market-after-wednesdays-devaluation\/\" 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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Hundreds of mns of USD have changed hands in the interbank market since Wednesday morning, when the central bank allowed the EGP to weaken past 32.00 \/ USD for the first time ever, bankers reportedly told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/dollars-flow-into-egypt-currency-market-after-depreciation-bankers-2023-01-12\/\">Reuters<\/a>.<\/p>\n<p><strong>So where do we stand? <\/strong>The EGP was at 29.61 to the greenback at the end of the banking day on Thursday, down more than 9% for the week and nearly 20% from its value immediately before the 4 January devaluation.<\/p>\n<p><strong>More than USD 800 mn in FX changed hands in the interbank market on Wednesday<\/strong>, according to two bankers, who indicated that <strong>foreign institutions were entering the market ahead of Thursday\u2019s t-bill auction<\/strong>. A separate report in state news agency <a href=\"https:\/\/mena.org.eg\/ar\/news\/dbcall\/table\/textnews\/id\/9964257\">MENA<\/a> last week put the figure at USD 650-750 mn, around USD 250 mn of which reportedly came from international investors. We have previously reported that senior bankers had said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63a7ec65-1966-4d8f-9b11-181cbd0f12b6\">JPMorgan and Morgan Stanley were transferring funds into the country<\/a>, setting them up to take positions in any number of asset classes.<\/p>\n<p><strong>Thursday\u2019s treasury auction was more than 3x oversubscribed: <\/strong>The central bank was looking to sell EGP 20 bn worth of six-month bills and received bids for EGP 67.7 bn. It ultimately sold EGP 51.9 bn worth of bills at a weighted average yield of 21.0%, according to <a href=\"https:\/\/ent.news\/2023\/1\/Screenshot-2023-01-15-at-4.43.04-AM.png\">central bank figures<\/a>. In the secondary bond market, Arab investors put EGP 7 bn into treasury bonds on Wednesday alone, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-12\/egypt-is-closer-to-ending-devaluation-of-year-s-wildest-currency?sref=mmeFTDW1\">Bloomberg<\/a> wrote, citing EGX data.<\/p>\n<p><strong>Trading on the EGX was heavy on Thursday <\/strong>as local investors plowed into equities. Turnover came in at nearly EGP 2.6 bn, or just about 56% above the trailing 90-day averages. Local investors were net buyers. The benchmark EGX30 was just about flat for the day, closing up 0.2%.<\/p>\n<p><strong>WHAT THE PUNDITS ARE SAYING-<\/strong><\/p>\n<p><strong>\u201cThe end of the devaluation process is close,\u201d<\/strong> Citigroup strategists wrote last week in a report picked up by Bloomberg. \u201cAlthough we do not expect the authorities to shift to a free-floating regime, further flexibility is expected, in line with the fund\u2019s requirements.\u201d<\/p>\n<p><strong>Look for inflation to rise in 1Q 2023: <\/strong>Annual headline inflation is projected to average 25% this quarter as the EGP slides, S&P Global Market Intelligence Senior Economist Yasmine Ghozzi told Bloomberg Asharq in an interview (<a href=\"https:\/\/www.asharqbusiness.com\/article\/45996\/sp-\u062a\u062a\u0648\u0642\u0639-\u0645\u0632\u064a\u062f\u0627\u064b-\u0645\u0646-\u0627\u0644\u062e\u0641\u0636-\u0644\u0644\u062c\u0646\u064a\u0647-\u0627\u0644\u0645\u0635\u0631\u064a-\u0645\u0639-\u0631\u0641\u0639-\u0623\u0633\u0639\u0627\u0631-\u0627\u0644\u0641\u0627\u0626\u062f\u0629\/\">watch, runtime: 6:56<\/a>). The weakening currency has already caused inflation to accelerate at its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d95fe467-2198-4745-b6cc-0c6ad8ffbf5e\">fastest rate<\/a> in five years.<\/p>\n<p><strong>Another rate hike in the cards? <\/strong>Like <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63a7ec65-1966-4d8f-9b11-181cbd0f12b6\">most other analysts<\/a>, Ghozzi expects the CBE to hike interest rates in its next meeting in a bid to tamp down on price hikes, penciling in 100-150 basis points of rate rises this quarter.<\/p>\n<p><strong>Slower buildout of national projects? \u201c<\/strong>Gulf states are unlikely to facilitate additional investment into the private sector unless the government rationalizes un-costed, large mega projects. This is likely to reduce the scope of projects connected to the New Administrative Capital east of Cairo and will probably delay short-term development progress around the El Dabaa Nuclear Plant development on the Mediterranean coast,\u201d Ghozzi writes in a report.<\/p>\n<p><strong>It\u2019s already happening: The government has already committed to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e6920bc-9a6a-4599-b912-1c49ce596f43\">budget cutbacks<\/a><\/strong><strong> at all <\/strong><strong>but \u201cessential\u201d ministries<\/strong> until the end of the current fiscal year and to <strong>limit spending on some national projects<\/strong> that require FX, though some ministries have been ringfenced from the move.<\/p>\n<p><strong>It\u2019s all about reforms: <\/strong>\u201cPushing through structural reforms and getting investments into state assets will really be key. In terms of Egypt\u2019s longer-term prospects, they depend ultimately on how much the current regime is willing to loosen its grip over the economy,\u201d senior EM economist at Capital Economics, Jason Tuvey, told Bloomberg on Thursday (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2023-01-12\/jason-tuvey-on-the-egyptian-economy-video?sref=mmeFTDW1\">watch, runtime: 3:06<\/a>). \u201cThe debt position is more vulnerable to weak currency than it was in 2016. The short maturity of debt means it's vulnerable to rising borrowing costs,\u201d Tuvey said, adding that as long as Egypt keeps policy tight debt will come back down.<\/p>\n<p><strong>What to look for now: <\/strong>Progress on attracting fresh funding from the Gulf to priority sectors, rising inflows from Egyptian expats and portfolio investors, and general improvements in EM market sentiment would all improve risk perception and give the country \u201cgreater access to the international capital markets,\u201d Ghozzi writes.<\/p>\n<p><strong>WHAT THE GOV\u2019T SAID THIS WEEKEND-<\/strong><\/p>\n<p><strong>Goods worth a combined USD 645 mn were released from ports last Wednesday and <\/strong><strong>Thursday<\/strong>, Prime Minister Moustafa Madbouly said at a press conference in North Sinai yesterday, according to a <a href=\"https:\/\/www.facebook.com\/story.php?story_fbid=pfbid0WKbRcZ5zXRyETKE43u2VRcdDfwHckqqetLYTXiGeSCmNb8b5dZqB4kBTv1mTPikzl&id=100064812882317&mibextid=Nif5oz&paipv=0&eav=AfZ30Xgh40-hN1iPQEiEv9mIR9MPa0QxhhMVxkubQoe6h_UrFR-OiZvtNv4kc8gb-lE&_rdr\">cabinet statement<\/a>. That would put the total value of goods cleared since 1 December at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3dc90d26-f363-4f4c-9854-f2ddaef9b1f6\">some USD 9.1 bn<\/a> by our math. The statement didn\u2019t disclose how much remains stuck in ports, though the government previously pegged the value at USD 9.5 bn as of 25 December.<\/p>\n<p><strong>Gov\u2019t emphasizes increased social spend + taxation: <\/strong>Finance Minister Mohamed Maait stressed the government\u2019s increased spending on social security as well as a boost to state coffers thanks to tax reform in a brief mid-year review of the state budget. Maait highlighted the following preliminary figures for 1H 2022-2023:<\/p>\n<ul>\n<li>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/871ea863-674f-43ae-86c0-eca62612c541\">14.2% rise in state revenues<\/a>was largely due to a 19.4% increase in tax receipts, following moves to integrate informal business and widen the taxpaying base;<\/li>\n<li>Budget spending on subsidies, grants and social protection grew by 2% y-o-y;<\/li>\n<li>Cash subsidies grew 14% y-o-y to EGP 10.7 bn as<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7f5d914-1be8-4dfe-93c8-767c06de3057\">another 1 mn families<\/a> were onboarded to the Takaful and Karama social security program;<\/li>\n<li>Ration-card subsidies increased 17.5% y-o-y;<\/li>\n<li>Education expenditure grew 14.4% y-o-y to register EGP 103 bn;<\/li>\n<li>Health expenditure grew 6.6% y-o-y to register EGP 60 bn;<\/li>\n<li>The primary surplus grew more than eightfold y-o-y to register EGP 25.5 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/871ea863-674f-43ae-86c0-eca62612c541\">(2.3% of GDP)<\/a> before debt servicing, up from EGP 3 bn in 1H FY 2021-2022.<\/li>\n<\/ul>\n<p><strong>What we don\u2019t know: <\/strong>Maait didn\u2019t disclose mid-year figures for growth, the budget deficit, or debt to GDP. We expect more details in the ministry\u2019s annual mid-year report, which should be published in February.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/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=\"578789\" 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=\"578789\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/five-state-military-owned-companies-added-to-pre-ipo-fund\/\">\r\n                            Five state + military-owned companies added to pre-IPO fund                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/five-state-military-owned-companies-added-to-pre-ipo-fund\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Officials at the SFE did not reply to requests for comment before dispatch time this morning.<\/p>\n<p><strong>Who\u2019s in?<\/strong> Two military-owned firms \u2014 bottled drinks firm <strong>Safi<\/strong> and fuel retailer <strong>Wataniya<\/strong> \u2014 are in the fund, alongside <strong>Banque du Caire<\/strong>, <strong>Misr Life Ins.<\/strong>, and <strong>Egyptian Linear Alkyl Benzene<\/strong> (Elab).<\/p>\n<p><strong>Up for grabs:<\/strong> The fund will offer a 20-30% stake in these companies to strategic investors.<\/p>\n<p><strong>A January roadshow:<\/strong> The SFE will market the companies to regional and international strategic investors in a roadshow this month. A number of Arab sovereign wealth funds have expressed interest in acquiring shares in the military firms, SFE boss Ayman Soliman <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05933a92-6536-4bbf-a81c-dbea6e7621da\">said<\/a> previously.<\/p>\n<p><strong>A route to the EGX:<\/strong> The SFE set up its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaa81cae-e4e2-4c66-963d-b806c4ed812b\">pre-IPO fund<\/a> in September to prepare state-owned companies for eventual listing on the EGX. It will sell shares in a number of companies to strategic investors before proceeding with public share sales when global market conditions have improved.<\/p>\n<p><strong>Some context, #1- This is about what we expected. <\/strong>None of these are \u201cnew\u201d names \u2014 all are perennial candidates for privatization. Wataniya and Safi have been part of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e7223f0-f9e2-4a3f-a311-6c4ff9efe6fd\">Sovereign Fund of Egypt-led program<\/a> to open up military-affiliated companies for privatization since late 2020. Banque du Caire\u2019s long-planned IPO has been subject to repeated delays while Misr Life Ins. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01c4eb21-6559-49bf-86ce-bb682d493449\">was eyeing a 2H 2022 window<\/a> for its IPO. Elab <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/19\/govt-unveils-the-lineup-for-the-state-ipo-program\/\">has been in the lineup<\/a> for the state IPO program since 2018.<\/p>\n<p><strong>Some context, #2- Don\u2019t expect Safi or Wataniya to start with an IPO<\/strong> \u2014 the state has signaled that it is much more likely to sell a stake of each to a strategic investor, with an IPO coming at a later stage.<\/p>\n<p><strong>Some context, #3- Don\u2019t expect the IPO floodgates to open anytime soon.<\/strong> The EGP needs to find its footing and international institutional investors must return to the market before the EGX can support large, high-profile offerings.<\/p>\n<p><strong>BACKGROUND- The state wants to raise as much as USD 6 bn<\/strong> through strategic stake sales via the pre-IPO fund, Planning Minister and SFE head Hala El Said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43f14454-61c9-4f0d-8232-ab185c5771c6\">has said<\/a>. The fund will sell shares worth USD 2.5-3 bn during an initial phase before offering another USD 3 bn at a later date, she said in September. The report in Asharq did not attach a value to the five companies.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/misr-life-insurance\/\">Misr Life Insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/safi\/\">Safi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/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=\"578791\" 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=\"578791\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/578791\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578791\" class=\"content-area-description single-story post-578791 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.57357.org\/en\/donation\/donation-ways\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Moharram-Partners-57357-Web-ENG.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\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=\"578792\" 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=\"578792\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/keep-an-eye-on-capricorn-in-february\/\">\r\n                            Keep an eye on Capricorn in February                        <\/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\/15\/keep-an-eye-on-capricorn-in-february\/\" 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\/15\/keep-an-eye-on-capricorn-in-february\/')\">\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\/15\/keep-an-eye-on-capricorn-in-february\/\">\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=Keep an eye on Capricorn in February&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/keep-an-eye-on-capricorn-in-february\/\">\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\/15\/keep-an-eye-on-capricorn-in-february\/&title=Keep an eye on Capricorn in February\">\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=Keep+an+eye+on+Capricorn+in+February+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F15%2Fkeep-an-eye-on-capricorn-in-february%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\/15\/keep-an-eye-on-capricorn-in-february\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/221.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578793\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/keep-an-eye-on-capricorn-in-february\/221-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/221.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"221.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/221.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/221.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578792\" class=\"content-area-description single-story post-578792 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-capricorn-energy tag-energy tag-enterpriseam tag-ma-watch tag-newmed tag-oil-and-gas wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>All eyes on Capricorn next month<\/strong>: London-listed Capricorn Energy plans to hold a vote on its merger with Israel\u2019s NewMed on Wednesday 1 February, the same day that shareholders will vote on a motion to overthrow the board called by activist investor Palliser Capital, according to disclosures filed to the London Stock Exchange last week (<a href=\"https:\/\/ent.news\/2023\/1\/capricorn-energy-plc-prospectus-and-circular-13012023.pdf\">here, pdf<\/a> and <a href=\"https:\/\/ent.news\/2023\/1\/pallister-capricorn.pdf\">here, pdf<\/a>).<\/p>\n<p><strong>ICYMI-<\/strong> Capricorn \u2014 which has a portfolio of producing assets in Egypt\u2019s Western Desert \u2014 and NewMed (FKA Delek Drilling) have proposed an all-share merger that would hand shareholders in the Israeli company almost 90% of the merged entity. The plan has generated significant opposition among Capricorn\u2019s shareholders, and a group led by Palliser controlling almost 40% of the company are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b30f18a-8862-4ce9-ac4c-db488429e7ff\">attempting to oust<\/a> seven of the company\u2019s nine board members.<\/p>\n<p><strong>Why this matters:<\/strong> Should the merger go ahead, NewMed shareholders will gain control over Capricorn\u2019s Egypt assets, whose working interest production during 1H 2022 averaged 35.5k barrels of oil equivalent per day.<\/p>\n<p><strong>The decision to hold the votes on the same day didn\u2019t go down well with Palliser:<\/strong> \u201cWe are stunned that ... Capricorn's incumbent directors have desperately convened a general meeting to approve the NewMed transaction just hours ahead of the board change meeting called by Palliser,\u201d Palliser told <a href=\"https:\/\/www.reuters.com\/markets\/deals\/capricorn-shareholders-vote-newmed-merger-feb-1-2023-01-13\/\">Reuters<\/a>.<\/p>\n<p><strong>This is how the board would look if the merger goes ahead: <\/strong>Capricorn said Peter Kallos would become the transitional independent chair of the merged entity, instead of current CEO Simon Thomson, whom Palliser is trying to remove. NewMed CEO Yossi Abu would become the CEO and James Smith, Capricorn\u2019s chief financial officer, would be CFO.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capricorn-energy\/\">Capricorn Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/newmed\/\">NewMed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578794\" 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=\"578794\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/are-you-a-party-to-the-contract-no-then-you-cant-sue\/\">\r\n                            Are you a party to the contract? No? Then you can\u2019t sue.                        <\/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\/15\/are-you-a-party-to-the-contract-no-then-you-cant-sue\/\" 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\/15\/are-you-a-party-to-the-contract-no-then-you-cant-sue\/')\">\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\/15\/are-you-a-party-to-the-contract-no-then-you-cant-sue\/\">\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=Are you a party to the contract? 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Then you can\u2019t sue.\">\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=Are+you+a+party+to+the+contract%3F+No%3F+Then+you+can%E2%80%99t+sue.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F15%2Fare-you-a-party-to-the-contract-no-then-you-cant-sue%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\/15\/are-you-a-party-to-the-contract-no-then-you-cant-sue\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/222.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578795\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/are-you-a-party-to-the-contract-no-then-you-cant-sue\/222-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/222.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"222.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/222.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/222.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578794\" class=\"content-area-description single-story post-578794 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-dispute-watch tag-enterpriseam tag-legislation-watch tag-state-privatization-program tag-supreme-constitutional-court 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-05\"><\/a> <strong>The Supreme Constitutional Court has upheld the Appeals Against State <\/strong><strong>Contracts Act, <\/strong>rejecting a case that sought to have the act thrown out as unconstitutional, according to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=14012023&id=3a9d162e-d8f2-4943-99ac-b2f3d56be4c9\">Al Shorouk<\/a>.<\/p>\n<p><strong>About the Act: <\/strong>The Appeals Against State Contracts Act prohibits third-party lawsuits against individual contracts with the state. That means that only those parties involved in a state contract can bring a lawsuit regarding it \u2014 unless parties to a contract have been convicted of a financial crime.<\/p>\n<p><strong>Background: <\/strong>Signed into law by former interim president Adly Mansour in 2014, the bill was part of a post-revolution push to limit the ability of Islamist, Nasserist and other publicity-seeking lawyers to insert themselves into state contracts (and to sue cabinet members and public servants), arguing that they were doing so in the public interest.<\/p>\n<p><strong>What were the Supremes ruling on? <\/strong>The Administrative Court had asked the Supreme Constitutional Court to rule on the constitutionality of the act as part of a years-old case brought by employees of the Nubaria Seed Production Company (NUBASEED) against the government's decision to <a href=\"https:\/\/enterprise.press\/stories\/2014\/12\/09\/new-exodus-at-cbe-egypt-tops-agenda-at-gcc-summit-kellogg-still-fending-off-attacks-canadian-embassy-closed-measles-outbreak-continues-masdar-confirms-usd-2bn-for-renewables-govt-adopts\/\">privatize<\/a> the company.<\/p>\n<p><strong>Good news for the privatization program? <\/strong>The law was designed to boost investor confidence and streamline asset sales. Its being declared constitutional will provide additional comfort to investors as the state relaunches its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d041e1e1-1f9c-4271-8391-d6c3b10e965f\">privatization program<\/a>, which aims to attract USD 40 bn in private investment by 2026 through public share offerings, stake sales to strategic investors, and expanding public-private partnerships.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dispute-watch\/\">dispute watch<\/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\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supreme-constitutional-court\/\">Supreme Constitutional Court<\/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=\"578796\" 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=\"578796\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/578796\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578796\" class=\"content-area-description single-story post-578796 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/3-SODIC-Monkey-Bar-1600x1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578797\" 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=\"578797\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/of-warehouse-raids-wheat-prices-and-shop-licensing-laws\/\">\r\n                            Of warehouse raids, wheat prices, and shop licensing laws                        <\/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\/15\/of-warehouse-raids-wheat-prices-and-shop-licensing-laws\/\" 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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MaxAB will be providing receipts to the government to get back its goods, El Megharbel said. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30a6aaa7-8efa-45a4-a0a8-7e29ff831a77\">MaxAB<\/a> raised a USD 40 mn round to fund its expansion in 2022.<\/p>\n<p><strong>Shop owners aren\u2019t jumping to get licensed: <\/strong>Only 2.7k of the 4 mn unlicensed shops in the country have so far applied for licenses under the newly-introduced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76dd051a-f455-4490-b9c0-6991dd694487\">Public Shops Law<\/a>, Rep. Mohamed Al Fayoumi told Al Hekaya\u2019s Amr Adeeb in a phone call (<a href=\"https:\/\/www.youtube.com\/watch?v=QGxYhAF7U4Y\">watch, runtime: 5:32<\/a>.) Licenses cost between EGP 1k and EGP 100k depending on the location and size of the shop, Al Fayoumi told Al Hadath Al Youm in a phone call (<a href=\"https:\/\/www.youtube.com\/watch?v=_d9UU0CmaX0\">watch, runtime: 6:36<\/a>.) Only shops operating in 34 specific activities \u2014 rather than all shops \u2014 need to obtain security clearances to get a license, Al Fayoumi told Sada El Balad (<a href=\"https:\/\/www.youtube.com\/watch?v=g-ODu1vv9zc\">watch, runtime: 3:02<\/a>). Owners of unlicensed shops have one year from the law\u2019s implementation last December to apply to obtain licenses, which should be issued within 90 days.<\/p>\n<p><strong>A 25-35% increase in the state\u2019s wheat purchase price? <\/strong>Ala Mas\u2019ouleety\u2019s Ahmed Moussa speculated that the price per <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4261bc36-3a49-45f4-8d60-43fdf55a1896\">ardeb of wheat<\/a> that the state offers to local farmers could rise to EGP 1.25k-1.35k from last year\u2019s EGP 1k (<a href=\"https:\/\/www.youtube.com\/watch?v=K2MaugB0ye8\">watch, runtime: 3:25<\/a>). The cabinet will announce its final price for the 2023 season following its weekly meeting on Wednesday, according to Saad (<a href=\"https:\/\/www.youtube.com\/watch?v=OTwKpuiuWVg\">watch, runtime: 10:26<\/a>.)<\/p>\n<p><strong>AND- Prime Minister Moustafa Madbouly\u2019s trip to North Sinai with several government <\/strong><strong>ministers <\/strong>to follow up on development projects got airtime on Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=j_c82xr6OVk\">watch, runtime: 1:39<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=HpWPLBBYoQs\">watch, runtime: 5:36<\/a>), and Kelma Akheera (<a href=\"https:\/\/www.youtube.com\/watch?v=5X41xWT7Kcw\">watch, runtime: 4:32<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maxab\/\">MaxAB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-shops-law\/\">public shops law<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"578799\" 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          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<\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578800\" 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=\"578800\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/archaeologists-unearth-ancient-tomb-in-luxor\/\">\r\n                            Archaeologists unearth ancient tomb in Luxor                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/archaeologists-unearth-ancient-tomb-in-luxor\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/224.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578801\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/archaeologists-unearth-ancient-tomb-in-luxor\/224-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/224.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"224.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/224.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/224.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578800\" class=\"content-area-description single-story post-578800 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-archaeology tag-enterpriseam tag-inflation tag-tourism 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>A new ancient discovery in Luxor: <\/strong>An Egyptian-British archaeological mission discovered a royal tomb in Luxor dating to the 18th Pharaonic Dynasty, according to a Tourism Ministry <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid02un2KjxvMo4vqxBDSR6DEGxpjrtU1HuCzdgf8vUS7hyrEWhqJWGJ7ksUYhTWkE5bul&id=100064546665021&mibextid=Nif5oz\">statement<\/a>. <a href=\"https:\/\/www.dw.com\/en\/egypt-unearths-new-royal-tomb-in-luxor\/a-64394999\">Deutsche Welle<\/a>, <a href=\"https:\/\/www.france24.com\/en\/live-news\/20230114-egypt-unveils-ancient-royal-tomb-in-luxor\">Agence France Presse,<\/a> and the <a href=\"https:\/\/apnews.com\/article\/science-cairo-3671085163fabcf7bdd50e7f9c61e529\">Associated Press<\/a> all have coverage.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Natural gas exports are on the rise:<\/strong> \u201cEgypt ramped up LNG exports last year to maximize use of its terminals and further its role as a hub of Mediterranean and Middle Eastern supply to Europe,\u201d writes <a href=\"https:\/\/www.naturalgasintel.com\/egyptian-lng-exports-climbing-as-europe-demand-fueling-supply-growth\/\">Natural Gas Intelligence (NGI)<\/a> in a wrapper on the story.<\/li>\n<li><strong>Rigoletto is back at the Opera House<\/strong> after what Chinese state news agency <a href=\"https:\/\/english.news.cn\/20230114\/5b4c936dfb324c26a45cfea87fd42f86\/c.html\">Xinhua<\/a> says is a 150-year break.<\/li>\n<li><strong>Food carts are struggling: <\/strong>A ubiquitous feature of Cairo\u2019s streets, food carts are suffering from rising food prices and increasing competition. (<a href=\"https:\/\/www.thenationalnews.com\/weekend\/2023\/01\/13\/cairos-food-carts-struggle-to-retain-their-not-so-well-to-do-patrons\/\">The National<\/a>)<\/li>\n<li><strong>Fayoum: A hidden tourist attraction. <\/strong><a href=\"https:\/\/www.nationalgeographic.com\/travel\/article\/egypt-oasis-mummies-crocodiles-pottery-mysterious-temples\">National Geographic<\/a> takes us on a tour through Fayoum, its deserts and archaeological sites. <\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"578802\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578805\" 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=\"578805\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/shoukry-in-riyadh-italian-investment-incoming\/\">\r\n                            Shoukry in Riyadh + Italian investment incoming?                        <\/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\/15\/shoukry-in-riyadh-italian-investment-incoming\/\" 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\/15\/shoukry-in-riyadh-italian-investment-incoming\/')\">\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\/15\/shoukry-in-riyadh-italian-investment-incoming\/\">\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=Shoukry in Riyadh + Italian investment incoming?&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/shoukry-in-riyadh-italian-investment-incoming\/\">\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\/15\/shoukry-in-riyadh-italian-investment-incoming\/&title=Shoukry in Riyadh + Italian investment incoming?\">\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=Shoukry+in+Riyadh+%2B+Italian+investment+incoming%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F15%2Fshoukry-in-riyadh-italian-investment-incoming%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\/15\/shoukry-in-riyadh-italian-investment-incoming\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/227.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578806\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/shoukry-in-riyadh-italian-investment-incoming\/227-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/227.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"227.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/227.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/227.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578805\" class=\"content-area-description single-story post-578805 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-amr-talaat tag-diplomacy tag-enterpriseam tag-faisal-bin-farhan-al-saud tag-investment-watch tag-michele-quaroni tag-moustafa-madbouly tag-politics tag-sameh-shoukry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Shoukry in Riyadh for talks<\/strong><strong>:<\/strong> Foreign Minister Sameh Shoukry discussed a number of regional crises with his Saudi counterpart Prince Faisal bin Farhan Al Saud in Riyadh last week, according to a <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid0VanQ7sbEmKknsp7DMivqua8vfJoMQCfN6peNAEoCGnR6WwXJJA7Jh9earpE4Jifml\">joint communique<\/a>. The two ministers discussed the Grand Ethiopian Renaissance Dam, as well as developments in Palestine, Sudan and Yemen, among other issues.<\/p>\n<p><strong>Italy eyes new projects in Egypt:<\/strong> Italy\u2019s Ambassador to Egypt Michele Quaroni discussed with Prime Minister Moustafa Madbouly new areas of cooperation between the two countries, including in energy, maritime transport, and agricultural reclamation, according to a <a href=\"https:\/\/bit.ly\/3CPCCyt\">cabinet statement<\/a>. The meeting follows <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83818b44-f1bf-4a7a-a65b-cf09db1ea314\">reports<\/a> that Italy has submitted a proposal to Egypt to work on a joint USD 2.8 bn electricity interconnection project with a capacity of 2.5-3 GW.<\/p>\n<p><strong>Talaat meets with more Indian companies:<\/strong> Communications Minister Amr<\/p>\n<p>Talaat met with representatives from more Indian tech companies as he wrapped up his <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f8da00a9-5748-44bf-be2f-e5b2e5469fe0\">week-long trip<\/a> to India. The minister sat down with officials from <a href=\"https:\/\/www.einfochips.com\/\">eInfochips<\/a>, <a href=\"https:\/\/www.ctrls.in\/\">CtrlS<\/a>, <a href=\"https:\/\/www.globallogic.com\/\">Global Logic<\/a>, <a href=\"https:\/\/www.capgemini.com\/in-en\/\">Capgemini<\/a>, and <a href=\"https:\/\/www.wipro.com\/\">Wipro<\/a> over the weekend as part of his efforts to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a5233882-5c79-4b6d-a27e-c3628dfc12d7\">drum up Indian investment<\/a> in our CIT sector, according to two ministry statements (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0372zRXiUrX1nZSD4E2i8YDmw5YLtVKvE3trz9MkigihXfoDhzEox81vZA4F2Fyy1Gl\">here<\/a> and <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02NxFfo4GcYg3YFP9yfoi66ysmuooy4KjDnx5ia9AwsPE49FAbKkkJ5qoWC4kZmuJdl\">here<\/a>).<\/p>\n<p><strong>FROM THE REGION-<\/strong> <strong>Turkey is claiming that Libya\u2019s Tripoli-based government still <\/strong><strong>backs a contentious energy exploration pact with Ankara <\/strong>even after a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0608a821-bc0e-4919-b623-71600dd17ef7\">Libyan court last week suspended<\/a> the agreement, <a href=\"https:\/\/www.reuters.com\/business\/energy\/turkey-says-tripoli-backs-energy-deal-despite-court-suspension-2023-01-12\/\">Reuters<\/a> reports quoting Turkish Foreign Minister Mevlut Cavusoglu. Egypt and Greece had rejected the Libyan-Turkish agreement, which has inflamed tensions between Mediterranean powers over maritime borders in the oil and gas-rich East Med.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amr-talaat\/\">Amr Talaat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/faisal-bin-farhan-al-saud\/\">Faisal bin Farhan Al Saud<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/michele-quaroni\/\">Michele Quaroni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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=\"578809\" 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\/15\/578809\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578809\" class=\"content-area-description single-story post-578809 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: 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 January (Monday): Tourism Minister Ahmed Issa to speak at AmCham monthly luncheon.<\/p>\n<p>16-20 January (Monday-Friday): <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/\">Da<\/a><a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/\">vos 202<\/a><a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/\">3<\/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>1 February (Wednesday): Capricorn Energy will hold a vote on its merger with Israel\u2019s NewMed.<\/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\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":578783,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578782","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"516b4dc0-4946-4dc1-97d0-73050844446d","teaser":"","photo_url":"https:\/\/ent.news\/2023\/1\/215.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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