{"id":578821,"date":"2023-01-16T04:11:09","date_gmt":"2023-01-16T04:11:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578821"},"modified":"2025-12-16T11:48:05","modified_gmt":"2025-12-16T11:48:05","slug":"eni-chevron-strike-gas-in-the-eastern-mediterranean","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/eni-chevron-strike-gas-in-the-eastern-mediterranean\/","title":{"rendered":"Eni, Chevron strike gas in the Eastern Mediterranean"},"content":{"rendered":"<section id=\"578823\" 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=\"578823\">\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\/16\/this-morning-happy-mlk-day-blue-monday\/\">\r\n                            THIS MORNING: Happy MLK Day \/ Blue Monday                        <\/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\/16\/this-morning-happy-mlk-day-blue-monday\/\" 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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And to those who subscribe to the notion that this is the <a href=\"https:\/\/www.ft.com\/content\/07f4302d-70f1-4ef8-8b0b-d3375121dcca\">single most depressing day<\/a> of the year, try dancing the bluest of Mondays away (<a href=\"https:\/\/www.youtube.com\/watch?v=9GMjH1nR0ds\">watch, runtime: 4:07<\/a>).<\/p><p><strong>PSA- Expect more rain today:<\/strong> There\u2019s a good chance of intermittent, light-to-medium showers across Greater Cairo and most other parts of the country today, according to an <a href=\"https:\/\/www.facebook.com\/photo?fbid=542178014607437&amp;set=pcb.542178091274096\">Egyptian Meteorological Authority statement<\/a>. Our favorite weather app sees only sprinkles between 12 noon and 2pm in the capital city and a chance of showers in the early afternoon and early evening in Alexandria. Look for a daytime high of 17\u00b0C in Cairo and 18\u00b0C in Alex.<\/p><p><strong>THE BIG STORY here at home: We\u2019re getting a slight reprieve from all the EGP talk this <\/strong><strong>morning <\/strong>after Chevron and Eni confirmed a \u201csignificant\u201d gas find in the Eastern Mediterranean.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>But first, your obligatory EGP WATCH- The EGP held steady against <\/strong><strong>the USD yesterday<\/strong>, falling less than 0.01% to settle at 29.63, down from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cfa800fb-1fd0-4b61-8fe4-a0540c1cd60c\">29.61<\/a> at the start of the day, according to the official central bank rate. The currency remains down nearly 20% from its 24.79 \/ USD level immediately before the central bank allowed it to slip further against the USD on 4 January, as authorities transition to a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f25427b-43e1-4104-9b7a-2aea214242b2\">fully flexible exchange rate<\/a> as agreed with the IMF.<\/p><p><strong>Keep an eye on trading dynamics after 10:30am CLT<\/strong>, when London traders hit their desks. London was off yesterday for the weekend, but the EGP gained on the USD last Wednesday and Thursday after 10:30am, suggesting flows out of London could be playing a role.<\/p><p><strong>The central bank sells more t-bills on strong appetite:<\/strong> Yesterday\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c85389d-7518-4a11-859a-9d60913c0b69\">treasury auction<\/a> of three-month bills was more than 10x oversubscribed, receiving EGP 140.1 bn worth of bids on an EGP 13 bn sale, according to <a href=\"https:\/\/ent.news\/2023\/1\/CBE-treasury-bills.png\">central bank figures<\/a>. It ultimately sold EGP 87.1 bn worth of bills at a weighted average yield of 20.52%. The central bank also sold EGP 10.7 bn worth of nine-month bills at a weighted average yield of 21.48% in an auction that was 1.5x oversubscribed.<\/p><p><strong>Local banks crack down on gold diggers: <\/strong>Banks are preparing lists of clients who it thinks are misusing their debit and credit cards to buy gold abroad using USD, putting pressure on our FX reserves, <a href=\"https:\/\/bit.ly\/3IMkjy0\">Shorouk News<\/a> reports, citing unnamed banking sources. The CBE had previously instructed banks to notify it of any misuse of cards after noticing a spike in people using their debit and credit cards to secure FX from abroad despite having never left the country. Most major banks have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2982268-2261-4c4d-87c1-8482fe1b962f\">introduced FX purchase and withdrawal limits<\/a>abroad.<\/p><p><strong>REMEMBER- <\/strong>Local gold prices saw record highs on the back of the EGP\u2019s depreciation, with the price of 21-carat gold rising to EGP 1.8k <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ceb7546-21db-4f79-8d43-8f1ed31f4f23\">in December<\/a>.<\/p><p><strong>FROM THE RUMOR MILL-<\/strong><\/p><p><strong>Some<\/strong><strong> shareholders at Paint and Chemical Industries (Pachin) aren\u2019t fully on board <\/strong><strong>with Compass Capital\u2019s valuation<\/strong> following last week\u2019s depreciation of the EGP, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=14012023&amp;id=9d864396-1ff3-4958-8a84-2d4c43aa97c6\">Shorouk News<\/a> reports, citing \u201cinformed sources.\u201d Compass has offered to pay EGP 30 per share to acquire a majority stake in the company \u2014 valuing it at EGP 720 mn \u2014 and was last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a684bd8f-263d-4cf6-b188-a4d47d25c113\">given the all-clear<\/a> by Pachin\u2019s board to start due diligence. But in light of recent movements in the exchange rate \u2014 which last week saw the EGP lose more than 7% against the greenback \u2014 some shareholders now reportedly believe that the offer undervalues the company, the sources reportedly said.<\/p><p><strong>This comes amid a bidding war<\/strong> that has seen Eagle Chemicals<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/874466e8-8b0c-47fa-ac88-f81e2bc9b58c\">offer EGP 29.5 a share<\/a>, a 1.7% premium to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bd16acf-0bc2-4e41-abb4-98ff04e3cb71\">price offered by UAE\u2019s National Paints Holdings<\/a>.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong>Davos starts today:<\/strong> Global finance, business, politics, and media players 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 <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/\">this year\u2019s World Economic Forum<\/a>, expect discussions to be dominated by the war in Ukraine, deglobalization, and food and energy security.<\/p><p><strong>Representing Egypt at this year\u2019s event<\/strong> are <strong>Planning Minister Hala El Said<\/strong> and <strong>International Cooperation Minister Rania Al Mashat<\/strong>, who will take part in a number of panel discussions over the five days.<\/p><p><strong>IT\u2019S DOOM GLOOM IN THE BUSINESS PRESS as the jet set gathers on the slopes. <\/strong>\u201c<a href=\"https:\/\/www.ft.com\/content\/c6af3d0f-39b0-4552-9149-750ac5b2fd4a\">Top<\/a><a href=\"https:\/\/www.ft.com\/content\/c6af3d0f-39b0-4552-9149-750ac5b2fd4a\">global companies write down bns as deals make way for gloom<\/a>,\u201d writes the Financial Times in its lead story this morning, adding that as much as \u201ca third of the global economy [is] forecast to be in recession this year.\u201d Two of the four big above-the-fold stories in this morning\u2019s WSJ dance to the same tune, with the Journal noting that \u201c<a href=\"https:\/\/www.wsj.com\/articles\/imf-warns-unraveling-economic-ties-could-shrink-global-output-11673830160?mod=hp_lead_pos3\">declining international cooperation and commerce could shrink the global economy, particularly harming low-income countries<\/a>.\u201d It also notes that economists in its exclusive survey see a <a href=\"https:\/\/www.wsj.com\/articles\/despite-easing-price-pressures-economists-in-wsj-survey-still-see-recession-this-year-11673723571?mod=hp_lead_pos2\">61% chance of a recession in the United States<\/a> in the coming 12 months even as inflation cools. (More on that last bit in this morning\u2019s Planet Finance, below.)<\/p><p><strong>MEANWHILE- <\/strong><strong><a href=\"https:\/\/www.ihf.info\/media-center\/news\/egypt-secure-main-round-all-african-derby\">Egypt beat Morocco 30-19<\/a><\/strong><strong> in the national team\u2019s second match of <\/strong><strong>the 2023 World Men\u2019s Handball Championships yesterday. <\/strong>The victory comes after Egypt kicked off the tournament with their first-ever victory over Croatia. Egypt plays its next group stage match against the United States tomorrow at 7pm.<\/p><p><strong>FM Shoukry in Abu Dhabi for <\/strong><strong><a href=\"https:\/\/abudhabisustainabilityweek.com\/ADSW\">sustainability week<\/a><\/strong><strong>: <\/strong>Foreign Minister and COP27 President Sameh Shoukry will speak at Abu Dhabi Sustainability Week and hold bilateral talks on climate change during the Masdar-hosted event, according to a ministry <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid0urW7LjQP8ZdmC8UgE3gdbsSzGMjnETPyimbWKuYhfFWpCBiLPXDv2cWhZgfaazBUl&amp;id=100068995666430&amp;mibextid=Nif5oz\">statement<\/a>. The gathering runs 14-19 January.<\/p><p><strong>Go deeper: <\/strong>Read about the renewables pacts signed yesterday between the UAE and South Korea at the summit in this morning\u2019s edition of <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/3e4029ae-a517-4bea-a5a2-7afdd1a6a5eb\">Enterprise Climate<\/a>.<\/p><p><strong>IN THE HOUSE-<\/strong><\/p><p><strong>On the legislative agenda this week in the House:<\/strong><\/p><ul>\n<li><strong>TODAY-<\/strong> The House Economic Affairs Committee will continue discussing the Unified Ins. Act. MPs will also discuss and vote on agreements that could see Egypt join three <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da88cb80-7995-4db1-a579-0549797d7764\">multilateral economic entities<\/a>, as well as a draft law that allows the Oil Minister to contract the Egyptian General Petroleum Corporation and Brenco to explore for oil offshore North Sinai.<\/li>\n<li><strong>TOMORROW-<\/strong> Water and Irrigation Minister Hani Sewilam will face questions from MPs.<\/li>\n<\/ul><p><strong>ICYMI- <\/strong><strong>Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8344744d-f282-49d3-8225-a172118f0d52\">what 2023 holds for Egypt\u2019s manufacturing sector<\/a>.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>It\u2019s that time of year again:<\/strong> The Cairo International Book Fair will open its doors to the public at the International Exhibition Center in New Cairo on 26 January, according to <a href=\"https:\/\/bit.ly\/3Xfrq6j\">Youm7<\/a>. The event, which runs until 6 February, is expected to draw mns of visitors during the two weeks. More details about the fair will be revealed by Culture Minister Nevine El Kilany at a presser today, the Culture Ministry <a href=\"https:\/\/www.facebook.com\/cairobookfair\/posts\/pfbid02s8UUxFQLM87H77muSu7Nv1gw7PyypDynTiGRtXxjcNd6pJ4Soy14ZN5ozVG8TsoLl?__cft__%5B0%5D=AZVOjRP9vsGzVO-dq4gRyD9LbTDj2Bp9ioiEzPqNxFBNIcYDcKVnJoOpOGp7P-NbaTK29_DT8j0-ijUt1X_-XVJ8-6aLeGBmUSLa_hl0BDiBqAxJfPhYOvpirUc9j6kNMRD7wsCesj2UgKG71o76JOduQ2eSxBM4Fhhjsll1jTHwfhQGNE27Y48VYdSMO6kkD3IEgRLPQTTJNHl8v7j_fKT3&amp;__tn__=,O,P-R\">said<\/a> Saturday.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.<\/p><p><strong>In today\u2019s issue:<\/strong> Could small schools solve classroom overcrowding?<\/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\/egp\/\">EGP<\/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\/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=\"578825\" 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=\"578825\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/578825\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578825\" class=\"content-area-description single-story post-578825 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=\"578826\" 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=\"578826\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/chevron-eni-announce-significant-eastmed-gas-find\/\">\r\n                            Chevron + Eni announce \u201csignificant\u201d EastMed gas find                        <\/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\/16\/chevron-eni-announce-significant-eastmed-gas-find\/\" 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\/16\/chevron-eni-announce-significant-eastmed-gas-find\/')\">\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\/16\/chevron-eni-announce-significant-eastmed-gas-find\/\">\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=Chevron + Eni announce \u201csignificant\u201d EastMed gas find&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/chevron-eni-announce-significant-eastmed-gas-find\/\">\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\/16\/chevron-eni-announce-significant-eastmed-gas-find\/&title=Chevron + Eni announce \u201csignificant\u201d EastMed gas find\">\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=Chevron+%2B+Eni+announce+%E2%80%9Csignificant%E2%80%9D+EastMed+gas+find+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F16%2Fchevron-eni-announce-significant-eastmed-gas-find%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\/16\/chevron-eni-announce-significant-eastmed-gas-find\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/243.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578827\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/chevron-eni-announce-significant-eastmed-gas-find\/243-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/243.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"243.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/243.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/243.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578826\" class=\"content-area-description single-story post-578826 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-chevron tag-energy tag-eni tag-enterpriseam 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-01\"><\/a> <strong>Chevron and Eni have made a \u201csignificant\u201d gas discovery<\/strong> <strong>in the Eastern <\/strong><strong>Mediterranean<\/strong>, the companies announced in separate statements yesterday (<a href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2023\/01\/eni-announces-a-new-gas-discovery-in-the-eastern-mediterranean-sea-offshore-egypt.html\">here<\/a> and<a href=\"https:\/\/ent.news\/2023\/1\/Chevron-Press-Release-Jan23.pdf\">here, pdf<\/a>). The discovery was made at their Nargis offshore block off the coast of North Sinai, in which each company holds a 45% interest, while state-owned Tharwa Petroleum holds the remaining 10%. Both companies described the finding as \u201csignificant\u201d but didn\u2019t disclose how much gas is estimated to be in place.<\/p>\n<p><strong>Work is underway to estimate the size of the gas reserves at Nargis<\/strong>, Oil Ministry Spokesperson Hamdy Abdelaziz told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=aLTCeI6u-Zw\">watch, runtime: 8:31<\/a>) and Al Hadath Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=uqH9hc-4mtE\">watch, runtime: 3:16<\/a>) adding that this is Chevron\u2019s first discovery since it entered our market in 2020.<\/p>\n<p><strong>A really big find?<\/strong><strong>:<\/strong> MEES<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ac341b9-5093-49ae-9713-b6fb67a58adf\">reported last month<\/a> that the field has been estimated to hold 3.5 tn cubic feet of gas. Oil Minister Tarek El Molla later <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/efbc085a-ce5a-433e-8c68-23a43a372088\">confirmed<\/a> that a large gas discovery had been made at the block but didn\u2019t disclose the size of the finding. <a href=\"https:\/\/www.upstreamonline.com\/exploration\/eni-shoots-for-stars-with-11-tcf-probe-offshore-egypt\/2-1-1385595\">Upstream Online<\/a> has also reported that Chevron\u2019s Nargis-I field was in the 3.5 tcf range \u2014 but reported that <strong>Eni was \u201cshooting for the stars\u201d with an \u201c11 tcf probe\u201d<\/strong> that it said targets a \u201chuge Thuraya prospect in a a block that may host an extension of Chevron\u2019s Nargis discovery.\u201d<\/p>\n<p><strong>How big is this? <\/strong>For context, Eni\u2019s supergiant Zohr field is estimated at about 30 tcf.<\/p>\n<p><strong>The oil giant<\/strong><strong>s are<\/strong><strong> hungry for offshore exploration in Egypt: <\/strong>In its statement, Eni reiterated its \u201cfocus on Egypt offshore,\u201d which it aims to advance after recently being awarded exploration blocks in North Rafah, North El Fayrouz, North East El Arish, Tiba and Bellatrix-Seti East. Eni is in the process of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ffcdefa4-4665-48e4-a2e5-a2b247ccd572\">selling down shares<\/a> in its mature producing concessions in the Western Desert but is also preparing to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/676b3bf9-085b-471e-bf19-38e577df44a9\">launch new exploration efforts<\/a> in the area. Chevron, meanwhile, is looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a92b9645-ae04-4f9e-8dea-489b8ecef1e4\">expand its exploration operations<\/a> in Egypt after stepping up its presence in the EastMed hydrocarbon sector, purchasing a 40% stake in Israel\u2019s Leviathan field and 25% of Tamar in recent years.<\/p>\n<p><strong>And both companies want to help boost our energy infrastructure: <\/strong>Eni \u2014 which holds a 50% stake in the Damietta LNG plant and produces around 60% of the country\u2019s gas \u2014 has committed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2feeb570-3a21-41d9-bcd5-9189eaf03144\">investing in upstream assets here and across the region<\/a> as it works to boost its LNG export capacity to Europe. State-owned EGAS signed an MoU <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a92b9645-ae04-4f9e-8dea-489b8ecef1e4\">with Chevron in July<\/a> to work on developing infrastructure to transport gas from offshore fields to Egypt and increase exports. Those investments could bring a welcome boost to local gas production, which has reportedly slipped in recent months from a peak of 7.2 bn cubic feet per day in September 2021 to 6.5 bn cf\/d in 3Q 2022.<\/p>\n<p><strong>More where that came from: <\/strong>Work is also underway to determine the size of a new <a href=\"https:\/\/ent.news\/2023\/1\/Wintershall-Dea-East-Damanhour-discovery.pdf\">gas discovery (pdf)<\/a> in the East Damanhour block Wintershell Dea holds with Cheiron Energy and other partners in the Nile Delta, said the Oil Ministry\u2019s Abdelaziz.<\/p>\n<p><strong>REMEMBER- Egypt is trying to maximize its exports of natural gas<\/strong> as the EU looks for new energy suppliers to fill the gap left by the loss of Russian fossil fuels. The state is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8825220-3a11-4b4f-85d0-10a069902e3a\">rationing its usage of gas<\/a> for domestic power production and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5077c32-5cdd-4909-b794-3dc873660365\">turning to other types of fuel<\/a> in order to free up more gas for export. The Oil Ministry plans to run our two liquefaction plants at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/647f504d-44e8-442e-b618-4eb868901dfe\">full capacity<\/a> throughout this year in a bid to bring LNG exports to a maximum capacity of 12 mn tons per annum. Export volumes were up 14% to hit 8 mn tons last year \u2014 90% of which was directed to Europe.<\/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\/chevron\/\">Chevron<\/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\/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=\"578828\" 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=\"578828\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/578828\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578828\" class=\"content-area-description single-story post-578828 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=\"578829\" 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=\"578829\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/new-vat-exec-regs-just-dropped\/\">\r\n                            New VAT exec regs just dropped                        <\/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\/16\/new-vat-exec-regs-just-dropped\/\" 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\/16\/new-vat-exec-regs-just-dropped\/')\">\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\/16\/new-vat-exec-regs-just-dropped\/\">\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=New VAT exec regs just dropped&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/new-vat-exec-regs-just-dropped\/\">\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\/16\/new-vat-exec-regs-just-dropped\/&title=New VAT exec regs just dropped\">\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=New+VAT+exec+regs+just+dropped+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F16%2Fnew-vat-exec-regs-just-dropped%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\/16\/new-vat-exec-regs-just-dropped\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/244.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578830\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/new-vat-exec-regs-just-dropped\/244-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/244.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"244.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/244.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/244.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578829\" class=\"content-area-description single-story post-578829 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-enterpriseam tag-legislation-watch tag-manufacturing tag-tax tag-tourism tag-vat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The Finance Ministry has issued <\/strong><strong>the amended executive regulations for the VAT Act<\/strong>, which contain new targeted tax breaks designed to support manufacturing and boost exports. The amendments were published in the Official Gazette late last week.<\/p>\n<p><strong>The provisions are aimed at:<\/strong><\/p>\n<p><strong>#1- Supporting capex in the industrial sector:<\/strong> Purchases of machinery by companies in the industrial sector will be exempt from VAT for one year. This applies to items imported from abroad or purchased locally. Machinery is usually subject to a 5-14% VAT, the Tax Authority\u2019s director of taxpayer services, Mohsen El Gayar, told Enterprise.<\/p>\n<p><strong>#2- Boosting investment in economic zones: <\/strong>Goods or services purchased for projects in special economic zones are exempted from VAT.<\/p>\n<p><strong>#3- Encouraging tourists to spend:<\/strong> Tourists will now be able to claim <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfc67e37-c933-4e2a-ae7a-c3989d612716\">VAT rebates<\/a> on select items worth EGP 1.5k or more, down from EGP 5k previously.<\/p>\n<p><strong>#4- Making it easier to register with the Tax Authority:<\/strong> The amendments introduce simplified procedures for non-residents to register with the Tax Authority, which can now be done online and without the need of a legal representative.<\/p>\n<p><strong>This is the latest in a list of measures designed to support the economy<\/strong>, boost investment and increase exports in response to the economic crisis triggered by the war in Ukraine and tightening financial conditions. The Madbouly cabinet announced in the wake of the latest currency devaluation last week that it would continue <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1baa86d-c359-4cc5-bdd1-bee9b587290c\">offering subsidized loans<\/a> at a slightly higher 11% rate to support companies in the industrial and agriculture sectors. It also recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6877e9b-11cc-4db7-bd39-53bfb157854a\">made it easier<\/a> for firms to acquire on-stop <a href=\"https:\/\/enterprise.press\/industries\/enterprise-explains-golden-licenses-for-industry\/\">golden licenses<\/a> for new industrial and infrastructure projects<\/p>\n<p><strong>Industry + exports are key to getting the economy on the right foot for the long term:<\/strong> The government is aiming to increase exports to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">USD 100 bn<\/a> a year by the middle of the decade and reduce dependency on imported products, a move that would help narrow the current account deficit. This would leave us with more resilient local industries that can weather external shocks like the fallout from covid-19 and the Russia-Ukraine war.<\/p>\n<p><strong>REMEMBER- Expect more tax changes in the weeks ahead: <\/strong>The Madbouly government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0608a821-bc0e-4919-b623-71600dd17ef7\">set to unveil<\/a>its tax policy document in the coming few weeks, which could see changes made to income and capital gains tax.<\/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\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vat\/\">VAT<\/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=\"578831\" 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=\"578831\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/changes-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back\/\">\r\n                            Changes to Police Authority Act get thumbs up from House + Unified Ins. Act is back                        <\/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\/16\/changes-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back\/\" 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\/16\/changes-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back\/')\">\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\/16\/changes-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back\/\">\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=Changes to Police Authority Act get thumbs up from House + Unified Ins. Act is back&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/changes-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back\/\">\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\/16\/changes-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back\/&title=Changes to Police Authority Act get thumbs up from House + Unified Ins. Act is back\">\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=Changes+to+Police+Authority+Act+get+thumbs+up+from+House+%2B+Unified+Ins.+Act+is+back+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F16%2Fchanges-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back%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\/16\/changes-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/245.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578832\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/changes-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back\/245-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/245.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"245.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/245.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/245.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578831\" class=\"content-area-description single-story post-578831 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-enterpriseam tag-house-of-representatives tag-insurance tag-legislation-watch tag-unified-insurance-act 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>The House of <\/strong><strong>Representatives gave final approval to amendments to the law regulating police officers\u2019 performance<\/strong> and disciplinary measures against them. Under the amendments to the Police Authority Act, only the general director of the Interior Ministry\u2019s disciplinary department will have the power to take action against police officers, taking away powers from security chiefs. The amendments also give the Supreme Council of Police the authority to require police officers to take early retirement or move into a civilian role if they fail to meet policing standards.<\/p>\n<p><strong>AND- Unified Ins. Act is back on the docket: <\/strong>The House Economic Affairs Committee began its discussion of the Unified Ins. Act yesterday. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cea77833-386b-467f-8909-3d305087d7d6\">Approved by the Senate last April<\/a>, the bill has been more than four years in the making and would give the Financial Regulatory Authority (FRA) broad new powers to regulate the sector, make ins. compulsory for SMEs and freelancers, and set up new economic courts to mediate disputes. Discussions will continue today and tomorrow.<\/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\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unified-insurance-act\/\">Unified Insurance Act<\/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=\"578833\" 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=\"578833\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/maf-gets-a-new-ceo-mopco-appoints-acting-chairman-md\/\">\r\n                            MAF gets a new CEO + Mopco appoints acting chairman, MD                        <\/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\/16\/maf-gets-a-new-ceo-mopco-appoints-acting-chairman-md\/\" 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\/16\/maf-gets-a-new-ceo-mopco-appoints-acting-chairman-md\/')\">\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\/16\/maf-gets-a-new-ceo-mopco-appoints-acting-chairman-md\/\">\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=MAF gets a new CEO + Mopco appoints acting chairman, MD&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/maf-gets-a-new-ceo-mopco-appoints-acting-chairman-md\/\">\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\/16\/maf-gets-a-new-ceo-mopco-appoints-acting-chairman-md\/&title=MAF gets a new CEO + Mopco appoints acting chairman, MD\">\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=MAF+gets+a+new+CEO+%2B+Mopco+appoints+acting+chairman%2C+MD+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F16%2Fmaf-gets-a-new-ceo-mopco-appoints-acting-chairman-md%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\/16\/maf-gets-a-new-ceo-mopco-appoints-acting-chairman-md\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/248.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578834\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/maf-gets-a-new-ceo-mopco-appoints-acting-chairman-md\/248-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/248.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"248.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/248.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/248.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578833\" class=\"content-area-description single-story post-578833 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-ahmed-galal-ismail tag-alain-beijjani tag-egyptian-iron-and-steel tag-enterpriseam tag-hesham-nour-el-dein tag-majid-al-futtaim tag-mopco tag-moves 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>Emirati retail conglomerate Majid Al Futtaim <\/strong><strong>(MAF) has appointed Ahmed Galal Ismail (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/ahmed-galal-ismail-046546\/?originalSubdomain=ae\">LinkedIn<\/a><\/strong><strong>) its CEO<\/strong>, replacing Alain Bejjani (<a href=\"https:\/\/www.linkedin.com\/in\/alainbejjani\/?originalSubdomain=ae\">LinkedIn<\/a>), who had headed up the group for eight years, the company announced in <a href=\"https:\/\/www.majidalfuttaim.com\/en\/media-centre\/press-releases\/2022\/12\/ahmed-galal-ismail-appointed-chief-executive-officer-of-majid-al-futtaim-holding\">a statement<\/a> Friday. Ismail has been CEO of MAF Properties since 2018. Bejjani was one of the country\u2019s highest-profile CEOs and had been the face of the MAF brand around the world since 2015.<\/p>\n<p><strong>** We talked to Ismail about the future of retail in Egypt<\/strong> in our Making It podcast back in 2020. <a href=\"https:\/\/enterprise.press\/podcasts\/making-season-three-majid-al-futtaim-properties-trailer\/\">Listen to the episode here<\/a>.<\/p>\n<p><strong><a href=\"http:\/\/www.mopco-eg.com\/en\">Mopco<\/a><\/strong> has appointed <strong>Hesham Nour El Dein<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/hesham-nour-el-dein-856400218\/\">LinkedIn<\/a>) as<strong> acting chairman and <\/strong><strong>managing director<\/strong>, replacing Ibrahim Mahgoub, the company said in <a href=\"https:\/\/ent.news\/2023\/1\/Mobco-15-01-2023.pdf\">a statement (pdf)<\/a> yesterday. Mahgoub <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/793d472e-0c31-4f91-aa72-9ee8f7733884\">left the company<\/a> last month after being appointed chairman of the Egyptian Petrochemicals Holding Company (ECHEM).<\/p>\n<p>The government has appointed <strong>Mohamed Eissa<\/strong> to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bad9da9-4715-4ca2-af68-dc753167b285\">liquidate<\/a> <strong>Egyptian Iron and Steel<\/strong>, according to <a href=\"https:\/\/ent.news\/2023\/1\/Egyptian-Iron-and-Steel-Liquidation.pdf\">a bourse disclosure (pdf)<\/a> filed by Metallurgical Industries Holding yesterday. He replaces Hisham Fahmy, who had held the role since June 2022.<\/p>\n<p>Housing Minister Assem El Gazzar has appointed <strong>Maha Fahim<\/strong> as <strong>chairman <\/strong>of the <strong>General Authority for Urban Planning <\/strong>for a one-year term, according to a <a href=\"https:\/\/bit.ly\/3CPB0oh\">ministry statement<\/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\/ahmed-galal-ismail\/\">Ahmed Galal Ismail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alain-beijjani\/\">Alain Beijjani<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-iron-and-steel\/\">Egyptian Iron and Steel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hesham-nour-el-dein\/\">Hesham Nour El Dein<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/majid-al-futtaim\/\">Majid Al Futtaim<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mopco\/\">Mopco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/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=\"578835\" 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=\"578835\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/578835\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578835\" class=\"content-area-description single-story post-578835 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\/2023\/1\/1-SODIC-Allegria-1600px.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=\"578836\" 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=\"578836\">\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\/16\/striking-gas-price-hikes-coming-for-meds\/\">\r\n                            Striking gas + price hikes coming for meds?                        <\/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\/16\/striking-gas-price-hikes-coming-for-meds\/\" 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\/16\/striking-gas-price-hikes-coming-for-meds\/')\">\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\/16\/striking-gas-price-hikes-coming-for-meds\/\">\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=Striking gas + price hikes coming for meds?&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/striking-gas-price-hikes-coming-for-meds\/\">\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\/16\/striking-gas-price-hikes-coming-for-meds\/&title=Striking gas + price hikes coming for meds?\">\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=Striking+gas+%2B+price+hikes+coming+for+meds%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F16%2Fstriking-gas-price-hikes-coming-for-meds%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\/16\/striking-gas-price-hikes-coming-for-meds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/250.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578837\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/striking-gas-price-hikes-coming-for-meds\/250-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/250.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"250.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/250.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/250.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578836\" class=\"content-area-description single-story post-578836 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-commodities tag-egp tag-enterpriseam tag-healthcare tag-inflation tag-last-nights-talk-shows tag-pharma tag-subsidies wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The talking heads honed in on Chevron and Eni\u2019s \u201csignificant\u201d EastMed gas find last <\/strong><strong>night <\/strong>(more on that in today\u2019s Energy section.) Elsewhere, the pundits aired a warning that meds could be about to get pricer on the back of the latest EGP deval and looked at new measures to subsidize bread.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>The price of some meds could increase by 20-25% by the end of February <\/strong>after around 50-60 medicine manufacturers submitted requests to the Egyptian Drug Authority to hike prices against the backdrop of the EGP\u2019s depreciation, Ali Ouf, head of the pharma division in the Federation of Egyptian Chamber of Commerce, told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=DKaFi_nsNUk\">watch, runtime: 2:36<\/a>). The companies had used an exchange rate of EGP 20 \/ USD 1 when they determined the current prices, Ouf said.<\/p>\n<p><strong>Subsidized bread for everyone? All citizens \u2014 including those not eligible for ration <\/strong><strong>cards \u2014 <\/strong>may soon be able to buy subsidized bread at cost, Supply Minister Ali El Moselhy told El Hekaya\u2019s Amr Adeeb (<a href=\"https:\/\/www.facebook.com\/Elhekayashow\/videos\/871765080641490\">watch, runtime: 1:12<\/a>.) Consumers will be able to purchase the bread using prepaid cards that will be sold at post offices for around EGP 100, he said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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\/healthcare\/\">healthcare<\/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\/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\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/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=\"578838\" 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  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src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/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-6hdj41j\" data-v=\"4\" data-block-id=\"6hdj41j\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-6hdj41j-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-6hdj41j-inner-blocks\">\r\n            <div 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class=\"stk-block-content stk-inner-blocks stk-r3qgni1-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-0nesnh7\" data-v=\"4\" data-block-id=\"0nesnh7\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-0nesnh7-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-0nesnh7-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 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578839\" 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=\"578839\">\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\/16\/more-love-for-shubeik-lubeik-high-praise-for-the-imf-agreement\/\">\r\n                            More love for Shubeik Lubeik + High praise for the IMF agreement                        <\/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\/16\/more-love-for-shubeik-lubeik-high-praise-for-the-imf-agreement\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a mixed bag for mentions of Egypt in the foreign press this morning. <\/strong><\/p>\n<p><strong>The prizewinning graphic novel Shubeik Lubeik by Egyptian author Deena <\/strong><strong>Mohamed is getting more love from the foreign press:<\/strong> <a href=\"https:\/\/www.theguardian.com\/books\/2023\/jan\/15\/deena-mohamed-your-wish-is-my-command-graphic-novel-interview\">The Guardian<\/a> and <a href=\"https:\/\/www.npr.org\/sections\/goatsandsoda\/2023\/01\/11\/1148253567\/what-if-you-could-buy-wishes-an-egyptian-fantasy-comic-does-some-wishful-thinkin\">NPR<\/a> sit down for separate interviews with Mohamed to find out about her story and what inspired the book, not long after it received a glowing review in the New Yorker, as we noted <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3cb3d0e0-ee65-4a54-b135-eb6fbc866993\">last week<\/a>.<\/p>\n<p><strong>Meanwhile<\/strong><strong>, <\/strong><strong>the Independent\u2019s international correspondent Borzou Daragahi<\/strong> <strong><a href=\"https:\/\/www.independent.co.uk\/voices\/egypt-imf-inflation-economy-military-b2262560.html\">heaps praise<\/a><\/strong><strong> o<\/strong><strong>n our loan agreement with the IMF<\/strong> \u2014 and calls on world powers to pressure authorities to follow through on promises to the multilateral lender to reduce military involvement in the economy. Daragahi was from 2011-2015 a Financial Times correspondent based in Cairo. (<a href=\"https:\/\/www.independent.co.uk\/voices\/egypt-imf-inflation-economy-military-b2262560.html\">Independent<\/a>)<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>An Egyptian court yesterday sentenced 38 people to life in prison in <\/strong><strong>connection with 2019 anti-government protests<\/strong>, including exiled contractor \/ dissident Mohamed Ali. (<a href=\"https:\/\/www.washingtonpost.com\/world\/egypt-hands-out-life-jail-terms-in-trial-over-2019-protests\/2023\/01\/15\/141b19ba-9505-11ed-a173-61e055ec24ef_story.html\">Associated Press<\/a> | <a href=\"https:\/\/www.france24.com\/en\/live-news\/20230115-egypt-hands-businessman-life-sentence-over-rare-protests\">AFP<\/a>)<\/li>\n<li><strong>Too many new mosques? <\/strong><a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/12\/egypt-massive-funding-new-mosques-questioned-amid-economic-crisis\">Al-Monitor<\/a> asks if the EGP 10.2 bn spent on renovating or building some 9.6k mosques since 2013 is \u201cexcessive\u201d amid a squeeze on household budgets. (<a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/12\/egypt-massive-funding-new-mosques-questioned-amid-economic-crisis\">Al-Monitor<\/a>)<\/li>\n<li><strong>The <\/strong><strong><a href=\"https:\/\/www.jordantimes.com\/news\/local\/truckers-say-egypt-prevents-jordanian-trucks\u2019-entry-libya-salloum-border-crossing\">Jordan Times<\/a><\/strong><strong> is reporting that Egyptian authorities have blocked a <\/strong><strong>number of Jordanian trucks from entering Libya<\/strong> through the Salloum border crossing.<\/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\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578841\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578842\" 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=\"578842\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/vodafone-egypt-shareholders-have-until-close-tomorrow-to-sell-to-vodacom\/\">\r\n                            Vodafone Egypt shareholders have until close tomorrow to sell to Vodacom                        <\/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\/16\/vodafone-egypt-shareholders-have-until-close-tomorrow-to-sell-to-vodacom\/\" 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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Vodacom \u2014 the South African subsidiary of Vodafone Group \u2014 made <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52c31721-0af5-4bc6-ac05-eda6a6968157\">an offer to purchase 0.05%<\/a> of the company from minority shareholders in tandem with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a27eb556-facb-488b-909d-51f3ed0dc9b6\">acquiring the parent company\u2019s 55% stake<\/a> in December<\/p>\n<p><strong>COMMODITIES<\/strong>-<\/p>\n<p><strong>Some 151 locations across 18 governorates are now open for the Ahlan Ramadan <\/strong><strong>supermarket expo<\/strong>, with the number expected to reach more than 200 outlets across all governorates within days, Alaa Ezz, secretary-general of the Federation of Egyptian Chambers of Commerce (FEDCOC), is quoted as saying in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02PgjiaN99MxFVM8AcXfKsakZJwpujd3NTjkV97RkJG1AzGwbq8qLpXSrFZhhvTUbGl?__cft__[0]=AZXsEWAA4J-8GRGqTX5JwEl3EouItTFhGe1zcu6cw0kQRqwKRemWH3mOCw9Duw_0BLfR_e2Fo3wNcClTgCDm5rtNKvLjUFevtydPe0N_GEMxKd9IcdoW64njqZnJgjLCX0o6e4BnHYrexNErkuB5T51cACYcRUlTcGkBOg--4fItJlbcdmIw_HMAUxaIVtXNgAaC5shTHF2janQeTXIue_HN&__tn__=,O,P-R\">cabinet statement<\/a>. The pre-Ramadan expo, which offers shoppers discounts of more than 30% on essentials in the run up to the holy month, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55a208f8-3511-4be5-a205-79af803793dd\">launched early this year<\/a> to help alleviate the squeeze on living costs amid high inflation. Moves to ease a backlog of imported goods at our ports are also starting to bring down food costs in the wider market, Ezz added.<\/p>\n<p><strong>A first look at what fair prices mean to the Supply Ministry:<\/strong> Price tags at the expo are in the EGP 14-19 range per kilo of rice, EGP 14-16 per kilo of sugar, EGP 5 per 400 gm of pasta, EGP 29-45 for oil, EGP 79-115 for a kilo of imported meat, and EGP 140 for a kilo of local meat, the statement reads. We\u2019re still waiting to hear more on a suggested price list the government is drawing up for certain essential foods. Ramadan is set to begin toward the end of March.<\/p>\n<p><strong>HEALTHCARE<\/strong>-<\/p>\n<p><strong>Foreign doctors to visit gov\u2019t hospitals<\/strong> <strong>with private-sector backing: <\/strong>Foreign medical experts will spend one or two days in government hospitals across the country to perform delicate and critical surgeries, help diagnose patients, and train local staff at no cost, under an MoU signed between the Health Ministry and private-sector healthcare firms including Alameda Healthcare, Alfa Cure, Saudi German Health, and Cleopatra Hospitals Group, according to a ministry <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid02KTLoQyFZK5Mf9Uu7AsHFpsH5Wu4jAVf6WsrKku7puq6Pdp8VrdH5iigKgRg4QQyBl&id=100069036705848&mibextid=Nif5oz\">statement<\/a>.<\/p>\n<p><strong>M&A-<\/strong><\/p>\n<p><strong>To sell or not to sell:<\/strong> The board of tourism developer Remco has called an extraordinary shareholders meeting to discuss selling the company\u2019s five-star Stella di Mare Beach Hotel in Sharm El Sheikh to Tolip Hotels and Resorts, according to <a href=\"https:\/\/ent.news\/2023\/1\/Remco-disclosure-15-01-23.pdf\">a bourse filing (pdf)<\/a>. The military-owned company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfa56241-8a86-4457-8bac-4ad26d1405e5\">offered<\/a> to purchase the hotel for EGP 700 mn in October.<\/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\/ahlan-ramadan\/\">Ahlan Ramadan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/healthcare\/\">healthcare<\/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\/remco-group\/\">Remco Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tolip-hotels-and-resorts\/\">Tolip Hotels and Resorts<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodacom\/\">Vodacom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodafone-egypt\/\">Vodafone 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=\"578846\" 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=\"578846\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/chinese-fm-tells-shoukry-beijing-has-appetite-for-egyptian-infrastructure-projects\/\">\r\n                            Chinese FM tells Shoukry Beijing has appetite for Egyptian infrastructure projects                        <\/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\/16\/chinese-fm-tells-shoukry-beijing-has-appetite-for-egyptian-infrastructure-projects\/\" 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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Qin met separately with Arab League Secretary-General Ahmed Aboul Gheit, according to <a href=\"https:\/\/www.voanews.com\/a\/rounding-off-africa-tour-china-s-top-diplomat-visits-egypt-\/6919285.html\">VoA<\/a>.<\/p>\n<p><strong>More Chinese inflows incoming? <\/strong>Qin stressed to El Sisi China\u2019s desire to up its investments in local infrastructure projects, including those with links to China\u2019s flagship Belt and Road Initiative, the statement reads. He also touched on efforts to attract Chinese private investment and tourism to Egypt in a presser following his meeting with Shoukry (<a href=\"https:\/\/www.youtube.com\/watch?v=lRaTU_ulaaM\">watch, runtime: 32:00<\/a>.)<\/p>\n<p><strong>SOUND SMART- China hasn\u2019t had a huge hand in the state\u2019s national infrastructure push thus far. <\/strong>Outside of the new capital business district and the light rail transit system, China has had little involvement financing infrastructure projects in Egypt, which has tended to rely far more heavily on western development finance institutions. A <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01172b08-339e-4a91-9a68-7cbd18e210b8\">2021 report estimated<\/a> Egypt\u2019s total sovereign and hidden debt to China to be in the region of USD 4.6 bn; small fry compared to Ethiopia (which owes USD 15.4 bn) or Africa\u2019s most China-indebted country, Angola (with a USD 52.3 bn debt pile).<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-china-relations\/\">Egypt-China relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qin-gang\/\">Qin Gang<\/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=\"578850\" 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\/16\/578850\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578850\" class=\"content-area-description single-story post-578850 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\/\">Davos 2023<\/a>.<\/p>\n<p>25 January-6 February (Wednesday-Monday): 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":578822,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578821","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"eef4e814-7135-46d2-b90c-ee0ea2c20ee6","teaser":"","photo_url":"https:\/\/ent.news\/2023\/1\/240.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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