{"id":578899,"date":"2023-01-18T04:02:59","date_gmt":"2023-01-18T04:02:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578899"},"modified":"2025-12-16T11:49:53","modified_gmt":"2025-12-16T11:49:53","slug":"how-long-will-25-cds-last-plus-efg-hermes-could-exit-pakistan-jordan","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/how-long-will-25-cds-last-plus-efg-hermes-could-exit-pakistan-jordan\/","title":{"rendered":"How long will 25% CDs last? PLUS: EFG Hermes could exit Pakistan, Jordan"},"content":{"rendered":"<section id=\"578901\" 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=\"578901\">\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\/18\/this-morning-how-long-will-25-cds-last-plus-efg-hermes-could-exit-pakistan-jordan\/\">\r\n                            THIS MORNING: How long will 25% CDs last? 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As with the high-yield CDs on offer at the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\">National Bank of Egypt and Banque Misr<\/a>, subscribers can opt for a one-time payment of 25% when their CDs mature or go for a monthly payout at a reduced annualized rate of 22.5%, the statement reads. The minimum buy-in is EGP 1k and only individuals can buy.<\/p><p><strong>Scramble for deposits: <\/strong>BdC follows other institutions including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3dc90d26-f363-4f4c-9854-f2ddaef9b1f6\">CIB and QNB Al Ahli<\/a> (which now have 22.5% CDs) in offering a high-yield product to stem outflows of deposits to NBE and BM.<\/p><p><strong>Don\u2019t expect the high-yield CDs to be around forever, bankers are warning. <\/strong>Banque Misr Chairman Mohamed El Etreby says the CDs at NBE and BM could be withdrawn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82413afa-8ce0-4f25-a595-8a9db3523771\">in days<\/a> \u2014 and by the end of the month at the latest. He was speaking in an interview with Kelma Akhira\u2019s Lamees El Hadidi last night (<a href=\"https:\/\/www.youtube.com\/watch?v=j7UYfIYned4\">watch, runtime, 10:43<\/a>.) CIB\u2019s acting retail banking CEO, Rashwan Hammady, also spoke with El Hadidi about the current CD craze (<a href=\"https:\/\/www.youtube.com\/watch?v=eEVD8kMqluM\">watch, runtime: 4:25<\/a>).<\/p><p><strong>The high-yield CDs at Banque Misr and the NBE have attracted a combined EGP 335 bn <\/strong><strong>as of yesterday, <\/strong>including EGP 215 bn at the NBE and EGP 120 bn at Banque Misr, Banque El Etreby told Lamees.<\/p><hr class=\"grey-line\"><p><strong>Can we hit 30 mn tourists annually by 2028? <\/strong>The government wants to see Egypt welcome 30 mn annually by 2028, Tourism Minister Ahmed Issa said at AmCham\u2019s monthly luncheon this week, according to <a href=\"https:\/\/www.youm7.com\/story\/2023\/1\/16\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AD%D8%A9-%D9%86%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D8%AC%D8%B0%D8%A8-30-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%B3%D8%A7%D8%A6%D8%AD-%D8%A8%D8%AD%D9%84%D9%88%D9%84-2028\/6050980\">Youm7<\/a>. The Madbouly government will launch a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3564fecc-ba24-4f50-9625-638c4ec6afb6\">national tourism strategy<\/a> this quarter with that goal in mind. Some <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37b4540a-9a64-4483-ab5c-d2cda507d0cc\">13 mn tourists<\/a> visited Egypt in 2019.<\/p><p><strong>YES, AND\u2026 <\/strong>Tourism is a key source of hard currency for the country \u2014 and it\u2019s not just a visitor numbers game. What we need to do is find ways to increase the average spend per tourist by improving our product and positioning. We recently spoke with <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7ab47ec-95d5-46b4-a486-ce97ca107374\">Somabay CEO Ibrahim El Missiri<\/a><\/strong> and <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba2f6472-f2fe-495f-8889-3d0e6957c1c5\">Travco Holidays General Manager Moataz Sedky<\/a><\/strong> about just this topic in our CEO poll on FDI and exports.<\/p><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>The global \u201c<\/strong><strong><a href=\"https:\/\/www.nytimes.com\/2023\/01\/17\/business\/dealbook\/davos-world-economic-forum-polycrisis.html\">polycrisis<\/a><\/strong><strong>\u201d that has the chattering class in Davos fretting has hit close <\/strong><strong>to home. <\/strong>The odds that 2023 will be a challenging year is the headline story at the World Economic Forum in Davos \u2014 with IMF boss Kristalina Georgieva telling <a href=\"https:\/\/www.cnbc.com\/2023\/01\/17\/imf-chief-growth-will-bottom-out-in-2023-and-bounce-back-next-year.html\">CNBC<\/a> yesterday that things will get worse before they get better. Growth will continue to slow throughout 2023 and bottom out by the end of the year before we move on to better things in 2024, she said, as we noted in yesterday\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/487f4a2c-c578-432a-a15b-8d587844f134\">EnterprisePM<\/a>.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a><strong>THE HOMETOWN ANGLE- Frontier and emerging markets champion EFG Hermes says <\/strong><strong>the global climate played heavily in its decision to explore a pullback from Pakistan, Jordan and (potentially) one other market. <\/strong>The high-profile EGX-listed institution is looking to \u201csimplify its operations\u201d and double-down on its core strengths as it aims to improve its return on equity and \u201cbetter equip itself for the unfavorable global economic environment,\u201d it said yesterday afternoon in a <a href=\"https:\/\/ent.news\/2023\/1\/EFG_Pakistan_Jordan_Jan_2023_EGX.pdf\">regulatory filing (pdf)<\/a>.<\/p><p><strong>Pakistan and Jordan account for no more than rounding errors on EFG Hermes\u2019 income <\/strong><strong>statement<\/strong> \u2014 they accounted for less than 1% of revenues in both 9M 2022 and FY 2021.<\/p><p><strong>Both potential exits are at early stages: <\/strong>EFG Hermes says it has received a binding offer for its operations in Jordan and an expression of interest in Pakistan.<\/p><p><strong>Nothing else on the auction block<\/strong><strong>: <\/strong>\u201cWe don\u2019t expect to exit any other markets (other than the aforementioned third market that is in advanced negotiations stage),\u201d the firm said in its statement, though it noted that 2023 could see \u201cadditional efficiency-enhancing moves\u201d as it continues to review operations.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>MEANWHILE- It\u2019s <\/strong><strong>day three<\/strong><strong> in Davos. <\/strong>Running under the headline \u201cCooperation in a Fragmented World,\u201d today\u2019s sessions at the World Economic Forum kick off at 7:15am CLT and will run until 7pm. Here some of the key sessions to keep an eye out for:<\/p><ul>\n<li>A panel on <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/saudi-arabia-s-transformation-in-a-changing-global-context\">Saudi Arabia\u2019s economic transformation<\/a> feat. IMF Managing Director Kristalina Georgieva and several high-ranking Saudi officials including Finance Minister Mohammed Al Jadaan at 10am;<\/li>\n<li>An address by <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/special-address-by-aziz-akhannouch-head-of-government-of-morocco\">Moroccan head of government Aziz Akhannouch<\/a> at 11:45am;<\/li>\n<li>An address by <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/special-address-by-antonio-guterres-secretary-general-united-nations-f779004bdf\">UN Secretary-General Ant\u00f3nio Guterres<\/a> at 12:15pm;<\/li>\n<li>An address by<a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/special-address-by-olaf-scholz-federal-chancellor-of-germany-5e67274b0b\">German Chancellor Olaf Scholz<\/a> at 4:45pm;<\/li>\n<li>An address by <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/special-address-by-volodymyr-zelenskyy-president-of-ukraine-068bdf6a88\">Ukrainian President Volodymyr Zelensky<\/a> at 6pm;<\/li>\n<li>A session titled <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/restoring-security-and-peace\">Restoring Security and Peace<\/a> feat. NATO secretary general Jens Stoltenberg at 6:15pm;<\/li>\n<li>A <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/the-middle-east-meeting-point-or-battleground\">session on the Middle East<\/a> feat. the Saudi and Iraqi foreign ministers and Jordan\u2019s finance minister at 6:30pm.<\/li>\n<\/ul><p><strong>And from our very own:<\/strong> International Cooperation Minister Rania Al Mashat will return to the Davos stage today at 11:15am for a session focused on the <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/rewiring-the-globe-for-resilience\">green transition<\/a>. She\u2019ll also be back on Friday for a session on <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/how-to-turbocharge-development-finance\">development finance<\/a>. Planning Minister Hala El Said will join her Saudi counterpart and Emirati Economy minister in a session titled <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/between-liquidity-and-fragility-reforming-in-mena\">Between Liquidity and Fragility: Reforming in MENA<\/a> tomorrow.<\/p><p><strong>ICYMI- What went down on day two? <\/strong><\/p><p><strong>Egypt is among 45 partners pledging to help unlock the USD 3 tn of financing <\/strong><strong>needed for the world to reach net zero by 2050 <\/strong>through the Giving to Amplify Earth Action initiative, the WEF said in a <a href=\"https:\/\/www.weforum.org\/press\/2023\/01\/new-initiative-to-help-unlock-3-trillion-needed-a-year-for-climate-and-nature\">statement<\/a>. \u201cEgypt will work closely with the World Economic Forum to build effective and impactful philanthropic public private partnerships, and promote the role of the prominent \u2018P\u2019 \u2013 Philanthropy,\u201d International Cooperation Minister Rania Al Mashat said.<\/p><p><strong>Al Mashat also joined US climate chief John Kerry<\/strong>, UN climate finance envoy Mark Carney, WEF President Borge Brende and other climate experts to discuss the role of public- and private-sector philanthropy in raising climate finance (<a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/philanthropy-a-catalyst-for-protecting-our-planet\">watch, runtime: 47:30<\/a>).<\/p><hr class=\"grey-line\"><p><strong>DATA POINT- Our annual water deficit has<\/strong><strong> widened to around 30-35 bn <\/strong><strong>cubic meters<\/strong><strong>, <\/strong>forcing us to import foods that require high water consumption, Water and Irrigation Minister Hany Sewilam told MPs yesterday, without giving a comparative figure. The ministry manages to recycle some 21 bcm of water annually, he added, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid05tbTTsxcHoPiubYEzv5KN3xib1EPR9NGXGC8E4CfJV2L3TF7rN87Dyx1er4sHJEBl\">ministry statement<\/a>. For context, the Nile River provides around 55.5 bcm annually, with around another 3.5 bcm coming from groundwater and rainfall. The state needs an additional 8 bcm to carry out its massive land reclamation project in the Nile Delta, Sewilam added.<\/p><p><strong>Don\u2019t blame GERD: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33aa99a8-17f3-49c1-9beb-015830bfb92e\">third filling<\/a> of Ethiopia\u2019s upstream mega dam project has not yet impacted Nile river flows thanks to last year\u2019s high flood, Sewilam said, though he said it would have an impact in future and the government is monitoring the situation \u201con a daily basis.\u201d<\/p><p><strong>ON A ROLL- The national handball team <\/strong><strong><a href=\"https:\/\/www.ihf.info\/media-center\/news\/perfect-egypt-three-out-three\">beat the USA 35<\/a><\/strong><strong><a href=\"https:\/\/www.ihf.info\/media-center\/news\/perfect-egypt-three-out-three\">:16<\/a><\/strong><strong><a href=\"https:\/\/www.ihf.info\/media-center\/news\/perfect-egypt-three-out-three\">yesterday<\/a><\/strong> for a clean sweep of victories in all three of their group matches in the first round of the International Handball Federation\u2019s Men\u2019s World Championship in Poland and Sweden. The national team will <a href=\"https:\/\/www.ihf.info\/competitions\/men\/308\/28th-ihf-mens-world-championship-2023\/101253\/news\/120725\">now face Belgium<\/a> at 5pm CLT on Thursday in Malmo, in their first match of the main group round.<\/p><p><strong>HAPPENING TODAY- <\/strong><\/p><p><strong>Egypt + Jordan to attend GCC summit in Abu Dhabi today: <\/strong>President Abdel Fattah El Sisi and Jordan\u2019s King Abdullah II will today meet with leaders of Gulf Cooperation Council countries in the UAE, <a href=\"https:\/\/omannews.gov.om\/topics\/ar\/85\/show\/413001\/ona\">Oman News Agency<\/a> reports, citing a statement by Omani authorities. The meeting comes a day after a summit between the Egyptian and Jordanian leaders and Palestinian President Mahmoud Abbas, amid a period of heightened tension in the Israeli-Palestinian conflict following the ascension of Israel\u2019s new far-right government. More on that in our Diplomacy section, below.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The House of Representatives has adjourned until Sunday, 29 January <\/strong>after three days of plenary sessions.<\/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\/3kkL3eK4\">Youm7<\/a>. The event, which runs until 6 February, is expected to draw mns of visitors during the two weeks. The book fair has launched a mobile app for the event (get the <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.gebobookfair.app\">Android version here<\/a>.) Meanwhile, <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/50\/1201\/484441\/AlAhram-Weekly\/Egypt\/Book-Fair-hit-by-economic-crunch.aspx\">Ahram Online<\/a> is out with a feature on how soaring paper prices have put a squeeze on the publishing industry ahead of the event.<\/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\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>Will new amendments to the Contractors Compensation Act be enough to help builders out of a bind?<\/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\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/certificates-of-deposit\/\">certificates of deposit<\/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\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"578903\" 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=\"578903\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/578903\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578903\" class=\"content-area-description single-story post-578903 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=\"578904\" 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=\"578904\">\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\">Mining<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/centamin-to-request-gold-mine-lawsuit-be-rejected-after-supreme-court-ruling-on-state-investor-contracts\/\">\r\n                            Centamin to request gold mine lawsuit be rejected after Supreme Court ruling on state-investor contracts                        <\/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\/18\/centamin-to-request-gold-mine-lawsuit-be-rejected-after-supreme-court-ruling-on-state-investor-contracts\/\" target=\"_blank\">\n                    Open in new tab               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state-investor contracts\">\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=Centamin+to+request+gold+mine+lawsuit+be+rejected+after+Supreme+Court+ruling+on+state-investor+contracts+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F18%2Fcentamin-to-request-gold-mine-lawsuit-be-rejected-after-supreme-court-ruling-on-state-investor-contracts%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\/18\/centamin-to-request-gold-mine-lawsuit-be-rejected-after-supreme-court-ruling-on-state-investor-contracts\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/297.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578905\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/centamin-to-request-gold-mine-lawsuit-be-rejected-after-supreme-court-ruling-on-state-investor-contracts\/297-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/297.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"297.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/297.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/297.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578904\" class=\"content-area-description single-story post-578904 post type-post status-publish format-standard has-post-thumbnail hentry category-mining tag-centamin tag-enterpriseam tag-investment-watch tag-legislation-watch tag-sukari-gold-mine tag-supreme-constitutional-court wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>LSE-listed<\/strong><strong> gold miner Centamin will file to have a 2011 legal challenge <\/strong><strong>against its Sukari mine thrown out<\/strong> following the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/241219f4-b066-420c-9047-47247e65d879\">Supreme Constitutional Court\u2019s (SCC) decision<\/a> last week to uphold a law that bars third-party lawsuits against state-investor contracts, the company said in <a href=\"https:\/\/www.centamin.com\/media\/2881\/cey-rns_law32_constitutional_final_150123.pdf\">a statement<\/a> Monday.<\/p>\n<p><strong>ICYMI-<\/strong> The court last week upheld the constitutionality of the Appeals Against State Contracts Act, a 2014 bill that prevents third-parties from mounting legal challenges against contracts signed between the government and investors. The Administrative Court had asked the Supreme Constitutional Court to rule on the constitutionality of the act as part of a years-old case brought by employees of the Nubaria Seed Production Company (NUBASEED) against the government's decision to <a href=\"https:\/\/enterprise.press\/stories\/2014\/12\/09\/new-exodus-at-cbe-egypt-tops-agenda-at-gcc-summit-kellogg-still-fending-off-attacks-canadian-embassy-closed-measles-outbreak-continues-masdar-confirms-usd-2bn-for-renewables-govt-adopts\/\">privatize<\/a> the company. The court\u2019s decision means the 2014 bill will now apply to all active and future cases.<\/p>\n<p><strong>An 11-year legal challenge:<\/strong> The Sukari mine concession \u2014 an agreement between the Egyptian government, Centamin's Egyptian subsidiary Pharaoh Gold Mines (PGM), and the Egyptian Mineral Resource Authority (EMRA) \u2014 was challenged in 2011 by a third-party individual. A year later, the Supreme Administrative Court held that even though the agreement itself was valid, EMRA and PGM hadn\u2019t received the necessary approvals for the exploitation lease. PGS launched an appeal but the final decision has been pending the SCC\u2019s ruling on the Appeals Against State Contracts Act.<\/p>\n<p><strong>What they said:<\/strong> \u201c[Saturday\u2019s] judgment on the constitutionality of Egyptian Law No. 32 is most<\/p>\n<p>welcomed. We are delighted to now be in a position to apply to set aside the 2011 third-party challenge to the validity of the Exploitation Licence issued under the Sukari Concession Agreement,\u201d said Centamin CEO Martin Horgan.<\/p>\n<p><strong>What\u2019s next:<\/strong> Centamin will \u201cimminently\u201d' submit an application requesting the resumption of its appeal proceedings and for the original case to be rejected \u201cin its entirety in accordance with the provisions of Law 32,\u201d the statement reads.<\/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\/centamin\/\">Centamin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukari-gold-mine\/\">Sukari gold mine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supreme-constitutional-court\/\">Supreme Constitutional Court<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578906\" 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=\"578906\">\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\">Green economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/green-startups-get-a-boost-from-our-friends-in-the-uk\/\">\r\n                            Green startups get a boost from our friends in the UK                        <\/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\/18\/green-startups-get-a-boost-from-our-friends-in-the-uk\/\" 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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Almost 50 projects applied to join the program, with the chosen nine receiving technical assistance to help them attract finance from international investors.<\/p>\n<p><strong>The nine projects operate in renewable energy, waste, blue economy, agriculture and manufacturing<\/strong>. They were chosen according to the <a href=\"https:\/\/www.genesis-analytics.com\/cfa-egypt\">five criteria<\/a> proposed by the CFA. The accelerator will work with the companies on capacity-building before they meet with investors and financial institutions at an April workshop to network and pitch their projects.<\/p>\n<p><strong>The CFA Egypt projects are:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.aldawara.com\/\">Al Dawara<\/a><\/strong><strong>:<\/strong> Aims to create plant-based single-use products.<\/li>\n<li><strong><a href=\"https:\/\/www.creativepowersolutions.com\">Creative Power Solutions<\/a><\/strong><strong>:<\/strong> A thermal solar panels manufacturer.<\/li>\n<li><strong><a href=\"https:\/\/farmtopia.farm\/\">Farmtopia<\/a><\/strong><strong>:<\/strong> Automates farming processes such as irrigation using artificial intelligence and the Internet of Things.<\/li>\n<li><strong><a href=\"https:\/\/www.greenfashion-stores.com\/about\/\">Green Fashion<\/a><\/strong><strong>:<\/strong> Produces eco-friendly fashion.<\/li>\n<li><strong><a href=\"https:\/\/irs-c.com\/about-us\/\">IRSC Renewable Energy Solutions<\/a><\/strong><strong>:<\/strong> Provides agricultural and financial support to small-scale farmers.<\/li>\n<li><strong><a href=\"https:\/\/www.renile.net\">ReNile<\/a><\/strong><strong>:<\/strong> Uses advanced monitoring technologies to promote precision farming.<\/li>\n<li><strong><a href=\"https:\/\/www.facebook.com\/TileGreenMaterials\/\">Tile Green<\/a><\/strong><strong>:<\/strong> Produces eco-friendly building materials from plastic waste.<\/li>\n<li><strong><a href=\"https:\/\/zr3i.com\/ar\/about_zr3i\">Zr3i<\/a><\/strong><strong>:<\/strong> A digital agriculture platform focused on precision farming.<\/li>\n<\/ul>\n<p><strong>REFRESHER-<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925417af-adff-43a8-b6cd-b57345438284\">Announced prior to COP27<\/a> in November, the CFA is a GBP 10 mn, four-year technical assistance program funded by the UK government to build a pipeline of bankable low carbon projects in eight middle-income countries, helping them achieve national climate plans. South Africa-based consultancy firm <a href=\"https:\/\/www.genesis-analytics.com\/\">Genesis Analytics<\/a> and Egypt-based <a href=\"https:\/\/acumenconsult.com\/\">Acumen Consulting<\/a> are working with the CFA on the local program.<\/p>\n<p><strong>The CFA will also support the <\/strong><strong><a href=\"https:\/\/www.thenationalnews.com\/business\/2022\/09\/28\/egyptian-partners-launch-climate-resilience-fund-to-invest-in-nature-positive-start-ups\/\">Climate Resilience Fund<\/a><\/strong>, a USD 25 mn Middle East and Africa-focused VC fund that will provide pre-seed funding to startups working in sustainable agriculture. The Egypt-based fund will deploy half of its capital in Egyptian startups and the other half will be split between the Middle East and Africa.<\/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\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-finance-accelerator\/\">Climate Finance Accelerator<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk-egypt-relations\/\">UK-Egypt relations<\/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=\"578908\" 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=\"578908\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/578908\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578908\" class=\"content-area-description single-story post-578908 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=\"578909\" 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=\"578909\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/stc-will-have-to-cough-up-more-for-giza-systems\/\">\r\n                            STC will have to cough up more for Giza Systems                        <\/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\/18\/stc-will-have-to-cough-up-more-for-giza-systems\/\" 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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This is part of a larger transaction, in which Solutions by STC is acquiring 88.2% of the company.<\/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\/b-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/giza-systems\/\">Giza Systems<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-telecom-company\/\">Saudi Telecom Company<\/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=\"578911\" 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=\"578911\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/tenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp\/\">\r\n                            Tenth of Ramadan dry port tender pushed as bidders adapt to floating EGP                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/tenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/tenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/tenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Tenth of Ramadan dry port tender pushed as bidders adapt to floating EGP&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/tenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/tenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp\/&title=Tenth of Ramadan dry port tender pushed as bidders adapt to floating EGP\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Tenth+of+Ramadan+dry+port+tender+pushed+as+bidders+adapt+to+floating+EGP+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F18%2Ftenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/tenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/301.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578912\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/tenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp\/301-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/301.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"301.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/301.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/301.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578911\" class=\"content-area-description single-story post-578911 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastructure tag-egp tag-enterpriseam tag-exchange-rate tag-infrastructure 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>Tenth of Ramadan dry port tender bids pushed to April:<\/strong> Four consortium bidders for the Tenth of Ramadan dry port project will submit their financial and technical proposals on 30 April, Atter Hannoura, the director of the Finance Ministry's PPP unit, told us, confirming a report from <a href=\"https:\/\/www.alborsaanews.com\/2023\/01\/15\/1621118\">Al Borsa<\/a>.<\/p>\n<p><strong>Why the delay? <\/strong>We were previously expecting the project to be awarded in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df06bf67-9cdc-447c-9bd6-ddfbaa0a7c99\">1Q 2023<\/a> but the state wants to give bidders the chance to readjust their financial reports in response to ongoing fluctuations in the exchange rate, Hannoura told us.<\/p>\n<p><strong>The bidders <\/strong>include a consortium of Elsewedy Electric with French firms <a href=\"https:\/\/www.cevalogistics.com\/en\">CEVA Logistics<\/a> and <a href=\"https:\/\/www.cma-cgm.com\/local\/france\">CMA CGM<\/a>; Orascom Construction and Abu Dhabi Ports Group; a French consortium including <a href=\"https:\/\/www.bollore-logistics.com\/en\/\">Bollor\u00e9 Logistics<\/a> and <a href=\"https:\/\/www.meridiam.com\/\">Meridiam<\/a>; and a consortium led by <a href=\"https:\/\/www.msc.com\/en\/about-us\/msc-group\">MSC<\/a>.<\/p>\n<p><strong>Costs to rise:<\/strong> The port\u2019s construction was initially expected to cost some EGP 3.5 bn, Hannoura said, but that number is expected to increase because of the depreciation of the EGP against the greenback.<\/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\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exchange-rate\/\">exchange rate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578913\" 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=\"578913\">\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\">REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/\">\r\n                            New FRA regulations aim to help insulate ins. companies from credit risk of borrowers                        <\/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\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/\" 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\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/')\">\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\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/\">\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 FRA regulations aim to help insulate ins. companies from credit risk of borrowers&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/\">\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\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/&title=New FRA regulations aim to help insulate ins. companies from credit risk of borrowers\">\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+FRA+regulations+aim+to+help+insulate+ins.+companies+from+credit+risk+of+borrowers+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F18%2Fnew-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers%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\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/302.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578914\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/new-fra-regulations-aim-to-help-insulate-ins-companies-from-credit-risk-of-borrowers\/302-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/302.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"302.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/302.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/302.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578913\" class=\"content-area-description single-story post-578913 post type-post status-publish format-standard has-post-thumbnail hentry category-regulation-watch tag-debt tag-enterpriseam tag-financial-regulatory-authority tag-insurance tag-non-banking-financial-services tag-regulation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>FRA <\/strong><strong>hands down<\/strong><strong> new regulations controlling ins. against credit risks:<\/strong> The Financial Regulatory Authority (FRA) has issued new regulations designed to mitigate credit risk for ins. companies, it said in <a href=\"https:\/\/bit.ly\/3GKMtGZ\">a statement<\/a> on Monday. The amendments aim to encourage lenders to run background checks on borrowers before granting them loans and reduce ins. companies\u2019 exposure to credit risk.<\/p>\n<p><strong>Transferring risk:<\/strong> Under the regulations, lenders will be required to take a 25% haircut on any debts owed by a borrower who defaults. This will reduce the insurer\u2019s risk, leaving them responsible for paying only 75% of the unpaid debt.<\/p>\n<p><strong>Ins. companies will not be able to insure borrowers against credit risk except after the following:<\/strong><\/p>\n<ul>\n<li>Preparing independent financial accounts for credit ins. and separating them from accident ins;<\/li>\n<li>Looking into the borrower\u2019s credit score before insuring them;<\/li>\n<li>Distributing risk by linking up with more than one FRA-approved reins. company.<\/li>\n<\/ul>\n<p><strong>Better regulations to come: <\/strong>The Ins. Federation of Egypt will work to issue unified regulations for credit ins. issuers. The rules will give ins. providers the right to cancel or decline coverage in case the lender violates the policies implemented before lending, loan reviews, or credit approval, or if the lender amends its policies mid-loan with the ins. firm\u2019s written approval.<\/p>\n<p><strong>A blacklist for defaulters: <\/strong>The regulations also entail establishing an online platform that includes a list of borrowers who have defaulted on their loans, which would be distributed among all ins. providers to check with before onboarding new credit ins. clients.<\/p>\n<p><strong>REMEMBER- <\/strong>Back in late 2019, the <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/13\/egypts-fra-makes-insurance-mandatory-for-microfinance-provider\/\">FRA<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/13\/egypts-fra-makes-insurance-mandatory-for-microfinance-provider\/\">introduced<\/a> mandatory life ins. in micro- and SME finance, forcing microfinance and SME finance players to provide ins. coverage for their borrowers. The contracts pay out an amount equivalent to the loans in the event of death or severe disability of borrowers, and lenders are not allowed to mark up the cost of the coverage.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation 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=\"578915\" 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=\"578915\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/578915\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578915\" class=\"content-area-description single-story post-578915 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=\"578916\" 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=\"578916\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/resilient-banks-reduced-price-bread\/\">\r\n                            Resilient banks + reduced-price bread                        <\/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 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data-attachment-id=\"578917\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/resilient-banks-reduced-price-bread\/303-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/303.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"303.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/303.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/303.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578916\" class=\"content-area-description single-story post-578916 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-banking tag-commodities tag-egp tag-enterpriseam tag-fitch-ratings tag-last-nights-talk-shows tag-subsidies wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>It was banking and bread on the airwaves last night: <\/strong>The attention of the talking heads was captured by a new report from Fitch Ratings with positive things to say about the resilience of our banking sector in the face of the EGP devaluation, as well as more details on the subsidized bread scheme set to launch in pilot form today.<\/p>\n<p><strong>Our banking sector can withstand the EGP deval, according to Fitch Ratings: <\/strong>\u201cEgyptian banks\u2019 regulatory capital ratios can withstand further EGP depreciation as they are supported by healthy internal capital generation,\u201d according to a <a href=\"https:\/\/www.fitchratings.com\/research\/banks\/egyptian-banks-capital-ratios-can-withstand-further-egp-depreciation-17-01-2023\">report out yesterday<\/a> from Fitch Ratings. \u201cEven further sharp currency falls should not directly trigger rating downgrades,\u201d the report reads.<\/p>\n<p><strong>Our large private-sector banks are better equipped to sustain the currency devaluation<\/strong> than the sector\u2019s two largest public banks, the National Bank of Egypt and Banque Misr, the report adds, citing private banks\u2019 \u201chigher regulatory capital buffers.\u201d The 25% CDs will \u201csqueeze NBE\u2019s and Banque Misr\u2019s net interest margins (NIMs),\u201d while private-sector banks will be able to make up for deposit outflows thanks to the CDs through higher yields on sovereign securities, Fitch says.<\/p>\n<p><strong>But we\u2019re not out of the woods yet: <\/strong>The EGP \u201cmay remain under pressure in 2023\u201d thanks to the USD 5.4 bn backlog at ports (equivalent to c. 16% of our FX reserves) and external funding needs of USD 19 bn (equivalent to c, 60% of our FX reserves), the ratings agency writes. \u201cIt remains to be seen whether the Central Bank of Egypt will let the exchange rate and interest rates adjust sufficiently to attract new portfolio flows,\u201d it adds. Al Hayah Al Youm has more coverage (<a href=\"https:\/\/www.youtube.com\/watch?v=MLerqH3YcI8\">watch, runtime: 18:07<\/a>)<\/p>\n<p><strong>Local banking experts agree: <\/strong>It\u2019s true that our banking sector can withstand further EGP deprecation, especially after the 2020 Banking Act <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7eb373b-a744-4efd-a6bc-771709312a82\">increased the mandatory capital requirement<\/a> for banks to EGP 5 bn, SAIB Bank Chairman Tarek El Khouly told Masaa DMC\u2019s Ramy Radwan in a phone call (<a href=\"https:\/\/www.youtube.com\/watch?v=WOIgKJ27zA0\">watch, runtime: 9:16<\/a>.) But he disputed the claim that private banks are more resilient, noting that the NBE and Banque Misr own around a 50-60% market share.<\/p>\n<p><strong>AND- Any prepaid card works for subsidized bread purchases: <\/strong>People can use any existing or new prepaid card issued by Egypt Post to buy subsidized bread, Egypt Post\u2019s Hatem Al Souly told Kelma Akhira\u2019s Lamees El Hadidi in a phone call (<a href=\"https:\/\/www.youtube.com\/watch?v=yi6lIujZlcw\">watch, runtime: 7:27<\/a>.) The cards can be charged with any amount of money at ATMs or post offices without additional fees, said El Souly, adding that there are currently around 16 mn cards in the market.<\/p>\n<p><strong>REMEMBER- <\/strong>People not covered by the ration card system will be able to buy bread from bakeries at cost in a trial of the new scheme that should kick off today.<\/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\/banking\/\">banking<\/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\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fitch-ratings\/\">Fitch Ratings<\/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\/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=\"578918\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section 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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/ft-wants-allies-to-pressure-egypt-on-state-involvement-in-the-economy\/\">\r\n                            FT wants allies to pressure Egypt on state involvement in the economy                        <\/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\/18\/ft-wants-allies-to-pressure-egypt-on-state-involvement-in-the-economy\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/304.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578920\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/ft-wants-allies-to-pressure-egypt-on-state-involvement-in-the-economy\/304-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/304.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"304.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/304.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/304.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578919\" class=\"content-area-description single-story post-578919 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-gender tag-privatization-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s an eerily quiet morning for mentions of Egypt in the international press <\/strong>after weeks of breathless coverage of the fluctuations in the EGP exchange rate.<\/p>\n<p><strong>ON THE BUSINESS FRONT- <\/strong><strong>The <\/strong><strong><a href=\"https:\/\/www.ft.com\/content\/d06a05e7-9e00-4a61-a24a-76e9a621f6a9\">Financial Times\u2019 editorial board<\/a><\/strong><strong> is the latest to call on allies of Egypt to <\/strong><strong>pressure the state to reduce its involvement in the economy <\/strong>as per our loan agreement with the IMF.<\/p>\n<p><strong>MEANWHILE-<\/strong> Activist Ghadeer Eldamaty has published a book compiling Egyptian women\u2019s experiences with abortion. (<a href=\"https:\/\/www.dw.com\/en\/egyptian-activists-we-need-to-talk-about-abortion\/a-64408518\">DW<\/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\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578921\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578922\" 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=\"578922\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/vodacom-snaps-up-another-0-02-of-vodafone-egypt\/\">\r\n                            Vodacom snaps up another 0.02% of Vodafone Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/vodacom-snaps-up-another-0-02-of-vodafone-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/vodacom-snaps-up-another-0-02-of-vodafone-egypt\/')\">\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\/18\/vodacom-snaps-up-another-0-02-of-vodafone-egypt\/\">\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=Vodacom snaps up another 0.02% of Vodafone Egypt&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/vodacom-snaps-up-another-0-02-of-vodafone-egypt\/\">\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\/18\/vodacom-snaps-up-another-0-02-of-vodafone-egypt\/&title=Vodacom snaps up another 0.02% of Vodafone Egypt\">\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=Vodacom+snaps+up+another+0.02%25+of+Vodafone+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F18%2Fvodacom-snaps-up-another-0-02-of-vodafone-egypt%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\/18\/vodacom-snaps-up-another-0-02-of-vodafone-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/307.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578923\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/vodacom-snaps-up-another-0-02-of-vodafone-egypt\/307-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/307.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"307.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/307.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/307.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578922\" class=\"content-area-description single-story post-578922 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-arafa-holding tag-capital-markets tag-enterpriseam tag-infobip tag-ma-watch tag-non-banking-financial-services tag-retail tag-valu tag-vodacom tag-vodafone-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>CAPITAL MARKETS-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Minority shareholders loath to part with Vodafone Egypt stakes: <\/strong>Vodacom is acquiring an additional 0.02% (49.5k shares) of Vodafone Egypt from minority shareholders for EUR 17.92 a piece after the subscription period on its offer closed yesterday, according to a bourse <a href=\"https:\/\/ent.news\/2023\/1\/Screenshot-2023-01-17-234135.png\">statement<\/a>. The South African subsidiary of Vodafone Group had initially sought to purchase as much as 0.05% of the company (124.6k shares) from minority shareholders in tandem with acquiring the parent company\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a27eb556-facb-488b-909d-51f3ed0dc9b6\">55% stake<\/a> in December.<\/p>\n<p><strong>RETAIL - <\/strong><\/p>\n<p><strong>Arafa Holding\u2019s board of directors approved the establishment of a fully-owned <\/strong><strong>Dubai-based arm yesterday <\/strong>with our old friend Mohamed Talaat Khalifa (<a href=\"https:\/\/www.linkedin.com\/in\/mohamed-talaat-khalifa-948a2021\/?originalSubdomain=eg\">LinkedIn<\/a>) as its director, according to <a href=\"https:\/\/ent.news\/2023\/1\/Arafa-Group-16-01-2023.pdf\">an EGX disclosure (pdf)<\/a>. No date has been announced for the opening of the Egyptian retailer\u2019s branch in the UAE. Arafa recorded consolidated net sales of USD 165.9 mn in 9M 2022, up 38% from a year ago, according to a <a href=\"https:\/\/ent.news\/2023\/1\/Arafa-earnings-release-9M2022.pdf\">consolidated earnings release (pdf)<\/a> published Sunday.<\/p>\n<p><strong>NBFS- <\/strong><\/p>\n<p><strong>ValU makes customer support available over WhatsApp: <\/strong>EFG Hermes\u2019 consumer finance arm ValU has partnered with <a href=\"https:\/\/www.infobip.com\/?utm_source=google&utm_medium=cpc&utm_term=infobip&utm_network=g&utm_matchtype=b&utm_campaign=851321_a_gsn_lg-web_infobip_mn_zz_en_i&utm_adgroup=en_intent_infobip-brand_mn_zz&gclid=Cj0KCQiAq5meBhCyARIsAJrtdr5GojnGRRIbQcsJj3HGAO6UtwInkuQOY7nJw-7LXXUSRGxyJKtyfLIaAi0wEALw_wcB\">Infobip<\/a> to launch its WhatsApp Business Platform offering customer support via the app, according to a company <a href=\"https:\/\/ent.news\/2023\/1\/valU-x-Infobip-English.pdf\">press release<\/a>. ValU customers will now be able to get responses to FAQs, as well as discounts, reminders, and other notifications over Whatsapp.<\/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\/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\/arafa-holding\/\">Arafa Holding<\/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\/infobip\/\">Infobip<\/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\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"578926\" 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=\"578926\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/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\/18\/el-sisi-joins-jordanian-palestinian-leaders-to-condemn-unilateral-israeli-measures\/\">\r\n                            El Sisi joins Jordanian, Palestinian leaders to condemn \u201cunilateral Israeli measures\u201d                        <\/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\/18\/el-sisi-joins-jordanian-palestinian-leaders-to-condemn-unilateral-israeli-measures\/\" 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\/18\/el-sisi-joins-jordanian-palestinian-leaders-to-condemn-unilateral-israeli-measures\/')\">\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\/18\/el-sisi-joins-jordanian-palestinian-leaders-to-condemn-unilateral-israeli-measures\/\">\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=El Sisi joins Jordanian, Palestinian leaders to condemn \u201cunilateral Israeli measures\u201d&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/el-sisi-joins-jordanian-palestinian-leaders-to-condemn-unilateral-israeli-measures\/\">\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\/18\/el-sisi-joins-jordanian-palestinian-leaders-to-condemn-unilateral-israeli-measures\/&title=El Sisi joins Jordanian, Palestinian leaders to condemn \u201cunilateral Israeli measures\u201d\">\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=El+Sisi+joins+Jordanian%2C+Palestinian+leaders+to+condemn+%E2%80%9Cunilateral+Israeli+measures%E2%80%9D+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F18%2Fel-sisi-joins-jordanian-palestinian-leaders-to-condemn-unilateral-israeli-measures%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\/18\/el-sisi-joins-jordanian-palestinian-leaders-to-condemn-unilateral-israeli-measures\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/309.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578927\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/el-sisi-joins-jordanian-palestinian-leaders-to-condemn-unilateral-israeli-measures\/309-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/309.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"309.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/309.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/309.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578926\" class=\"content-area-description single-story post-578926 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-egypt-jordan-relations tag-egypt-palestine-relations tag-enterpriseam tag-israel-palestine-conflict tag-mahmoud-abbas wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egyptian-Jordanian-Palestinian summit addresses heightened tensions in <\/strong><strong>Israel-Palestine conflict: <\/strong>Palestinian affairs took center stage at a meeting yesterday in Cairo between President Abdel Fattah El Sisi, Jordanian King Abdullah II, and Palestinian President Mahmoud Abbas, according to a <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02hFZPdXLqoHJG5Y2bei1s42DeTUT2MbHREbSYatoGZNpfZxWR9aUb698MuA99JG7Zl\">joint statement<\/a>. The statement reiterated the three leaders\u2019 support for a two-state solution to the conflict, as well as Jordanian and Egyptian support for Abbas.<\/p>\n<p><strong>A message to the new Israeli gov\u2019t: <\/strong>The three leaders \u201cconfirmed the need to halt illegal unilateral Israeli measures that undermine the two-state solution and [chances] of achieving just and comprehensive peace,\u201d including \u201csettlements, confiscation of Palestinian lands, demolitions of homes, the displacement of Palestinians from their homes, the continuous Israeli raids into Palestinian cities, and the violation of the historical and legal status in Jerusalem and its sanctities.\u201d<\/p>\n<p><strong>ICYMI-<\/strong> The meeting comes following a series of provocative <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/000be63b-533f-4de8-b987-ab4f7177ca6e\">moves<\/a> by Israel\u2019s new far-right government, which includes ministers that have advocated deporting Arabs and annexing the country\u2019s illegal settlements in the West Bank.<\/p>\n<p><strong>The summit got coverage <\/strong>in Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=QJu 2rF hIQU\">watch, runtime: 2:13<\/a>), and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=vCm25PoMp74\">watch, runtime: 10:47<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-jordan-relations\/\">Egypt-Jordan relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-palestine-relations\/\">Egypt-Palestine relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mahmoud-abbas\/\">Mahmoud Abbas<\/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=\"578930\" 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\/18\/578930\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578930\" class=\"content-area-description single-story post-578930 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>16-20 January (Monday-Friday): <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/\">Davos 2023<\/a>.<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January-6 February (Thursday-Monday): Cairo International Book Fair, Egypt International Exhibition Center.<\/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>31 January (Tuesday): The IMF will release its World Economic Outlook Update.<\/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":578900,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578899","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"170e3af6-99d0-410b-82d8-e4e41d63df1d","teaser":"","photo_url":"https:\/\/ent.news\/2023\/1\/294.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How long will 25% CDs last? 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