{"id":581147,"date":"2023-02-21T00:00:00","date_gmt":"2023-02-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=581147"},"modified":"2025-12-16T12:43:29","modified_gmt":"2025-12-16T12:43:29","slug":"italys-intesa-sanpaolo-in-talks-with-govt-to-acquire-the-rest-of-alexbank","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/italys-intesa-sanpaolo-in-talks-with-govt-to-acquire-the-rest-of-alexbank\/","title":{"rendered":"Italy\u2019s Intesa Sanpaolo in talks with gov\u2019t to acquire the rest of Alexbank"},"content":{"rendered":"<section id=\"581149\" 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=\"581149\">\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\/21\/this-morning-will-egypt-get-the-all-clear-to-move-ahead-with-its-first-ever-sovereign-sukuk-sale\/\">\r\n                            Will Egypt get the all-clear to move ahead with its first-ever sovereign sukuk sale?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/this-morning-will-egypt-get-the-all-clear-to-move-ahead-with-its-first-ever-sovereign-sukuk-sale\/moneymoneymoney-1600px-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/6\/moneymoneymoney-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"moneymoneymoney-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/6\/moneymoneymoney-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/6\/moneymoneymoney-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581149\" class=\"content-area-description single-story post-581149 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-capital-markets tag-debt-watch tag-enterpriseam tag-sukuk tag-what-were-tracking-today 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\/audio\/2023\/3\/.f77f3bb8-3ac8-42a2-bdf5-bf5d919970c8.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, nice people, and welcome to a very busy hump day <\/span><span style=\"\">with the big news being <\/span><span style=\"font-weight:400;\">a development that we hope could break the privatization \u201clogjam\u201d and signal the seriousness of the Madbouly government\u2019s rebooted program: Italian lender Intesa Sanpaolo is said to be looking past short-term uncertainty and will acquire the 20% of Alexbank it doesn\u2019t already own. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A sale would be a very big, <span id=\"wwtt1\">very important milestone for the rebooted privatization program<\/span><\/span><span style=\"font-weight:700\">: <\/span><span style=\"\">Investors and market watchers alike are waiting for the first big, tangible outcome after Prime Minister Moustafa Madbouly unveiled the contours of the program earlier this month. Investors need to see something substantial \u2014 not a secondary sale of equity in an already-listed state-owned enterprise \u2014 to have confidence. <\/span><span style=\"font-weight:700\">Intesa Sanpaolo doubling down on Egypt would unquestionably be one such signal<\/span><span style=\"\">, as would be progress on the sale of a stake in any of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/new.siemens.com\/eg\/en\/company\/topic-areas\/egypt-megaproject.html\" style=\"\">world\u2019s largest combined-cycle power plants<\/a><\/span><span style=\"font-weight:400;\"> built by Siemens, Orascom Construction and Elsewedy Electric.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Watch this space: <\/span><span style=\"font-weight:400;\">The transaction could go through within days, we\u2019re told. Timing may hinge on how soon a court can quash or rule on a decade-old nuisance lawsuit that aimed to unwind the privatization of Alexbank, which was previously a member of the Big Four club of state-owned banks (it\u2019s now the \u201cbig three,\u201d with members including NBE, Banque Misr and Banque du Caire \u2014 the latter of which is itself a perennial privatization prospect.) <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">^^ We have mode in this morning\u2019s news well, below.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span id=\"wwtt2\">The EGX\u2019s Gulf roadshow wraps<\/span>: <span style=\"\">A delegation from the EGX, the Central Bank of <\/span><span>Egypt, and the Financial Regulatory Authority (FRA) wrapped up <\/span><span>on Friday<\/span><span> its week-long <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/13\/this-morning-egyps-rolls-on-egx-sfe-and-el-sisi-all-in-the-gulf-96637\/\" style=\"\">roadshow<\/a><\/span><span> in Riyadh, Abu Dhabi, and Dubai where they met with 20 investment funds and institutions to drum up interest in the government\u2019s privatization program, according to a<\/span><span> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/EGX-roadshow-in-KSA-UAE-joint-statement.pdf\" style=\"\">joint statement (pdf)<\/a><\/span><span>. Saudi sovereign wealth fund PIF and Abu Dhabi\u2019s ADQ together invested USD 3.1 bn in government-owned shares in EGX-listed companies last year, and have reportedly expressed interest in several of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">32 companies<\/a><\/span><span style=\"font-weight:400;\"> earmarked by the government for privatization. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good vibes? <\/span><span style=\"font-weight:400;\">Institutions from both countries showed \u201cgreat interest\u201d in investing in Egypt, according to the statement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Speaking of roadshows\u2026<\/span><span style=\"\"> <span id=\"wwtt3\">A delegation from the Japan Overseas Infrastructure Investment Corporation (JOIN)<\/span><\/span><span> will soon visit the SCZone to explore potential investments, the SCZone <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid029r4dr3YU9EBn2JyiM1u1irBxBy9CZYZxkXH5sMM9sujWVewBjwUGeKW3PAg3NCFUl\" style=\"\">said<\/a><\/span><span> yesterday<\/span><span style=\"font-weight:400;\">. The news comes after SCZone Chairman Walid Gamal El Din\u2019s visit to Tokyo, during which he met more than 100 companies and financial institutions to drum up interest in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The roadshow has found \u201cinterest in the SCZone from the Japanese business community<\/span><span>,\u201d Gamal El Din <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0KNT1YMthGaJwfUVeQYQuDrtT87LrGrUYejvxSTJJLbAf1UGnhjwVqvACJWRSoKiPl\" style=\"\">told<\/a><\/span><span style=\"font-weight:400;\"> Prime Minister Moustafa Madbouly yesterday in Cairo. He said Japanese companies are mainly interested in planned green energy projects in the zone.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">HAPPENING TODAY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\"><span id=\"wwtt4\">Will Egypt get the all-clear to move ahead with its first-ever sovereign sukuk sale?<\/span><\/span><span style=\"\"> <\/span><span>Investment banks yesterday <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/19\/this-morning-investors-to-wrap-up-sukuk-roadshow-tomorrow-97264\/\" style=\"\">wrapped up conversations<\/a><\/span><span style=\"font-weight:400;\"> with investors regarding a potential sukuk issuance by the Egyptian government. Both Bloomberg and Reuters have reported that the Finance Ministry is planning to sell a benchmark-sized USD-denominated sukuk \u2014 usually at least around USD 500 mn \u2014 with a three-year tenor.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\"><span id=\"wwtt5\">President El Sisi will hold talks today with his Uzbek counterpart Shavkat Mirziyoyev<\/span><\/span><span>,<\/span><span style=\"font-weight:700\"> <\/span><span>who arrived in Egypt yesterday for a two-day visit, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3KomEjE\" style=\"\">statement<\/a><\/span><span> by Ittihadiya. <\/span><span>Mirziyoyev yesterday met with reps from top local companies including Orascom Construction, Elsewedy Electric and El Araby Group, the president\u2019s office <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/president.uz\/uz\/lists\/view\/5931\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ICYMI- The results of the <\/span><span style=\"font-weight:700\">2023 Enterprise Reader Poll<\/span><span style=\"font-weight:700\"> are out:<\/span><span> We published the results of our latest reader survey in yesterday\u2019s EnterpriseAM. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/2023\/02\/20\/the-enterprise-2023-reader-poll-more-of-you-are-feeling-downbeat-about-our-economic-prospects-as-headwinds-mount\/\" style=\"\">You can check out the results of the poll here.<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORY ABROAD-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">There are two stories dominating the global front pages this morning:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Fresh earthquakes in Turkey:<\/span><span style=\"\"> Southern Turkey has been hit by a fresh pair of tremors, two <\/span><span>weeks after major quakes left tens of thousands of people dead and thousands of buildings in ruins. Twin earthquakes with magnitudes of 6.4 and 5.8 hit Turkey\u2019s southeastern Hatay province yesterday, killing three and hospitalizing more than 200. The fresh earthquakes have further damaged buildings, with Hatay Mayor Lutfi Savas telling <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.tgrthaber.com.tr\/gundem\/akdeniz-64le-sallandi-2876274\" style=\"\">Turkish TGRT TV<\/a><\/span><span style=\"font-weight:400;\"> that some people were trapped under the rubble. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The quake was felt in Egypt<\/span><span>, with no casualties or damage to property reported, the National Seismic Network <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ueWY7j61JvM5E2RfWjSHyZrNZyk9oVucqWmfU6xL35MJ6TdqyzdjzJqBdxEpaBB2l\" style=\"\">said<\/a><\/span><span> yesterday<\/span><span>. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/2023-turkey-syria-earthquake-earthquakes-c06d3009207b71df8a8792d4a68296a2?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_03\" style=\"\">AP<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-clears-away-rubble-earthquake-rescue-efforts-wind-down-2023-02-20\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-20\/turkey-s-hatay-hit-by-6-4-magnitude-earthquake?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/2023\/02\/20\/world\/europe\/turkey-syria-earthquake.html\" style=\"\">NYT<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bbc.com\/news\/world-europe-64711228\" style=\"\">BBC<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- Biden\u2019s surprise visit to Kyiv: <\/span><span style=\"\">In a show of solidarity with the war-torn country, the US <\/span><span>president made an unannounced visit to Kyiv today a few days before the one-year anniversary of Moscow\u2019s invasion. During talks with Ukrainian President Volodymyr Zelenskiy, Biden affirmed Washington\u2019s \u201cunwavering\u201d commitment to defending the country from Russia\u2019s invasion which is expected to intensify in the coming weeks as Moscow launches a spring offensive in the country\u2019s east. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/russia-ukraine-zelenskyy-biden-f00af220669457d5ba07127c7e57a27b?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\" style=\"\">AP<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/europe\/us-president-biden-visits-war-time-kyiv-ahead-invasion-anniversary-2023-02-20\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-20\/biden-visits-poland-a-year-after-russia-s-invasion-of-ukraine\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/edition.cnn.com\/europe\/live-news\/russia-ukraine-war-news-2-20-23\/index.html\" style=\"\">CNN<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/2023\/02\/20\/us\/politics\/biden-putin-ukraine-visit.html\" style=\"\">NYT<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/world\/2023\/02\/20\/president-biden-kyiv-ukraine-visit-war\/?itid=hp-top-table-main_p001_f001\" style=\"\">Washington Post<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/president-biden-visits-ukraine-for-first-time-since-russias-invasion-30a7c8d3?mod=hp_lead_pos1\" style=\"\">WSJ<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bbc.com\/news\/world-europe-64702548\" style=\"\">BBC<\/a><\/span><span>)<\/span><span> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MORNING MUST-READ-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The four-day workweek is getting serious traction in the UK<\/span><span style=\"\">, with 90% of companies <\/span><span style=\"font-weight:400;\">participating in the country\u2019s largest-ever trial of the idea saying they\u2019re going to keep testing it and 18 companies saying they\u2019re making it permanent. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why is a four-day workweek a good idea? <\/span><span style=\"\">Most participating companies said they found <\/span><span style=\"font-weight:400;\">\u201csharp drops in worker turnover and absenteeism while largely maintaining productivity.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s not just the UK: <\/span><span style=\"\">Companies in the US and Canada concluded similar studies (led by the <\/span><span style=\"font-weight:400;\">same organizers), the idea is being tested in Australia and Brazil, and Unilever is piloting it in New Zealand. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The key to success: No goofing off, fewer meetings. <\/span><span style=\"\">Participating companies tried to ensure <\/span><span style=\"font-weight:400;\">\u201cwork days more efficient with hacks such as cutting back on meetings and ensuring employees had more time to focus on completing tasks.\u201d  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SOUND SMART- Not every corporate \u201cseason\u201d may lend itself to a four-day<\/span><span style=\"\"> week <\/span><span style=\"font-weight:400;\">\u2014 periods such as earnings season, for example, may demand an all-hands-on-deck approach even after you move to a four-day workweek, a whitepaper from the organizers suggests.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Go read all about it here <\/span><span style=\"\">in the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/after-testing-four-day-week-companies-say-they-dont-want-to-stop-a06089cc?mod=hp_lead_pos10\" style=\"\">Wall Street Journal<\/a><\/span><span style=\"\"> or CNBC.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">OR GO DEEPER in <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.4dayweek.com\/ukpilot\" style=\"\">the official website for the trial<\/a><\/span><span style=\"\">, which is home to a white paper (no <\/span><span>charge) and a paid book.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">COME TO OUR NEXT ENTERPRISE FORUM- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/Export-FDI-Forum_1600.jpg?ssl=1\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019re excited to unveil our next C-level event: <\/span><span style=\"\">The Enterprise Exports &amp; FDI Forum, where <\/span><span style=\"font-weight:400;\">we will take a deep dive into two of the most critical topics affecting our community.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Exports and foreign direct investment (FDI) have never been more important to our economy<\/span><span> \u2014 or our businesses \u2014 than in the wake of the float of the EGP. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/issues\/2022\/10\/18\/am-a-five-step-recipe-to-boost-exports-fdi-and-make-sure-egypt-never-has-to-ask-the-imf-for-another-cent\/\" style=\"\">We think we have a once-in-a-lifetime chance to build an export-led economy<\/a><\/span><span style=\"font-weight:400;\"> that makes us a magnet for FDI and all the benefits that will come with it for our nation.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Downtown\u2019s Egyptian Museum is sliding into a new era<\/span><span style=\"font-weight:700\">:<\/span><span> The Tourism Ministry yesterday <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/pfbid02eV9cJd4YePpjXHV2HXEQqq73J4NBnNGQxcTKDWNXY3FU8KDfj86kueExknYEuBXMl\" style=\"\">unveiled a refurbished wing<\/a><\/span><span> of the Egyptian Museum in Downtown Tahrir, which is now home to a 16-meter ancient papyrus discovered last year. The renovated wing marks the first phase of a refurbishment plan for the country\u2019s oldest museum, which is being repurposed after the relocation <\/span><span>of its collection<\/span><span> to the soon-to-open Grand Egyptian Museum. The ministry used the inauguration to unveil the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/pfbid036SigDNCTJr5DY1Fq4UFwfrHEV4mGoyHJeFDk9ajxM8379qetEsfm8BCNywS1Xbwyl\" style=\"\">Waziry Papyrus<\/a><\/span><span>, which was discovered during excavations in Saqqara last May and features 113 inscriptions from the Book of the Dead. The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/politics-middle-east-egypt-cairo-de982a0960d26b90025b83cef9b50914\" style=\"\">Associated Press<\/a><\/span><span style=\"font-weight:400;\"> also took note of the story. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SO WHEN IS THE GEM OPENING? <\/span><span style=\"\">The talkshows put that to Supreme Council for Antiquities chief Mostafa El Waziri <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19022023&id=54862ab6-8248-482b-88f5-70d23ac1ffc4\" style=\"\">earlier this week<\/a><\/span><span style=\"\">. She said that while the GEM itself needed about three months to finish preparations to open, the actual date is up to \u201cthe political leadership\u201d to decide.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIRCLE YOUR CALENDAR-<\/span><span style=\"font-weight:400;\"> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/span><span style=\"font-weight:400;\"> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In today\u2019s issue:<\/span><span style=\"font-weight:400;\"> Egypt\u2019s renewable energy generation capacity treaded water in 2022, <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>with wind and solar capacity even registering slight declines. But despite the apparent halt in bringing new projects online, renewable energy output grew nearly 7%. What happened?<\/span><\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/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=\"581151 advertiser\" class=\"issue-section enterprise-adv\">\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=\"581151\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/581151\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581151\" class=\"content-area-description single-story post-581151 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/Simply-Somabay-8-1600px.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span>Somabay brings out the best in majestic natural elements where raw beauty and endless activities reign supreme. Immerse yourself into a picturesque getaway all year long. This is simply Somabay. For more information, call 16390 or visit <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.somabay.com\" style=\"\">www.somabay.com<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<\/div>\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=\"581152\" 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=\"581152\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/italys-intesa-sanpaolo-in-talks-with-govt-to-acquire-the-rest-of-alexbank\/\">\r\n                            Italy\u2019s Intesa Sanpaolo in talks with gov\u2019t to acquire the rest of Alexbank                        <\/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\/21\/italys-intesa-sanpaolo-in-talks-with-govt-to-acquire-the-rest-of-alexbank\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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\"\r\n            id=\"581155\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/avanz-capital-eyes-sme-space-national-navigation-mulls-a-return-to-the-egx\/\">\r\n                            Avanz Capital eyes SME space + National Navigation mulls a return to the EGX                        <\/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 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<\/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\/21\/avanz-capital-eyes-sme-space-national-navigation-mulls-a-return-to-the-egx\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/money-under-mattress1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581156\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/avanz-capital-eyes-sme-space-national-navigation-mulls-a-return-to-the-egx\/money-under-mattress1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/money-under-mattress1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"money-under-mattress1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/money-under-mattress1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/money-under-mattress1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581155\" class=\"content-area-description single-story post-581155 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-avanz-capital-management tag-capital-markets tag-egycop tag-enterpriseam tag-investment-watch tag-private-equity tag-smes 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\/audio\/2023\/2\/.b594728a-047d-4aa5-8f2b-93b42c5b6076.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">More funds for Egyptian SMEs:<\/span><span style=\"\"> Avanz Manara, a private equity vehicle focused <\/span><span>on Egyp<\/span><span>tian <\/span><span>SMEs, plans to make three new investments during 1H 2023, Haytham Wagih, <\/span><span>senior director at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.avanzcapital.com\/\" style=\"\">Avanz Capital Management<\/a><\/span><span>, reportedly told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3EqihRg\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\">. The firm is considering investing in three funds targeting SMEs, he said, without disclosing further information about the plans. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Avanz Manara has a lot of state backing: <\/span><span>Avanz Capital <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20220327005064\/en\/Avanz-Capital-Egypt-Establishes-Avanz-Manara\" style=\"\">launched Manara last March<\/a><\/span><span> with initial capital of EGP 905 mn, and plans to raise this to EGP 2 bn via two capital increases over the course of this year, he said. <\/span><span style=\"\">The company\u2019s founding shareholders are a who\u2019s who of state financial institutions <\/span><span style=\"font-weight:400;\">including the National Bank of Egypt, Banque Misr, Banque du Caire, Misr Insurance Holding Company, Suez Canal Bank, and the United Bank. Also shareholders: Attijariwafa Bank Egypt and Ahli United Bank, both private-sector entities.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The story so far:<\/span><span style=\"\"> The fund has currently invested EGP 7 mn in local firms: EGP 5 mn it handed to <\/span><span style=\"font-weight:400;\">Egypt-focused PE outfit Ezdehar and EGP 2 mn into logistics startup Trella, Wagih said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/20\/africas-first-voluntary-carbon-market-will-launch-in-mid-2023-88131\/\" style=\"\">EgyCop<\/a><\/span><span style=\"font-weight:700\"> is expected to go live next month<\/span><span style=\"\">,<\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">the newspaper <\/span><span style=\"font-weight:400;\">quotes Avanz Capital co-founder and chief portfolio and risk officer Hany Assaad as saying. The fund, which is being managed by Avanz, will invest in low-carbon projects that issue carbon credits, and plans to raise an initial EGP 1 bn, he said, adding that they\u2019re still waiting on a license from the Financial Regulatory Authority. The FRA previously said it was working on the license as well as on amendments to the Capital Markets Act that would validate the use of carbon certificates as a tradable security. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Background:<\/span><span style=\"font-weight:400;\"> Planning Minister Hala El Said announced the creation of the fund at COP27 in November. It is set to complement the EGX\u2019s voluntary carbon market, which is set for launch in the middle of this year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Africa-wide low-carbon fund in the works: <\/span><span style=\"\">Avanz <\/span><span style=\"\">Capital <\/span><span style=\"\">and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mgm.com.eg\/\" style=\"\">MGM Financial & Banking Consultants<\/a><\/span><span style=\"\"> are considering launching an Africa-wide fund investing in low-carbon projects that issue carbon credits \u201cin partnership with an international financial institution,\u201d Assaad was quoted as saying in a separate <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3IFSI17\" style=\"\">Al Mal<\/a><\/span><span style=\"\"> article<\/span><span style=\"\">. The fund will target an initial capital of USD 200 mn and is envisaged as an Africa-wide version of <\/span><span style=\"\">EgyCop<\/span><span style=\"font-weight:400;\">, Assaad said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The African fund is eyeing investing in Ghana, Nigeria, and Morocco <\/span><span style=\"font-weight:400;\">as a start, Assaad said. The companies are in talks with investors from South Africa, Tanzania, and Kenya to participate in the fund, MGM board member Sherif El Diwany is quoted as saying. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ALSO IN CAPITAL MARKETS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">National Navigation Company mulls a return to the EGX: <\/span><span style=\"\">The board of the <\/span><span style=\"\">state-owned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/nnc.com.eg\/\" style=\"\">Nati<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/nnc.com.eg\/\" style=\"\">onal Navigation Company (NN<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/nnc.com.eg\/\" style=\"\">C)<\/a><\/span><span style=\"\"> will propose re-listing the company on the EGX in the next shareholders\u2019 meeting in March, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3IM4EhX\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\"> reports, citing unnamed sources.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The company was kicked off the bourse in 2009: <\/span><span style=\"font-weight:400;\">The EGX delisted NNC in 2009 for failing to comply with listing regulations, including the requirement to freefloat a minimum of 5% of the company, according to the newspaper.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why go back? <\/span><span style=\"font-weight:400;\">The company is looking to re-list on the EGX in order to fund new capital expenditure that includes the purchase of seven new cargo vessels for USD 189 mn, according to the news outlet.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Shareholder structure:<\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">The company is majority-owned by the Holding Company for Maritime <\/span><span style=\"\">and Land Transport (HCMLT) (69%), while the Suez Canal Authority\u2019s Canal Shipping Agencies owns 20%, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=http:\/\/www.mpbs.gov.eg\/Arabic\/Affiliates\/ShareholdingCompanies\/Pages\/ShareholdingCompaniesDetails.aspx?id%3D30&sa=D&source=docs&ust=1676912282585879&usg=AOvVaw2Gkcs6zi1w9IvEsPEDBmHg\" style=\"\">the Public Enterprises Ministry<\/a><\/span><span style=\"font-weight:400;\">. The remaining shares are held by state-owned banks and financial institutions.<\/span><\/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\/avanz-capital-management\/\">Avanz Capital Management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egycop\/\">EgyCop<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/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=\"581157\" 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=\"581157\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/ebrd-predicts-slower-egypt-growth-in-2023\/\">\r\n                            EBRD predicts slower Egypt growth in 2023                        <\/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\/21\/ebrd-predicts-slower-egypt-growth-in-2023\/\" target=\"_blank\">\n                    Open in new tab                    <!-- 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/ebrd-predicts-slower-egypt-growth-in-2023\/ebrd-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/ebrd-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"ebrd-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/ebrd-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/ebrd-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581157\" class=\"content-area-description single-story post-581157 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-ebrd tag-economy tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"\"> <\/span><span style=\"font-weight:700\">The European Bank for Reconstruction and Development (EBRD) now sees <\/span><span style=\"font-weight:700\">Egypt\u2019s GDP growing at a 4.6% clip in 2023<\/span><span>,<\/span><span style=\"font-weight:700\"> <\/span><span>down 1.0 p<\/span><span style=\"\">ercentage point from its 5.6% estimate in September, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/RegionalEconomicUpdate_2023_FebPDF.pdf\" style=\"\">updated projections (pdf)<\/a><\/span><span style=\"font-weight:400;\"> out last week.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">On an FY basis: <\/span><span style=\"\">The London-based bank is expecting the domestic economy to grow at a <\/span><span style=\"\">4.3% clip i<\/span><span style=\"\">n the current fiscal year, which runs through June, <\/span><span style=\"\">down from its previous estimate of 4.7%.<\/span><span style=\"font-weight:400;\"> It sees GDP coming in at 5.0% in its first prediction for next fiscal year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More optimistic than some: <\/span><span style=\"\">The IMF and the Madbouly government see<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/01\/imf-trims-gdp-growth-forecast-for-egypt-95140\/\" style=\"\">GDP growing 4.0%<\/a><\/span><span style=\"font-weight:400;\"> this fiscal year. A recent Reuters poll predicted growth of 4.8% in the current fiscal year, while the World Bank expects 4.5%, and Fitch has penciled in 4.4%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The rationale: <\/span><span style=\"\">The lender took note of a slowdown in the most recent official growth figures to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/29\/economy-grew-4-4-y-o-y-in-the-first-quarter-of-2022-despite-global-headwinds-89429\/\" style=\"\">4.4% in<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/29\/economy-grew-4-4-y-o-y-in-the-first-quarter-of-2022-despite-global-headwinds-89429\/\" style=\"\">1Q 2022-2023<\/a><\/span><span style=\"\">, down from 9.8% in the same period a year earlier, on the back of higher commodity prices, \u201clower investor sentiment, higher borrowing costs and greater pressure on external accounts.\u201d It also pointed to drag on the economy thanks to the latest depreciation of the EGP and high inflation, which have led the state to make cutbacks and squeezed local demand.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">On the upside:<\/span><span style=\"\"> \u201cThe implementation of structural reforms, supported by the IMF program, and the shift to a durably flexible exchange rate regime are expected to relieve the pressure on external financing and accelerate reforms,\u201d the EBRD writes, forecasting growth to improve in the medium term thanks to a stronger private sector. <\/span><\/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\/ebrd\/\">EBRD<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"581159\" 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=\"581159\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/govt-approves-two-month-extension-to-expat-car-import-scheme\/\">\r\n                            Gov\u2019t approves two-month extension to expat car import scheme                        <\/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\/21\/govt-approves-two-month-extension-to-expat-car-import-scheme\/\" target=\"_blank\">\n                    Open in new tab                  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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581160\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/govt-approves-two-month-extension-to-expat-car-import-scheme\/cars-ports-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/cars-ports-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"cars-ports-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/cars-ports-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/cars-ports-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581159\" class=\"content-area-description single-story post-581159 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-automotive tag-commodities tag-enterpriseam tag-foreign-exchange tag-house-of-representatives tag-industry tag-legislation-watch tag-manufacturing tag-senate 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\/audio\/2023\/2\/.bbfe5df5-8323-4373-b9d7-ea098c77da07.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Expat car-for-FX scheme extended to May:<\/span><span style=\"\"> The Cabinet has approved <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/15\/expat-car-for-fx-scheme-likely-to-be-extended-again-amid-low-turnout-96904\/\" style=\"\">a<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/15\/expat-car-for-fx-scheme-likely-to-be-extended-again-amid-low-turnout-96904\/\" style=\"\">two-month extension<\/a><\/span><span style=\"\"> to its expat car-for-FX scheme, which has so far <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/15\/expat-car-for-fx-scheme-likely-to-be-extended-again-amid-low-turnout-96904\/\" style=\"\">failed to gain traction<\/a><\/span><span style=\"font-weight:400;\"> among Egyptians abroad. The program, which was supposed to end in the middle of March, will now remain open until mid-May, giving people more time to sign up, Parliamentary Affairs Minister Alaaeddin Fouad told MPs yesterday. His statements came during a meeting held by the House Budget Committee yesterday to continue discussing how to increase participation in the scheme.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER-<\/span><span style=\"\"> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/13\/egyptian-expats-get-new-cars-finmin-gets-fx-more-buildings-up-for-reconciliation-83841\/\" style=\"\">The scheme<\/a><\/span><span style=\"\"> provides incentives to Egyptians living abroad to purchase cars <\/span><span style=\"font-weight:400;\">overseas and import them into Egypt, and was designed by policymakers to bring more FX into the country. Under the rules, expats will receive full rebates on customs fees, VAT, and other taxes within five years of purchasing a vehicle, provided they pay them upfront in FX <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Three months in and it is yet to get off the ground:<\/span><span style=\"\"> The scheme has brought<\/span><span style=\"\"> in just USD 202 mn since its launch in November, just 8% of the original <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/17\/expat-car-import-scheme-could-raise-egp-50-bn-worth-of-fx-maait-84169\/\" style=\"\">USD 2.5 bn target<\/a><\/span><span style=\"\">, the Finance Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/expat-car-scheme.pdf\" style=\"\">said (pdf)<\/a><\/span><span style=\"\"> this week. The head of the Customs Authority last week put the figure at USD 38.5 mn. Some 42k people have now registered with the scheme, 12k of which have paid, according to the ministry.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Another two months:<\/span><span style=\"\"> \u201cThe cabinet took note of last week's amendments introduced by MPs, <\/span><span style=\"\">but it decided that expats will have six months to take advantage of the initiative and pay their dues to the Finance Ministry,\" Fouad said. Some lawmakers last week had <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/enterprise.press\/stories\/2023\/02\/15\/expat-car-for-fx-scheme-likely-to-be-extended-again-amid-low-turnout-96904\/&sa=D&source=editors&ust=1677019557159617&usg=AOvVaw0r2Iv79-Cc8-dsNybvoEsW\" style=\"\">called for the scheme to be extended<\/a><\/span><span style=\"font-weight:400;\"> until the middle of May.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Some aspects of the bill remain up for debate:<\/span><span style=\"\"> MPs have not agreed on a response to a <\/span><span style=\"\">proposal to grant Egyptians living in the Gulf a 50% discount on taxes and customs, <\/span><span>House Planning and Budget Committee Deputy Chairman Yasser Omar said on Kelma Akhira last night (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/www.youtube.com\/watch?v=aI1ZcE3GGkE&sa=D&source=editors&ust=1677019557160620&usg=AOvVaw2oqD3Au2yc1jeBUN_TNav8\" style=\"\">watch, runtime: 7:25<\/a><\/span><span>). \u201cDiscussions [yesterday] saw a legal argument over an article offering 50% to expats in the Gulf,\u201d he said. The measure was put forward to help buyers in the Gulf vis a vis their Europe-based counterparts who don\u2019t have to pay customs duties when importing cars to Egypt. The debate will be settled next week when the House reconvenes, he said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span style=\"\"> The amendments will make their way to the House to be up for a final discussion <\/span><span style=\"font-weight:400;\">and vote when it reconvenes on Monday, 27 February.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ALSO FROM THE HOUSE<\/span><span style=\"font-weight:400;\">- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Temp licenses for industrial projects approved by House committee:<\/span><span style=\"\"> <\/span><span style=\"\">The House Industrial <\/span><span style=\"\">Committee approved yesterday a government-drafted bill that would allow unlicensed industrial projects to obtain temporary licenses. Their approval comes one day after the Senate <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/enterprise.press\/stories\/2023\/02\/20\/senate-approves-bill-allowing-informal-industrial-projects-to-get-temporary-licenses-97412\/&sa=D&source=editors&ust=1677019557163162&usg=AOvVaw1lWwk6m-XXq3mEW4kf9AdX\" style=\"\">greenlit the bill<\/a><\/span><span style=\"\"> in a bid to provide temporary relief to the informal businesses. The <\/span><span style=\"\">House Budget Committee <\/span><span style=\"font-weight:400;\">will prepare a report on the bill to be up for a final discussion and vote when the House reconvenes on Monday 27 February. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Committee green-lights development fee exemption for phone components:<\/span><span style=\"\"> <\/span><span style=\"\">The House <\/span><span style=\"\">Budget Committee approved a recent decision by the cabinet to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/enterprise.press\/stories\/2023\/02\/09\/cabinet-scraps-5-development-fee-for-local-mobile-phone-assemblers-96069\/&sa=D&source=editors&ust=1677019557164776&usg=AOvVaw1_vGnHEpn2tTwmHM6APy91\" style=\"\">exempt mobile phone components<\/a><\/span><span style=\"\"> from the <\/span><span style=\"font-weight:400;\">5% development fee. The move is designed to encourage the local manufacture of the components and lower the industry\u2019s reliance on imported goods. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FROM THE SENATE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Gov\u2019t could hike local wheat prices:<\/span><span style=\"\"> The Cabinet may raise local wheat procurement <\/span><span style=\"font-weight:400;\">prices again, Agriculture Minister El Sayed El Quseir told senators yesterday. \"I would like to indicate that the government is currently revising the wheat purchase price and that there could be a new increase when the delivery season begins,\" he said. His statements came in response to many senators calling for higher purchase prices to encourage increased production.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER-<\/span><span style=\"\"> The suggestion of a new increase comes <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/enterprise.press\/stories\/2023\/01\/19\/pm-madbouly-talks-all-things-econ-as-cabinet-approves-subsidized-loans-to-industry-bumps-state-wheat-procurement-price-93960\/&sa=D&source=editors&ust=1677019557167298&usg=AOvVaw22HxmQQtuGO0QLy-mA_M6t\" style=\"\">nearly a month<\/a><\/span><span style=\"font-weight:400;\"> after the government raised local wheat procurement prices by 40% to EGP 1.25k per ardeb for the coming season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Mic drop:<\/span><span style=\"\"> The Senate adjourned this week's sessions yesterday, and is set to reconvene on Sunday, 5 March.<\/span><\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senate\/\">Senate<\/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=\"581161 advertiser\" class=\"issue-section enterprise-adv\">\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=\"581161\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/581161\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581161\" class=\"content-area-description single-story post-581161 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/1-SODIC-Allegria-1600px.jpg?ssl=1\"><\/a><\/span><\/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=\"581162\" 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=\"581162\">\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\/21\/a-fresh-earthquake-in-southern-turkey-dominated-the-conversation-on-the-airwaves-last-night\/\">\r\n                            A fresh earthquake in southern Turkey dominated the conversation on the airwaves last night                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/kelma-akhira-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"kelma-akhira-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/kelma-akhira-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/kelma-akhira-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581162\" class=\"content-area-description single-story post-581162 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-automotive tag-enterpriseam tag-foreign-exchange tag-last-nights-talk-shows tag-manufacturing 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\/audio\/2023\/2\/.2d3b91b1-8024-4e18-bd35-456e7edaa8f6.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Yesterday\u2019s earthquake in southern Turkey dominated the airwaves last night<\/span><span style=\"\">, <\/span><span>with the pair of fresh tremors hitting Hatay again getting everyone talking. Kelma Akhira\u2019s Lamees El Hadidi focused on the impact on the ground and panic caused by the quakes, which were felt in Egypt, Lebanon and Palestine (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=WJMPzS9kwnY\" style=\"\">watch, runtime: 6:28<\/a><\/span><span>). Masa\u2019a DMC (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=RW4AlsTqwWo\" style=\"\">watch, runtime: 3:24<\/a><\/span><span>) and Ala Masouleety (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=3AyhIKm5GTg\" style=\"\">watch, runtime: 4:39<\/a><\/span><span>) also had coverage.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">An Egyptian navy ship carrying \u201chundreds of tons\u201d of relief aid to Syria<\/span><span style=\"\"> was featured on <\/span><span>from Al Hayah Al Youm (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=XJJkeSJ6evE\" style=\"\">watch, runtime: 4:31<\/a><\/span><span>), Masa\u2019a DMC (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=58v5UUclo_M\" style=\"\">watch, runtime: 3:41<\/a><\/span><span>), and Kelma Akhira (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=3zEld18PTW0\" style=\"\">watch, runtime: 3:36<\/a><\/span><span>). Al Hayah Al Youm also took note of 200 tons of relief aid sent separately to the Syrian Arab Red Crescent (SARC) from the Egyptian Red Crescent (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=poF1O_QLbM4\" style=\"\">watch, runtime: 6:25<\/a><\/span><span style=\"font-weight:400;\">).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Changes to the government\u2019s expat car import scheme received heavy coverage<\/span><span style=\"\"> on the <\/span><span>airwaves last night: Kelma Akhira (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=aI1ZcE3GGkE\" style=\"\">watch, runtime: 7:25<\/a><\/span><span>, Ala Mas\u2019ouleety (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=lqH4cDqhkMI\" style=\"\">watch, runtime: 6:08<\/a><\/span><span>) and Al Hayah Al Youm (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=kLnx0Sad-u8\" style=\"\">watch, runtime: 6:24<\/a><\/span><span>). <\/span><span style=\"font-weight:700;\">We have more on this in this morning\u2019s news well, above.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Three global mobile phone manufacturers are considering setting up shop in Egypt<\/span><span style=\"\">, MP <\/span><span>Yasser Omar told Ala Mas\u2019ouleety\u2019s Ahmed Moussa last night, without providing further details <\/span><span>(<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=Gt1KQBGVC0Y\" style=\"\">watch, runtime: 1:35<\/a><\/span><span>)<\/span><span style=\"font-weight:400;\">. Omar was on the show to discuss the government\u2019s recent decision to scrap development fees for importers of mobile phone components. <\/span><\/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\/foreign-exchange\/\">foreign exchange<\/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\/manufacturing\/\">Manufacturing<\/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=\"581164\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between 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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/phone-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/phone-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581165\" class=\"content-area-description single-story post-581165 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-fintech tag-future-pharma tag-manufacturing tag-mountain-view tag-non-banking-financial-services tag-outsourcing tag-pharma tag-real-estate tag-venture-capital 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\/audio\/2023\/2\/.c6e5136c-0aac-4de3-85ff-ae4b7798543e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INVESTMENT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Outsourcer Transcom to invest EUR 40 mn to expand Egypt operations:<\/span><span style=\"\"> <\/span><span>Sweden-headquartered outsourcer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/backend.transcom.com\/global\/tags\/transcom-sweden\" style=\"\">Transcom<\/a><\/span><span> wants to invest EUR 40 mn over the next four years to grow its Egypt operations, Ahmed Gamaleldin, company regional manager and managing director in Egypt, told Al Mal (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=Bfj4aYsNyEw\" style=\"\">watch, runtime: 48:27<\/a><\/span><span>.)  Transcom <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/05\/suez-canal-receives-record-monthly-revenues-95387\/\" style=\"\">earlier this month<\/a><\/span><span> opened a center in Sixth of October\u2019s Smart Village, employing some 650 people with plans to hire another 1k employees within three years.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Mountain View to invest EGP 6 bn this year<\/span><span style=\"font-weight:700\">: <\/span><span style=\"\">Real estate developer Mountain View <\/span><span>plans to invest EGP 6 bn (USD 196 mn) in 2023, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/projects\/construction\/egyptian-developer-mountain-view-to-invest-196mln-in-2023-o3y42e8n\" style=\"\">Zawya<\/a><\/span><span style=\"font-weight:400;\"> reports, citing a company statement. The money will be used to speed up construction at existing projects, launch new projects, and look at scaling outside of Egypt, the company said. Mountain View wants to accelerate deliveries by a third to 2k units this year, and is targeting EGP 31 bn in sales on the back of newly launched projects in East and West Cairo and Ras El Hikma.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Next stop KSA?<\/span><span style=\"\"> Mountain View formed a JV with Saudi Arabia\u2019s Omar Kassem Alesayi Group <\/span><span>in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/15\/energean-sees-case-for-more-eastmed-gas-investment-87429\/\" style=\"\">November<\/a><\/span><span style=\"font-weight:400;\"> to study new urban developments and tourist resorts in KSA.\u2019<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MANUFACTURING- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Croatia\u2019s Koncar and Saudi\u2019s Al Massa could build EV chargers, electrical <\/span><span style=\"font-weight:700\">infrastructure here: <\/span><span>Croatian electrical equipment manufacturer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.koncar.hr\/en\/\" style=\"\">Koncar<\/a><\/span><span> could establish a factory for manufacturing EV chargers, cabinet said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Rf6kPNmoyx8MwMKH943wwrPTENQPwttFyyqHnGSR6HAcxuHo3PmyC1WP4XxRee2tl\" style=\"\">a statement<\/a><\/span><span> on Sunday. This came during talks between Prime Minister Moustafa Madbouly and Saudi contractor <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.al-massagroup.com\/\" style=\"\">Al Massa Group<\/a><\/span><span style=\"font-weight:400;\">, which acts as Koncar\u2019s local agent. Al Massa Chairman Al Sharif Saud said the firms are also considering manufacturing electrical components for power transmission infrastructure. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">New Future Pharma factory next year:<\/span><span style=\"\"> Local pharma player <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.fpi-futurepharma.com\/Home\" style=\"\">Future Pharma Industries<\/a><\/span><span style=\"\"> <\/span><span>plans to finalize the construction of its new EGP 1 bn factory in Badr City during the first quarter of 2024, Chairman Gamal El Din El Leithy told <\/span><span>Amwal Al Ghad<\/span><span style=\"font-weight:400;\">. The factory, which will go by the name of Future Pro, will be home to four production lines with an annual production capacity of 20 mn vials and 10 mn eye drops. The factory will also help in providing imported pharma raw materials, he said. Two local banks are funding 60% of the project, El Leithy said, without disclosing which lenders are involved. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FINTECH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PaySky, Dahab Masr to offer gold investment via app: <\/span><span style=\"\">E-payments firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/paysky.io\/\" style=\"\">PaySky<\/a><\/span><span> and gold investment platform <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/dahabmasr.com\/\" style=\"\">Dahab Masr<\/a><\/span><span> inked a partnership agreement on Sunday to launch an online service, Yalla Invest, that will allow users to invest in gold through PaySky\u2019s Yalla Super App, according to a joint <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/dahabmasr.com\/bloger\/dahabmasr-press-release-yalla\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NBFS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Edge Holding to launch consumer finance arm this quarter: <\/span><span style=\"\">Real estate developer <\/span><span style=\"\">Edge <\/span><span>Holding will establish a consumer finance arm with initial capital of EGP 100 mn during 2Q 2023, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/41bGh4b\" style=\"\">Al Mal<\/a><\/span><span> reports citing Ahmed <\/span><span>Selim<\/span><span>, CEO of Edge subsidiary <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/company\/tadbiir-for-leasing-factoring\/?trk=similar-pages&originalSubdomain=eg\" style=\"\">Tadbiir for Leasing & Factoring<\/a><\/span><span style=\"font-weight:400;\">. The new company will aim to build an EGP 1 bn portfolio in its first year, funded by loans from local banks. The new entity will begin with car financing and home refurbishment before expanding into other sectors, Selim said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">PLANET STARTUP-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">COREangels sets up shop in Cairo:<\/span><span style=\"\"> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.coreangels.com\/\" style=\"\">COREangels<\/a><\/span><span style=\"\">, a global network of angel funds <\/span><span>and investors, has launched its first MEA-focused fund, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/COREangels-MEA-Press-Release-19-2-2023-EN.pdf\" style=\"\">press release (pdf)<\/a><\/span><span>. The Cairo-based fund will be jointly managed by COREangels and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/pts.holdings\/\" style=\"\">PTS Holdings<\/a><\/span><span>\u2019 ORO Partners, and will invest in pre-seed and seed stage tech startups across the Middle East and Africa.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EMPLOYMENT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">British Embassy launches initiative to help grads find jobs:<\/span><span style=\"\"> The British Embassy in <\/span><span>Cairo has launched a GBP 2 mn initiative to help Egyptian graduates improve employability skills and land jobs, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/UK-Egypt-Career-Employability-Programme.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span> yesterday. <\/span><span style=\"font-weight:400;\">The Higher Education for Career Guidance and Employability scheme is being run in partnership with the Higher Education Ministry and the International Labour Organization. <\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/vc-funding-falls-to-nine-year-low-in-4q-2022\/\">\r\n                            VC funding falls to nine-year low in 4Q 2022                        <\/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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<\/a>\r\n\r\n                \n<article id=\"post-581167\" class=\"content-area-description single-story post-581167 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance tag-venture-capital tag-world-bank 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_408150\"\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\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/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\/audio\/2023\/2\/.48d8c668-3983-4396-bb30-894cfb7cea5e.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Economic uncertainty sent fundraising by venture-capital firms plunging to a <\/span><span style=\"font-weight:700\">nine-year low<\/span><span> in the fourth quarter of 2022, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/venture-fundraising-hits-nine-year-low-c2b4774\" style=\"\">Wall Street Journal<\/a><\/span><span> <\/span><span style=\"font-weight:400;\">reports, citing data from investment data company Preqin. VCs raised USD 20.6 bn in new funds during the October-December period, down 65% y-o-y \u2014 the lowest fourth-quarter total since 2013. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What happened?<\/span><span style=\"font-weight:400;\"> Years of easy money had until last year enabled VCs to raise multi-bn USD funds to pour into speculative startups, but tightening financial conditions have brought this to an end. Rising borrowing costs hit tech valuations and share prices hard last year and investors are now being more cautious about where they put their money.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EMs including Egypt worry World Bank\u2019s switch to climate finance could imperil <\/span><span style=\"font-weight:700\">its credit rating:<\/span><span> Egypt is reportedly among a host of developing countries calling on the World Bank to protect its ultra-high triple-A credit rating, as the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/16\/this-morning-sovereign-sukuk-as-soon-as-next-week-and-worth-up-to-usd-5-bn-97056\/\" style=\"\">early departure<\/a><\/span><span> of David Malpass ushers in a greater focus on climate finance at the multilateral lender. The G11 group of developing nations \u2014 plus other EMs including Egypt, the UAE, Qatar, Saudi Arabia and more than two dozen African countries <\/span><span style=\"font-size:10.5pt;\">\u2014<\/span><span> said it was important to \u201cavoid measures . . . that might not be understood by rating agencies in positive light,\u201d in a note seen by the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/0e1eb247-3703-40ed-8389-b91111494fc4\" style=\"\">Financial Times<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The fear:<\/span><span style=\"\"> <\/span><span style=\"\">That the bank could make changes that allow it to take on more risk in order to invest <\/span><span>more in climate projects \u2014 putting it in danger of losing its exceptionally high credit rating, which allows it to offer cheap financing to poorer countries. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Dubai is trying to become a regional center for hedge fund trading: <\/span><span style=\"\">Dubai is in <\/span><span>negotiations with over 50 hedge funds that control more than USD 1 tn in assets to set up shop in the city, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-20\/dubai-in-talks-to-attract-50-hedge-funds-to-mideast-finance-hub?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span>.<\/span><span style=\"font-weight:400;\"> Hedge fund traders are increasingly choosing to set up in Dubai, lured in by the city's lack of taxes, ease of conducting business, and reputation as an international travel hub, as well as a convenient time zone for portfolio managers with investments spanning several continents. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ALSO IN PLANET FINANCE- <\/span><\/p><ul>\n<li><span style=\"font-weight:700\">Qatar mulls eurobond issuance:<\/span><span style=\"\"> Qatar is gauging investor appetite for a <\/span><span>potential eurobond sale, with a non-deal roadshow beginning yesterday. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-20\/qatar-tests-investor-appetite-for-potential-dollar-eurobond-sale?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">Israel isn\u2019t easing the rate hikes: <\/span><span style=\"\">The Bank of Israel lifted its key rate by 50 <\/span><span>bps to <\/span><span>4.25%<\/span><span>, its highest since late 2008. This was a bigger hike than expected by analysts, which had forecast a 25-bps increase. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-20\/israel-may-have-to-outdo-fed-with-rate-hike-this-time-day-guide?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">A (temporary) sigh of relief for Facebook:<\/span><span style=\"\"> Facebook parent Meta has <\/span><span>temporarily averted a collective lawsuit in the UK of up to GBP 3 bn over claims that it abused its market position. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/uk\/37-bln-uk-mass-action-against-facebook-over-market-dominance-rejected-now-2023-02-20\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">) <\/span><\/li>\n<\/ul><p><a id=\"t.32b50a722cc143b8df4580d4b7c7718a723b23f9\"><\/a><a id=\"t.0\"><\/a><\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">EGX30 <\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">16,814<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">-3.0% (YTD: +15.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">USD (CBE)<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">Buy 30.53<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">Sell 30.63<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">USD at CIB<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">Buy 30.53<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">Sell 30.63<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700;\">Interest rates CBE<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">16.25% deposit<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">17.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">Tadawul<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">10,371<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">-1.2% (YTD: -1.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">ADX<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">9,976<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">0.0% (YTD: -2.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">DFM<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">3,462<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">+0.1% (YTD: +3.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">S&amp;P 500<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">4,079<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">-0.3% (YTD: +6.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">FTSE 100<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">8,014<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">+0.1% (YTD: +7.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700;\">Euro Stoxx 50<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">4,271<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">-0.1% (YTD: +12.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">Brent crude<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">USD 83.70<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">+0.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">Natural gas <\/span><span style=\"font-weight:400;\">(Nymex)<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">USD 2.23<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">-1.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700;\">Gold<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">USD 1,850.30<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">0.0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:700\">BTC<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">USD 24,774<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><span style=\"font-weight:400;\">+0.9% (YTD: +49.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE CLOSING BELL-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The EGX30 fell 3.0% at yesterday\u2019s close<\/span><span style=\"\"> on turnover of EGP 1.87 bn (4.2% below the 90-day <\/span><span style=\"font-weight:400;\">average). Local investors were net sellers. The index is up 15.2% YTD.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In the green: <\/span><span style=\"font-weight:400;\">Juhayna (+0.1%).<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In the red: <\/span><span>Ezz Steel (-5.9%), Elsewedy Electric (-5.8%) and Telecom Egypt (-5.5%).<\/span><\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"581169\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\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\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/we-generated-more-electricity-from-the-same-renewables-projects-in-2022\/\">\r\n                            We generated more electricity from the same renewables projects in 2022<\/a>\r\n                        <\/h3>\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\/goinggreens\/we-generated-more-electricity-from-the-same-renewables-projects-in-2022\/\" 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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But despite the apparent halt in bringing new projects online, renewable energy output \u2014 the amount of electricity generated by renewable sources in the country \u2014 grew nearly 7%, according to the <\/span><span>New and Renewable Energy Authority\u2019s (NREA) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/infogram.com\/res-indicators-2022-1h0r6rpmooe9l2e?live\" style=\"\">2022 renewables report<\/a><\/span><span style=\"font-weight:400;\">. So what happened \u2014 and what the prospects are for getting renewables growth going again this year and beyond? <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Renewables capacity remained more or less flat last year: <\/span><span>Installed hydroelectric capacity \u2014 which accounts for nearly half of total capacity \u2014 stayed flat in 2022 compared to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/infogram.com\/egypt-2021-renewable-energy-indications-1h7g6k0krjmlo2o?live\" style=\"\">the year before<\/a><\/span><span> at some 2.8 GW. Installed wind capacity fell by a marginal 10 MW to record 1.6 GW, while solar capacity fell by 100 MW to register 1.5 GW. Biofuel \u2014 fuel generated from waste and biomass \u2014 was the only renewable source to see growth last year, rising nearly fivefold to record 56 MW. That\u2019s still a very small contribution to our overall renewables capacity, which stood at just under<\/span><span> 6.1 GW<\/span><span> by the end of 2022 \u2014  down some <\/span><span>66 MW<\/span><span style=\"font-weight:400;\"> on last year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">But we\u2019re generating more electricity out of our existing renewables plants: <\/span><span>Renewables plants fed some <\/span><span>25.6 GWh<\/span><span> of electricity into the national grid last year, an i<\/span><span>ncrease of 6.7%<\/span><span style=\"font-weight:400;\"> on 2021. Hydroelectric, wind, and biofuels output all increased, with solar the only type of energy to see production fall in tandem with a decrease in installed capacity. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Hydroelectric power continued to account for a big chunk of our renewable electricity output: <\/span><span>Egypt generated some 15.0k gigawatt hours (GWh) of power from hydroelectric sources in 2022 \u2014 about a 6.4% y-o-y increase on <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/infogram.com\/egypt-2021-renewable-energy-indications-1h7g6k0krjmlo2o?live\" style=\"\">2021<\/a><\/span><span style=\"font-weight:400;\">, according to the NREA report. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And GERD hasn\u2019t yet had a detrimental effect: <\/span><span>Most of Egypt\u2019s hydroelectric power comes from the Aswan High Dam, which has a 2.1 GW capacity but rarely reaches that capacity due to low water levels, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mdpi.com\/1996-1073\/15\/7\/2412\" style=\"\">2022 study<\/a><\/span><span> in Energies journal. Over the course of this decade, Ethiopia\u2019s GERD mega-dam on the upstream Nile is likely to affect power generation out of Aswan thanks to lower water levels, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/06\/30\/investing-in-egypts-renewables-sector-risks-and-returns-46317\/\" style=\"\">Economist Intelligence Unit (EIU)<\/a><\/span><span> has predicted. The increase in hydropower generation last year suggests that hasn\u2019t yet come to pass \u2014 likely thanks to last year\u2019s high flood, which negated the impact of the the third filling of GERD on Nile river flows, Water and Irrigation Minister Hany Sewilam <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/18\/this-morning-how-long-will-25-cds-last-plus-efg-hermes-could-exit-pakistan-jordan-93847\/\" style=\"\">told MPs in January<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Wind power generation picked up pace: <\/span><span>S<\/span><span>ome 6.1k GWh of wind energy was generated in 2022, up 13.0% y-o-y, despite the slight fall in installed capacity. <\/span><span>The NREA doesn\u2019t give an explanation of the figures, but that could be the result of more efficiency in transferring the energy created at wind farms to the grid and other upgrades at our wind farms \u2014 or of better weather conditions. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Solar power output took a small step backwards in line with reduced capacity: <\/span><span>Some 4.4k GWh of solar power was produced in 2022, marking a modest 2.2% y-o-y decline from the previous year as capacity dropped by around 100 MW. There\u2019s also some 217.2 MW of electric capacity contained in facilities not connected to the national grid and backup generators around the country, New and Renewable Energy Authority head Mohamed El Khayat <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/05\/renewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-up-83030\/\" style=\"\">told us previously<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Biofuels on the rise: <\/span><span style=\"font-weight:400;\">Power generation from biofuel sources, while still a small part of our overall energy mix, grew more than sevenfold to hit 89 GWh amid the near fivefold increase in capacity. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Biofuel production is set to rise further over the coming years:<\/span><span> Egypt\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/07\/26\/new-details-on-egypts-updated-emissions-targets-76549\/\" style=\"\">updated emissions targets<\/a><\/span><span style=\"font-weight:400;\"> include a plan to extract 350k tons of algae oil annually for use in the production of biofuels and generate 100k tons of bioethanol annually. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">So why did renewables development stall last year? <\/span><span>Efforts to add new renewables capacity have been hindered by \u201cuncertainty over the government\u2019s plans for state-owned utility projects and delays in the competitive auction scheme,\u201d the International Energy Agency said in its 2022 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/greeneconomys\/egypts-renewable-energy-capacity-is-on-track-to-grow-65-by-2027-says-iea\/\" style=\"\">global renewables report<\/a><\/span><span style=\"font-weight:400;\">. Overcapacity has also slowed renewables growth, the IEA said, noting that our current electricity generation capacity \u2014 across both renewable and non renewable sources \u2014 stands at almost double peak demand. A lack of private finance for new projects has also been a sticking point. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">But that could be about to change: <\/span><span>In return for more than USD 550 mn in finance from Europe and the US to help Egypt decarbonize its power infrastructure, the country <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/27\/the-green-economy-in-2022-cop27-was-the-news-event-of-the-year-92292\/\" style=\"\">has agreed<\/a><\/span><span> to ramp up the rate at which we bring new renewables capacity to the grid from a current target of sourcing <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/11\/07\/egypt-lays-out-2030-renewable-energy-targets-57430\/\" style=\"\">42% of our energy from renewables<\/a><\/span><span> by 2030. Look for the government to submit a revised target in June. Even without taking into account the revised target, Egypt\u2019s renewable energy capacity is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/greeneconomys\/egypts-renewable-energy-capacity-is-on-track-to-grow-65-by-2027-says-iea\/\" style=\"\">on track to grow some 65% by 2027<\/a><\/span><span style=\"font-weight:400;\">, according to the IEA. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">There\u2019s plenty in the pipeline: <\/span><span>Private companies are currently constructing or developing some 2.8 GW of fresh wind capacity, while the state is set to <\/span><span>add 252 MW of wind capacit<\/span><span>y in the Gulf of Suez, according to the NREA. Another 700 MW of solar power is in the works from private players, and the government is also working to build a 20-MW solar plant in Hurghada, the report reads. A <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/19\/this-morning-in-davos-el-said-talks-up-privatization-and-investor-appetite-in-egypt-plus-hurghada-solar-tender-pushed-93958\/\" style=\"\">planned tender for the Hurghada plant<\/a><\/span><span style=\"font-weight:400;\"> has been postponed by a month to close this Wednesday, 22 February so bidders can reassess their figures following the devaluation of the EGP. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And plans are underway to build much more wind capacity: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/17\/a-lot-of-renewables-a-lot-of-investment-to-drum-up-87965\/\" style=\"\">Initial agreements<\/a><\/span><span style=\"font-weight:400;\"> for mega wind projects set to bring a massive 29.5 GW of new wind power online were signed between private sector developers and the government during November\u2019s COP27 climate summit in Sharm El Sheikh. The agreements include two 10 GW wind farms that are set to become among the largest in the world. The investment cost for all these projects is set to exceed USD 34 bn. They are in the early stages of development, so there is no breakdown on how they will be financed yet. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Your top green economy stories for the week:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Europe will have to wait for more Egyptian LNG:<\/span><span style=\"\"> Egypt won\u2019t be able to increase <\/span><span>its LNG exports to Europe until 2025, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/16\/europe-will-need-to-wait-until-2025-for-more-lng-from-egypt-says-el-molla-97063\/\" style=\"\">according to<\/a><\/span><span> Oil Minister Tarek El Molla. <\/span><\/li>\n<li><span style=\"font-weight:700\">Local EVs within six months? <\/span><span style=\"\">The Arab Academy for Science, Technology & Maritime <\/span><span>Transport will launch the first locally produced EVs at an affordable price point within six months, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1235\/488063\/Egypt\/Urban--Transport\/Egypt-to-launch-first-locally-manufactured-electri.aspx\" style=\"\">MENA<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/li>\n<li><span style=\"font-weight:700\">Chevron is figuring out how to export Cypriot gas via Egypt: <\/span><span style=\"\">Chevron has officially <\/span><span>asked Shell for permission <\/span><span>to use its underused West Delta Deep Marine (WDDM) facilities to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/19\/chevron-is-trying-to-figure-out-a-way-of-exporting-cypriot-gas-via-egypt-97269\/\" style=\"\">process gas from Cyprus' Aphrodite fields<\/a><\/span><span>.<\/span><\/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\/biofuels\/\">biofuels<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-and-renewable-energy-authority\/\">New and Renewable Energy Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"581171\" 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\/21\/581171\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581171\" class=\"content-area-description single-story post-581171 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> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FEBRUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">19 February-11 March (Sunday-Saturday): 2023 Africa U20 Cup of Nations, Egypt, various locations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23-27 February (Thursday-Monday): Annual Business Women of Egypt\u2019s Women for Success conference. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 February (Thursday): Telecom Egypt to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"\" style=\"\">announce<\/a><\/span><span style=\"font-weight:400;\"> its 2022 results.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">24-26 February (Friday-Sunday): The Egyptian Private Equity Association and the African Private Equity and Venture Capital Association are hosting a three-day private capital funds masterclass.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27 February (Monday): House reconvenes.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MARCH <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">March: 4Q2022 earnings season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>March: Gov\u2019t to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=09022023&id=215b7f00-5e2e-4a3a-889f-b43e1d66cd39\" style=\"\">launch<\/a><\/span><span> the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sis.gov.eg\/Story\/174696\/Planning-minister-follows-up-on-plan-for-National-Governance-Index?lang=en-us\" style=\"\">National Governance Index<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Beginning of March: Rice to be added to the EMX.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">3 March (Friday): Journalists\u2019 Syndicate midterm elections.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 March (Sunday):<\/span><span style=\"font-weight:400;\"> Senate reconvenes. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 March (Sunday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/nef.nub.edu.eg\/\" style=\"\">Nahda Economic Forum<\/a><\/span><span style=\"font-weight:400;\">, Intercontinental Cairo Semiramis. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6-9 March (Monday-Thursday): EFG Hermes One-on-One conference, Atlantis, Dubai.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21-22 March (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 March (Thursday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 March (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">APRIL <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>April: GAFI<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/01\/20\/1623257\" style=\"\">to launch<\/a><\/span><span style=\"font-weight:400;\"> the country\u2019s first integrated electronic platform to facilitate setting up a business.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 April (Saturday): Deadline for banks to establish sustainability units.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10-16 April (Monday-Sunday): IMF \/ World Bank Spring Meetings, Marrakesh, Morocco.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">16 April (Sunday): Coptic Easter<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17 April (Monday): Sham El Nessim. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 April (Friday): Eid El Fitr (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 April (Tuesday): Sinai Liberation Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 April (Sunday): Deadline for self-employed to register for e-invoicing. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 April (Sunday): End of Mediterranean, Nile Delta oil + gas exploration tender. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Late April \u2013 15 May: 1Q2023 earnings season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Monday): Labor Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-3 May (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4 May (Thursday): National holiday in observance of Labor Day (TBC). <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4 May (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ief.org\/events\/8th-ief-igu-ministerial-gas-forum\" style=\"\">IEF-IGU Ministerial Gas Forum<\/a><\/span><span style=\"font-weight:400;\">, Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-11 May (Tuesday-Thursday): First edition of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fintechrobos.com\/etn\/arab-actuarial-conference-2023\/\" style=\"\">Arab Actuarial Conference<\/a><\/span><span style=\"font-weight:400;\">, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-18 May (Tuesday-Thursday): Egypt will host <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/CDIS-Press-Release-EN.pdf\" style=\"\">its first conference<\/a><\/span><span style=\"font-weight:400;\">on cybersecurity and defense intelligence systems (CDIS-Egypt).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">18 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20-21 May (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.eglobexpo.com\/\" style=\"\">eGlob Expo<\/a><\/span><span style=\"font-weight:400;\">, St. Regis Almasa Hotel, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>22-26 May (Monday-Friday): Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><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%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\" style=\"\">will host<\/a><\/span><span style=\"font-weight:400;\"> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7-10 (Wednesday-Saturday): The second edition of Africa Health Excon. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10 June (Saturday): Thanaweya Amma examinations <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/moe.gov.eg\/what-s-on\/news\/dates-for-the-exams\/\" style=\"\">begin<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">13-14 June (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19-21 June (Monday-Wednesday): Egypt Infrastructure and Water Expo <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\" style=\"\">debuts<\/a><\/span><span style=\"font-weight:400;\"> at the Egypt International Exhibition Center. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">22 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 June (Friday): June 30 Revolution Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">JULY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">18 July (Tuesday): Islamic New Year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 July (Sunday): Revolution Day. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25-26 July (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27 July (Thursday): National holiday in observance of Revolution Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Late July-14 August: 2Q2023 earnings season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUGUST <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">3 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SEPTEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Friday): Armed Forces Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Late October-14 November: 3Q2023 earnings season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">31 October - 1 November (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">2023: The inauguration of the Grand Egyptian Museum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2023: Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\" style=\"\">will host<\/a><\/span><span style=\"font-weight:400;\"> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1Q 2023: Egypt + Qatar to launch joint business forum. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1Q 2023: FRA to introduce <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today-90236\/\" style=\"\">new rules<\/a><\/span><span style=\"font-weight:400;\"> for short selling.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1Q 2023: Internal trade database to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/hapijournal.com\/?p=212185\" style=\"\">launch<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1Q 2023: The Madbouly government <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/25\/govt-to-decide-on-hotel-privatization-within-two-months-94552\/\" style=\"\">will choose<\/a><\/span><span> which state-owned hotels will be merged into a new hotels company ahead of an offering to foreign and Gulf investors.<\/span><\/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":"<p>The transaction could go through within days<\/p>\n","protected":false},"featured_media":581148,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-581147","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"e466a02a-e2f0-4ff1-8c28-7d3de66104b4","teaser":"The transaction could go through within days","photo_url":"https:\/\/ent.news\/2023\/2\/154.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Italy\u2019s Intesa Sanpaolo in talks with 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