{"id":579362,"date":"2023-02-05T04:00:38","date_gmt":"2023-02-05T04:00:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=579362"},"modified":"2025-12-16T12:00:21","modified_gmt":"2025-12-16T12:00:21","slug":"cbe-keeps-rates-on-hold-in-surprise-move","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-keeps-rates-on-hold-in-surprise-move\/","title":{"rendered":"CBE keeps rates on hold in surprise move"},"content":{"rendered":"<section id=\"579364\" 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=\"579364\">\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\/02\/05\/this-morning-a-big-week-for-privatization-its-pmi-day\/\">\r\n                            THIS MORNING: A big week for privatization + It\u2019s PMI day                        <\/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\/02\/05\/this-morning-a-big-week-for-privatization-its-pmi-day\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-attachment-id=\"579365\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/this-morning-a-big-week-for-privatization-its-pmi-day\/64-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/64.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"64.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/64.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/64.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579364\" class=\"content-area-description single-story post-579364 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-ipo-watch tag-state-privatization-program tag-tarek-el-molla 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<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.79000f23-e944-496c-822c-8ceb15a6873d.mp3\"><\/audio><\/figure><p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Is this the week?<\/strong> Prime Minister Moustafa Madbouly is expected to reveal the list of at least 20 state-owned companies that the government plans to offer stakes in this year. At a presser last week, the PM <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ebf1b726-ac0b-49ce-843f-94c224903e33\">said<\/a> he would announce the details of the government\u2019s privatization program following the weekly cabinet meeting on Wednesday.<\/p><p><strong>Final prep:<\/strong> The PM held a meeting with key ministers and central bank officials over the weekend to review the plans, cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0C9BYpP2ndLhKrc7em7G3H7xMGRyVA9Ca4cQDsx2XXwhEHbySYeegh3XBB17i1WRDl\">said<\/a> yesterday.<\/p><p><strong>Expect the oil and gas industry to dominate the offering pipeline:<\/strong> That\u2019s according to Oil Minister Tarek El Molla, who told Asharq Business on Thursday that as many as half of the companies on the list are in the petroleum sector (<a href=\"https:\/\/www.asharqbusiness.com\/article\/46746\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D9%84%D9%80%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D9%86%D8%B5%D9%81-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%AA%D9%8A-%D8%B3%D8%AA%D8%B7%D8%B1%D8%AD%D9%87%D8%A7-%D9%85%D8%B5%D8%B1-%D8%A8%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%AA%D9%86%D8%AA%D9%85%D9%8A-%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D9%88%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9\/\">watch, runtime: 1:34<\/a>).<\/p><p><strong>The EGX <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80374ba2-365a-4fa5-bdc0-7b63eaaca54d\">flagged<\/a><\/strong><strong> a number of oil and petrochemical firms as being candidates for <\/strong><strong>privatization earlier this month:<\/strong> The government could sell strategic stakes in or look to IPO contractors Enppi and the Egyptian Drilling Company; petrochem firms eMethanex, Ethydco, Egyptian Linear Alkylbenzene Company and WAPHCO; and refineries Midor and Assiut Oil Refining Company, according to the <a href=\"https:\/\/ent.news\/2023\/2\/EGX-annual-report-2022.pdf\">EGX\u2019s annual report (pdf)<\/a>.<\/p><p><strong>CBE steers interbank FX towards imports:<\/strong> The Central Bank of Egypt has reportedly instructed local banks to use FX obtained from the interbank market to fund imports rather than to cover overdrawn FX accounts, according to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=04022023&amp;id=403a0d5a-9558-43ea-86df-9d96b9f0566b\">Al Shorouk<\/a>, which cites anonymous banking sources.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>It\u2019s PMI day:<\/strong> We\u2019ll find out how Egypt\u2019s non-oil private sector performed in January just after we \u2018send\u2019 on this morning\u2019s email when S&amp;P Global releases its latest purchasing managers\u2019 index. Surging inflation, the weaker EGP and import curbs have weighed on business activity in recent months, leading it to extend its contraction to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8889e176-c3a5-4d4a-9915-1cb747d570e2\">25 consecutive months<\/a> in December.<\/p><p><strong>The Romanian PM is in town:<\/strong> Several MoUs and agreements will be signed today between Egypt and Romania to coincide with Romanian PM Nicolae Ciuc\u0103\u2019s visit to Cairo. This is according to Prime Minister Moustafa Madbouly who was speaking yesterday ahead of talks with Ciuc\u0103. The two leaders discussed increasing Egypt\u2019s imports of Romanian wheat and upping Romania\u2019s purchase of Egyptian petrochemicals and fertilizer, the Egyptian cabinet said in <a href=\"https:\/\/bit.ly\/3HyNaUf\">a statement<\/a>.<\/p><p><strong>Business meeting today:<\/strong> Egyptian and Romanian businesses will meet at a forum today to discuss commercial ties and investment opportunities, Madbouly said.<\/p><p><strong>Talgo train launches on the Cairo-Luxor line: <\/strong>The second of our seven new Talgo passenger trains will start running today on the Cairo-Luxor line, according to a Transport Ministry <a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/pfbid087UNBSFz5RYPQ7csDhq2A6hWvnroKrCQmjjANu46umd8MWG5WVW7fQhcUA6R2144l\">statement<\/a>. Ticket prices range from <a href=\"https:\/\/ent.news\/2023\/2\/Talgo-train-ticket-price-.jpg\">EGP 250-600<\/a>depending on destination and class.<\/p><p><strong>ON THE LEGISLATIVE AGENDA- The Senate is back in session this week with <\/strong><strong>a busy schedule:<\/strong><\/p><ul>\n<li>The Industrial Committee will begin discussing a new government-drafted bill on legalizing unlicensed industrial projects.<\/li>\n<li>The Financial and Economic Affairs Committee will resume discussions <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe567803-92ff-4fcb-885c-d4eb1f4e7b69\">over a report<\/a> by the pro-government Mostaqbal Watan party that aims to overhaul how we approach foreign direct investment (FDI).<\/li>\n<li>The Agriculture Committee will discuss how to turn the country\u2019s chemical fertilizers industry to a leading export business.<\/li>\n<li>The Culture and Tourism Committee will look into reasons behind the closure of Cairo\u2019s Nile Meridien Hotel.<\/li>\n<li>A study on family violence will be up for discussion amid a noticeable rise in domestic violence crimes.<\/li>\n<\/ul><p><strong>REMINDER- The House is still out of session:<\/strong> MPs are due to reconvene next Sunday, 12 February.<\/p><p><strong>HAPPENING TOMORROW- <\/strong><\/p><p><strong>Operation Save Lebanon:<\/strong> Egyptian officials are attending an international meeting in Paris called by France to discuss how to end a political impasse in crisis-hit Lebanon, <a href=\"https:\/\/www.zawya.com\/en\/world\/uk-and-europe\/france-to-host-international-meet-on-crisis-hit-lebanon-rwpe3aza\">AFP<\/a> reported, citing statements by the French Foreign Ministry\u2019s spokesperson. Officials from Saudi Arabia, Qatar and the US will also be in attendance.<\/p><p><strong>THIS WEEK-<\/strong><\/p><p><strong>Palestine talks in Cairo:<\/strong> Hamas leader Ismail Haniyeh is expected to fly into Cairo this week to hold talks with Egyptian intelligence chief Abbas Kamel and other security officials, a Hamas spokesperson said in a statement picked up by the <a href=\"https:\/\/www.jpost.com\/middle-east\/article-730586\">Jerusalem Post<\/a>. The secretary of Palestinian Islamic Jihad was in Cairo yesterday for talks, the Israeli newspaper reported. The invite came days after Kamel visited Ramallah for talks with Palestinian President Mahmoud Abbas and other officials in a bid to end the recent violence in the West Bank and Jerusalem.<\/p><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>Dominating the conversation in the global press this morning:<\/strong> The US has downed a suspected Chinese spy balloon to the consternation of Beijing, which has accused Washington of breaching international conventions. (<a href=\"https:\/\/apnews.com\/article\/politics-united-states-government-china-antony-blinken-51e49202f2a0a50541cde059934c4cfb?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-says-us-is-going-take-care-of-chinese-balloon-2023-02-04\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-04\/chinese-balloon-downed-by-us-off-carolina-coast-ap-says?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/397befd1-1bd4-4749-baa1-da30043a3ac6\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/u-s-considers-shooting-down-chinese-spy-balloon-over-atlantic-11675536746\">WSJ<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2023\/02\/04\/us\/china-spy-balloon\">NYT<\/a>)<\/p><div class=\"stand-out\">\n<p><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/FMGPJ3G\">TAKE OUR JANUARY ENTERPRISE READER SURVEY<\/a><\/strong><strong> and get a chance to break bre<\/strong><strong>ad with 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.<\/p>\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 a meal 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 a meal at one of our favorite restaurants.<\/p>\n<\/div><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><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>OBITUARY- Former PM Sherif Ismail has passed away at age 67<\/strong> after a battle with illness, state news agency <a href=\"https:\/\/www.mena.org.eg\/ar\/news\/dbcall\/table\/textnews\/id\/10002390\">MENA<\/a> said yesterday. Ismail was appointed the country\u2019s prime minister in September 2015 and resigned in June 2018 shortly after President Abdel Fattah El Sisi began his second presidential term. During his tenure, Ismail saw through tough economic reforms as part of his government\u2019s agreement with the IMF for a USD 12 bn loan in late 2016. Prior to his appointment as PM, Ismail served as Oil Minister from July 2013 until September 2015. El Sisi described him as a \u201cgreat man who took responsibility in the most difficult circumstances and the hardest of times,\u201d in a <a href=\"https:\/\/bit.ly\/3YpLnaR\">social media port<\/a> yesterday.<\/p><p><strong>DATA POINT- The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9755455b-f0cb-4f4f-8edd-22aa34892138\">13 draft oil agreements for oil exploration<\/a><\/strong> in the Western Desert, Gulf of Suez, and the Mediterranean will bring minimum investments of USD 650 mn, the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02qUAMCNidWk2bjYcKKrZ5d7zXTaYu43iTp715ZHkZcWFTF57ouzfY2vJVMbpdpbpEl\">Oil Ministry said<\/a> Thursday. The exploration rights will go to the Egyptian General Petroleum Corporation (EGPC), EGAS, and a number of unnamed international companies.<\/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>Want to join the conversation? <\/strong>Drop us a line on <a href=\"mailto:events@enterprisemea.com\">events@enterprisemea.com<\/a>.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The key remaining news triggers this month:<\/strong><\/p><ul>\n<li><strong>Foreign reserves:<\/strong> The central bank will release January\u2019s foreign reserves figures next week.<\/li>\n<li><strong>Inflation:<\/strong> The CBE and Capmas will publish inflation data for January the week after next.<\/li>\n<\/ul><p><strong>Unis go back this week:<\/strong> The second semester of the 2022-2023 academic year begins for public universities on 11 February.<\/p><p><strong>Petro-show next week:<\/strong> Oil and gas industry figures from Egypt and the region will congregate at the Egypt International Exhibition Center for the <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a> starting next Monday. The three-day conference runs 13-15 February.<\/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\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue:<\/strong> We look at how FX restrictions continue to impact startup\u2019s USD spending capacities, with main budget lines, tech tools and ads taking the hit. Analysts who spoke with Enterprise believe that restrictions would make doing business more difficult, affecting growth trajectories and sales.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-el-molla\/\">Tarek El Molla<\/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=\"579366\" 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=\"579366\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/579366\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579366\" class=\"content-area-description single-story post-579366 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<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.79000f23-e944-496c-822c-8ceb15a6873d.mp3\"><\/audio><\/figure>\n<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\/2-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=\"579367\" 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=\"579367\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/\">\r\n                            CBE keeps rates on hold in surprise move                        <\/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\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/\" 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\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/')\">\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\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/\">\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=CBE keeps rates on hold in surprise move&url=https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/\">\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\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/&title=CBE keeps rates on hold in surprise move\">\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=CBE+keeps+rates+on+hold+in+surprise+move+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F02%2F05%2Fcbe-keeps-rates-on-hold-in-surprise-move%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\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/66.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579368\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/66-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/66.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"66.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/66.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/66.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579367\" class=\"content-area-description single-story post-579367 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-inflation tag-interest-rates wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.49c32ad2-71ec-4042-a1f5-b9b945e8dcfc.mp3\"><\/audio><\/figure>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>CBE unexpectedly holds interest rates steady in its first meeting of the year: <\/strong>The Central Bank of Egypt (CBE) left interest rates unchanged on Thursday, defying expectations of a third consecutive hike. The Monetary Policy Committee (MPC) left the deposit rate at 16.25%, the lending rate at 17.25%, and the main operation and disc. rates at 16.75%, it said in a <a href=\"https:\/\/ent.news\/2023\/2\/MPC-Press-Release-2-Feb-2023.pdf\">statement (pdf)<\/a> following its policy meeting.<\/p>\n<p><strong>The wait-and-see approach: <\/strong>The central bank said it was keeping rates unchanged as it waits to see the full impact of the 800 bps of hikes it made in 2022 to counter high inflation. Most of that tightening came late in the year, with the central bank enacting a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b3b7b9a2-2fe4-419d-a713-f9655e5f5a22\">jumbo 300-bps rate hike<\/a> at the end of December before <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\">allowing the EGP to slide<\/a> to a fresh low against the greenback in January. \u201cThe MPC decided to maintain key policy rates unchanged in today\u2019s meeting in order to assess the impact of the implemented front-loaded tightening policies,\u201d the statement reads.<\/p>\n<p><strong>A surprise hold: <\/strong>Four of the seven analysts <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89a865a7-f6fa-4818-8b55-f5e0fd8bb1e5\">surveyed by Enterprise<\/a> ahead of the meeting expected the central bank to hike rates by 100-200 basis points on the back of persistently high inflation. The median estimate in a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de12600e-5c52-4b3b-9f2e-856da5919035\">Reuters poll<\/a> was for a 150-bps hike. Two analysts \u2014 HC Securities banking and macro analyst Heba Monir and Faisal Islamic Brokerage\u2019s head of research, Hesham El Shebeini, \u2014 told us they thought the CBE would likely keep rates steady to maintain growth while the market absorbs December\u2019s jumbo hike .<\/p>\n<p><strong>The right call?<\/strong> \u201cFurther tightening of the monetary stance may have been justified in order to manage inflation expectations in the aftermath of the depreciation of the EGP over the past month and upcoming upward fuel price adjustments,\u201d Goldman Sachs\u2019 Farouk Soussa is quoted as saying by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-02\/egypt-surprises-by-holding-rates-after-devaluations-jolt-prices?sref=mmeFTDW1\">Bloomberg<\/a>. \u201cHigher rates may also be needed to stimulate further portfolio inflows.\u201d<\/p>\n<p><strong>Inflation is still running high:<\/strong> Annual urban Inflation jumped to a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d95fe467-2198-4745-b6cc-0c6ad8ffbf5e\">five-year high of 21.3%<\/a> in December, up from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">18.7%<\/a> the month before, as the impact of successive currency devaluations continued to feed through to the economy. Core inflation, which strips out volatile items such as food and fuel, recorded 24.4% y-o-y in December \u2014 its highest since December 2017. The central bank is targeting inflation of 7% (\u00b1 2%) by 4Q 2024. \u201cDemand side pressures on inflation continue to be present, as evidenced by developments in real economic activity relative to potential capacity and the impact of recent exchange rate fluctuations,\u201d the MPC said. Inflation figures for January will be released later this week.<\/p>\n<p><strong>And f<\/strong><strong>uture hikes are not off the table<\/strong><strong>: <\/strong>The MPC didn\u2019t rule out the possibility of future rate hikes, noting that \u201cmaintaining tight monetary conditions [is] a necessary condition to achieve the CBE\u2019s upcoming inflation targets and price stability over the medium term.\u201d Six of the seven analysts we surveyed expect rates to rise by a total of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89a865a7-f6fa-4818-8b55-f5e0fd8bb1e5\">100-250 bps<\/a> over the course of 2023. All of them expect inflation to continue rising in the coming months and to remain elevated over the course of 2023, driven by the EGP depreciation, expected <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f25427b-43e1-4104-9b7a-2aea214242b2\">fuel price increases<\/a>, seasonal factors including Ramadan, and a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f8e5c9a-90ae-4625-b029-17645be14c8e\">potential hike to household electricity bills<\/a> at the end of the fiscal year in June.<\/p>\n<p><strong>The Fed is taking it slow, too: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7613652-a053-4047-9a69-0b30e9a89c0d\">Federal Reserve<\/a> last week raised rates by 25 bps to a target range of 4.5-4.75% as it switches to a more moderate pace of monetary tightening.<\/p>\n<p><strong>The news got attention in the foreign press:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-02\/egypt-surprises-by-holding-rates-after-devaluations-jolt-prices?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2UC1U8\">Reuters<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579369\" 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=\"579369\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/current-account-deficit-narrows-20-in-1q-2022-23\/\">\r\n                            Current account deficit narrows 20% in 1Q 2022-23                        <\/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\/02\/05\/current-account-deficit-narrows-20-in-1q-2022-23\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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This was driven by a more than 50% increase in arrivals, which totalled 3.4 mn during the three-month period, the central bank said.<\/p>\n<p><strong>Expect that to continue this year:<\/strong> Fitch Solutions is projecting annual revenues to reach a record <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc494deb-c59d-4fa2-9f11-b7218d913608\">USD 13.6 bn<\/a> this year as 11.6 mn tourists flock to the country.<\/p>\n<p><strong>#3- More exports, fewer imports: <\/strong>The trade deficit narrowed to USD 9.1 bn, down 18% from the same period last year. This was the result of a 13% increase in exports \u2014 driven mostly by the oil sector \u2014 and a 4% drop in imports. Non-oil imports were down almost 10% y-o-y due to the central bank\u2019s move to curb imports while oil imports rose by more than a quarter.<\/p>\n<p><strong>REMEMBER- <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d041e1e1-1f9c-4271-8391-d6c3b10e965f\">Now-scrapped restrictions<\/a> brought in by the CBE amid the FX crunch last year had stymied the import of all but the most essential goods, causing a backlog at ports that has only in recent weeks been cleared.<\/p>\n<p><strong>#4- Suez Canal receipts rose 19% to USD 2.0 bn <\/strong>in the July-September period, driven by a 14% increase in the tonnage of goods transiting the canal, the central bank said.<\/p>\n<p><strong>OFFSETTING THE IMPROVEMENT-<\/strong><\/p>\n<p><strong>#1- Portfolio flows continued to leave the country:<\/strong> Foreign investors pulled almost USD 2.2 bn from Egypt during the quarter as the war in Ukraine and interest rate hikes by global central banks drew funds away from emerging markets. Egypt saw USD 3.6 bn of inflows in the same period a year earlier.<\/p>\n<p><strong>On the bright side: The rate of outflows is slowing.<\/strong> Almost USD 15 bn left the country in 3Q 2022-2023 and more than USD 3.7 bn in 4Q.<\/p>\n<p><strong>#2- Remittances were down:<\/strong> The amount of foreign remittances entering the country fell more than 20% to USD 6.4 bn during the July-September period.<\/p>\n<p><strong>Continuing the trend: <\/strong>Egypt\u2019s current account deficit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fd06a9c6-1825-4822-aba2-3a0e5c724c91\">narrowed by 10%<\/a> to USD 16.6 bn in FY 2021-2022, buoyed by oil and non-oil exports, rising tourism receipts, and a jump in FDI. The government is aiming to reduce the current account deficit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f25427b-43e1-4104-9b7a-2aea214242b2\">to 2% of GDP<\/a> over the medium term.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/portfolio-investment\/\">portfolio investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/remittances\/\">remittances<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579371\" 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=\"579371\">\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\">Education<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/govt-to-launch-in-school-tutoring-in-bid-to-compete-with-private-tutors\/\">\r\n                            Gov\u2019t to launch in-school tutoring in bid to compete with private tutors                        <\/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\/02\/05\/govt-to-launch-in-school-tutoring-in-bid-to-compete-with-private-tutors\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The move comes as the ministry looks to crack down on the private tutoring industry, which Hegazy earlier this month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8252963-e2fd-4469-8e3d-16006dca9a48\">described as<\/a> the \u201cbiggest challenge to the education system\u201d in a hearing at the Senate.<\/p>\n<p><strong>How it works: <\/strong>Between three and five schools in each school district will host the optional tutoring for pupils in preparatory and secondary schools. Lessons in public schools will cost between EGP 20-80 per session depending on the type of class, while private school students will be charged EGP 30\u2013100. A 50% discount will be available for children of teachers.and some other groups.<\/p>\n<p><strong>FinMin will tax in-school tutors 20%: <\/strong>The government will collect the revenue and take 20% in tax before paying the remainder back to tutors \u201cat regular intervals,\u201d according to a previous <a href=\"https:\/\/moe.gov.eg\/en\/what-s-on\/news\/support-groups\/\">ministry statement<\/a>.<\/p>\n<p><strong>Private tutors are invited to the party: <\/strong>The majority of tutors will be public school teachers, but non-ministry affiliated tutors could account for up to 40% of those hired for the scheme. Outside tutors will be hired on a temporary basis and will be evaluated by school administrators to determine if they remain in post.<\/p>\n<p><strong>If you can\u2019t beat them, join them: <\/strong>The government is looking for ways to formalize the unregulated and untaxed private tutoring sector, which Hegazy has blamed for low attendance levels in public schools. Last year, the Tax Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/619f3ee6-d287-47ba-97fb-e60e9d922c3f\">demanded<\/a> that tutoring center owners start paying taxes, while Hegazy suggested private tutors could be forced to get licensed. He later <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dc4e745b-7f23-41a8-90d3-213581a88460\">walked back the proposal<\/a>amid a backlash from those who said it would only exacerbate the problem of tutoring replacing schooling. The industry is worth some EGP 66 bn a year, reps said during the Senate education hearings in January.<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education-ministry\/\">Education Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/reda-hegazy\/\">Reda Hegazy<\/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=\"579373\" 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=\"579373\">\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\/02\/05\/amr-el-shafei-appointed-emirates-nbd-egypt-ceo\/\">\r\n                            Amr El Shafei appointed Emirates NBD Egypt CEO                        <\/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\/02\/05\/amr-el-shafei-appointed-emirates-nbd-egypt-ceo\/\" 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 Shafei served as <a href=\"https:\/\/enterprise.press\/stories\/2017\/10\/01\/cabinet-decrees-limited-changes-to-state-owned-banks-management-and-boards\/\">executive vice chairman<\/a> of Banque du Caire from 2018 until 2021, after an 18-month stint as group head of corporate banking, debt, and structured finance at the National Bank of Egypt. Prior to that, he spent eight years in various senior roles at Barclays.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amr-el-shafei\/\">Amr El Shafei<\/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\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579375\" 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=\"579375\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/579375\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579375\" class=\"content-area-description single-story post-579375 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<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.3ddb87f9-507e-4d1a-aed6-2ba0ecc62c8d.mp3\"><\/audio><\/figure>\n<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\/2\/SODIC-Forty-West-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=\"579376\" 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=\"579376\">\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\/02\/05\/former-fm-sherif-ismail-passing-dominates-talk-shows\/\">\r\n                            Former FM Sherif Ismail passing dominates talk shows                        <\/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\/02\/05\/former-fm-sherif-ismail-passing-dominates-talk-shows\/\" 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\/02\/05\/former-fm-sherif-ismail-passing-dominates-talk-shows\/')\">\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\/02\/05\/former-fm-sherif-ismail-passing-dominates-talk-shows\/\">\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=Former FM Sherif Ismail passing dominates talk shows&url=https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/former-fm-sherif-ismail-passing-dominates-talk-shows\/\">\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\/02\/05\/former-fm-sherif-ismail-passing-dominates-talk-shows\/&title=Former FM Sherif Ismail passing dominates talk shows\">\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=Former+FM+Sherif+Ismail+passing+dominates+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F02%2F05%2Fformer-fm-sherif-ismail-passing-dominates-talk-shows%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\/02\/05\/former-fm-sherif-ismail-passing-dominates-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/73.png?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579377\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/former-fm-sherif-ismail-passing-dominates-talk-shows\/73-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/73.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"73.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/73.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/73.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579376\" class=\"content-area-description single-story post-579376 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-automotive tag-enterpriseam tag-last-nights-talk-shows tag-politics tag-world-youth-forum wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.8973cf4e-f6dd-4e8b-a1d4-9334fdda85ea.mp3\"><\/audio><\/figure>\n<p><strong>Sherif Ismail\u2019s passing topped the agenda on the airwaves last night:<\/strong> Most of the nation\u2019s talking heads dedicated segments to remembering former PM Sherif Ismail, who passed away yesterday following a battle with illness.<\/p>\n<p><strong>Ismail, who had a three-year tenure as PM between 2015 and 2018, was praised by the <\/strong><strong>media:<\/strong> Ala Mas\u2019ouleety\u2019s Ahmed Moussa said Ismail led the government at a \u201cdifficult time\u201d, describing him as a \u201cdedicated\u201d man to the country (<a href=\"https:\/\/www.youtube.com\/watch?v=_SHmbDVy-_4\">watch, runtime: 7:13<\/a>). Ismail assumed responsibility as PM at a \u201cdifficult period\u201d economically and amid a spike in terrorism, Kelma Akhira\u2019s Lamis El Hadid said (<a href=\"https:\/\/www.youtube.com\/watch?v=qbIc5nmPcLc\">watch, runtime: 2:56<\/a>). The former PM\u2019s passing also got a mention from Masa\u2019a DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=OqOKNpH-560\">watch, runtime: 1:01<\/a>).<\/p>\n<p><strong>No World Youth Forum this year:<\/strong> This year\u2019s World Youth Forum has been called off on the back of the global economic turmoil, according to <a href=\"https:\/\/ent.news\/2023\/2\/Press-release-WYF-2023.pdf\">a statement (pdf)<\/a> from the forum\u2019s administration yesterday. They said the decision not to go ahead with the event comes amid global crises \u201cwhich resulted in humanitarian and economic repercussions that have become additional burdens on the shoulders of states, governments, and citizens.\u201d The news was covered by Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=b8lsr2XqyIk\">watch, runtime: 1:14<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=hQxask_kv0Y\">watch, runtime: 7:24<\/a>), which talked to forum spokesperson Sarah Badr about the decision (<a href=\"https:\/\/www.youtube.com\/watch?v=opCxxTm77sY\">watch, runtime: 6:25<\/a>).<\/p>\n<p><strong>The continuing crisis in the automotive sector was back in the conversation:<\/strong> Automotive expert Mahmoud Khairy was on El Hekaya discussing the reasons behind the crisis facing the automotive companies. \u201cThe problem now is that there are piling up cars at ports \u2026 cars that had customers already pay deposits to book,\u201d he said. He said the market was currently seeing a recession, estimating the prices of economy cars at near EGP 500k (<a href=\"https:\/\/www.youtube.com\/watch?v=w5xHjgMjSIc\">watch, runtime: 0:38<\/a>).<\/p>\n<p><strong>2022 was a year to forget for auto firms:<\/strong> Car sales <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/707b4238-00f7-470d-b784-f4371dcd1abf\">fell more than a third<\/a> in 2022 due to import curbs introduced by the central bank to address the country\u2019s foreign-currency shortage.<\/p>\n<p><strong>Also getting a mention: <\/strong>The US shooting down a suspected Chinese spy balloon was covered by El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=OoaejDQqsoQ\">watch, runtime: 3:59<\/a>) and Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=4uZyO5u3rVU\">watch, runtime: 3:01<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-youth-forum\/\">World Youth Forum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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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\/02\/05\/smuggling-charges-against-ex-louvre-boss-upheld\/\">\r\n                            Smuggling charges against ex-Louvre boss upheld                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/74.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579380\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/smuggling-charges-against-ex-louvre-boss-upheld\/74-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/74.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"74.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/74.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/74.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579379\" class=\"content-area-description single-story post-579379 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-ancient-egypt tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.db38a301-e771-4d1f-b1e0-e751b1a641ab.mp3\"><\/audio><\/figure>\n<p><strong>It\u2019s a quiet start to the week in the foreign press:<\/strong> In one of the only Egypt-related stories on the web this morning, the <a href=\"https:\/\/www.nytimes.com\/2023\/02\/03\/arts\/design\/martinez-louvre-trafficking-charges.html\">New York Times<\/a> reports that a Paris appeals court has upheld charges of complicity brought against the former head of the Louvre, Jean-Luc Martinez, for allegedly trafficking Egyptian artifacts. Martinez was charged <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66222769-44dc-4bf4-b033-93a5c0c4ff78\">in May<\/a> with conspiring to hide the origin of archaeological artifacts that may have been looted from the country during the Arab Spring. Martinez is set to appeal the ruling, according to his lawyer.<\/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\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579381\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579382\" 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=\"579382\">\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\/02\/05\/suez-canal-receives-record-monthly-revenues\/\">\r\n                            Suez Canal receives record monthly revenues                        <\/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\/02\/05\/suez-canal-receives-record-monthly-revenues\/\" 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\/02\/05\/suez-canal-receives-record-monthly-revenues\/')\">\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\/02\/05\/suez-canal-receives-record-monthly-revenues\/\">\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=Suez Canal receives record monthly revenues&url=https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/suez-canal-receives-record-monthly-revenues\/\">\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\/02\/05\/suez-canal-receives-record-monthly-revenues\/&title=Suez Canal receives record monthly revenues\">\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=Suez+Canal+receives+record+monthly+revenues+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F02%2F05%2Fsuez-canal-receives-record-monthly-revenues%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\/02\/05\/suez-canal-receives-record-monthly-revenues\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/75.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579383\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/suez-canal-receives-record-monthly-revenues\/75-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/75.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"75.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/75.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/75.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579382\" class=\"content-area-description single-story post-579382 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-african-development-bank tag-also-on-our-radar tag-cit tag-commodities tag-development-finance tag-egypt-post tag-enterpriseam tag-gasc tag-infrastructure tag-suez-canal tag-transcom tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.9c569f20-cfda-432a-9483-97b6c7164086.mp3\"><\/audio><\/figure>\n<p><strong>SUEZ CANAL-<\/strong><\/p>\n<p><strong>Another record-breaking month for Suez Canal revenues: <\/strong>Suez Canal revenues grew 47% y-o-y in January to an all-time monthly high of USD 802 mn, according to a Suez Canal Authority (SCA) <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid02w9YHAre1KDp6EHqx7kpfhMnuEkQXkTrFhTVc7ohWj5NpV1oiVz4LCCUz6kcTKHszl&id=100068940828829&mibextid=qC1gEa\">statement<\/a>. Some 2.15k vessels transited the canal last month, up 21.5% y-o-y, according to the figures. The authority is targeting record revenues of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31b6b920-fa94-4f96-9d32-52b392927490\">USD 8.7 bn<\/a> this year.<\/p>\n<p><strong>FACT CHECK-<\/strong> <strong>The Suez Canal has not been leased: <\/strong>The <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02wnfstXcH836yPUx9o4dqBBNUoR2L1ZM5boCoAHjCmHJusqTgrsPuLHXJhvFyompNl\">SCA<\/a> and the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02wnfstXcH836yPUx9o4dqBBNUoR2L1ZM5boCoAHjCmHJusqTgrsPuLHXJhvFyompNl\">ca<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02wnfstXcH836yPUx9o4dqBBNUoR2L1ZM5boCoAHjCmHJusqTgrsPuLHXJhvFyompNl\">binet<\/a> have denied rumors circulating on social media that they had entered into agreements with foreign companies to manage the Suez Canal for a 99-year period. .The Suez Canal will remain wholly owned by the Egyptian state, and subject to its absolute sovereignty, whether in its management, operation or maintenance,\u201d the cabinet statement read.<\/p>\n<p><strong>COMMODITIES-<\/strong><\/p>\n<p><strong>GASC buys Russian wheat in second World Bank-backed tender: <\/strong>State grain buyer GASC bought 535k tonnes of Russian wheat for delivery in late February and early March in last week\u2019s international tender, the Supply Ministry said in <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid02JonV3NFhnTjkzdSKVjRvfLLMf3od19naTWfHY9UwmjQTFwgVipKj1isBnBWG5GRul&id=100066537065610&mibextid=qC1gEa\">a statement<\/a>, without disclosing the price it paid for the grain. Traders were quoted by <a href=\"https:\/\/www.zawya.com\/en\/markets\/commodities\/egypts-gasc-books-about-535-000-tonnes-of-wheat-in-tender-traders-sgl7awxu\">Reuters<\/a> as saying that GASC bought the wheat in five separate shipments for USD 323-326 per ton on a cost and freight basis.<\/p>\n<p><strong>This makes a pair:<\/strong> This is GASC\u2019s second <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7613652-a053-4047-9a69-0b30e9a89c0d\">international grain tender<\/a> so far this year and the second to be financed through a food security loan from the World Bank, which still needs to greenlight the latest purchase. Both tenders appear to have been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f8da00a9-5748-44bf-be2f-e5b2e5469fe0\">awarded<\/a> to Russian suppliers.<\/p>\n<p><strong>INFRASTRUCTURE-<\/strong><\/p>\n<p><strong>More AfDB funding for feasibility studies on the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aec62253-e782-4eb0-9277-7f11fc39a545\">Lake Victoria-Mediterranean river<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aec62253-e782-4eb0-9277-7f11fc39a545\">link<\/a><\/strong><strong>: <\/strong>The government is in the process of finalizing an agreement with the African Development Bank (AfDB) for USD 2 mn to fund the second phase of feasibility studies on the proposed Lake Victoria-Mediterranean Sea river transport route, Transport Minister Kamel El Wzir said at an African infrastructure financing summit in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7613652-a053-4047-9a69-0b30e9a89c0d\">Dakar last week<\/a>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid023zC6zAjcb2stqwqu1xSaaPqtncs5pDq51SP8KA9M1uurBrZvfLrtwmPwrmCD7Gvxl\">ministry statement<\/a>. The government previously said it was seeking some USD 11.7 mn to fund the phase-two studies, which will look into the technical, economic, and environmental aspects of the project. Preliminary studies were funded by a USD 650k grant from the AfDB.<\/p>\n<p><strong>TELECOMS-<\/strong><\/p>\n<p><strong>Swedish Transcom opens outsourcing center: <\/strong>Sweden-headquartered outsourcing company <a href=\"https:\/\/www.transcom.com\/eg\/about-us\/who-we-are\/\">Transcom<\/a> has opened a center in Sixth of October\u2019s Smart Village, employing some 650 people, according to a Communications Ministry <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid02P6M7jsfrbDK7zzxYyTwpQwYZtm6wtXAkxn39sQ4ZA2MXQyRM7Vc8ZXnTZZCtAB1Cl&id=100064809066281&mibextid=qC1gEa\">statement<\/a>. The company wants to expand the center to hire another 1k employees within three years. The ministry is working to attract more FDI to the local outsourcing industry, in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd0a86d5-e399-4532-be08-252e86d0be93\">December signing agreements<\/a> with 29 multinational firms to up their investments here.<\/p>\n<p><strong>FINTECH\/NBFS-<\/strong><\/p>\n<p><strong>Coming to a post office near you:<\/strong> Al Khair Microfinance signed a cooperation agreement with Egypt Post allowing customers to access its microfinance services at post offices across the country, according to an <a href=\"https:\/\/www.facebook.com\/Egyptpostorganization\/posts\/pfbid0nkTsLBRLDczoKMJegHPJ68KFmMsC6gmtoTTBCX82SyuDNQH1sDfw1p1SAEegfX96l\">Egypt Post statement<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/african-development-bank\/\">African Development Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/egypt-post\/\">Egypt Post<\/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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transcom\/\">Transcom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579386\" 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=\"579386\">\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\/02\/05\/egypt-hungary-sign-agreements-during-talks-in-budapest\/\">\r\n                            Egypt, Hungary sign agreements during talks in Budapest                        <\/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\/02\/05\/egypt-hungary-sign-agreements-during-talks-in-budapest\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The two countries signed MoUs to exchange experiences in international cooperation, development financing, and social affairs. They also inked a wide-ranging protocol to cooperate more closely in areas including trade and investment, finance, and the Suez Canal, and agreed to up the number of scholarships offered to Egyptian students to study in Hungary. An Egyptian-Hungarian business forum will take place in Cairo at the end of the month, the statement added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-cooperation-ministry\/\">International Cooperation Ministry<\/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=\"579388\" 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=\"579388\">\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\/02\/05\/sudan-israel-inch-closer-to-a-us-backed-peace-agreement\/\">\r\n                            Sudan, Israel inch closer to a US-backed peace agreement                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/sudan-israel-inch-closer-to-a-us-backed-peace-agreement\/\" 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\/02\/05\/sudan-israel-inch-closer-to-a-us-backed-peace-agreement\/')\">\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\/02\/05\/sudan-israel-inch-closer-to-a-us-backed-peace-agreement\/\">\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=Sudan, Israel inch closer to a US-backed peace agreement&url=https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/sudan-israel-inch-closer-to-a-us-backed-peace-agreement\/\">\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\/02\/05\/sudan-israel-inch-closer-to-a-us-backed-peace-agreement\/&title=Sudan, Israel inch closer to a US-backed peace agreement\">\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=Sudan%2C+Israel+inch+closer+to+a+US-backed+peace+agreement+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F02%2F05%2Fsudan-israel-inch-closer-to-a-us-backed-peace-agreement%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\/02\/05\/sudan-israel-inch-closer-to-a-us-backed-peace-agreement\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/79.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579389\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/sudan-israel-inch-closer-to-a-us-backed-peace-agreement\/79-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/79.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"79.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/79.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/79.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579388\" class=\"content-area-description single-story post-579388 post type-post status-publish format-standard has-post-thumbnail hentry category-around-the-world tag-around-the-world tag-diplomacy tag-enterpriseam tag-ethiopia tag-israel tag-sudan wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.0ff3f0d6-622d-4589-922b-264a6f2be42d.mp3\"><\/audio><\/figure>\n<p><strong>Sudan + Israel finalize normalization agreement: <\/strong>Israeli Foreign Minister Eli Cohen met with de facto leader Gen. Abdel Fattah Al Burhan in Sudan last week to finalize the agreement normalizing diplomatic relations between the two countries, the Israeli Foreign Ministry <a href=\"https:\/\/www.gov.il\/en\/departments\/news\/fm-cohen-visits-sudan-2-feb-2023\">said<\/a> Thursday. The signing of the agreement is set to take place in Washington later this year following the transfer of power in Sudan to a civilian government, making Sudan the fourth country to sign a peace agreement with Israel, the statement reads. Sudan agreed to take steps towards normalizing ties with Israel in 2020, at the same time the US-brokered Abraham Accords established formal diplomatic ties between Israel and the UAE, Bahrain, and Morocco.<\/p>\n<p><strong>Also worth knowing this morning:<\/strong><\/p>\n<ul>\n<li><strong>The US is pressuring Turkey + the UAE to restrict trade with Russia:<\/strong> A senior US Treasury official has told officials from the two countries that their continued trade with Moscow is hindering efforts to halt Russia\u2019s invasion of Ukraine. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-03\/us-warns-turkey-on-export-controlled-goods-sent-to-russia?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>)<\/li>\n<li><strong>The Ethiopian peace process:<\/strong> Ethiopian PM Abiy Ahmed met with senior officials from the Tigray region for the first time since a historic peace agreement was signed with the government in November. (<a href=\"https:\/\/twitter.com\/ebczena\/status\/1621549192131796993\">EBC News<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/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=\"579392\" 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\/02\/05\/579392\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579392\" class=\"content-area-description single-story post-579392 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>FEBRUARY<\/strong><\/p>\n<p>26 January-6 February (Thursday-Monday): Cairo International Book Fair, Egypt International Exhibition Center.<\/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>12 February (Sunday): The House reconvenes.<\/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>6-9 March (Monday-Thursday): EFG Hermes One-on-One conference, Atlantis, Dubai.<\/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>20-21 May (Saturday-Sunday): <a href=\"https:\/\/www.eglobexpo.com\/\">eGlob Expo<\/a>, St. Regis Almasa Hotel, Cairo.<\/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":579363,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-579362","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3f1dadcf-04ae-4631-93c3-700d7a8d5d29","teaser":"","photo_url":"https:\/\/ent.news\/2023\/2\/63.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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