{"id":579194,"date":"2023-01-30T04:13:18","date_gmt":"2023-01-30T04:13:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=579194"},"modified":"2025-12-16T11:56:26","modified_gmt":"2025-12-16T11:56:26","slug":"cib-to-take-full-ownership-of-kenyas-mayfair-bank-in-usd-40-mn-stake-buy","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cib-to-take-full-ownership-of-kenyas-mayfair-bank-in-usd-40-mn-stake-buy\/","title":{"rendered":"CIB to take full ownership of Kenya\u2019s Mayfair bank in USD 40 mn stake buy"},"content":{"rendered":"<section id=\"579196\" 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=\"579196\">\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\/30\/this-morning-blinken-to-sit-down-with-el-sisi-fm-shoukry-today\/\">\r\n                            THIS MORNING: Blinken to sit down with El Sisi, FM Shoukry today                        <\/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\/30\/this-morning-blinken-to-sit-down-with-el-sisi-fm-shoukry-today\/\" 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category-what-were-tracking-today tag-antony-blinken tag-banking tag-egypt-us-relations tag-enterpriseam tag-sports tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, lovely people, and happy Monday. <\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Driving the conversation on Egypt in the global press this morning: US <\/strong><strong>Secretary of State <\/strong><strong>Antony<\/strong><strong> Blinken is in town <\/strong>and will meet this morning with President Abdel Fattah El Sisi (9am CLT) and Foreign Minister Sameh Shoukry (10:30am CLT) and then hold a presser (11:40am) before he heads to Israel to speak with Israeli Prime Minister Benjamin Netanyahu and others later this afternoon, according to Blinken\u2019s <a href=\"https:\/\/www.state.gov\/public-schedule-january-30-2023\/\">public schedule for today<\/a>. Blinken arrived here yesterday afternoon.<\/p><p><strong>On the agenda: <\/strong>The latest from Palestine and Israel alongside developments in Libya and Sudan, according to a <a href=\"https:\/\/eg.usembassy.gov\/secretary-blinkens-travel-to-egypt-israel-and-the-west-bank\/\">statement<\/a>.<\/p><p><strong>How are ties now between the two sides? <\/strong>As warm as we can remember them being in during the Biden administration. The State Department\u2019s rundown on \u201cthe US-Egypt relationship,\u201d issued on the eve of Blinken\u2019s departure for Cairo, notes our \u201chistorically strong and growing partnership\u201d and dives <a href=\"https:\/\/www.state.gov\/the-u-s-egypt-relationship\/\">deeper into areas including (in order of appearance, and thus emphasis)<\/a>: regional security, the economy, \u201cpeople-to-people ties,\u201d climate, defense, and then democracy and human rights.<\/p><p><strong>Blinken kicked off his Cairo visit at AUC yesterday,<\/strong> holding a conversation with a group of young people at the Tahrir campus. \u201cEnjoyed hearing from these young Egyptian leaders who are promoting our shared values and strengthening our important bilateral relationship \u2014 this makes me optimistic about our future,\u201d he <a href=\"https:\/\/twitter.com\/SecBlinken\/status\/1619743686308560898?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1619743686308560898%7Ctwgr%5E091f509425f1d487986cb18b5513b828e8a3f8bd%7Ctwcon%5Es1_&amp;ref_url=https:\/\/english.ahram.org.eg\/NewsContent\/1\/1234\/487158\/Egypt\/Foreign-Affairs\/Blinken-holds-conversation-with-youth-in-AUC-at-th.aspx\">tweeted<\/a>. He also met yesterday with staff and families at the US embassy.<\/p><p><strong>Blinken has been reasonably quiet in the press since arriving: <\/strong>Only his <a href=\"https:\/\/www.state.gov\/secretary-antony-j-blinken-and-al-arabiya-cairo-bureau-chief-randa-abul-azm-at-a-conversation-with-rising-egyptian-leaders\/\">opening remarks<\/a> at AUC Tahrir were on the record for the press and his interview yesterday with <a href=\"https:\/\/www.state.gov\/secretary-antony-j-blinken-with-nadia-bilbassy-of-al-arabiya\/\">Al Arabiya<\/a> focused largely on Iran, followed by Iraq, Libya and Syria.<\/p><hr class=\"grey-line\"><p><strong>PSA- No fake weather news here: Winter will finally be upon us starting tomorrow. <\/strong>Look for the mercury to slide below 20\u00b0C for the coming two weeks, our favorite weather app suggests. Anyone else think we\u2019ve so far had an unusually warm (and dry) winter?<\/p><p><strong>** <\/strong><\/p><div class=\"stand-out\"><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/FMGPJ3G\">TAKE OUR JANUARY ENTERPRISE READER SURVEY<\/a><\/strong><strong> and get a chance to have lunch with <\/strong><strong>us:<\/strong> Give us your thoughts on how 2022 panned out for your business and industry, and what you\u2019re expecting in the year ahead in our Enterprise Reader Survey.\n<p><strong>We\u2019re asking you to share your expectations<\/strong> on the EGP \/ USD rate in 2023, how you\u2019re managing expenses amid the rising cost of living, where you see your industry as a whole heading, and whether you expect to make fresh investments \u2014 among a few other questions we ask our community on a regular basis. As is our custom, we\u2019ll be sharing the results with all of you in a few weeks\u2019 time to help you shape your view of the year.<\/p>\n<p><strong>You can <\/strong><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/FMGPJ3G\">take the Reader Survey here<\/a><\/strong> \u2014 it won\u2019t take more than a few minutes to complete.<\/p>\n<p><strong>Want to have lunch with us?<\/strong> Leave your name, email, mobile number, and where you work in the box for \u201cIs there anything else you want to tell us.\u201d We\u2019ll be inviting eight participating readers to breakfast at one of our favorite restaurants.<\/p>\n<\/div><p><strong>IN THE HOUSE-<\/strong><\/p><p><strong>Transport Minister Kamel El Wazir is in the hot seat<\/strong>, facing questions in the House on railway and metro upgrades, ports, and maritime transport, as well as what some reps are characterizing as his \u201cexcessive borrowing policies\u201d and the high cost of our new Spanish Talgo passenger trains.<\/p><p><strong>A busy day for the House Committees: <\/strong><\/p><ul>\n<li><strong>The Economic Affairs Committee will <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0818fe5-ccaf-4682-951d-7f01a70c0763\">resume discussion<\/a><\/strong><strong> of the Unified Ins. Act<\/strong>, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cea77833-386b-467f-8909-3d305087d7d6\">the Senate<\/a> approved last April. The bill would give the Financial Regulatory Authority (FRA) broad new powers to regulate the sector.<\/li>\n<li><strong>The Defence and National Security Committee<\/strong> will begin discussing a new draft law that would give village mayors and sheikhs more security powers.<\/li>\n<li><strong>The CIT Committee will resume discussion of a draft bill establishing the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e91cb15-5151-475a-a80d-90205c0e59b3\">Digital Egypt Fund<\/a><\/strong><strong>.<\/strong> The bill<a href=\"https:\/\/english.ahram.org.eg\/News\/483238.aspx\">was approved by the Senate<\/a> in December.<\/li>\n<li><strong>The Education Committee will begin discussing a new bill establishing the Egyptian Intellectual Property Authority<\/strong>, which was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb6547fb-12b6-4c95-9912-3e914bb5a70f\">approved by the cabinet<\/a> in November.<\/li>\n<\/ul><p><strong>RUMOR MILL IN THE HOUSE- Rumors of an imminent cabinet reshuffle <\/strong><strong>swept<\/strong><strong> the House yesterday.<\/strong> Opposition MPs loudly criticized the Madbouly government\u2019s handling of the economy, sending representatives of the majority Mostaqbal Watan party to jump to cabinet\u2019s defense. \u201cWe as majority, however, are keen to voice the concerns of the people in this House and are eager to use all of our powers to exercise supervision over the government in a way that is in the public interest,\u201d said party spokesperson Rep. Ashraf Rashad.<\/p><p><strong>HAPPENING TOMORROW- <\/strong><\/p><p><strong>Sayonara, CDs:<\/strong> The National Bank of Egypt and Banque Misr will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/166ff670-3d1c-405e-a030-6f2af41953c4\">pull their one-year 25%<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/166ff670-3d1c-405e-a030-6f2af41953c4\">certificates of deposit<\/a> from the market by the end of the working day tomorrow. The high-interest CDs were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\">introduced earlier this month<\/a> ahead of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63a7ec65-1966-4d8f-9b11-181cbd0f12b6\">devaluation of the EGP<\/a>. CIB, QNB Alahli and Banque du Caire are yet to announce when they will follow suit, though we expect all the high-yield CDs to be pulled off the market in tandem.<\/p><p><strong>HAPPENING THIS WEEK-<\/strong><\/p><p><strong>It\u2019s interest rate week here at home\u2026<\/strong> The Central Bank of Egypt (CBE) is likely to hike interest rates when it meets on Thursday as inflation continues to run high, according to our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89a865a7-f6fa-4818-8b55-f5e0fd8bb1e5\">interest rate poll<\/a>.<\/p><p><strong>\u2026And in the US:<\/strong> The Federal Reserve is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6cc4300f-88fa-431a-872b-476a2d9a5659\">expected to continue to slow<\/a> the pace of its interest rate hikes when it holds its two-day policy meeting on Tuesday and Wednesday.<\/p><p><strong>EBRD + EU + GCF are holding a green finance event tomorrow:<\/strong> The European Bank for Reconstruction and Development, the EU, the <a href=\"https:\/\/enterprise.press\/greeneconomys\/whats-green-economy-financing-facility-geff-work\/\">Green Economic Financing Facility<\/a>, and the <a href=\"https:\/\/www.greenclimate.fund\/about\">Green Climate Fund<\/a> will hold a green finance event on Tuesday, 31 January at the Nile Ritz Carlton Hotel.<\/p><hr class=\"grey-line\"><p><strong>DATA POINT- What \u2018normal\u2019 means when it comes to imports waiting at ports: <\/strong>There are c. USD 4.8 bn worth of imported goods at our ports \u2014 the same level as before the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d041e1e1-1f9c-4271-8391-d6c3b10e965f\">now-scrapped<\/a> rules that restricted imports were introduced a year ago, Alaa Ezz, secretary-general of the Federation of Egyptian Chambers of Commerce, told Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=e-STHHUy_VA\">watch, runtime: 3:13<\/a>). Imports worth USD 794.7 mn were released from the country\u2019s ports between 24-28 January, Cabinet Spokesperson Nader Saad said in a <a href=\"https:\/\/tinyurl.com\/2zjbzktm\">statement<\/a>, bringing the total value of goods released since 1 December to c. USD 16.2 bn by our math. PM Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5952b6c0-1c61-4b93-b732-3000cb7c2501\">said on Saturday<\/a> that the backlog of imported goods at our ports has been cleared.<\/p><p><strong>We ended the World Men\u2019s Handball Championship in seventh place <\/strong>after our national team beat Hungary 36-35 in an action-packed game that saw the teams go through multiple rounds of extra time to break a tie. <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/6\/56\/487146\/Sports\/Omni-sports\/Handball-Egypt-finish-th-at-World-Championship-aft.aspx\">Denmark clinched victory<\/a> at the tournament, beating France 34-29 in yesterday\u2019s final and becoming the first team ever to rack up three consecutive world titles.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG BUSINESS STORY ABROAD:<\/strong><strong> Adani hits back against fraud claims that <\/strong><strong>sparked USD 50 bn stock rout: <\/strong>Indian conglomerate Adani Group has responded in a 413-page riposte to claims of fraud made by short seller Hindenburg Research that saw some USD 48 bn wiped off the company\u2019s value, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-29\/adani-risk-casts-doubt-on-wall-street-s-star-emerging-market-bet?sref=mmeFTDW1\">Bloomberg<\/a> reports. Adani said Hindenburg\u2019s report was \u201cnothing short of calculated securities fraud,\u201d and described the company\u2019s claims as attacking India as a whole.<\/p><p><strong>The Adani news is making waves among EM investors<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-29\/adani-risk-casts-doubt-on-wall-street-s-star-emerging-market-bet?sref=mmeFTDW1\">Bloomberg<\/a> says. While relatively expensive, Indian stocks are a favorite among emerging market investors thanks to the country\u2019s high growth and strong governance standards. Indian equities make up more than 14% of MSCI\u2019s emerging-market index \u2014 second only to China. But inflows could shift away to other EMs like Taiwan and South Korea in the fallout of the Adani ruckus, EM strategists told the business information service.<\/p><p><strong>SIGNS OF THE TIMES-<\/strong><\/p><p><strong>#1- Google AI can turn text into music:<\/strong> MusicLM is an AI model developed by Google that turns descriptive text into \u201chigh-fidelity\u201d music. <a href=\"https:\/\/arxiv.org\/pdf\/2301.11325.pdf\">Google\u2019s research paper (pdf)<\/a> claims that its platform can generate music at 24 KHz, which outperforms in audio quality compared to others. Check out MusicLM\u2019s interpretation of Munch\u2019s The Scream or its rendition of a reggae track <a href=\"https:\/\/google-research.github.io\/seanet\/musiclm\/examples\/?utm_source=pocket_reader\">here<\/a>. The company has said it will not be releasing the tool (just yet) to the public anytime soon because of copyright concerns. <a href=\"https:\/\/techcrunch.com\/2023\/01\/27\/google-created-an-ai-that-can-generate-music-from-text-descriptions-but-wont-release-it\/\">Tech Crunch<\/a> has more.<\/p><p><strong>#2- It\u2019s farewell to the Boeing 747<\/strong> after more than five decades in production. The last of the original \u201cjumbo jets\u201d will be delivered tomorrow to Atlas Air, ending a reign that saw the aircraft revolutionize the aviation industry, <a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/boeings-747-original-jumbo-jet-prepares-final-send-off-2023-01-29\/\">Reuters<\/a> reports.<\/p><p><strong>#3- Commodity traders are seriously short on finance: <\/strong>The working capital needed to finance the global trade in commodities has more than doubled since 2020 and could rise by as much again by the end of 2024, sending traders on the hunt for an extra USD 300-500 bn to maintain the flow of goods, a <a href=\"https:\/\/www.mckinsey.com\/industries\/electric-power-and-natural-gas\/our-insights\/the-future-of-commodity-trading#\/\">report<\/a> by consultant McKinsey shows. Price volatility, higher interest rates, and rising shipping costs on the back of an energy price boom are to blame, after the war in Ukraine sent a shock through the sector, the report reads.<\/p><p><strong>ICYMI-<\/strong><\/p><p><strong>Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at proposals to hand out <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/74972642-988c-4560-8278-6d454b3089bc\">silver and diamond licenses<\/a> to industrial investors.<\/p><p><strong>COME TO OUR NEXT ENTERPRISE FORUM- <\/strong><\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/Enterprise-FDI-Exports_1600.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>We\u2019re excited to unveil our next C-level event: <\/strong>The Enterprise FDI + Exports Forum, where we will take a deep dive into two of the most critical topics affecting our community.<\/p><p><strong>Exports and foreign direct investment (FDI) have never been more important to our economy<\/strong> \u2014 or our businesses \u2014 than in the wake of the float of the EGP. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">We think we have a once-in-a-lifetime chance to build an export-led economy<\/a> that makes us a magnet for FDI and all the benefits that will come with it for our nation.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>NPH gets more time for Pachin takeover bid<\/strong>: The Financial Regulatory Authority (FRA) has granted a 60-day extension to Dubai-based National Paints Holdings\u2019 (NPH) on its offer to acquire Paint and Chemical Industries (Pachin), according to a <a href=\"https:\/\/ent.news\/2023\/1\/FRA-NPH.pdf\">statement to the EGX (pdf)<\/a>.<\/p><p><strong>REMEMBER<\/strong>- NPH\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bd16acf-0bc2-4e41-abb4-98ff04e3cb71\">offer of EGP 29 per share<\/a> for 100% of Pachin is the second highest of five bids to take over the company in recent months. Pachin had been expected to respond to NPH\u2019s offer this month but has not yet done so. The highest bidder at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51ebd661-7bc4-402c-993a-3432a7f06307\">EGP 30 a share<\/a>, Compass Capital, recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a684bd8f-263d-4cf6-b188-a4d47d25c113\">got the nod from Pachin<\/a> to do due diligence.<\/p><p><strong>We\u2019re still waiting to hear what\u2019s happening with fuel prices this quarter:<\/strong> The government\u2019s fuel pricing committee was due to meet earlier this month to set fuel prices for 1Q 2023. The government has increased prices at the pump by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/02504f84-a7b4-43ef-818f-fb9abe3a75a7\">23-28%<\/a> since April 2021, and decided on a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">rare fuel oil price hike<\/a> last July.<\/p><p><strong>Expect prices to rise:<\/strong> The government has committed to changing local fuel prices in line with movements in the global markets under the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f25427b-43e1-4104-9b7a-2aea214242b2\">USD 3 bn loan agreement<\/a> with the IMF.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.<\/p><p><strong>In today\u2019s issue:<\/strong> We look at the British edtech firms who want to help bolster development in our education sector.<\/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\/antony-blinken\/\">Antony Blinken<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/egypt-us-relations\/\">Egypt-US relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/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=\"579198\" 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=\"579198\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/579198\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579198\" class=\"content-area-description single-story post-579198 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/1-Somabay-Escape-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Experience a time of serenity and breathtaking views of the Red Sea where you get to enjoy life as it should be, only at Somabay. A gateway for the perfect winter vacation where you can combine all your vacation elements from one place. For more information, kindly contact us at 16390 or <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=\"579199\" 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=\"579199\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/cib-and-kenyas-mayfair-bank-are-now-one\/\">\r\n                            CIB and Kenya\u2019s Mayfair Bank are now one                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/cib-and-kenyas-mayfair-bank-are-now-one\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/cib-and-kenyas-mayfair-bank-are-now-one\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/cib-and-kenyas-mayfair-bank-are-now-one\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=CIB and Kenya\u2019s Mayfair Bank are now one&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/cib-and-kenyas-mayfair-bank-are-now-one\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/cib-and-kenyas-mayfair-bank-are-now-one\/&title=CIB and Kenya\u2019s Mayfair Bank are now one\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=CIB+and+Kenya%E2%80%99s+Mayfair+Bank+are+now+one+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F30%2Fcib-and-kenyas-mayfair-bank-are-now-one%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/cib-and-kenyas-mayfair-bank-are-now-one\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/505.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579200\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/cib-and-kenyas-mayfair-bank-are-now-one\/505-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/505.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"505.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/505.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/505.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579199\" class=\"content-area-description single-story post-579199 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-banking tag-cib tag-egypt-kenya-relations tag-enterpriseam tag-ma-watch tag-mayfair-cib-bank 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> CIB now owns all of Kenya\u2019s Mayfair:<\/strong> EGX mainstay CIB will acquire 49% of Mayfair CIB for USD 40 mn, giving it full ownership of the Kenyan bank, CIB said in <a href=\"https:\/\/www.cibeg.com\/en\/newsroom\/news\/2023-1-29-cib-mcib-press-release\">a statement<\/a> yesterday. Mayfair CIB has a focus on corporate and trade finance. The Egyptian and Kenyan central banks have approved the transaction, paving the way for Mayfair to become a fully-owned subsidiary of CIB, it said. The acquisition will close on 31 January, <a href=\"https:\/\/www.asharqbusiness.com\/article\/46511\/\u0627\u0644\u0628\u0646\u0643-\u0627\u0644\u062a\u062c\u0627\u0631\u064a-\u0627\u0644\u062f\u0648\u0644\u064a\u0645\u0635\u0631-\u064a\u0633\u062a\u062d\u0648\u0630-\u0639\u0644\u0649-\u0627\u0644\u062d\u0635\u0629-\u0627\u0644\u0645\u062a\u0628\u0642\u064a\u0629-\u0641\u064a-\u0645\u0627\u064a-\u0641\u064a\u0631-\u0627\u0644\u0643\u064a\u0646\u064a\/\">Asharq Business<\/a> reported Friday, citing the Central Bank of Kenya.<\/p>\n<p><strong>Mayfair became Mayfair CIB in 2020:<\/strong> The Egyptian lender <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/812fb7dd-b3b8-4b41-9e16-3bf22e5eb544\">acquired 51%<\/a> of Mayfair in April 2020 for <a href=\"https:\/\/www.cibeg.com\/en\/newsroom\/news\/mayfair-bank\">USD 35.4 mn<\/a>. CIB said that it would look to scale the lender, which at the time was Kenya\u2019s fourth-smallest bank with only five branches.<\/p>\n<p><strong>A turnaround:<\/strong> Mayfair CIB has rebounded following a post-tax loss in 2020 due to the covid-19 pandemic, and last year reported positive net income of KSH 96.1 mn (USD 880.8k). Operating income jumped 64% y-o-y to KSH 891.5 mn (USD 8.2 mn) in 2021, according to the CIB statement.<\/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\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-kenya-relations\/\">Egypt-Kenya relations<\/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\/mayfair-cib-bank\/\">Mayfair CIB Bank<\/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=\"579201\" 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=\"579201\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/more-independence-for-tourism-chambers-hefty-fines-for-fake-weather-news\/\">\r\n                            More independence for tourism chambers + Hefty fines for fake weather news                        <\/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\/30\/more-independence-for-tourism-chambers-hefty-fines-for-fake-weather-news\/\" 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\/30\/more-independence-for-tourism-chambers-hefty-fines-for-fake-weather-news\/')\">\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\/30\/more-independence-for-tourism-chambers-hefty-fines-for-fake-weather-news\/\">\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=More independence for tourism chambers + Hefty fines for fake weather news&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/more-independence-for-tourism-chambers-hefty-fines-for-fake-weather-news\/\">\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\/30\/more-independence-for-tourism-chambers-hefty-fines-for-fake-weather-news\/&title=More independence for tourism chambers + Hefty fines for fake weather news\">\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=More+independence+for+tourism+chambers+%2B+Hefty+fines+for+fake+weather+news+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F30%2Fmore-independence-for-tourism-chambers-hefty-fines-for-fake-weather-news%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\/30\/more-independence-for-tourism-chambers-hefty-fines-for-fake-weather-news\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/506.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579202\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/more-independence-for-tourism-chambers-hefty-fines-for-fake-weather-news\/506-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/506.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"506.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/506.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/506.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579201\" class=\"content-area-description single-story post-579201 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-development-finance tag-egyptian-meteorological-authority tag-enterpriseam tag-house-of-representatives tag-legislation-watch tag-tourism tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a><strong> House gives first nod to tourism bill: <\/strong>The House of Representatives yesterday gave its preliminary approval to a draft bill that will strip the power to form and regulate tourism chambers from the Tourism Minister and place it instead in the hands of the <a href=\"http:\/\/etf.ispdemos.com\/\">Egyptian Tourism Federation (ETF)<\/a>. The 72-article bill aims to make tourism chambers more democratic and independent and reinforce their role in promoting the industry, according to a report by the House Tourism and Aviation Committee.<\/p>\n<p><strong>Private sector to get a bigger say in tourism strategy? <\/strong>\u201cThe bill strengthens cooperation among private sector tourism companies in drawing up strategies for tourism promotion and marketing,\u201d Tourism Minister Ahmed Issa told the House yesterday. It comes as the government looks to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/84c1950b-328d-4eae-bc55-de940b4abdcc\">more than triple<\/a> annual tourism revenues to reach USD 30 bn, he added.<\/p>\n<p><strong>REMEMBER- The government is <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/923843df-1ef1-4551-8a75-34f68668951d\">pushing the tourism sector<\/a><\/strong><strong> to up accommodation capacity and improve services<\/strong> as part of plans to boost the sector. Look out for a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3564fecc-ba24-4f50-9625-638c4ec6afb6\">new tourism strategy<\/a> later this quarter for details on how those goals will be achieved.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Also getting the greenlight<\/strong>: MPs gave their final approval yesterday to the country joining two multilateral agreements: one <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da88cb80-7995-4db1-a579-0549797d7764\">offering administrative assistance on tax matters<\/a>, and the other to join the BRICS economic group\u2019s New Development Bank.<\/p>\n<p><strong>Good news for de-dollarization? <\/strong>\u201cEgypt joining the BRICS Group's New Development Bank will also help reduce demand for USD as bank members can use their national currencies in exchange of trade,\" Deputy Chairman of the House Economic Committee Mohamed Abdel Hamid said. Talk of the benefits of trading in currencies other than the USD has ramped up amid a hard currency shortage and in the wake of the most recent EGP devaluation, and after Russia\u2019s central bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef757b31-8042-413d-b3df-4fa9b8756ce7\">approved the EGP as a trade currency<\/a> earlier this month.<\/p>\n<hr class=\"grey-line\">\n<p><strong>AND- A crackdown on fake weather forecasts:<\/strong> The House has received a<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb6547fb-12b6-4c95-9912-3e914bb5a70f\"><\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb6547fb-12b6-4c95-9912-3e914bb5a70f\">government-drafted bill<\/a> that regulates the performance of the country\u2019s Egyptian Meteorological Authority (EMA) and introduces hefty fines for fake news on weather forecasts. Under the legislation, anyone who uses social media or other media outlets to publish \u201cfake news\u201d on weather conditions could face a fine of between EGP 100k and EGP 5 mn. The same penalty would be imposed on those who buy weather forecasting equipment, set up meteorological stations, or release any kind of weather report without the prior approval of the EMA.<\/p>\n<p><strong>Weather privatization in the works? <\/strong>The bill would also allow the EMA to open the door to the private sector to enter the weather forecasting business.<\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-meteorological-authority\/\">Egyptian Meteorological Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579203\" 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=\"579203\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/\">\r\n                            Wafeq plans Egypt entry after raising USD 3 mn seed round                        <\/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\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/\" 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\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/')\">\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\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/\">\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=Wafeq plans Egypt entry after raising USD 3 mn seed round&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/\">\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\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/&title=Wafeq plans Egypt entry after raising USD 3 mn seed round\">\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=Wafeq+plans+Egypt+entry+after+raising+USD+3+mn+seed+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F30%2Fwafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round%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\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/507.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579204\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/507-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/507.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"507.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/507.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/507.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579203\" class=\"content-area-description single-story post-579203 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-non-banking-financial-services tag-startup-watch tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>UAE accounting startup <\/strong><strong><a href=\"https:\/\/www.wafeq.com\/en\">Wafeq<\/a><\/strong><strong> has raised USD 3 mn in a seed round<\/strong>, the company <a href=\"https:\/\/www.wafeq.com\/en\/press-releases\/media-center\/wafeq-raises-dollar3-million-seed-round-led-by-raed-ventures-and-participation-from-wamda-capital\">said<\/a> Wednesday. The round \u2014 led by Saudi VC <a href=\"https:\/\/raed.vc\/\">Raed Ventures<\/a>, with participation from <a href=\"https:\/\/wamdacapital.com\/\">Wamda Capital<\/a> \u2014 will help fund Wafeq\u2019s expansion into Egypt while scaling its services in the Gulf.<\/p>\n<p><strong>Not yet a household name here:<\/strong> Wafeq is a Dubai-headquartered accounting platform looking to address the \u201cunmet finance and accounting needs of small and medium businesses in the Middle East.\u201d Its platform enables SMEs to manage accounting, e-invoicing, payroll and taxation. It aims to help companies to stay compliant with tax law and will soon meet the requirements of the Egyptian Tax Authority, the statement reads. Businesses currently use Wafeq to create more than 630k invoices every month totalling over USD 117 mn, the company said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579205\" 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=\"579205\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/katamish-moves-to-mnhd-new-ir-leads-at-ofh-and-ek-holding\/\">\r\n                            Katamish moves to MNHD + new IR leads at OFH and EK Holding                        <\/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\/30\/katamish-moves-to-mnhd-new-ir-leads-at-ofh-and-ek-holding\/\" 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\/30\/katamish-moves-to-mnhd-new-ir-leads-at-ofh-and-ek-holding\/')\">\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\/30\/katamish-moves-to-mnhd-new-ir-leads-at-ofh-and-ek-holding\/\">\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=Katamish moves to MNHD + new IR leads at OFH and EK Holding&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/katamish-moves-to-mnhd-new-ir-leads-at-ofh-and-ek-holding\/\">\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\/30\/katamish-moves-to-mnhd-new-ir-leads-at-ofh-and-ek-holding\/&title=Katamish moves to MNHD + new IR leads at OFH and EK Holding\">\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=Katamish+moves+to+MNHD+%2B+new+IR+leads+at+OFH+and+EK+Holding+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F30%2Fkatamish-moves-to-mnhd-new-ir-leads-at-ofh-and-ek-holding%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\/30\/katamish-moves-to-mnhd-new-ir-leads-at-ofh-and-ek-holding\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/510.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579206\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/katamish-moves-to-mnhd-new-ir-leads-at-ofh-and-ek-holding\/510-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/510.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"510.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/510.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/510.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579205\" class=\"content-area-description single-story post-579205 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-egypt-kuwait-holding tag-enterpriseam tag-hany-azzam tag-khaled-el-demerdash tag-mohamed-gamal tag-moves tag-orascom-financial-holding tag-tarek-yehia-el-kheiashy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Our friend <strong>Salah Katamish <\/strong>(<a href=\"https:\/\/www.linkedin.com\/in\/salah-katamish-54a665104\/\">LinkedIn<\/a>) is now full time at real estate developer <strong>MNHD<\/strong> as the company\u2019s <strong>senior vice president for strategy and investments<\/strong>. He remains a member of the board of directors at MNHD, a post he has held since 2017. Katamish had been on staff at private equity investor BPE Partners, where he was director and head of placement, since 2008. He had been seconded to MNHD from 2012 onward as part-time director of investor relations. BPE is a significant long-term investor in MNHD.<\/p>\n<p><strong>Orascom Financial Holding<\/strong> has appointed <strong>Mohamed Gamal<\/strong> (<a href=\"http:\/\/linkedin.com\/in\/mohamed-gamal-54820988\">LinkedIn<\/a>) as its new IR head after our friend <strong>Tamer Darweesh<\/strong> stepped down, it said in a <a href=\"https:\/\/ent.news\/2023\/1\/OFH-Jan23.pdf\">disclosure (pdf)<\/a> to the bourse. Gamal was formerly senior finance manager at OFH and its fintech arm Klivvr.<\/p>\n<p>Our friend <strong>Tarek Yehia <\/strong>(<a href=\"https:\/\/www.linkedin.com\/in\/tarek-yehia-el-kheiashy-2267b512\/\">LinkedIn<\/a>) has<strong> stepped down<\/strong> as head of IR at<strong> EK <\/strong><strong>Holding<\/strong>. The department is now <a href=\"https:\/\/ir.ekholding.com\/en\/ir-contacts\">represented<\/a> by the company\u2019s head of corporate governance, <strong>Hany Azzam<\/strong>, and the group\u2019s legal counsel, <strong>Khaled El Demerdash<\/strong>, according to <a href=\"https:\/\/ent.news\/2023\/1\/EKH-Jan23.pdf\">a bourse filing (pdf)<\/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\/egypt-kuwait-holding\/\">Egypt Kuwait Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hany-azzam\/\">Hany Azzam<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khaled-el-demerdash\/\">Khaled El Demerdash<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-gamal\/\">Mohamed Gamal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-financial-holding\/\">Orascom Financial Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-yehia-el-kheiashy\/\">Tarek Yehia El Kheiashy<\/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=\"579207\" 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=\"579207\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/579207\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579207\" class=\"content-area-description single-story post-579207 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/3-SODIC-Eastown-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=\"579208\" 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=\"579208\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/egx-gains-high-yield-cds-and-rate-hikes-on-the-airwaves\/\">\r\n                            EGX gains, high-yield CDs, and rate hikes on the airwaves                        <\/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\/30\/egx-gains-high-yield-cds-and-rate-hikes-on-the-airwaves\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            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data-attachment-id=\"579209\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/egx-gains-high-yield-cds-and-rate-hikes-on-the-airwaves\/511-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/511.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"511.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/511.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/511.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579208\" class=\"content-area-description single-story post-579208 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-egx tag-egypt-inflation tag-enterpriseam tag-interest-rates tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was another econ-heavy evening on the talk shows last night<\/strong>, with the talking heads cheering a good day for the EGX yesterday; totting up inflows to high-yield CDs ahead of the finish line tomorrow; and looking into their crystal balls to see whether a rate hike is in the cards when central bank policy makers meet on Thursday.<\/p>\n<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>The EGX30\u2019s market cap <\/strong><strong>yesterday<\/strong><strong> surpassed EGP 1.1 tn <\/strong><strong>for the first time<\/strong><strong>,<\/strong> rising 3.7% on turnover of EGP 2.5 bn (43.7% above the 90-day average). The index is now up 19.3% YTD.<\/p>\n<p><strong>Investors are excited about the listing pipeline: <\/strong>The blue-chip index\u2019s strong performance was driven by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6cc4300f-88fa-431a-872b-476a2d9a5659\">PM Madbouly on Saturday<\/a> saying that the government will soon reveal the details of the state-owned firms it plans to offer on the EGX this year, EGX board member Rania Yacoub told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=f1Y5ai9VasU\">watch, runtime: 8:45<\/a>.) \u201cEgyptian stocks are now becoming the best and cheapest alternative to lure investments by individual investors,\u201d Yacoub said, as opposed to real estate or gold, which are more closely tied to inflation. The devaluation of the EGP and moves to clear the imports backlog have reflected positively on the bourse, Egyptian Capital Market Association (ECMA) chairman Mohamed Maher told Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=YNuNqzbPFVk\">watch, runtime: 5:54<\/a>)<\/p>\n<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>Savers have so far poured some EGP 460 bn into the record high-yield 25% CDs <\/strong>introduced earlier this month by the National Bank of Egypt (NBE) and Banque Misr, Banque Misr Chairman Mohamed El Etreby told El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=lT1HjuLpFDM\">watch, runtime: 18:15<\/a>). Some 30% of subscriptions at Banque Misr were fresh deposits, he said. \u201cThis reflects confidence by investors or institutions to invest again in treasury bills or the EGP,\u201d he said, while stressing caution over part of the comeback \u201cbeing hot money.\u201d NBE Deputy Chairman Yehia Aboul Fotouh told Salet El Tahrir that savers invested some EGP 285 bn in CDs at his bank alone, with 50% of the money taken out of other CDs (<a href=\"https:\/\/www.youtube.com\/watch?v=4mCnWFk611E\">watch, runtime: 3:47<\/a>.) Both banks are set to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/166ff670-3d1c-405e-a030-6f2af41953c4\">pull the CDs<\/a> from the market tomorrow.<\/p>\n<p><strong>More rate hike predictions: <\/strong>The CBE will likely raise interest rates by 150-200 basis points in its upcoming meeting on Thursday on the back of surging inflation, Yacoub told El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=1XqfqqzCY5U\">watch, runtime: 1:15<\/a>.) Ever the contrarian, Ahmed Moussa insisted economists are all forecasting the CBE to keep rates unchanged in its first meeting of the year (<a href=\"https:\/\/www.youtube.com\/watch?v=1f7SoPNrPQ0\">watch, runtime: 6:41<\/a>.) Four of the seven analysts and economists we surveyed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89a865a7-f6fa-4818-8b55-f5e0fd8bb1e5\">in our rate poll<\/a> see the Monetary Policy Committee raising rates by 100-200 bps later this week.<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-inflation\/\">Egypt inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579210\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel 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stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            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<span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-u6ky49w\" data-v=\"4\" data-block-id=\"u6ky49w\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-u6ky49w-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-u6ky49w-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" 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rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-7y12eqq\" data-v=\"4\" data-block-id=\"7y12eqq\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-7y12eqq-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-7y12eqq-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579211\" 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=\"579211\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/more-econ-talk-in-the-intl-press\/\">\r\n                            More econ talk in the int\u2019l press                        <\/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\" 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             <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/more-econ-talk-in-the-intl-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/512.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579212\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/more-econ-talk-in-the-intl-press\/512-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/512.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"512.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/512.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/512.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579211\" class=\"content-area-description single-story post-579211 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-archaeology tag-economy tag-egyptian-publishers-association tag-enterpriseam tag-health tag-state-privatization-program tag-world-health-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a mixed bag for mentions of Egypt <\/strong>in the foreign press this morning.<\/p>\n<p><strong>There\u2019s still plenty of interest in our economy: <\/strong>Soaring book prices on the back of higher materials costs has led the Egyptian Publishers Association to offer customers payment plans of up to nine months with 1.5% interest to purchase books, the <a href=\"https:\/\/www.bbc.com\/news\/world-middle-east-64387130\">BBC<\/a> reports. Meanwhile, the<a href=\"https:\/\/www.economist.com\/leaders\/2023\/01\/26\/to-save-egypts-economy-get-the-army-out-of-it\">Economist<\/a> is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4913d5f-8cd6-4951-b707-cca316dfa8d0\">the latest<\/a> to comment on the government\u2019s commitments to reduce the military\u2019s economic footprint under the recent IMF agreement, while <a href=\"https:\/\/www.al-monitor.com\/originals\/2023\/01\/egypt-economic-heat-russias-war-ukraine-only-getting-worse\">Al Monitor<\/a> looks at how price hikes continue to squeeze budgets for Egyptian households.<\/p>\n<p><strong>AND- More attention for Egyptian creatives: <\/strong>The <a href=\"https:\/\/www.nytimes.com\/2023\/01\/26\/movies\/cairo-conspiracy-review.html\">New York Times<\/a> is the latest to review Egyptian-Swedish filmmaker Tarik Saleh\u2019s Cairo Conspiracy, while Deena Mohamed\u2019s graphic novel Shubeik Lubeik is getting more ink in <a href=\"https:\/\/www.theguardian.com\/books\/2023\/jan\/28\/your-wish-is-my-command-by-deena-mohamed-review-a-spellbinding-fantasy-from-egypt\">the Guardian<\/a>.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>The war on trans fat:<\/strong> Egypt will place new limits on trans fat in foods this year in response to <a href=\"https:\/\/www.who.int\/news\/item\/23-01-2023-five-billion-people-unprotected-from-trans-fat-leading-to-heart-disease\">World Health Organization guidelines<\/a> aiming to eliminate them globally by 2023. (<a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/01\/25\/egypt-to-limit-harmful-trans-fats-in-food\/\">The National<\/a>)<\/li>\n<li><strong>An unusual burial:<\/strong> The discovery of the remains of a child and 142 dogs in an ancient Egyptian necropolis in Fayoum has archaeologists puzzled. (<a href=\"https:\/\/news.yahoo.com\/why-ancient-egyptian-mass-grave-045854475.html\">The Daily Beast<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-publishers-association\/\">Egyptian Publishers Association<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health\/\">health<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-health-organization\/\">World Health Organization<\/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=\"579213\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579214\" 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=\"579214\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/ifc-tadamun-partner-to-expand-microfinance-for-women-led-smes\/\">\r\n                            IFC, Tadamun partner to expand microfinance for women-led SMEs                        <\/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\/30\/ifc-tadamun-partner-to-expand-microfinance-for-women-led-smes\/\" 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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Tadamun is a local social enterprise focused on providing women micro entrepreneurs with access to finance and technical expertise. The project is being financed by the World Bank's Micro, Small and Medium Enterprises (MSME) facility, and will see the IFC design and pilot a program to help the lender expand its reach to the smallest women-run businesses across the country.<\/p>\n<p><strong>BANKING-<\/strong><\/p>\n<p><strong>French cloud and managed security outfit <\/strong><strong><a href=\"https:\/\/atos.net\/en\/company-profile\">Atos<\/a><\/strong><strong> is stumping for more business in Egypt<\/strong>, with Egypt GM Ahmad Elharany quoted as telling <a href=\"https:\/\/bit.ly\/3WKSAAX\">Al Mal<\/a> that the company is talking with National Bank of Egypt, CIB and aiBank about potential work. Atos is working on a digital banking project with <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9adf670d-e5c4-4643-bd84-25d361e0c445\">Banque Misr<\/a><\/strong>, as we\u2019ve previously reported.<\/p>\n<p><strong>COMMODITIES- <\/strong><\/p>\n<p><strong>GASC announces int\u2019l corn + veg oil tenders:<\/strong> State grains buyer GASC is seeking its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/991426a8-1f58-441f-8d4e-4e5e151fdfb5\">second ever shipment of corn<\/a> from overseas, it said in a <a href=\"https:\/\/tinyurl.com\/bdcvt74y\">statement<\/a>, without specifying the amount it is looking to buy. Bid should be submitted on Wednesday, 1 February for delivery between 20 February and 10 March, with the shipment funded by the International Islamic Trade Finance Corporation. The authority is also seeking 30k tons of soybean oil and 10k tons of sunflower oil in an international tender tomorrow, for arrival from 25 February to 20 March, it said in a statement picked up by state-run <a href=\"https:\/\/mena.org.eg\/ar\/news\/dbcall\/table\/textnews\/id\/9990323\">MENA<\/a> news agency.<\/p>\n<p><strong>INFRASTRUCTURE -<\/strong><\/p>\n<p><strong>Qatari state utility company Kahramaa has awarded Elsewedy Cables Qatar a QAR <\/strong><strong>1.2 bn (USD 329.6 mn), 30-month contract<\/strong> to establish a new underground transmission line, Elsewedy Cables Qatar shareholder Aamal announced in <a href=\"https:\/\/www.aamal.com.qa\/en\/media\/press-releases\/aamals-subsidiary-elsewedy-cables-qatar-wins-more-qar-12-billion-contract\">a statement<\/a> last week. Elsewedy Cables Qatar is 73.4% owned by Qatari industrial group Senyar Industries Qatar Holding, which is 50% owned by Aamal.<\/p>\n<p><strong>INVESTMENT WATCH-<\/strong><\/p>\n<p><strong>Indian seed producer to boost Egypt ops: <\/strong>Indian seed producer <a href=\"https:\/\/www.hytechseed.in\/\">Hytech Seed<\/a> wants to expand its North African exports this year by upping production at its Egyptian facility <a href=\"http:\/\/hytechseed.com\/\">Misr Hytech<\/a>, <a href=\"https:\/\/bit.ly\/3Dqctqf\">Al Mal<\/a> reports. This came following President Abdel Fattah El Sisi\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3bcbd81c-1b69-41fb-9400-f968fe3a7956\">visit to India<\/a> last week, during which he met with business leaders to discuss increasing investment in Egypt.<\/p>\n<p><strong>PHARMA-<\/strong><\/p>\n<p><strong>Sandoz partners with Ibnsina Pharma to distribute OTC products:<\/strong> Ibnsina Pharma will distribute and market Sandoz\u2019s over-the-counter pharma products in Egypt under a new agreement between the two firms, Ibnsina said in <a href=\"https:\/\/ent.news\/2023\/1\/Ibnsina-Pharma-Sandoz-Egypt-Pharma-Jan23.pdf\">a statement (pdf)<\/a>. Sandoz is a division of Swiss pharma giant Novartis that sells generic pharma products and biosimilars.<\/p>\n<p><strong>TELECOMS-<\/strong><\/p>\n<p><strong>Sawiris\u2019 Italian webmail service provider suffers outage: <\/strong>Naguib Sawiris-majority owned Italian web firm ItaliaOnline suffered an outage last week, affecting 9 mn users, <a href=\"https:\/\/www.reuters.com\/technology\/italy-seeks-clarification-prompt-solution-massive-email-outage-2023-01-25\/\">Reuters<\/a> reports. The company resolved the issue and mailboxes were restored on Thursday, it said in a <a href=\"https:\/\/www.italiaonline.it\/corporate\/2023\/01\/26\/libero-mail-e-virgilio-mail-ritorno-online\/\">press release<\/a>, but Italian authorities are still after answers over the outage.<\/p>\n<p><strong>M&A Watch?<\/strong> Orascom TMT Investments \u2014 a company whose majority owner is Naguib Sawiris \u2014 currently owns 72.5% of ItaliaOnline, and was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e9af6ae6-7b10-4ec2-b258-da0b5554a65c\">reported last year<\/a> to be considering selling its stake in 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\/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\/cit\/\">CIT<\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ibnsina-pharma\/\">Ibnsina Pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/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\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tadamun-microfinance-foundation\/\">Tadamun Microfinance Foundation<\/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=\"579218\" 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=\"579218\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/el-sisi-talks-trade-and-investment-conflict-in-armenia\/\">\r\n                            El Sisi talks trade and investment + conflict in Armenia                        <\/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\/30\/el-sisi-talks-trade-and-investment-conflict-in-armenia\/\" 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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El Sisi also held a separate meeting with Armenian PM Nikol Pashinyan, where they discussed mutual investment and agreed to intensify coordination and consultation over the war and its economic repercussions, according to a separate <a href=\"https:\/\/bit.ly\/3Rf4RfW\">statement<\/a> by Ittihadiya.<\/p>\n<p><strong>IT\u2019S A BIG DEAL- The visit is the first by an Egyptian president since Armenia gained independence<\/strong> from the Soviet Union.<\/p>\n<p><strong>We\u2019re looking to deepen ties with Armenia:<\/strong> The visit saw the two countries ink several MoUs and agreements in science, tech, sports, and investment. The two presidents also discussed boosting trade, opening regular direct flights between Cairo and Yerevan, and cooperation in the energy, infrastructure, agriculture, IT, food and pharma industries.<\/p>\n<p><strong>An offer to play peacekeeper between Armenia and Azerbaijan?<\/strong> President El Sisi said that Egypt maintains a neutral position over the Armenian-Azerbaijani crisis and could act as a mediator if needed, according to a <a href=\"https:\/\/www.president.am\/hy\/press-release\/item\/2023\/01\/29\/President-Vahagn-Khachaturyan-President-Abdel-Fattah-el-Sisi\/\">readout<\/a> by the Armenian presidency. \u201cIn this sense, if you accept our mediation and would like us to mediate or assume such a role, then we are ready,\u201d El Sisi told Khachaturyan.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-armenia-relations\/\">Egypt-Armenia relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/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=\"579220\" 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=\"579220\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/tunisias-political-crisis-deepens-as-voters-shun-the-polls-a-second-time\/\">\r\n                            Tunisia\u2019s political crisis deepens as voters shun the polls a second time                        <\/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\/30\/tunisias-political-crisis-deepens-as-voters-shun-the-polls-a-second-time\/\" 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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Opponents of President Kais Saied said the low turnout was proof of growing contempt for his leadership. Saied has stripped much of the parliament\u2019s power in a bid to consolidate his executive authority after a power grab in 2021, which saw him sack the government and suspend the legislative chamber.<\/p>\n<p><strong>Also worth knowing this morning:<\/strong><\/p>\n<ul>\n<li><strong>Bye to Jacinda, hi to Chris:<\/strong> New Zealand Labour leader Chris Hipkins was sworn in as the country\u2019s prime minister on Wednesday, following the unexpected resignation of his predecessor Jacinda Ardern thanks to burnout, <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/new-zealands-chris-hipkins-set-be-officially-appointed-prime-minister-2023-01-24\/\">Reuters reports<\/a>.<\/li>\n<li><strong>A top US official is set to warn <\/strong><strong>several countries<\/strong><strong> in the region against <\/strong><strong>attempts to evade sanctions<\/strong> imposed on Russia over its invasion of Ukraine. (<a href=\"https:\/\/www.reuters.com\/world\/top-us-treasury-official-warn-mideast-countries-over-sanctions-evasion-2023-01-28\/\">Reuters<\/a>).<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kais-saied\/\">Kais Saied<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579224\" 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\/30\/579224\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579224\" class=\"content-area-description single-story post-579224 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>26 January-6 February (Thursday-Monday): Cairo International Book Fair, Egypt International Exhibition Center.<\/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>31 January (Tuesday): EBRD + EU + GCF will lay out their strategic plans to boost green finance in Egypt.<\/p>\n<p>31 January-1 February (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>1 February (Wednesday): OPEC will hold a joint ministerial monitoring committee meeting.<\/p>\n<p>2 February (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>5 February (Sunday): The Senate reconvenes.<\/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>21-22 March (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>23 March (Thursday): 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>April: GAFI<a href=\"https:\/\/www.alborsaanews.com\/2023\/01\/20\/1623257\">to launch<\/a> the country\u2019s first integrated electronic platform to facilitate setting up a business.<\/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>21 April (Friday): 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>2-3 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>7-10 (Wednesday-Saturday): The second edition of Africa Health Excon.<\/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>13-14 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>25-26 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>31 October - 1 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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<p>1Q 2023: The Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35d181ed-a21c-4edf-8223-780c9b4ee714\">will choose<\/a> which state-owned hotels will be merged into a new hotels company ahead of an offering to foreign and Gulf investors.<\/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":579195,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-579194","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"7107f982-0f80-4d2d-a9f8-b5963543d722","teaser":"","photo_url":"https:\/\/ent.news\/2023\/1\/501.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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