{"id":581921,"date":"2023-03-01T00:00:00","date_gmt":"2023-03-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=581921"},"modified":"2025-12-16T13:00:13","modified_gmt":"2025-12-16T13:00:13","slug":"our-burgeoning-smartphone-industry-just-got-a-big-boost-as-mps-slash-duties-on-imported-components","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/our-burgeoning-smartphone-industry-just-got-a-big-boost-as-mps-slash-duties-on-imported-components\/","title":{"rendered":"Our burgeoning smartphone industry just got a big boost as MPs slash duties on imported components"},"content":{"rendered":"<section id=\"581923\" 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=\"581923\">\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\/03\/01\/cabinets-qatar-trip-ends-without-a-blockbuster-investment-announcement\/\">\r\n                            Cabinet\u2019s Qatar trip ends without a blockbuster investment announcement                        <\/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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href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/cabinets-qatar-trip-ends-without-a-blockbuster-investment-announcement\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/bored-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581924\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/cabinets-qatar-trip-ends-without-a-blockbuster-investment-announcement\/bored-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/bored-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"bored-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/bored-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/bored-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581923\" class=\"content-area-description single-story post-581923 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-fdi tag-g20 tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.61268b67-c815-43dd-9225-894c3bb9f010.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/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:700\">Good morning, friends, and welcome to the first day of March<\/span><span style=\"font-weight:400;\">, where we have a ton of news for you on everything from FDI to a big boost for our burgeoning domestic smartphone assembly industry. (Yes, smartphone assembly \u2014 the industry is mushrooming, and the House of Representatives just slashed duties in a move that should make the export-focused industry even more competitive.)<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>***<br><\/span><span style=\"font-weight:700\">Do you want to attend our Enterprise Exports + FDI Forum <\/span><span style=\"\">on Monday, 15 May at the Four <\/span><span style=\"font-weight:400;\">Seasons? As always, we\u2019ll get underway at 8:00am with a networking breakfast for senior execs, then tumble into a day of compelling (and, we hope, inspiring) on-stage interviews. <\/span><\/p><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:\/\/exportsfdi.enterprise.press\/registration.html\" style=\"\">Hit this link if you want to let us know you\u2019re interested in attending<\/a><\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">(or just to check the <\/span><span style=\"font-weight:400;\">event website and see what we\u2019re thinking). We\u2019ll soon start sending out invitations in batches. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Do you have an export success story you\u2019d like to share on stage <\/span><span style=\"\">or with the community in <\/span><span>editorial content? <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"mailto:patrick@enterprisemea.com\" style=\"\">Drop a note to Patrick here<\/a><\/span><span style=\"font-weight:400;\"> and let\u2019s talk. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Do you want to become a commercial partner for the event? <\/span><span style=\"\">Some of the biggest names in <\/span><span style=\"\">business and finance are on board \u2014 are you? P<\/span><span>ing a note to Moustafa, our head of commercial, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"mailto:mtaalab@inktankir.com\" style=\"\">here<\/a><\/span><span>.<br><\/span><span style=\"font-weight:700;\">***<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\"><span id=\"wwtt1\">Madbouly\u2019s trip to Qatar ends with no sign of breakthrough in investment talks<\/span>:<\/span><span style=\"\"> One of <\/span><span style=\"font-weight:400;\">the big stories of the week has been Prime Minister Moustafa Madbouly\u2019s trip to Qatar, which the business community has closely watched for signs that we could unlock as much as USD 5 bn in fresh investment from the Gulf country. The two days passed with no indication of where things stand with the Qatar Investment Authority, which has been said to be pursuing stakes in Vodafone Egypt and several port operators, among others.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019ve seen a flurry of announcements from the private sector in recent weeks, but no blockbuster announcements out of the Gulf. <\/span><span>Almarai <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/23\/almarai-now-owns-100-of-beyti-97678\/\" style=\"\">bought out PepsiCo\u2019s stake in dairy and juice producer Beyti<\/a><\/span><span>, EK Holding <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/26\/ekh-to-invest-usd-170-mn-in-egypt-this-year-reports-record-sales-in-2022-97850\/\" style=\"\">will invest USD 170 mn in Egypt this year<\/a><\/span><span>, and Stellantis, Nissan and Almansour have said they will separately invest a total of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/23\/stellantis-nissan-and-mansour-could-invest-usd-145-mn-in-local-assembly-97679\/\" style=\"\">USD 145 mn in auto assembly here<\/a><\/span><span> in the coming years. And, of course, there\u2019s Chimera, which is pushing heavily into our financial services industry, acquiring substantial stakes in everything from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/08\/04\/chimera-is-getting-56-of-beltone-and-no-more-77114\/\" style=\"\">Beltone<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/15\/ripplewood-flips-big-part-of-its-efg-hermes-stake-to-chimera-others-96900\/\" style=\"\">EFG Hermes<\/a><\/span><span> to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/02\/mnt-halan-on-its-way-to-unicorn-status-with-major-chimera-investment-95288\/\" style=\"\">MNT Halan<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease-91791\/\" style=\"\">GB Lease<\/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\">But our Gulf neighbors have pledged bns in the past year \u2014 and little of that has materialized. <\/span><span>As <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/26\/this-morning-whats-it-going-to-take-to-unlock-gulf-investments-in-egypt-97848\/\" style=\"\">we noted<\/a><\/span><span style=\"font-weight:400;\"> earlier this week, disagreements over stake sizes, uncertainty over the EGP, and GCC states\u2019 increasing emphasis on the need for reform are all said to be holding back investment from the sovereign wealth funds (and others) in Abu Dhabi, Riyadh and Doha. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Lamees El Hadidi openly discussed pressure on the EGP last night<\/span><span style=\"font-weight:700\">:<\/span><span> The Kelma Akhira host highlighted the discrepancy between the official EGP rate of 30.68 and what she said is the rate of 32:50 in the parallel market. She also noted <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk-97677\/\" style=\"\">last week\u2019s reports<\/a><\/span><span> that talks with Saudi Arabia on the sale of state-owned United Bank have stalled over how to value the lender following the EGP\u2019s devaluation. \u201cThey don\u2019t see the current exchange rate at banks resembling a fair rate with a necessity of another depreciation,\u201d she said, noting<\/span><span> <\/span><span>picking up on <\/span><span>Societe General\u2019s<\/span><span> recent suggestion that the currency may shed another 10% (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=ksPjdFfKuqA\" style=\"\">watch, runtime: 4:36<\/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\"><span id=\"wwtt2\">Societe Generale now expects the EGP to fall to 37.00 by the end of the year<\/span><\/span><span>, emerging-market strategist Gergely \u00dcrm\u00f6ssy told Asharq Business yesterday (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1630523300873924608\" style=\"\">watch, runtime: 1:40<\/a><\/span><span>). A 37.00 rate implies that the currency will lose another 20% of its value against the greenback over the next 10 months, having already lost almost half of its value over the past year in a series of large devaluations. The French lender is currently predicting the currency to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/26\/this-morning-whats-it-going-to-take-to-unlock-gulf-investments-in-egypt-97848\/\" style=\"\">fall another 10%<\/a><\/span><span> by the end of this month to 34.00, and sees a \u201cheightened probability of another sharp devaluation in the near term.\u201d<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Will cabinet accept lower valuations?<\/span><span style=\"\"> In an interview on <\/span><span>Kelma Akhira, former Blom Bank Egypt deputy managing director Tarek Metwally called on government negotiators to balance the need to lock in a good price with the imperative of simply getting new investment into the country (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=LCbxWnaIyEs\" style=\"\">watch, runtime: 8:12<\/a><\/span><span style=\"font-weight:400;\">). \u201cWhat we really want more than a high price is getting investors to pour into the country,\u201d Metwally said.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MEANWHILE- <span id=\"wwtt3\">Egyptian bonds were the worst performers among emerging markets yesterda<\/span><\/span><span> as foreign investors reacted to the prospect of higher interest rates in the US and an apparent stall in talks with GCC investors, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3kETvWL\" style=\"\">Asharq Business<\/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;\">It\u2019s the beginning of a new month:<\/span><\/p><ul>\n<li><span style=\"font-weight:700\">PMI:<\/span><span style=\"\"> S&amp;P Global will release Egypt\u2019s February purchasing managers\u2019 ind<\/span><span style=\"\">ex on Sunday, <\/span><span>5 March<\/span><span style=\"font-weight:400;\">.<\/span><\/li>\n<li><span style=\"font-weight:700\">Foreign reserves:<\/span><span style=\"\"> Expect the central bank to release February\u2019s foreign reserves <\/span><span style=\"font-weight:400;\">figures sometime next week. <\/span><\/li>\n<li><span style=\"font-weight:700\">Inflation:<\/span><span style=\"font-weight:400;\"> Inflation data for February will land at the end of next week.<\/span><\/li>\n<li><span style=\"font-weight:700\">Interest rates:<\/span><span style=\"\"> The Central Bank of Egypt will hold its second policy meeting of the year <\/span><span style=\"font-weight:400;\">at the end of the month on 30 March.<\/span><\/li>\n<li><span style=\"font-weight:700\">Fuel prices:<\/span><span style=\"\"> We\u2019re a third of the way through the quarter and we still haven\u2019t heard <\/span><span style=\"font-weight:400;\">anything about what the government plans to do with fuel prices in 1Q. If we don\u2019t get an announcement soon, we can assume the fuel pricing committee is taking the quarter off.<\/span><\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">WHAT\u2019S HAPPENING TODAY-<\/span><\/p><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\">Shoukry is in New Delhi for the G-20 meetings<\/span>:<\/span><span style=\"\"> Foreign Minister Sameh Shoukry is <\/span><span>in India today and tomorrow to attend the meeting of G-20 foreign ministers, the ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3kDycVG\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\">yesterday. Though India wants to focus on issues related to the developing world \u2014 including debt relief, food and energy security, and climate change \u2014 expect the West\u2019s preoccupation with Ukraine and its schism with Russia to dominate the discourse around the summit. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">But Egypt isn\u2019t a member of the G-20?<\/span><span style=\"\"> As this year\u2019s G-20 president, India has invited Egypt <\/span><span>to attend the summits as a guest nation.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PSA #1- Want to go to the London School of Economics? Attend a briefing on the <\/span><span style=\"font-weight:700\">LSE-Sawiris Scholarship:<\/span><span> Newton Education Services and the <\/span><span>Sawiris Foundation for Social Development will host an online info session today at 6pm CLT about applying to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/newton-prep.com\/lse-sawiris-scholarship\/\" style=\"\">LSE-Sawiris Scholarship Program<\/a><\/span><span>. The scholarship offers funding to Egyptians applying to study an executive MSc in cities at the London School of Economics. You can register to attend the event <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/form.jotform.com\/230501884159558\" style=\"\">here<\/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\">Interested?<\/span><span style=\"\"> You should have a minimum of 10 years of professional experience in an <\/span><span>urban-related field, and you need to be currently working for a public- or third-sector <\/span><span style=\"font-weight:400;\">organization in Egypt.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PSA #2- The last official day of winter is 20 March<\/span><span style=\"\">, but it looks like we\u2019ve already put our <\/span><span style=\"font-weight:400;\">favourite season of the year in the rearview mirror and are jumping straight over spring to summer. You can expect daytime highs north of 30\u00b0C through Monday, after which they\u2019ll hover in the 26\u00b0C to more than 30\u00b0C band as far as the eye can see.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PSA #3- Next stop, Ramadan: <\/span><span style=\"\">The holy month starts in a little over a month\u2019s time on <\/span><span>Thursday, 23 March (tbc, of course). <\/span><span style=\"font-weight:700\">So, what time do we eat? <\/span><span style=\"font-weight:400;\">Maghreb prayers are at 6:08am on the first day; you\u2019ll have until 4:28am the following morning for sohour.<\/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><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><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 BIG STORY ABROAD-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">There\u2019s no single story dominating the global conversation this morning<\/span><span style=\"\">, with the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/chips-act-is-bounty-for-semiconductor-companieswith-many-strings-attached-6e72fd67\" style=\"\">Wall<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/chips-act-is-bounty-for-semiconductor-companieswith-many-strings-attached-6e72fd67\" style=\"\">Street Journal<\/a><\/span><span> leading with new US subsidies for chipmakers, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/605f76b5-256f-4a97-a905-5187084c3135\" style=\"\">Financial Times<\/a><\/span><span> highlighting a potential sale of parts of Goldman Sach\u2019s retail business, and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/greece-train-crash-thessaloniki-01cd3d48dfe384a7c0ff148d0b24a425?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01\" style=\"\">Associated Press<\/a><\/span><span style=\"font-weight:400;\"> reporting that 29 people have died in Greece in a train collision.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AND- Like it or not, AI Bing (and perhaps Sydney and Venom?) is a step closer to you: <\/span><span>Microsoft plans to roll its AI-powered Bing search engine to its Windows operating system, it said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/blogs.windows.com\/windowsexperience\/2023\/02\/28\/introducing-a-big-update-to-windows-11-making-the-everyday-easier-including-bringing-the-new-ai-powered-bing-to-the-taskbar\/\" style=\"\">statement<\/a><\/span><span>, shrugging off<\/span><span> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/27\/could-ai-chatbots-create-a-rift-in-your-marriage-mixed-reviews-on-the-four-day-workweek-98082\/\" style=\"\">safety and security concerns<\/a><\/span><span style=\"font-weight:400;\"> over its new technology. The new Bing will be accessible via the search box in Windows 11, which the tech giant introduced yesterday. The search box is one of the most used features of the operating system with half a bn users monthly, product chief Panos Panay said in a slightly breathless statement. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">There\u2019s still no word on how soon you\u2019ll get off the waitlist to use AI Bing on your phone <\/span><span style=\"font-weight:700\">or in the browser: <\/span><span style=\"font-weight:400;\">The search engine has been unrolled into preview for over 1 mn people in 169 countries in the last three weeks, the statement added. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">How do I upgrade to Windows 11? <\/span><span style=\"\">If you\u2019re on a personal machine or your IT department has <\/span><span>given you the right permissions: <\/span><span>Start  &gt; Settings  &gt; Update &amp; Security  &gt; Windows Update  and select \u201cCheck for updates.\u201d <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/support.microsoft.com\/en-us\/windows\/getting-ready-for-the-windows-11-upgrade-eb50813f-c7da-4cf8-89a3-6ba0d33b2773#:~:text=Install%20Windows%2011,-Once%20the%20Windows&amp;text=To%20check%20if%20Windows%2011,proceed%2C%20download%20and%20install%20it.\" style=\"\">Tap or click here for more.<\/a><\/span><\/p><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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MPs have 10 days off:<\/span><span style=\"font-weight:400;\"> The House will reconvene on Sunday, 12 March.<\/span><\/p><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\">Thanaweya Amma exam schedules are out<\/span>: <\/span><span style=\"\">Thanaweya Amma exams are scheduled <\/span><span>to take place between 12 June and 15 July, the Education Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0MomhExv4yWhogyCoY77i4QPaocEt1zS2uR4BR6pjLQZ8rw8mG5AcPjKXZNfCbv5Rl\" style=\"\">said<\/a><\/span><span> yesterday.<\/span><\/p><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><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\/2020\/1\/Web-view-01.jpg?ssl=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\">*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/span><span style=\"font-weight:400;\"> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/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 today\u2019s issue: Supply chains, transportation and logistics in focus at cabinet-led <\/span><span style=\"font-weight:700\">brainstorming session:<\/span><span> Reducing red tape, improving access to finance and lowering customs clearance times were some of the suggestions to strengthen Egypt\u2019s logistics industry against external shocks made at a cabinet roundtable held earlier this month.<\/span><\/p>\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\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/g20\/\">G20<\/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=\"581925 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=\"581925\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/581925\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581925\" class=\"content-area-description single-story post-581925 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-9-1600px.jpg?ssl=1\"><\/a><\/span><\/p>\n<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=\"581926\" 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=\"581926\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/madbouly-reassures-qatari-investors-on-economy-in-bid-to-draw-investment\/\">\r\n                            Madbouly reassures Qatari investors on economy in bid to draw investment                        <\/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\/03\/01\/madbouly-reassures-qatari-investors-on-economy-in-bid-to-draw-investment\/\" 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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Prime Minister Moustafa Madbouly said during talks in Doha that Egypt is on its way out of its economic crisis and that the currency of the past year is almost at an end, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0pMxiwBwdmZDSQpx1uNaVQ6ohjEcLdK3F1bbvhiFYxsj32LfXcAvT3B47d8utKdVbl\" style=\"\">Egyptian cabinet<\/a><\/span><span style=\"\"> and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3ID4Pur\" style=\"\">Qatar News Agency<\/a><\/span><span style=\"\"> said<\/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\">Reassurance for all investors: <\/span><span style=\"\">The prime minister also said that Qatari investors will be allowed to repatriate profits and <\/span><span style=\"font-weight:700\">pledged not to introduce capital controls on FDI<\/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-<\/span><span style=\"\"> Madbouly led a delegation of cabinet ministers and and other officials on a two-day visit <\/span><span style=\"\">to Qatar this week to discuss the country\u2019s plans to invest in Egypt. Doha last year pledged to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/03\/30\/qatar-to-invest-usd-5-bn-in-egypt-cemex-harmony-gold-to-invest-more-here-67923\/\" style=\"\">invest USD 5 bn<\/a><\/span><span style=\"\"> to help Egypt shore up its external position following Russia\u2019s invasion of Ukraine, but is yet to pull the trigger on any major investments. Talks with the Qatar Investment Authority (QIA) to sell a stake in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/08\/el-said-calls-on-qataris-to-invest-adq-said-to-be-mounting-rival-bid-to-qias-vodafone-egypt-acquisition-95853\/\" style=\"\">Vodafone Egypt<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/31\/investment-banks-eye-terminal-operator-ipos-and-qatars-swf-is-looking-for-a-strategic-stake-94977\/\" style=\"\">two container terminal operators<\/a><\/span><span style=\"font-weight:400;\"> have stalled in recent weeks, reportedly on the sizes of the stakes on offer. <\/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\">No news of a breakthrough with QIA \u2014 but a joint investment fund is in the works:<\/span><span style=\"\"> <\/span><span style=\"\">W<\/span><span style=\"\">ork <\/span><span style=\"\">is underway to establish a joint Egyptian-Qatari investment fund \u201cwith large paid-in capital,\u201d Planning Minister Hala El Said said during the talks yesterday, cabinet said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0tuA7VcrV987wkHhih9LvTVq5KrGiRCRiznT1y4nXLJBzhFcX9f7xNhkxXLxv1AByl\" style=\"\">a statement<\/a><\/span><span style=\"\">. <\/span><span style=\"font-weight:400;\">Neither side provided any further information on the size of the fund, what it could invest in, or when it could be established.<\/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\">Qatari businesses could have appetite:<\/span><span style=\"\"> The heads of the Qatar Businessmen\u2019s Association <\/span><span>(QBA) and the Qatar Chamber of Commerce<\/span><span> reiterated Qat<\/span><span>ari businesses\u2019 willingness to deepen their <\/span><span style=\"font-weight:400;\">involvement in the Egyptian economy, and pledged to continue studying potential investment opportunities. <\/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\">Health is one sector the Qataris are interested in: <\/span><span style=\"\">The Health Ministry signed three MoUs <\/span><span>with three Qatar<\/span><span>i conglomerates<\/span><span> \u2014 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/ihgqatar.com\/\" style=\"\">Investment Holding Group<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.al-qamra.com\/\" style=\"\">Al Qamra Holding Group<\/a><\/span><span>, and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aamal.com.qa\/en\" style=\"\">Aamal Company<\/a><\/span><span> \u2014 that could eventually see them invest in our healthcare sector, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02JpzxB82SrrGXs3NFcsuyVL2QXBjV2w4KB8emgNKscHDJCcvjFeia4V6yejMwwq2wl\" style=\"\">cabinet statement<\/a><\/span><span style=\"font-weight:400;\">. Under the agreements, the three companies will explore opportunities to operate or develop healthcare facilities here, the statement 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\">Food, hospitality and tech are also on the menu<\/span><span style=\"\">, according to <\/span><span>the statements. One unnamed business owner mentioned plans to launch a group of hotels as soon as possible, according to the Egyptian cabinet statement.<\/span><span style=\"\"> <\/span><span style=\"font-weight:700\">Watch this space? <\/span><span style=\"\">Qatar\u2019s Al Kuwari Group <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/04\/a-qatari-company-wants-the-ramses-hilton-92767\/\" style=\"\">submitted in January<\/a><\/span><span style=\"font-weight:400;\"> an offer to acquire the Ramses Hilton hotel for USD 320 mn.<\/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 customs agreement could also be coming:<\/span><span style=\"\"> Finance Minister Mohamed Maait said that he <\/span><span style=\"font-weight:400;\">is in negotiations with Qatar to sign a customs agreement.<\/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\">Qatari investors gave a thumbs up to the <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/am-edition\/\" style=\"\">dual taxation agreement<\/a><\/span><span style=\"\"> <\/span><span style=\"\">signed<\/span><span style=\"\"> by Finance <\/span><span style=\"font-weight:400;\">Minister Maait and his Qatari counterpart, Ali bin Ahmed Al Kuwari, in Doha on Monday. The treaty will scrap double taxation and crack down on tax evasion, covering capital gains, income, corporate profits, interest and dividends. QBA members said the treaty will help boost and encourage Qatari investments in Egypt. <\/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\/diplomacy\/\">DIPLOMACY<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n       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business, private-sector leaders tell cabinet at roundtable                        <\/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\/03\/01\/make-it-easier-for-us-to-do-business-private-sector-leaders-tell-cabinet-at-roundtable\/\" 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\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/planning1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581929\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/make-it-easier-for-us-to-do-business-private-sector-leaders-tell-cabinet-at-roundtable\/planning1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/planning1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"planning1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/planning1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/planning1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581928\" class=\"content-area-description single-story post-581928 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-fdi tag-investment-watch 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\/.61268b67-c815-43dd-9225-894c3bb9f010.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 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\">What it takes to boost investment in Egypt, according to business leaders:<\/span><span style=\"\"> <\/span><span style=\"\">Establishing a higher investment council, ramping up investment incentives, and delivering a stable regulatory environment were among the recommendations suggested by industry players and outside experts at a rou<\/span><span>ndtable discussion organized by the Cabinet Information and Decision Support Center (IDSC) yesterday, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02hDcjfowSGKh4hddgbHQzWp5SUmyA9hRzwKcZG3cuydefF1MUnNFQuY5MysmxSoqgl\" style=\"\">a cabinet statement<\/a><\/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:700\">We love to hear it:<\/span><span style=\"\"> Nothing could have put a bigger smile on our faces today more than news that industry players are taking note of our <\/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\/#tldr-story-02\" style=\"\">five-step recipe to build an export-led economy<\/a><\/span><span> <\/span><span>that could turn Egypt into an export hub and magnet for FDI.<\/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>Prime Minister Moustafa Madbouly tasked the IDSC last month to work on <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/07\/this-morning-pm-to-meet-croatian-president-today-govt-to-publish-green-hydrogen-strategy-within-a-month-95701\/\" style=\"\">strategies that could reduce our exposure to external risks<\/a><\/span><span> in the coming years. The folks at IDSC will work with experts on regular reports to cabinet on how policymakers can strengthen the country\u2019s food and energy security, bolster supply chains and prevent a repeat of the 2022-2023 FX liquidity crisis.<\/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 stable regulatory environment is key: <\/span><span style=\"\">Our friend <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/03\/btechs-mahmoud-khattab-on-how-his-journey-with-dpi-and-how-hell-grow-the-business-now-that-saudis-pif-has-bought-in-82782\/\" style=\"\">BTECH CEO Mahmoud Khattab<\/a><\/span><span style=\"font-weight:400;\"> stressed the need for consistency in regulations governing commercial and investment activities \u2014 and to streamline licensing and other regulation processes. <\/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 is coming up with a list of priority industries:<\/span><span style=\"\"> Creating a detailed plan with a long-term goal for a list of promising sectors like food and automotive, which includes clearly defined roles between different government agencies and authorities, is also necessary, Marwa Mahgoub, a private sector development expert at the International Finance Corporation (IFC), 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\">Policymakers + business owners need to be on the same page: <\/span><span>Our friend <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/28\/my-morning-routine-moustafa-moharram-ceo-and-founder-moharram-partners-70297\/\" style=\"\">Moustafa Moharram, CEO of Moharram & Partners<\/a><\/span><span style=\"font-weight:400;\">, called for a investment policy council to be set up involving private-sector representatives.<\/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\">Tax was another hot topic: <\/span><span>Moharram and Khattab both noted the importance of a streamlined, consistent tax regime to help create a more welcoming environment for foreign investors. <\/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\/fdi\/\">FDI<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"581930\" 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=\"581930\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/egypts-burgeoning-smartphone-assembly-industry-just-got-a-boost\/\">\r\n                            Egypt\u2019s burgeoning smartphone assembly industry just got a boost                        <\/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\/03\/01\/egypts-burgeoning-smartphone-assembly-industry-just-got-a-boost\/\" 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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Under the amendments, the 5% state development fee will no longer be applied to components, while customs tariffs will be cut to as low as 0% for some items. <\/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\">Components are currently subject to duties as high as 30%: <\/span><span style=\"\">The government currently has <\/span><span>a 30% customs duty in place on earphones, while a 5% duty is applied to batteries, chargers and mobile cameras, and 2% is levied on screens, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3IB2iRz\" style=\"\">Asharq Business<\/a><\/span><span style=\"font-weight:400;\"> reported yesterday.<\/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% is now the norm:<\/span><span style=\"\"> The tariffs applied to batteries, speakers, and cameras imported for <\/span><span style=\"font-weight:400;\">smartphone assembly will be cut to 2% under the amendments. Phone screens, which were already charged 2%, will be made exempt from customs.<\/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 beneficiaries: Players in Egypt\u2019s burgeoning smartphone assembly industry. <\/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\">Uh, wait, Enterprise? We assemble smartphones in Egypt? <\/span><span style=\"\">Heck yes, we do. Samsung <\/span><span style=\"\">started assembling TVs in Egypt and is now our top non-oil exporter. It assembles two models here. Homegrown Sisco Egypt is another pioneer of the industry, while Xiaomi is planning to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3IERDFj\" style=\"\">establish a EGP 1 bn phone factory<\/a><\/span><span style=\"\"> in Egypt which could open in the second half of this year. Chinese manufacturers <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/24\/local-mobile-manufacturers-could-soon-catch-a-tax-break-94361\/\" style=\"\">Oppo and Vivo<\/a><\/span><span style=\"font-weight:400;\"> have also said they are interested in the market. <\/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 they said:<\/span><span> <\/span><span style=\"font-weight:400;\">This \u201cserves the government\u2019s policy of localizing industries and reflects the current hard global economic conditions which pushed the state to reduce costs burdened by local industrial projects,\u201d deputy chairman of the House\u2019s Budget Committee Mostafa Salem 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\">NOKIA TO EXPORT EGYPT-MADE PHONES THIS YEAR-<\/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\">L<\/span><span style=\"font-weight:700\">ocally-assembled Nokia are heading overseas<\/span><span style=\"font-weight:700\">:<\/span><span style=\"\"> Nokia phone manufacturer HMD <\/span><span style=\"\">Global plans to export phones assembled in Egypt to North Africa this year, Tamer El Gamal (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/tamer-elgamal-069b873\/?originalSubdomain=eg\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">), general manager at HMD Global, told Asharq Business (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/bit.ly\/41Blibp\" style=\"\">watch, runtime: 2:24<\/a><\/span><span style=\"font-weight:400;\">). Target markets could include Tunisia, Morocco and Algeria, he said on the sidelines of an industry conference in Barcelona.<\/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=\"\">- Nokia phone manufacturer HMD Global signed an agreement with Etisal for Advanced Industries (EAI) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/08\/07\/nokia-will-assemble-phones-in-egypt-77311\/\" style=\"\">last year<\/a><\/span><span style=\"font-weight:400;\"> to assemble 1 mn mobile phones in Egypt, and its factory has been up and running since 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:700\">It could double its production capacity before the end of 1H 2023:<\/span><span style=\"\"> The company currently produces 4k phones every day, and could raise this to <\/span><span style=\"font-weight:400;\">8k by June, El Gamal 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\">Climbing the value chain:<\/span><span style=\"\"> <\/span><span style=\"\">HMD Global has until now concentrated on producing 2G and 3G phones in Egypt. <\/span><span>That change next quarter: The company will begin assembling 4G phones in April, <\/span><span style=\"font-weight:400;\">El Gamal said. 5G phones could be introduced in 2024, he added.<\/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\">Customs decision to help offset currency problems:<\/span><span style=\"\"> <\/span><span style=\"\">El Gamal believes the move would help <\/span><span style=\"\">\u201cmake up the difference\u201d <\/span><span style=\"font-weight:400;\"> in USD exchange rates following the devaluation of the EGP, which has lost almost half its value over the past year. \u201cWe\u2019ll be able to provide our products to consumers at appropriate prices,\u201d he said of the decision. <\/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\/hmd-global\/\">HMD Global<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nokia\/\">Nokia<\/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=\"581932\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"581932\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/govt-imposes-new-charges-on-hotels-tourist-companies\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/egypt-tourism-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581933\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/govt-imposes-new-charges-on-hotels-tourist-companies\/egypt-tourism-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/egypt-tourism-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"egypt-tourism-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/egypt-tourism-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/egypt-tourism-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581932\" class=\"content-area-description single-story post-581932 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-enterpriseam tag-hospitality tag-tourism tag-tourism-and-antiquities-ministry 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\/.61268b67-c815-43dd-9225-894c3bb9f010.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 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\">Hotels, tourist companies, restaurants and bazaars will have to pay additional <\/span><span style=\"font-weight:700\">fees into the government\u2019s tourism support fund<\/span><span> under a Tourism Ministry decision <\/span><span>published in the Official Gazette<\/span><span style=\"font-weight:400;\"> yesterday.<\/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\">Hotels will be charged a percentage of their room rates:<\/span><span style=\"\"> Hotels will have to pay 1% of <\/span><span style=\"font-weight:400;\">revenues made from room bookings to the ministry. The regulations set a minimum EGP 5 and a maximum EGP 50 per-night charge.<\/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\">Other businesses will pay a fixed amount every year: <\/span><span style=\"\">Cafes and restaurants will pay EGP <\/span><span style=\"font-weight:400;\">4k to EGP 5k a year, respectively. Fees will increase by EGP 3-5k if they sell alcohol or shisha. Tourist bazaar will be charged EGP 5-10k per year depending on the area, while tourist companies will pay EGP 3-10k depending on their activity.<\/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\">Not quite money for nothing:<\/span><span style=\"\"> Companies will receive training services and assistance with <\/span><span style=\"font-weight:400;\">automation and digitization, the directive says, without elaborating.<\/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\">About the fund<\/span><span style=\"font-weight:700\">:<\/span><span style=\"\"> The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3SAOhYw\" style=\"\">Tourism and Antiquities Support Fund (pdf)<\/a><\/span><span style=\"\"> was created last year from the <\/span><span style=\"font-weight:400;\">merger of three funds affiliated with the ministry. It aims to \u201crevitalize tourism, develop services and tourist areas and conserve and restore antiquities projects.\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\">The private sector is apparently on board:<\/span><span style=\"\"> The fees were given the blessing of the <\/span><span style=\"font-weight:400;\">Federation of Tourist Chambers, according to the gazette.<\/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=\"\">-<\/span><span style=\"font-weight:700\"> The government has ambitious targets for the sector:<\/span><span style=\"\"> Tourism Minister <\/span><span>Ahmed Issa wants to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/23\/travco-wants-to-capitalize-on-the-tourism-rebound-govt-calls-for-usd-30-bn-investments-to-reach-30-mn-guests-94218\/\" style=\"\">pull some USD 30 bn<\/a><\/span><span> into the sector under plans to attract as many as 30 mn tourists to the country a year by 2028. The government also wants to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/12\/egypt-wants-to-triple-its-tourism-revenues-within-three-years-80912\/\" style=\"\">more than triple annual tourism revenues<\/a><\/span><span> over the next three years to USD 30 bn a year.<\/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\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism-and-antiquities-ministry\/\">Tourism and Antiquities Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"581934\" 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=\"581934\">\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\/03\/01\/mps-approve-changes-to-expat-car-import-scheme\/\">\r\n                            MPs approve changes 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\/03\/01\/mps-approve-changes-to-expat-car-import-scheme\/\" 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 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/mps-approve-changes-to-expat-car-import-scheme\/house1600-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/House1600.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"House1600.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/House1600.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/House1600.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581934\" class=\"content-area-description single-story post-581934 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-automotive tag-enterpriseam tag-foreign-exchange tag-house-of-representatives tag-legislation-watch 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\/.9112df91-a4be-4f22-bf98-abdd19939e5a.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;\"><\/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=\"\"> <\/span><span style=\"font-weight:700\">MPs give final nod to expat car import scheme changes: <\/span><span style=\"\">The House of <\/span><span style=\"\">Representatives yesterday gave its final approval to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/28\/mps-give-initial-approval-to-extending-expat-car-import-scheme-for-2-months-98151\/\" style=\"\">raft of changes<\/a><\/span><span style=\"\"> to the <\/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=\"\">expat car import initiative<\/a><\/span><span style=\"\"> designed to boost demand for the flagging scheme. Under the amendments, the scheme will be extended for another two months to finish on 14 May (rather than 14 March), while expats living in <\/span><span>countries not subject to mutual customs agreements will receive a 70% discount on customs duty. <\/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=\"\">The Madbouly government introduced the scheme late last year with the aim of drawing much-needed hard currency to help pull the country out of its FX crisis. The deadline has already been <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/11\/goldman-sachs-thinks-the-egp-has-further-to-fall-even-though-its-has-probably-already-overshot-its-fair-value-93296\/\" style=\"\">pushed once<\/a><\/span><span style=\"\">. As of last week the scheme had brought in just USD 202 mn since <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme-87417\/\" style=\"\">its launch<\/a><\/span><span style=\"\"> in November, a fraction of the Finance Ministry\u2019s <\/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=\"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\">Want a refund? You won\u2019t be getting that in FX:<\/span><span style=\"\"> People are able to request refunds within <\/span><span>three months of paying the deposit but they won\u2019t receive it in the hard-currency which they paid with. Under a last minute amendment submitted <\/span><span style=\"font-weight:400;\">yesterday, all refunds will be paid out in EGP based on the current exchange rate, rather than the rate when deposit was paid.<\/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\">Other changes:<\/span><span style=\"\"> Expats now have five years to bring their vehicles into the country instead of <\/span><span>one year. The age of vehicles imported under the scheme should not exceed three years by the time of customs clearance under the changes. <\/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\">Fast-tracked exec regs: <\/span><span style=\"\">The executive regulations for the legislation will be released within two <\/span><span style=\"font-weight:400;\">weeks of the bill being signed into law under an amendment tabled by Rep. Ashraf Rashad, the parliamentary head of the pro-government majority party Mostaqbal Watan.<\/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\">NOW <\/span><span style=\"font-weight:700\">IN THE HOUSE-  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">The House received three draft bills to be discussed by <\/span><span>committees: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Political parties: <\/span><span style=\"font-weight:400;\">A bill that would hand EGP 2 mn in public money to each political party and open the door to political donations;<\/span><\/li>\n<li><span style=\"font-weight:700\">Bad cheques: <\/span><span style=\"font-weight:400;\">A bill toughening penalties on writing worthless cheques. <\/span><\/li>\n<li><span style=\"font-weight:700\">Education overhaul: <\/span><span>A bill focused on overhauling the Thanaweya Amma system. <\/span><\/li>\n<\/ul>\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\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"581936\" 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=\"581936\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/it-was-a-record-year-for-snack-food-giant-edita\/\">\r\n                            It was a record year for snack food giant Edita                        <\/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\/03\/01\/it-was-a-record-year-for-snack-food-giant-edita\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/it-was-a-record-year-for-snack-food-giant-edita\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/it-was-a-record-year-for-snack-food-giant-edita\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=It was a record year for snack food giant Edita&url=https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/it-was-a-record-year-for-snack-food-giant-edita\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/it-was-a-record-year-for-snack-food-giant-edita\/&title=It was a record year for snack food giant Edita\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=It+was+a+record+year+for+snack+food+giant+Edita+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F03%2F01%2Fit-was-a-record-year-for-snack-food-giant-edita%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/it-was-a-record-year-for-snack-food-giant-edita\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Edita-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581937\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/it-was-a-record-year-for-snack-food-giant-edita\/edita-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Edita-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"Edita-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Edita-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Edita-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581936\" class=\"content-area-description single-story post-581936 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings-watch tag-edita tag-enterpriseam tag-fb 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\/3\/.61268b67-c815-43dd-9225-894c3bb9f010.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 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\">Snack food maker Edita Food Industries reported record net income and revenues <\/span><span style=\"font-weight:700\">in 2022<\/span><span style=\"\"> on the back of stronger sales and higher prices, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/Edita-4Q2022-ER-E-FINAL.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The company\u2019s net income more than doubled during the year to EGP 959.4 mn, while revenues rose almost 50% to EGP 7.7 bn. The snack maker reported EGP 329.3 mn in net income in the final quarter of the year, up 69% y-o-y. Revenues in the October-December period were up 64% y-o-y to EGP 2.5 bn.<\/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\">Higher prices didn\u2019t dent demand: <\/span><span style=\"font-weight:400;\">Sales volumes rose 22% during 2022 despite the company hiking average per-pack prices by almost 20% in response to surging input costs, which increased by almost 50%. The cakes segment continued to be the company\u2019s biggest moneymaker, accounting for almost 50% of revenues and finishing the year as the largest contributor to volume growth.<\/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 they said:<\/span><span style=\"\"> \u201cEdita\u2019s FY2022 revenue exceeded the initial forecasted budget and crossed the EGP 7.6 bn mark despite a challenging operating environment,\u201d it said.<\/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\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fb\/\">F&amp;B<\/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=\"581938 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=\"581938\">\r\n            \r\n            <div 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/kelma-akhira-madbouly-qatar-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"kelma-akhira-madbouly-qatar-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/kelma-akhira-madbouly-qatar-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/kelma-akhira-madbouly-qatar-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581939\" class=\"content-area-description single-story post-581939 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-commodities tag-diplomacy tag-enterpriseam tag-last-nights-talk-shows tag-moustafa-madbouly tag-pif tag-tourism tag-united-bank 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\/.61268b67-c815-43dd-9225-894c3bb9f010.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 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\">It was a packed night on talk shows yesterday<\/span><span style=\"\">, with PM Madbouly\u2019s sitd<\/span><span style=\"\">own with <\/span><span style=\"\">Qatari <\/span><span>investors in Doha leading the conversation (for more, see this morning\u2019s What We\u2019re Tracking Today and Investment Watch sections, above). Kelma Akhira (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=ksPjdFfKuqA\" style=\"\">watch, runtime: 4:36<\/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=dnZG8mkGP1g\" style=\"\">watch, runtime: 11:13<\/a><\/span><span>) and <\/span><span>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=mXFDNnKP2Ls\" style=\"\">watch, runtime: 6:30<\/a><\/span><span style=\"font-weight:400;\">) all 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;\">Also getting attention on the airwaves:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Egypt-Hungary talks:<\/span><span style=\"\"> Yesterday\u2019s meeting between President El Sisi and Hungarian <\/span><span>PM Viktor Orb\u00e1n got coverage from Ala Mas\u2019ouleety (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=fKRbv6lwfcY\" style=\"\">watch, runtime: 15:46<\/a><\/span><span>), Kelma Akhira (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=iDewOHYDkHc\" style=\"\">watch, runtime: 3:31<\/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=VOqYAHCH9D4\" style=\"\">watch, runtime: 2:58<\/a><\/span><span style=\"font-weight:400;\">). For more information, head to this morning\u2019s Diplomacy section, below.<\/span><\/li>\n<li><span style=\"font-weight:700\">New fees on tourism companies:<\/span><span style=\"\"> The Tourism Ministry\u2019s decision to impose new fees <\/span><span>on the industry (more details in the news well, above) was also picked up by Kelma Akhira, with Sunrise Resorts Chairman <\/span><span>Hossam El Shaer <\/span><span>calling the move \u201cvery important\u201d for promoting Egypt\u2019s tourism industry (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=nXCm9xuvMtE\" style=\"\">watch, runtime: 8:34<\/a><\/span><span style=\"font-weight:400;\">).<\/span><\/li>\n<li><span style=\"font-weight:700\">Good news for smartphone assemblers:<\/span><span style=\"\"> The House giving final sign off to slashing <\/span><span>customs duties and scrapping development fees on imported mobile components g<\/span><span>ot a mention from Ala Mas\u2019ouleety, with House Planning Committee Chair Fakhri El Fiqi phoning the show on the decision (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=-SUPUnrcF68\" style=\"\">watch, runtime: 6:28<\/a><\/span><span style=\"font-weight:400;\">). \u201cThis will stimulate FDI through assemblers setting up shop in the country,\u201d he said. There\u2019s more in the news well, above,<\/span><\/li>\n<li><span style=\"font-weight:700\">Steel prices surge:<\/span><span style=\"\"> A steel supply crunch has pushed <\/span><span style=\"\">prices up by EGP 2k to reac<\/span><span style=\"\">h <\/span><span>EGP 29-30k, head of the Cairo Chamber of Commerce\u2019s Building Materials Division Ahmed El Zeiny told Yahduth Fi Masr (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=PkdQXLXplik\" style=\"\">watch, runtime: 4:16<\/a><\/span><span style=\"font-weight:400;\">). The shortage came due to some manufacturers lowering supply in the market to focus on exporting steel, he said. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ATM Misr <\/span><span style=\"font-weight:700\">inaugurating a <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/ent.news\/2023\/2\/ATM-Misr-x-King-Long-PRL-EN-V2.pdf\" style=\"\">EGP 1 bn bus factory<\/a><\/span><span style=\"font-weight:700\"> in New Suez City also got the spotlight, <\/span><span>with the company\u2019s Managing Director Amr Al Kouatli telling Kelma Akhira that the plan has been in the works for some 7-8 years now (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=H10NDK4jo8s\" style=\"\">watch, runtime: 5:26<\/a><\/span><span>). He said work on the factory lagged due to recent economic conditions, including the pandemic. The Saudi-owned player will deliver 51 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.king-long.com\/\" style=\"\">King Long<\/a><\/span><span> Chinese <\/span><span>busses to <\/span><span>KSA\u2019s <\/span><span style=\"font-weight:400;\">National Trading Company Al Koutali said, serving the pilgrimage, education and public transport markets. He said local production input in the vehicles will be as high as 60%. <\/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\">Expect the first batch of finished buses to be exported to Saudi Arabia within the next 1.5 <\/span><span style=\"font-weight:700\">months<\/span><span>, he said. The new factory also got coverage 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=OPXjZHlKPpA\" style=\"\">watch, runtime: 15:38<\/a><\/span><span>) and Masa\u2019a DMC (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=IukkvVNNpDU\" style=\"\">watch, runtime: 1:00<\/a><\/span><span style=\"font-weight:400;\">)<\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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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=\"581942\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/historic-mosque-reopens-following-six-year-renovation\/\">\r\n                            Historic mosque reopens following six-year renovation                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/historic-mosque-reopens-following-six-year-renovation\/&title=Historic mosque reopens following six-year renovation\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Historic+mosque+reopens+following+six-year+renovation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F03%2F01%2Fhistoric-mosque-reopens-following-six-year-renovation%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/historic-mosque-reopens-following-six-year-renovation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/elhakim-bamr-allah-mosque-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581943\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/historic-mosque-reopens-following-six-year-renovation\/elhakim-bamr-allah-mosque-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/elhakim-bamr-allah-mosque-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"elhakim-bamr-allah-mosque-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/elhakim-bamr-allah-mosque-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/elhakim-bamr-allah-mosque-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581942\" class=\"content-area-description single-story post-581942 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-ancient-egypt tag-enterpriseam tag-tourism 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\/.61268b67-c815-43dd-9225-894c3bb9f010.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 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\">It\u2019s a blissfully quiet morning in the international press:<\/span><span style=\"\"> The sole piece of note<\/span><span style=\"\"> comes to us from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/words-visuals-egypt-reopens-newly-restored-historic-mosque-2023-02-28\/\" style=\"\">Reuters<\/a><\/span><span style=\"\">, which reports that <\/span><span style=\"font-weight:700\">t<\/span><span style=\"font-weight:700\">he historic mosque of al-Hakim bi-Amr Allah in old Cairo has been reopened<\/span><span style=\"font-weight:400;\"> following a EGP 85 mn renovation. The mosque, named after the sixth Fatimid caliph, is the second-largest and fourth-largest in the country. The refurb began in 2017 through a collaboration between the Bohra Shia sect and Egypt's antiquities authority.<\/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\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"581944\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"581945\" 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=\"581945\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/\">\r\n                            Supply Ministry could import more chicken, rice ahead of Ramadan. Plus: Egypt-Saudi interconnector and news from EgyptAir and CIB                        <\/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\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Supply Ministry could import more chicken, rice ahead of Ramadan. Plus: Egypt-Saudi interconnector and news from EgyptAir and CIB&url=https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/&title=Supply Ministry could import more chicken, rice ahead of Ramadan. Plus: Egypt-Saudi interconnector and news from EgyptAir and CIB\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Supply+Ministry+could+import+more+chicken%2C+rice+ahead+of+Ramadan.+Plus%3A+Egypt-Saudi+interconnector+and+news+from+EgyptAir+and+CIB+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F03%2F01%2Fsupply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/poultry-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581946\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/poultry-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/poultry-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"poultry-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/poultry-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/poultry-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581945\" class=\"content-area-description single-story post-581945 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-aviation tag-commodities tag-economy tag-egyptair tag-electricity tag-enterpriseam tag-inflation tag-infrastructure 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_408146\"\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\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">COMMODITIES-<\/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 Supply Ministry is stocking up on imported poultry + rice ahead of Ramadan: <\/span><span>The Supply Ministry is planning to import fresh quantities of frozen poultry over the coming few days, and rice over the next few weeks, as it prepares for spike in demand during Ramadan, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3KOpSNz\" style=\"\">Al Mal<\/a><\/span><span> quotes Supply Minister Ali El Moselhy as saying. The news come as <\/span><span style=\"\">Chicken and rice prices have soared in recent weeks due to the impact <\/span><span>of the EGP devaluation and last year\u2019s import restrictions, which triggered <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/17\/state-grain-buyer-gasc-is-getting-into-corn-with-first-intl-tender-93749\/\" style=\"\">shortages of feed<\/a><\/span><span style=\"font-weight:400;\">. Local poultry production dipped 40% over the \u201crecent period,\u201d the minister said, pointing the finger at more expensive feed and climate change. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INFRASTRUCTURE- <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Japanese banks provide more finance for Egypt-Saudi interconnector:<\/span><span style=\"\"> A Japanese <\/span><span>banking syndicate will provide a USD 207 mn loan to the Saudi Electricity Company for its side of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/hardhats\/egypt-saudi-electricity-interconnection-finally-kicks-into-gear\/\" style=\"\">3-GW Egypt-Saudi electricity interconnection<\/a><\/span><span> project, Asia-focused news outl<\/span><span>et <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.theasset.com\/article\/48721\/jbic-signs-us207-million-loan-for-saudi-egypt-power-link\" style=\"\">the Asset<\/a><\/span><span> rep<\/span><span>orted yesterday. The Japan Bank for International Cooperation (JBIC) is guaranteeing the loan and will contribute USD 103 mn, while MUFG Bank, Bank of Yokohama and Nishi-Nippon City Bank will co-finance the remainder. The signing of the new loan <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/20\/egypt-saudi-electricity-interconnection-finally-has-a-timeline-84594\/\" style=\"\">comes several months<\/a><\/span><span> <\/span><span style=\"font-weight:400;\">after Standard Chartered Bank and Sumitomo Mitsui Banking Corporation announced the provision of USD 566.4 mn to the Saudi electric company for the project.<\/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 about the Egyptian side?<\/span><span style=\"\"> That\u2019s a little less clear. The head of the Egyptian Electricity <\/span><span>Transmission Company said <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/20\/egypt-saudi-electricity-interconnection-finally-has-a-timeline-84594\/\" style=\"\">in October<\/a><\/span><span style=\"font-weight:400;\"> that it has secured USD 600 mn for the project from Arab funds and agencies, though declined to disclose the lenders.<\/span><\/p><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=\"\"> Trial operations for the USD 1.8 bn project are set to begin in <\/span><span style=\"\">May 2025<\/span><span style=\"\"> with an <\/span><span style=\"font-weight:400;\">official operational launch set for later in the same year. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AVIATION-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EgyptAir has become the first African operator of the Airbus A321neo. <\/span><span style=\"\">Aircraft lessor Aercap delivered the plane to EgyptAir earlier this week in Cairo. The national flag carrier will use the airliner, which has 16 business class seats and 166 in economy, on routes to Europe, the Middle East and Africa, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/simpleflying.com\/egypt-air-first-african-operator-airbus-a321neo\/?utm_source=pocket_reader\" style=\"\">Simple Flying<\/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\">BANKING-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIB is now offering CDs in Gulf currencies:<\/span><span style=\"\"> Leading private sector lender CIB is now offering monthly 5.25% certificates of deposit in SAR, QAR and AED (in addition to USD and EUR), it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/CIB-Gulf-CCY-CDs-Hidden-PDF-AR-1.pdf\" style=\"\">said (pdf)<\/a><\/span><span style=\"font-weight:400;\"> yesterday. The minimum purchase amount for SAR-, AED-, or QAR-denominated CDs is 5k. CDs can only be bought in multiples of 1k, it added.<\/span><\/p>\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\/aviation\/\">aviation<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n 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class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"581947\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/us-stocks-finish-february-in-the-red-on-rate-worries\/\">\r\n                            US stocks finish February in the red on rate worries                        <\/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       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           \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/us-stocks-finish-february-in-the-red-on-rate-worries\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/feds-powell-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581948\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/us-stocks-finish-february-in-the-red-on-rate-worries\/feds-powell-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/feds-powell-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"feds-powell-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/feds-powell-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/feds-powell-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581947\" class=\"content-area-description single-story post-581947 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-equities tag-federal-reserve tag-financial-markets tag-interest-rates tag-planet-finance 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\/3\/.61268b67-c815-43dd-9225-894c3bb9f010.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=\"\"><\/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\">Wall Street ends February in the red:<\/span><span style=\"\"> US stocks resumed their decline yesterday, capping a <\/span><span style=\"\">nervy month for stock traders concerned about rising borrowing costs. The Dow Jones shed more than 200 points yesterday to end 0.7% in the red while the S&amp;P 500 lost 0.3%, leaving it down 2.6% during the month. Shares on Wall Street suffered their biggest weekly fall in two months last week as a string of positive economic data raised fears that the Federal Reserve will have to raise interest rates higher than previously thought in order to bring inflation down to target. <\/span><span>(<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/us\/futures-slip-yields-rise-bets-higher-rates-2023-02-28\/\" 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\/2023-02-27\/asia-stocks-set-to-rise-after-gains-on-wall-street-markets-wrap\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/da541c73-db3b-4f05-983a-fbc800d30be3\" style=\"\">Financial Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/02\/27\/stock-futures-live-update-open-to-close.html\" style=\"\">CNBC<\/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\">Asian markets are up across the board on news that Chinese factory activity hit its highest level since 2012<\/span><span style=\"\">, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/03\/01\/asia-markets-pmi-numbers-china-japan-australia-manufacturing-pmi.html\" style=\"\">CNBC<\/a><\/span><span style=\"\">. Futures suggest a mixed open for shares in Europe and North America later today.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><a href=\"https:\/\/download.efghermesone.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/EFGONE-WEB-English.jpg?ssl=1\"><\/a><a id=\"t.4b848030e8448087cd10d8f2696aca3ce1ee3c17\"><\/a><a id=\"t.0\"><\/a><\/span><\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\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\">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;\">17,002<\/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;\">-0.6% (YTD: +16.5%)<\/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\">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 30.58<\/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 30.68<\/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\">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 30.58<\/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 30.68<\/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-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\">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;\">10,103<\/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;\">+1.1% (YTD: -3.6%)<\/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\">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;\">9,845<\/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: -3.6%)<\/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\">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;\">3,438<\/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;\">+0.6% (YTD: +3.1%)<\/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;\">3,970<\/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: +3.4%)<\/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\">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;\">7,876<\/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;\">-0.7% (YTD: +5.7%)<\/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;\">4,238<\/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;\">-0.2% (YTD: +11.7%)<\/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 83.89        <\/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;\">+1.8%<\/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\">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 2.78        <\/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;\">+1.7%<\/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;\">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 1,834.60<\/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;\">+0.5%<\/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\">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 23,146<\/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;\">-1.0% (YTD: +40.2%)<\/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 0.6% at yesterday\u2019s close<\/span><span style=\"\"> on turnover of EGP 2.21 bn (10.8% above the <\/span><span style=\"font-weight:400;\">90-day average). Foreign investors were net sellers. The index is up 16.5% 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;\">Ezz Steel (+3.8%), Qalaa Holdings (+3.3%) and Elsewedy Electric (+2.7%).<\/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>Mopco (-6.2%), Rameda Pharma (-3.6%) and Oriental Weavers (-3.3%).<\/span><\/p>\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\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federal-reserve\/\">Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/interest-rates\/\">interest rates<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"581949\" 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=\"581949\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/el-sisi-orban-talk-migration-ukraine-and-food-energy-insecurity\/\">\r\n                            El Sisi, Orban talk migration, Ukraine and food + energy insecurity                        <\/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        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<\/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\/03\/01\/el-sisi-orban-talk-migration-ukraine-and-food-energy-insecurity\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/sisi-hungarian-pm-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"581950\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/el-sisi-orban-talk-migration-ukraine-and-food-energy-insecurity\/sisi-hungarian-pm-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/sisi-hungarian-pm-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"sisi-hungarian-pm-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/sisi-hungarian-pm-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/sisi-hungarian-pm-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581949\" class=\"content-area-description single-story post-581949 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-egypt-hungary-relations tag-enterpriseam tag-europe tag-illegal-immigration tag-politics tag-victor-orban 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\/.61268b67-c815-43dd-9225-894c3bb9f010.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 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=\"font-weight:700\">Hungary PM in Egypt for talks with El Sisi:<\/span><span style=\"\"> Talks between President Abdel Fattah El <\/span><span>Sisi and Hungarian Prime Minister Viktor Orb\u00e1n focused on boosting economic ties between the two countries, El Sisi said in a joint press conference yesterday (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=F7AEnzvq_B4\" style=\"\">watch, runtime: 1:50<\/a><\/span><span>). They agreed on the \u201csignificant benefit\u201d for Hungarian investors from investing in the country, especially in the SCZone, and discussed ways to cooperate in the face of global food and energy insecurity, he said. The two witnessed the signing of several MoUs in areas including the peaceful use of nuclear energy, youth and sports, academic scholarships, higher education, and scientific research (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=FcpCBGBOoFI\" style=\"\">watch, runtime: 8:24<\/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\">Illegal migration, Ukrainian war tops the conversation<\/span><span>: El Sisi and Orb\u00e1n also discussed the Russian invasion of Ukraine and illegal migration, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/miniszterelnok.hu\/a-veszelyek-koraban-felertekelodik-magyarorszag-es-egyiptom-kapcsolata\/\" style=\"\">statement<\/a><\/span><span> by the Hungarian PM\u2019s office. He said that Egypt agrees on the necessity of peace to resolve the Russian-Ukrainian crisis rather than escalating fighting. \u201cHungary is interested in peace, we will do everything to reduce the risk of war escalation. We also undertake disputes with the Western world, as we want a diplomatic solution, a ceasefire, and peace negotiations,\u201d Orb\u00e1n said. He thanked Egypt for being a \u201cline of defense against illegal migration\u201d to Europe. <\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-hungary-relations\/\">Egypt-Hungary relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/illegal-immigration\/\">illegal immigration<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/victor-orban\/\">Victor Orb\u00e1n<\/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 hardhat vertical-section wide-section wp-block-group issue-section\" id=\"581951\">\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\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday 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\/hardhat\/\">\r\n                            Read Hardhat                        <\/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\">12<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/strengthening-logistics-supply-chains-against-external-shocks\/\"> \r\n                            Strengthening logistics + supply chains against external shocks<\/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 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/hardhats\/strengthening-logistics-supply-chains-against-external-shocks\/&title=Strengthening logistics + supply chains against external shocks\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Strengthening+logistics+%2B+supply+chains+against+external+shocks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fhardhats%2Fstrengthening-logistics-supply-chains-against-external-shocks%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n    \r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/strengthening-logistics-supply-chains-against-external-shocks\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/dry-port-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"581952\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/strengthening-logistics-supply-chains-against-external-shocks\/dry-port-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/dry-port-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"dry-port-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/dry-port-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/dry-port-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-581951\" class=\"content-area-description post-581951 hardhat type-hardhat status-publish has-post-thumbnail hentry category-hardhat tag-enterprise-hardhat tag-enterpriseam tag-hardhat tag-infrastructure tag-logistics tag-supply-chains tag-transport 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=\"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\">Supply chains, transportation and logistics in focus at IDSC-led brain<\/span><span style=\"font-weight:700\">storming <\/span><span style=\"font-weight:700\">session:<\/span><span> <\/span><span>Reducing red tape, improving access to finance and lowering customs clearance times were some of the suggestions to strengthen Egypt\u2019s logistics industry against external shocks made at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0215U8eLdE1TNcmEWbKUs6RtYaLnK1ewKeLGzH7x5E6Pw8nLpb4MznMgykpH96hL2Ul\" style=\"\">a cabinet roundtable<\/a><\/span><span> held last<\/span><span> month.<\/span><span style=\"font-weight:400;\"> The session, held by the cabinet\u2019s Information and Decision Support Center (IDSC), brought together lawmakers, industry experts, and business leaders for a policy discussion on how to mitigate the impact of external disruption to the country\u2019s transportation and logistics networks.<\/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=\"\">Prime Minister Moustafa Madbouly tasked the IDSC last month to come up with <\/span><span>policy proposals on how <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/07\/this-morning-pm-to-meet-croatian-president-today-govt-to-publish-green-hydrogen-strategy-within-a-month-95701\/\" style=\"\">to reduce the country\u2019s exposure to external risks<\/a><\/span><span>. <\/span><span style=\"font-weight:400;\">The center is holding a number of sessions with experts on how to strengthen food and energy security, bolster supply chains, boost tourism and manufacturing, and prevent a repeat of the economic crises of 2016, 2020 and 2022.<\/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\">Efforts to expand Egypt\u2019s maritime fleet: <\/span><span style=\"\">The government began working last year to expand <\/span><span>the country\u2019s maritime fleet. Transport Minister Kamel El <\/span><span>Wazir <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/hardhats\/the-ups-and-downs-of-building-up-our-own-commercial-maritime-fleet\/\" style=\"\">held meetings<\/a><\/span><span> in Septemb<\/span><span>er with private sector players in the maritime transport sector, and drew up plans to attract Belgian companies to invest in our maritime fleet. Egypt's commercial fleet included around 118 vessels at the end of 2021, according to government data seen by Enterprise<\/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:700\">But the economic crisis is getting in the way of things: <\/span><span style=\"\">Obstacles including global inflation <\/span><span style=\"font-weight:400;\">and the FX squeeze have caused these plans to be delayed, sources who requested to remain anonymous told Enterprise. Russia\u2019s invasion of Ukraine has triggered a renewed economic crunch at home, with the EGP losing almost half of its value and inflation surging to five-year highs.<\/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\">Less red tape:<\/span><span style=\"\"> Building up Egypt\u2019s commercial marine fleet will require the government to <\/span><span>reduce <\/span><span>bureaucratic procedures and make it easier to register vessels, said Nader Metwally, founder and CEO of the transportation company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.natrans.org\/index\" style=\"\">Na Trans Egypt<\/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\">But greater regulation:<\/span><span style=\"\"> <\/span><span style=\"\">Mohamed Ali, professor of transport economics and logistics, called for <\/span><span>a regulatory body to oversee the logistics sector and new initiatives to train workers in line with international standards.<\/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\">Warehouses are also an integral part of the plan: <\/span><span>The government is looking to tender seven warehouses to bolster the country\u2019s food security, said Heba El Sayed, an official at the Internal Trade Development Authority (ITDA). <\/span><span style=\"\">Orascom Construction, Hassan Allam Utilities an<\/span><span style=\"\">d <\/span><span style=\"\">Samcrete <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/28\/the-private-sector-is-officially-in-on-the-governments-strategic-reserve-building-efforts-82215\/\" style=\"\">picked up<\/a><\/span><span style=\"font-weight:400;\"> the contracts for the first four warehouses 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\">Nafeza has made customs clearance easier:<\/span><span style=\"\"> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/10\/03\/this-morning-we-should-be-inking-contracts-to-link-grids-with-saudi-this-week-nafeza-is-here-54904\/\" style=\"\">Launched in 2021<\/a><\/span><span style=\"\">, the government\u2019s digital <\/span><span style=\"font-weight:400;\">customs window \u2014 Nafeza \u2014 speeds up customs procedures, improves border security, and makes it harder for importers to dodge taxes and fees. Through Nafeza, businesses importing goods at ports file shipping documents and cargo data digitally and ahead of arrival via the Advance Customs Information (ACI) system, which is a World Customs Organization (WCO) protocol that runs on blockchain technology.<\/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 more must be done, say industry players: <\/span><span style=\"\">C<\/span><span style=\"\">ustoms-clearance times need to be further <\/span><span style=\"font-weight:400;\">reduced to cut production costs and improve access to markets, said Ayman El Sheikh, a member of the Transportation and Logistics Division in the Federation of Egyptian Chamber of Commerce. Doing this will ultimately reduce Egypt\u2019s exposure to supply chain disruptions overseas, he said. Meanwhile, the acting CEO of Port Said Container & Cargo Handling co. (PSCCHC), Abd El Kader Gaballah, said that he wants to see more customs incentives to boost the transit trade, without going into details.<\/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\">Financing for cargo ships: <\/span><span style=\"\">Facilitating access to bank financing for the construction and <\/span><span style=\"font-weight:400;\">purchase of cargo ships would go a long way in reducing our exposure to external supply chain shocks, said Ibrahim El Desouky, member of the Cargo Manufacturing Chamber at the Egyptian Federation for Industries.<\/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\">SCZone wants investment: <\/span><span style=\"\">The Suez Canal Economic Zone (SCZone) has developed a study <\/span><span style=\"font-weight:400;\">in cooperation with major international consulting offices to attract new investment in 21 industrial and logistical sectors, especially in the field of green hydrogen, said senior SCZone official Mohamed Abu Dahab, without providing further details.<\/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 infrastructure stories for the week:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">NGE to help lay the high-speed rail line:<\/span><span style=\"\"> French construction firm NGE and its <\/span><span>subsidiary TSO have <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/26\/nge-on-board-to-lay-sokhna-alex-high-speed-rail-link-97852\/\" style=\"\">signed a contract<\/a><\/span><span style=\"font-weight:400;\"> to construct half of the first phase of Egypt\u2019s high-speed rail line. <\/span><\/li>\n<li><span style=\"font-weight:700\">Scatec + Norway-backed Europe electricity link?<\/span><span style=\"\"> The CEO of Norwegian renewable <\/span><span>energy developer Scatec <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/27\/scatec-norway-propose-another-egypt-europe-interconnector-98031\/\" style=\"\">proposed a new electricity interconnection project<\/a><\/span><span style=\"font-weight:400;\"> between Egypt and Europe in a meeting with Prime Minister Moustafa Madbouly.<\/span><\/li>\n<li><span style=\"font-weight:700\">Regional industrial partnership:<\/span><span style=\"\"> Egypt, the UAE, Jordan and Bahrain <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/27\/egypt-uae-jordan-and-bahrain-to-establish-9-industrial-projects-under-regional-partnership-98030\/\" style=\"\">signed<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/27\/egypt-uae-jordan-and-bahrain-to-establish-9-industrial-projects-under-regional-partnership-98030\/\" style=\"\">agreements<\/a><\/span><span style=\"font-weight:400;\"> to establish nine joint industrial projects at an investment cost of USD 2 bn. <\/span><\/li>\n<li><span style=\"font-weight:700\">Local auto assembly:<\/span><span style=\"\"> Stellantis, Nissan and Al Mansour Automotive <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/23\/stellantis-nissan-and-mansour-could-invest-usd-145-mn-in-local-assembly-97679\/\" style=\"\">could invest<\/a><\/span><span style=\"\"> <\/span><span style=\"\">a total <\/span><span>of USD 145 mn in the nation\u2019s auto industry over the next three years. <\/span><\/li>\n<\/ul>\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\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-chains\/\">supply chains<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\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=\"581953\" 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\/03\/01\/581953\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-581953\" class=\"content-area-description single-story post-581953 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: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;\">March: Palestine-Israel talks 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: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 style=\"font-weight:400;\">5 March (Sunday): 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 March (Monday): Telecom Egypt to announce 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;\">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>7 March (Tuesday): Higher Education Ministry to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02iSVaEsUy6bruy3PTrRT8UjMW9ZHftBEiGLzDthPWqC4qZKSve5rhQ5zdaQ2WSzsTl\" style=\"\">unveil national strategy<\/a><\/span><span style=\"font-weight:400;\"> for higher education.<\/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;\">11-12 March (Saturday-Sunday): Techne Summit, National Museum of Egyptian Civilization.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12 March (Sunday): 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:400;\">13 March (Monday): BEBA Egypt hosts discussion and dinner with Oil Minister Tarek El Molla. <\/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=\"\">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>12 May (Friday): Expat car import scheme ends.<\/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>12 June - 15 July (Monday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0MomhExv4yWhogyCoY77i4QPaocEt1zS2uR4BR6pjLQZ8rw8mG5AcPjKXZNfCbv5Rl\" style=\"\">Thanaweya Amma exams<\/a><\/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;\">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;\">13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF). <\/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: 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\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":581922,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-581921","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a6965216-546f-4e22-8b57-346a3f7032b9","teaser":"","photo_url":"https:\/\/ent.news\/2023\/3\/3.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO 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