{"id":584030,"date":"2023-03-26T00:00:00","date_gmt":"2023-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=584030"},"modified":"2025-12-16T13:46:00","modified_gmt":"2025-12-16T13:46:00","slug":"the-ifc-says-it-wants-in-on-egypts-privatization-drive","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-ifc-says-it-wants-in-on-egypts-privatization-drive\/","title":{"rendered":"The IFC says it wants in on Egypt\u2019s privatization drive"},"content":{"rendered":"<section id=\"584032\" 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=\"584032\">\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\/26\/this-morning-imf-egypt-loan-review-date-still-tbc\/\">\r\n                            IMF Egypt loan review date still to be confirmed                        <\/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\/26\/this-morning-imf-egypt-loan-review-date-still-tbc\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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data-attachment-id=\"584033\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/this-morning-imf-egypt-loan-review-date-still-tbc\/421-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/421.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"421.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/421.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/421.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584032\" class=\"content-area-description single-story post-584032 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-economy tag-enterpriseam tag-imf 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\/.bd439932-136d-4af5-ac37-a3f4f61bd6c7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, wonderful people, and welcome to the first full workweek of Ramadan. <\/span><span style=\"font-weight:400;\">We hope the holy month is treating you well. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s interest rate week:<\/span><span style=\"\"> It\u2019s a big week for the folks over at the Central Bank of Egypt, who will <\/span><span>meet on Thursday to decide on how to respond to soaring inflation rates. Most of the analysts and economists we spoke to last week see the Monetary Policy Committee (MPC) hiking interest rates by at least 200 bps in a bid to curb accelerating prices and improve foreign-currency liquidity, with some penciling-in an even larger 300-bps increase. After raising rates by 800 bps last year, the MPC at its last meeting in February opted to leave them unchanged, though last month\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43c9a65b-6ab3-459d-b3b2-f9114f0fb374\" style=\"\">red-hot inflation data<\/a><\/span><span> renders a continuation of the \u2018wait and see\u2019 approach unlikely.<\/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 have the full results of our customary interest rate poll in this morning\u2019s news well, below.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt1\"><\/a> <\/span><span style=\"font-weight:700\">The IMF is yet to set a date for the first review of Egypt\u2019s <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/18\/we-got-the-imf-package-now-heres-what-we-need-to-do-91483-5\/\" style=\"\">USD 3 bn loan<\/a><\/span><span style=\"font-weight:700\"> program:<\/span><span>\u201cPreparations for the first review have started and dates for the first review mission will be announced when they have been agreed with the authorities,\u201d IMF Communications Director Julie Kozack said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2023\/03\/23\/tr032323-imf-press-briefing\" style=\"\">a press briefing<\/a><\/span><span style=\"font-weight:400;\"> on Thursday. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IMF officials should have been here by now:<\/span><span style=\"\"> The IMF had scheduled its first review of the <\/span><span>progr<\/span><span>am for 15 March <\/span><span>in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imf.org\/en\/Publications\/CR\/Issues\/2023\/01\/06\/Arab-Republic-of-Egypt-Request-for-Extended-Arrangement-Under-the-Extended-Fund-Facility-527849\" style=\"\">a staff report<\/a><\/span><span> published in January. Kozack didn\u2019t elaborate on the reasons for the delay. <\/span><span style=\"font-weight:700\">The IMF will conduct eight reviews<\/span><span> over the duration of the 46-month program, <\/span><span>which will end in June 2026. The second review is due to take place on 15 September.<\/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><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt4\"><\/a> <\/span><span style=\"font-weight:700\">WATCH THIS SPACE- Private-sector minimum wage talks to start soon:<\/span><span style=\"\"> The <\/span><span>National Council for Wages will meet during Ramadan to discuss raising the private-sector minimum wage, a source at the council told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/03\/22\/1647970\" style=\"\">Al Borsa<\/a><\/span><span>. Monthly wages for private sector employees should be no less than EGP 3.5k a month, the source said \u2014 that\u2019s a 30% hike the current gross minimum monthly salary of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c84782e-118f-43c4-8a65-46d54cdbe3c1\" style=\"\">EGP 2.7k<\/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\">Expect pushback:<\/span><span> Some in the private sector have historically been reluctant to agree to higher minimum wages (though as we keep saying, if you can\u2019t afford to pay your staff a living wage you probably shouldn\u2019t be in business). Public-sector workers and civil servants will receive <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4e851ef-ce4f-496a-9a63-3dab20ccb053\" style=\"\">wage hikes and a higher minimum wage<\/a><\/span><span style=\"font-weight:400;\"> from 1 April.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EGP WATCH-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Fitch Solutions sees the EGP falling to 33.00 against the USD in 1H 2023 <\/span><span style=\"\">thanks to <\/span><span>the ongoing FX shortage, according to its latest <\/span><span>risk report<\/span><span style=\"font-weight:400;\"> on Egypt. While the country has secured external financing from the IMF and Gulf countries to cover its needs, \u201ca burgeoning due diligence process will prevent the USD 20 bn of investments pledged by the UAE, Saudi Arabia and Qatar to be channeled into Egypt\u2019s privatization programme in the short term,\u201d the report reads . <\/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 silver lining: Fitch is expecting the EGP to rebound to 30 against the USD by the end of 2023 <\/span><span style=\"font-weight:400;\">as the privatization program picks up pace and portfolio investors stage a partial return to the market, bringing in more hard currency. <\/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>The official EGP-USD rate hasn\u2019t moved since 12 March, remaining priced at <\/span><span>30.96<\/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\">ALSO- The Central Bank of Egypt (CBE) has relaunched its <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.cbe.org.eg\/\" style=\"\">website<\/a><\/span><span style=\"\">. <\/span><span style=\"\">Read more about the <\/span><span>new website and its features <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid04bAiEraxsQu8YpmUUAmvdTu6zFoswSYnJWVV57Rf8eMLJx9tgPJun3pKRoQaqQfWl\" 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\">AFCON QUALIFIERS GROUP STAGE<\/span><span style=\"font-weight:700\">- Egypt secured a comfortable<\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/english.ahram.org.eg\/News\/492368.aspx\" style=\"\">2-0 home victory<\/a><\/span><span style=\"font-weight:700\">against Malawi<\/span><span style=\"font-weight:400;\"> on Friday after two first-half goals from Mohamed Salah and Omar Marmoush kept the Pharaohs at the top of Group D following the third round of the Africa Cup of Nations (Afcon) qualifiers. Egypt\u2019s away game on Malawian turf is scheduled for this Tuesday, 28 March, at 3pm. <\/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><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt5\"><\/a><\/span><span style=\"font-weight:700\">PSA- We\u2019re in for another week of changeable weather<\/span><span style=\"\">, with the mercury on a <\/span><span>rollercoaster and frequently foggy skies. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/photo?fbid=655667686603655&amp;set=pcb.655667703270320\" style=\"\">The Egyptian Meteorological Authority (EMA)<\/a><\/span><span> is <\/span><span style=\"font-weight:400;\">forecasting the daytime high to hit 22\u00b0C and a nighttime low of 13\u00b0C today, with foggy skies across Greater Cairo. Later in the week we will see highs of 26\u00b0C as the weather continues to warm up as we head deeper into spring.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SO, WHEN DO WE EAT?<\/span><span style=\"\"> We\u2019ll be breaking our fasts tonight at 6:10pm and Fajr prayers <\/span><span style=\"\">are at <\/span><span style=\"font-weight:400;\">4:24am tomorrow.<\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING TODAY-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">EU Vice-President Margaritis Schinas is in Egypt from <\/span><span style=\"font-weight:700\">26 to 28 March<\/span><span> to discuss skills, education and migration, the EU <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.eeas.europa.eu\/delegations\/egypt\/vice-president-schinas-egypt-discuss-skills-education-mobility-and-migration_en\" style=\"\">said<\/a><\/span><span> yesterday. Schinas will meet cabinet ministers, including Foreign Minister Sameh Shoukry, Education Minister Reda Hegazy, and Manpower Minister Hassan Shehata.<\/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 Senate is back in session after a three-week break. Here\u2019s what\u2019s on the <\/span><span style=\"font-weight:700;\">agenda:<\/span><\/p><ul>\n<li><span>The <\/span><span style=\"font-weight:700\">Economic and Financial Affairs Committee <\/span><span style=\"font-weight:400;\">will discuss the government\u2019s efforts to stop soaring inflation and prices;<\/span><\/li>\n<li><span>The <\/span><span style=\"font-weight:700\">Agriculture Committee <\/span><span style=\"font-weight:400;\">will review the government\u2019s strategy to support the fertilizer industry;<\/span><\/li>\n<li><span>The <\/span><span style=\"font-weight:700\">Energy and Environment Committee <\/span><span style=\"font-weight:400;\">will look into the progress of implementing COP27\u2019s climate recommendations;<\/span><\/li>\n<li><span>The <\/span><span style=\"font-weight:700\">Education Committee <\/span><span>will look into the National Telecommunications Regulatory Authority\u2019s efforts to fight cybercrime.<\/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;\">HAPPENING THIS WEEK- <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">We can expect to get our first proper look at the state\u2019s spending plans for the <\/span><span style=\"font-weight:700\">coming fiscal year <\/span><span style=\"font-weight:400;\">when the Finance Ministry delivers the draft FY 2023-2024 budget to the House of Representatives.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn will visit Cairo this <\/span><span style=\"font-weight:700\">Wednesday and Thursday<\/span><span> for talks, the Cambodian foreign ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/photo?fbid=582317750591177&amp;set=pcb.582318233924462\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> Friday. Sokhonn will visit Morocco on Monday and Tuesday before arriving 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;\">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\">Russia will soon place its tactical nuclear weapons in Belarus<\/span><span style=\"\">, President Vladimir Putin <\/span><span>said yesterday, according to Russian news agency <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tass.com\/defense\/1594437\" style=\"\">Tass<\/a><\/span><span>. Training and infrastructure for the nukes will be in place by 1 July, he said. <\/span><span>(<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/russia-belarus-nuclear-weapons-2d9584534da25c00c56dbf7b14694e0e?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_03\" style=\"\">AP<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/europe\/putin-says-moscow-has-deal-with-belarus-station-nuclear-weapons-there-tass-2023-03-25\/\" 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\/2023-03-25\/putin-says-russia-will-station-tactical-nuclear-arms-in-belarus?srnd=premium-middle-east&amp;leadSource=uverify%20wall\" 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\/32cdce4a-7f89-4c3a-a9b3-fa113d87bef3\" style=\"\">Financial Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/belarus-targeted-in-new-sanctions-round-d673f47b?mod=hp_minor_pos10\" style=\"\">Wall Street Journal<\/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;\">FROM THE REGION-<\/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 GERD is almost complete: <\/span><span style=\"\">Ethiopian authorities said that 90% of construction <\/span><span>work on the Grand Ethiopian Renaissance Dam (GERD) is now complete, 12 years to the day since beginning work on the mega dam, Ethiopian state-affiliated news agency <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.fanabc.com\/english\/construction-of-gerd-90-percent-complete-coordination-office\/\" style=\"\">Fana<\/a><\/span><span style=\"font-weight:400;\"> reports.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Syria and Saudi Arabia have agreed to restore diplomatic ties <\/span><span style=\"\">and reopen <\/span><span>embassies after more than a decade of hostilities, three sources with knowledge of the matter told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/after-iran-saudi-arabia-re-establish-ties-with-syria-sources-say-2023-03-23\/\" style=\"\">Reuters<\/a><\/span><span>. <\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} 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Plentiful experiences. A Ramadan escape like no other at Somabay.<\/span><\/p>\n<p><span>Book an unforgettable Ramadan escape and experience ultimate relaxation this Ramadan by Somabay\u2019s breathtaking coastline. For more information and booking inquiries, please email <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"mailto:info@stayr.somabay.com\" style=\"\">info@stayr.somabay.com<\/a><\/span><span>,<\/span><span> contact us via telephone or WhatsApp on +201556005693, or visit our websites: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.somabay.com\" style=\"\">www.somabay.com<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.somabayholidays.com\" style=\"\">www.somabayholidays.com<\/a><\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"584035\" 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=\"584035\">\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\">Spotlight<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/ifc-wants-in-on-the-state-privatization-program-says-africa-chief\/\">\r\n                            The IFC could participate in Egypt\u2019s privatization program, regional vice-president for Africa S\u00e9rgio Pimenta says                        <\/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 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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\/26\/ifc-wants-in-on-the-state-privatization-program-says-africa-chief\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/420.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"584036\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/ifc-wants-in-on-the-state-privatization-program-says-africa-chief\/420-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/420.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"420.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/420.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/420.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584035\" class=\"content-area-description single-story post-584035 post type-post status-publish format-standard has-post-thumbnail hentry category-spotlight tag-enterpriseam tag-international-finance-corporation tag-privatization-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-2.amazonaws.com\/enterprise-journal\/ej-content-files\/2023\/4\/.6c55280e-8727-49c1-94cc-da88745aa6a7.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\"> The International Finance Corporation (IFC) wants in on the state <\/span><span style=\"font-weight:700\">privatization program: <\/span><span style=\"\">The first of as many as 32 privatization sales will start after Ramadan, and <\/span><span style=\"font-weight:400;\">while the majority of headlines have centered on potential appetite from GCC sovereign wealth funds, emerging markets investors \u2014 hungry for bright spots in a gloomy EM macro climate \u2014 are closely watching progress on the program.<\/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\">That\u2019s according to IFC Regional VP for Africa S\u00e9rgio Pimenta, who was in town last week for talks with the government on how the IFC can help.<\/span><span style=\"font-weight:400;\"> We sat down with Pimenta to discuss his thoughts on the rebooted program, what the  World Bank Group\u2019s private-sector finance arm is pitching the Madbouly government, and what else is in the pipeline for the IFC in Egypt.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Edited excerpts from our conversation:<\/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\">As a development institution we see this program as an important step in the right direction<\/span><span style=\"\"> that will create positive momentum, and we are excited and ready to engage in helping to support the program. <\/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\u2019ve been actively encouraging investors to take part:<\/span><span style=\"font-weight:400;\"> What we have been doing on our side is talking with private-sector players, encouraging them to participate, telling them that we think this is an interesting program and it's worth coming, applying, participating and investing. <\/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\u2019ve expressed to the government our interest in helping out with the program<\/span><span style=\"\">, and they already indicated that they would be very interested in these talks. That\u2019s why I\u2019m here. <\/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 see that we can help in three ways \u2014  the first being as an adviser: <\/span><span style=\"font-weight:400;\">We have a team that already does advisory work for governments on privatization. So that team can help the government implement the process, give advice in terms of defining what the right structure is, what are the different steps, help to pitch to private-sector investors, and in the bidding and selection process.<\/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 other part that we can do \u2014 and what we are more known for \u2014 is financing.<\/span><span style=\"font-weight:400;\"> Private-sector investors that want to come in and acquire a stake can come to us to help fund that acquisition or that operation. <\/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 can also mobilize funding:<\/span><span style=\"font-weight:400;\"> Meaning we can also mobilize other partners to come and finance this type of transaction. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">Theoretically we would help on any of the 32 companies announced in the program, but we will have to decide which ones will have the most value and the biggest impact as well as those that are most aligned with the government strategy and our own, which is very much focused on <\/span><span style=\"font-weight:700\">infrastructure, water and healthcare<\/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\">For those EM-weary investors, we have this to say: <\/span><span style=\"font-weight:400;\">Egypt has a large and young population coupled with a very interesting geographic location, with many natural and strong competitive advantages that are independent of whatever happens in the short term in the global macro environment. So we think that an investor coming in will look at those circumstances and will say, \u201cOkay, I think it is worth putting money in the country.\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\">Investors want a clear vision for the program. <\/span><span style=\"\">They<\/span><span style=\"\"> want to understand the government\u2019s vision regarding the privatization program. They want details on how it works, what part of the companies are open for investment as well as the future corporate governance for these companies. Having clear ownership structures is something that the private sector companies are going to look at, so that they know what they're getting into. <\/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 believe FDI will follow the program. <\/span><span style=\"font-weight:400;\">The privatization program will provide a strong indication to investors of Egypt\u2019s direction in terms of long-term prospects of growth, of prospects of opportunities and of business. If you improve the business environment in Egypt, not only will foreign investments come in, but Egyptian companies, investors and people will invest. We\u2019ve been helping the government simplify procedures and cut red tape so that investors don\u2019t have to waste their time, money and energy getting what they want. <\/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 expect to have a record year in Egypt and not only this year, but next year also.<\/span><span style=\"font-weight:400;\"> So we are on track to massively support Egypt with financing for the private sector. I'm quite confident of that. Right now our portfolio in Egypt is USD 1.5 bn, with almost USD 900 mn in new financing done in FY 2022-2023.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We are looking at everything around green construction and green buildings, as well as water.<\/span><span style=\"font-weight:400;\"> The IFC has a longstanding green strategy in Egypt: All of our work on energy in Egypt is renewable and we did a lot of work supporting the government with the organization of COP27 in Sharm El Sheikh 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\">Gender and supporting Egyptian women\u2019s participation in the economy is also important to us. <\/span><span style=\"font-weight:400;\">On the financing side, we are putting together a certain number of projects with financial institutions that we already work with, aiming to support SMEs run by women. On advisory, we have been helping companies have more gender fair policies and increasing the presence of women in the workforce.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"584037\" 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=\"584037\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/egypt-secures-usd-7-bn-world-bank-loan-to-support-private-sector-climate-goals\/\">\r\n                            Egypt secures USD 7 bn World Bank loan to support private-sector, climate goals                        <\/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\/26\/egypt-secures-usd-7-bn-world-bank-loan-to-support-private-sector-climate-goals\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The Country Partnership Agreement, approved by the bank\u2019s executive board on Tuesday, will see the International Bank for Reconstruction and Development (IBRD) provide USD 1 bn a year through to 2027 and the International Finance Corporation (IFC) lend USD 2 bn during the period. <\/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 plan: <\/span><span style=\"font-weight:400;\">The agreement looks to achieve its goals by creating more and better private-sector jobs, improve the provision of health and education services, and strengthen the country\u2019s resilience to macro-economic and climate-related shocks.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s been two years since the last CPF ended:<\/span><span style=\"\"> The previous CPF initially covered FY 2015 - 2019, and was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/02\/world-bank-group-extends-egypts-country-partnership-framework-to-2021\/\" style=\"\">extended<\/a><\/span><span style=\"font-weight:400;\">for an additional two years to end in 2021. It included a total of USD 8 bn of WBG financing \u2014 of which USD 6 bn was allocated from the IBRD and, again, USD 2 bn from IFC.<\/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 news got attention overseas:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/egypt-economy-climate-change-world-bank-448c437ce3aef8c3e622b8b718b9002d\" style=\"\">AP<\/a><\/span><span style=\"\"> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/world-bank-agrees-7-bln-framework-with-egypt-2023-03-22\/\" style=\"\">Reuters<\/a><\/span><span style=\"\"> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-22\/world-bank-approves-five-year-plan-to-support-egypt-development\" style=\"\">Bloomberg<\/a><\/span><span style=\"\">. <\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ibrd\/\">IBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"584039\" 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=\"584039\">\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\">POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/cbe-to-raise-interest-rates-by-at-least-200-bps-this-week-poll\/\">\r\n                            Egypt\u2019s central bank will likely increase interest rates this week -poll                        <\/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\/26\/cbe-to-raise-interest-rates-by-at-least-200-bps-this-week-poll\/\" 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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Six of seven respondents see the central further tightening policy, with three expecting policymakers to raise rates by 200 bps and two penciling in a 300-bps hike. <\/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\">Where we stand: <\/span><span style=\"\">The overnight deposit rate is 16.25%, while the <\/span><span>overnight lending rate is 17.25% and the main operation and disc. rates are at 16.75%. The CBE has raised rates by 800 bps over the past year, including a large <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b3b7b9a2-2fe4-419d-a713-f9655e5f5a22\" style=\"\">300-bps increase<\/a><\/span><span> in December, but in a surprise move opted to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48d676b3-e128-4d06-9a40-d9a6852851ba\" style=\"\">leave them unchanged<\/a><\/span><span> at its last meeting in February.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Inflationary pressures are to blame: <\/span><span style=\"\">\u201cWe expect the Monetary Policy Committee to continue <\/span><span>tightening policy rates by around 200 bps to tame increasing inflation rates, which we expect to continue rising,\u201d said <\/span><span style=\"font-weight:400;\">HC Securities banking and macro analyst Heba Monir. Prime Securities Head of Research Amr El Alfy is also expecting a 200 bps hike.<\/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\">Inflation <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43c9a65b-6ab3-459d-b3b2-f9114f0fb374\" style=\"\">surged to a fresh high<\/a><\/span><span style=\"font-weight:700\"> in February<\/span><span style=\"\"> on the back of a record increase in food prices. <\/span><span style=\"font-weight:400;\">The follow-through effects of the EGP devaluation in January caused headline inflation to hit its highest level since July 2017, while core inflation hit a record high.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More aggressive tightening could be on the table:<\/span><span style=\"\"> Economist Mona Bedeir is predicting <\/span><span style=\"font-weight:400;\">a 200 bps increase but \u201cwouldn't be shocked if the CBE opts for a more aggressive hike and raises its policy rate by 300 bps,\u201d she told us, citing the pressure on the exchange rate and the expected inflation trajectory. Hany Aboul Fotouh, a veteran of CI Capital, Arab Banking Corporation, and HSBC, is also expecting a 200-300 bps hike.<\/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\">Inflation isn\u2019t coming down any time soon: <\/span><span style=\"\">HC Securities is expecting inflation to continue to <\/span><span>increase for the coming months, peaking at almost 36% by July before falling back to 30.3% by the end of the year. Inflation will be driven by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98ceb593-2d68-4173-8411-f7dd2c35b111\" style=\"\">the recent fuel-price hikes<\/a><\/span><span style=\"font-weight:400;\">, the devaluation of the EGP,  the ongoing poultry shortage, and the expected rise in electricity prices from 1 July, Monir said. HC Securities is expecting inflation to fall to 21.5% in March 2024, while Prime Holding sees it averaging 27% through this year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A lot is contingent on what happens with the government\u2019s privatization program:<\/span><span style=\"\"> \u201cThe <\/span><span style=\"font-weight:400;\">upside risk on this estimate is heavily dependent on the magnitude of USD \/ EGP movements,\u201d Bedeir said. \u201dDelays to the IMF-backed reforms, privatization plans, or Gulf investor inflows will put pressure on the currency and inflation.\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 CBE\u2019s inflation targets are looking out of reach: <\/span><span style=\"\">The CBE is sticking with its current <\/span><span style=\"font-weight:400;\">inflation target of 7% (\u00b1 2%) through to 4Q 2024, but wants to bring inflation down to 5% (\u00b1 2 percentage points) by 4Q 2026. \u201cEven as inflation slows later in the year, we do not envisage it will fall back within the CBE\u2019s target range of  7% (\u00b1 2%) until mid-2024 at the earliest,\u201d Capital Economics\u2019 James Swanston wrote in a note.<\/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\">One vote for leaving rates unchanged:<\/span><span> Faisal Islamic Brokerage\u2019s head of research,<\/span><span> Hesham El Shebeini wa<\/span><span style=\"font-weight:400;\">s the sole respondent to predict leave rates unchanged. \u201cWe believe that there will not be any further interest rate hikes by the CBE down the road. We believe that an interest rate cut will be in sight within 2024 or so,\u201d he said. <\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n       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href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/abu-dhabi-ports-bids-for-state-owned-port-operators-al-mal\/\">\r\n                            Abu Dhabi Ports bids for Port Said and Damietta port operators -Al Mal                        <\/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\/26\/abu-dhabi-ports-bids-for-state-owned-port-operators-al-mal\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n 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href=\"https:\/\/api.whatsapp.com\/send?text=Abu+Dhabi+Ports+bids+for+state-owned+port+operators+-Al+Mal+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F03%2F26%2Fabu-dhabi-ports-bids-for-state-owned-port-operators-al-mal%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\/26\/abu-dhabi-ports-bids-for-state-owned-port-operators-al-mal\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/425.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"584042\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/abu-dhabi-ports-bids-for-state-owned-port-operators-al-mal\/425-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/425.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"425.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/425.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/425.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584041\" class=\"content-area-description single-story post-584041 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-abu-dhabi-ports tag-damietta-container-and-handling tag-enterpriseam tag-infrastructure tag-ma-watch tag-port-said-container-and-cargo-handling tag-privatization-watch tag-suez-canal-economic-zone 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\/.ecff1556-cb09-439e-a216-1225e7a03cf8.mp3\"><\/audio><\/figure>\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\">Is ADP eyeing stakes in Port Said + Damietta container and cargo handling?<\/span><span>Abu Dhabi <\/span><span>Ports (ADP) has<\/span><span style=\"\"> reportedly submitted an initial offer to acquire a controlling stake in state-owned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.pscchc.com\/\" style=\"\">Port Said Container and Cargo Handling<\/a><\/span><span style=\"\"> (PSCCHC) and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/dchc.com.eg\/\" style=\"\">Damietta Container and Handling<\/a><\/span><span style=\"\"> (DCHC), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3Z6YOfF\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\"> reports, citing what it says are sources close to the matter. No details were provided on the stake size AD Ports is eyeing, nor the value of its 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\">ADP\u2019s bid would rival an offer from Qatar\u2019s SWF:<\/span><span style=\"\"> The Qatar Investment Authority\u2019s<\/span><span style=\"\"> investment arm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mahacapital.com\/\" style=\"\">Maha Capital Partners<\/a><\/span><span style=\"\"> had submitted an offer to acquire stakes in the two terminal operators <\/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=\"\">in January<\/a><\/span><span style=\"\">. The negotiations with Qatar <\/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=\"\">have stalled<\/a><\/span><span style=\"\"> over the size of the stake Maha Capital wants to acquire, with the Transport Ministry reportedly reluctant to sign off on the QIA acquiring a majority stake in the companies.<\/span><span style=\"\">Qatar had inked an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/19\/qatar-eyes-investment-in-egypts-container-terminals-81460\/\" style=\"\">MoU<\/a><\/span><span style=\"\"> to invest in Egypt\u2019s port infrastructure, a few months after <\/span><span>pledging 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> into the economy <\/span><span>to help shield the country from the fallout from the war in Ukraine.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span style=\"\"> ADP\u2019s offer will be presented to the board of PSCCHC and DCHC\u2019s parent <\/span><span>company, the Holding Company for Maritime Transports, Al Mal\u2019s sources said, without <\/span><span style=\"font-weight:400;\">providing further information on the expected timeline of the negotiation process. <\/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\">ADP is no stranger to the Egyptian market:<\/span><span style=\"\"> ADP signed a concession agreement<\/span><span style=\"\"> earlier this <\/span><span>month to develop and operate a container terminal at Safaga Port for <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/19\/adp-lands-30-year-contract-to-develop-and-operate-safaga-port-terminal-100538\/\" style=\"\">USD 200 mn<\/a><\/span><span>. The Emirati <\/span><span>port developer has also signed two 15-year agreements worth a combined USD 33 mn to develop cement terminals at Al Arish Port and West Port Said Port. Last year, the group also acquired a 70% stake in shipping and logistics firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/15\/one-more-gulf-acquisition-in-the-bag-kuwaits-sovereign-fund-joins-the-party-81235\/\" style=\"\">International Associated Cargo Carrier<\/a><\/span><span style=\"font-weight:400;\"> for USD 140 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\">MEANWHILE- ADP is also eyeing a project in East Port Said Port: <\/span><span style=\"\">ADP has inked a MoU <\/span><span>with the Suez Canal Economic Zone to develop and operate a multi-purpose container terminal <\/span><span>in East Port Said Port, the<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid023GcK7rhV8c8EPocBmyseQ6GbLLRJiVsYfeNCC2yNjutxuSrFayRPwdszfkALuN3Vl\" style=\"\">SCZone said<\/a><\/span><span style=\"\"> last week.<\/span><span>. The company will start work on the new terminal in the coming months with the aim of having the first phase of the project up and running in 2Q 2024. The terminal will complement a nearby logistics zone the group is working on, according to the statement.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi-ports\/\">Abu Dhabi Ports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/damietta-container-and-handling\/\">Damietta Container and Handling<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/port-said-container-and-cargo-handling\/\">Port Said Container and Cargo Handling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/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=\"584043\" 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=\"584043\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/sodic-ode-end-talks-for-orascom-real-estate\/\">\r\n                            SODIC, Orascom Development Egypt end sale talks on Orascom Real Estate                        <\/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\/26\/sodic-ode-end-talks-for-orascom-real-estate\/\" 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\/26\/sodic-ode-end-talks-for-orascom-real-estate\/')\">\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\/26\/sodic-ode-end-talks-for-orascom-real-estate\/\">\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=SODIC, ODE end talks for Orascom Real Estate&url=https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/sodic-ode-end-talks-for-orascom-real-estate\/\">\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\/26\/sodic-ode-end-talks-for-orascom-real-estate\/&title=SODIC, ODE end talks for Orascom Real Estate\">\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=SODIC%2C+ODE+end+talks+for+Orascom+Real+Estate+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F03%2F26%2Fsodic-ode-end-talks-for-orascom-real-estate%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\/26\/sodic-ode-end-talks-for-orascom-real-estate\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/409.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"584044\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/sodic-ode-end-talks-for-orascom-real-estate\/409-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/409.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"409.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/409.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/409.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584043\" class=\"content-area-description single-story post-584043 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-ma-watch tag-o-west tag-orascom-development-egypt tag-orascom-for-real-estate tag-real-estate tag-sodic 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\/.f6f31da9-23ea-4baa-80a9-52551f9834fd.mp3\"><\/audio><\/figure>\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\">SODIC won\u2019t be acquiring Orascom for Real Estate: <\/span><span style=\"\">Real estate <\/span><span style=\"\">developers <\/span><span style=\"\">Orascom Development Egypt (ODE) and SODIC have agreed to end talks on <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/592bab85-1d68-48e9-8e68-08e6e1699a10\" style=\"\">SODIC\u2019s bid to acquire Orascom for Real Estate (ORE)<\/a><\/span><span style=\"\">,<\/span><span style=\"\">Orascom Development Holding (ODH) said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.orascomdh.com\/news\/2473563\" style=\"\">a<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.orascomdh.com\/news\/2473563\" style=\"\">statement<\/a><\/span><span style=\"\"> Thursday<\/span><span style=\"font-weight:400;\">. The company did not disclose why the talks fell through.<\/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 market welcomed the news<\/span><span style=\"font-weight:700\">:<\/span><span style=\"font-weight:400;\"> ODE shares gained 1.5% during trading on Thursday to close at EGP 7.99. SODIC shares were up 6.6% to close at EGP 13.19. <\/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=\"font-weight:400;\"> SODIC in October submitted a non-binding offer to acquire 100% of ORE for almost EGP 2.5 bn. ORE \u2060\u2014 which owns the 4.2 mn sqm O West development \u2060\u2014  is 70% owned by ODE.<\/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\">O West is a priority for ODE: <\/span><span>\u201cODH continues to be fully committed to the development of O West,\u201d the company said, adding that it plans to deliver over 1k residential units and launch the first phase of its sports club this year. O West accounted for <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b32c32b-ebe5-4cd8-9a03-bc6bd5ea44e3\" style=\"\">more than half<\/a><\/span><span> of <\/span><span>the company\u2019s new sales<\/span><span style=\"font-weight:400;\"> in 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\">SODIC has had appetite for M&A following its acquisition by UAE investors. <\/span><span>The company last year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b630d6b5-670a-41ce-8796-a3e29de7b5fc\" style=\"\">made a play<\/a><\/span><span> for Madinet Nasr for Housing and Development (MNHD), but the transaction fell through after MNHD shareholders said the bid was too low. A consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae3ee729-0f45-470b-a78c-bbd118ced392\" style=\"\">acquired<\/a><\/span><span> more than 85% of SODIC in 2021.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/o-west\/\">O West<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-development-egypt\/\">Orascom Development Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-for-real-estate\/\">Orascom for Real Estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/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=\"584045\" 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=\"584045\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/\">\r\n                            China\u2019s Xinxing to invest USD 2 bn in iron, steel plants in Suez Canal area. PLUS: Danone to up investment in Egypt this year.                        <\/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\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/\" 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\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/')\">\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\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/\">\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=Chinese steel player to invest USD 2 bn in SCZone factories. PLUS: Danone to invest here this year.&url=https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/\">\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\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/&title=Chinese steel player to invest USD 2 bn in SCZone factories. PLUS: Danone to invest here this year.\">\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=Chinese+steel+player+to+invest+USD+2+bn+in+SCZone+factories.+PLUS%3A+Danone+to+invest+here+this+year.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F03%2F26%2Fchinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year%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\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/407.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"584046\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/407-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/407.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"407.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/407.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/407.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584045\" class=\"content-area-description single-story post-584045 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-danone tag-enterpriseam tag-industry tag-investment-watch tag-manufacturing tag-suez-canal-economic-zone 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\/.6f713208-4e08-4eb7-a86c-5c8e485653f8.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">More investment from China: <\/span><span style=\"\">Chinese company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.xinxing-pipes.com\/en\/\" style=\"\">Xinxing Ductile Iron Pipes<\/a><\/span><span>plans to inves<\/span><span>t U<\/span><span>SD 2 bn to build iron and steel plants in the Suez Canal Economic Zone <\/span><span style=\"\">(SCZone), according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02DSTKxAwYmwvnGcm9TerwHJZNXA54UVweXRTCLKX1Z7aaosr4v9EVEbCTYiNk197kl\" style=\"\">cabinet statement<\/a><\/span><span style=\"\">. The plants will produce iron pipes and steel products for domestic use and for export and will be located in China\u2019s TEDA industrial zone in Ain Sokhna.<\/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\">By the numbers: <\/span><span style=\"\">The project is expected to generate an annual turnover of USD 2.6 bn and <\/span><span style=\"font-weight:400;\">create more than 2.1k jobs. The first phase will see Xinxing build a USD 150 mn cast iron pipe factory that will employ more than 600 people and produce some 250k tons of pipes annually. In the second phase, the company will build a USD 1.8 bn steel factory, producing some 2 mn tons of steel products for export each year and employing 1.5k people.<\/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\">This is the third big-ticket investment Chinese firms have been involved in recently:<\/span><span style=\"\"> H<\/span><span style=\"\">ong <\/span><span style=\"\">Kong-based port operator Hutchison Ports and Chinese shipping firm Cosco Shipping Ports were among the companies that earlier this month <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30add363-e640-4dcc-b348-577935303ce6\" style=\"\">signed agreements worth USD 1.6 bn<\/a><\/span><span style=\"\">to develop new container terminals at the Ain Sokhna and Dekheila ports. China Energy also said recently that it would begin work on a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa878ad1-53fa-486f-9f54-cd3f552f5e3c\" style=\"\">USD 5.1 bn green hydrogen facility<\/a><\/span><span style=\"font-weight:400;\"> in May. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">March also saw Chinese manufacturers <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6de16e3-39c8-4199-baa5-c4809f3df120\" style=\"\">expand production<\/a><\/span><span style=\"font-weight:700\"> in the SCZone:<\/span><span style=\"\"> Fibergla<\/span><span style=\"\">ss <\/span><span style=\"font-weight:400;\">manufacturer Jushi Group inaugurated a USD 320 mn production line at its factory in the zone while the Egypt Fanyang Textile Company opened a USD 60 mn factory. <\/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;\">DANONE\u2019S 2023 INVESTMENT PLANS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Danone Egypt will invest EGP 170 mn in its operations this year<\/span><span style=\"\">, up from EGP 150 <\/span><span>mn last year, Hesham Radwan, general manager and managing director of Danone Egypt and Northeast Africa, told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3M9xY43\" style=\"\">Al Shorouk<\/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\">More localization + exports: <\/span><span>The company is working to increase the use of  local components in its operations to 85% within the coming three years and increase its exports to 5% of its total Egyptian production from 3% currently.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/danone\/\">Danone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment 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\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/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=\"584047\" 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=\"584047\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/nph-ups-bid-for-pachin-sidpec-finishes-dd-on-ethydco\/\">\r\n                            National Paints Holding ups its bid for Egypt\u2019s Pachin + Sidpec finishes due diligence on Ethydco                        <\/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\/26\/nph-ups-bid-for-pachin-sidpec-finishes-dd-on-ethydco\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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data-attachment-id=\"584048\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/nph-ups-bid-for-pachin-sidpec-finishes-dd-on-ethydco\/416-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/416.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"416.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/416.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/416.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584047\" class=\"content-area-description single-story post-584047 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-eagle-chemicals tag-enterpriseam tag-ethydco tag-ma-watch tag-national-paints-holding tag-pachin tag-privatization-watch tag-sidi-kerir-petrochemicals 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\/.c2f8b6cd-718a-4ba7-ab4e-2c6a2dd5c35b.mp3\"><\/audio><\/figure>\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\">Pachin bidding war intensifies: <\/span><span style=\"\">Dubai-based National Paints Holding\u2019s (NPH) has <\/span><span>upped its offer for EGX-listed Paint and Chemical Industries (Pachin) in response to Eagle Chemicals\u2019 new bid last week, the Financial Regulatory Authority (FRA) said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Pachin23-3-2023.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span> on Thursday. The Emirati firm is now offering to purchase 75-100% of the state-owned company for EGP 36.00 per share, EGP 1.00 higher than Eagle Chemicals\u2019 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96d9bed4-fd9f-4c30-a950-efed6395ac1d\" style=\"\">EGP 35.00 bid<\/a><\/span><span> submitted last Tuesday. NPH\u2019s new offer values the company at <\/span><span>EGP 864 mn<\/span><span style=\"font-weight:400;\">, according to our calculations.<\/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\">Tick tock: <\/span><span>NPH\u2019s new offer has extended the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5e76e04-d090-4389-a2d4-43d42ae60a5d\" style=\"\">10-day mandatory tender offer (MTO)<\/a><\/span><span> by an additional day<\/span><span style=\"font-weight:400;\">, giving Pachin\u2019s shareholders until Tuesday, 4 April to respond.<\/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\">Market reacts: <\/span><span style=\"font-weight:400;\">Pachin\u2019s shares rose 4.8% to EGP 36.6 during Thursday\u2019s trading.<\/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\">NPH has big plans for Pachin<\/span><span>,<\/span><span>including developing Pachin factories, adding new products, and increasing export revenues, Pachin said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Pachin-MD-23-3-2023.pdf\" style=\"\">EGX disclosure (pdf)<\/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\">REMEMBER- <\/span><span style=\"font-weight:400;\">The play for Pachin comes amid the government\u2019s privatization push, which should see it reduce its involvement in or exit certain industries to make way for the private sector. Pachin is currently approximately 54% owned by state-owned companies and banks.<\/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\">Advisors: <\/span><span style=\"font-weight:400;\">Al Ahly Pharos is acting as broker on the transaction, Matouk Bassiouny & Hennawy are acting as NPH\u2019s legal counsel, while the company doesn\u2019t have a financial advisor. Al Ahly Pharos is advising Pachin, and Shalakany Law Office is legal counsel.<\/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;\">SIDPEC FINISHES DUE DILIGENCE ON ETHYDCO-<\/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\">Sidpec-Ethydco merger is nearing the endgame: <\/span><span style=\"\">EGX-listed Sidi Kerir <\/span><span>Petrochemicals (Sidpec) has completed due diligence on Egyptian Ethylene and Derivatives Company (Ethydco) ahead of a potential all-share merger, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3Zf4owQ\" style=\"\">Al Mal<\/a><\/span><span> reports, citing sources familiar with the matter. The financial advisor working on the transaction, Baker Tilly, has issued the swap ratio and is working on the final legal and financial reports, which will be put to the companies\u2019 boards for approval, the sources 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\">Transaction could close within three months:<\/span><span style=\"\"> Al Mal\u2019s sources say that the acquisition could <\/span><span style=\"font-weight:400;\">be finalized before the end of 2Q 2023 in 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:700\">REMEMBER- <\/span><span style=\"\">The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/84c8f27c-1814-4643-898c-23f0fe081b81\" style=\"\">merger has been in the works<\/a><\/span><span style=\"\"> since last year, when Sidpec expressed <\/span><span style=\"font-weight:400;\">interest in fully acquiring Ethydco through a share swap. Sidpec currently owns 20% of Ethydco, making it the company\u2019s second-largest shareholder.<\/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\">Investors are already lining up: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8139ef09-3213-43db-bdbd-3aa9d0fd88dc\" style=\"\">Gulf investors have expressed interest<\/a><\/span><span style=\"\"> in acquiring stakes in <\/span><span style=\"font-weight:400;\">the planned merger, eyeing between 16-20% of the new company.<\/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\">Ethydco is in the state\u2019s privatization plans:<\/span><span style=\"\"> The chemicals firm is among the 32 <\/span><span>state-owned companies that the government is looking to part-privatize over the coming year. The government has not mentioned Sidpec as being in line for privatization though an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2887c2f5-ed5d-4844-85ec-c48bb2c416d1\" style=\"\">unconfirmed press report<\/a><\/span><span style=\"font-weight:400;\"> claimed it could look to offer a secondary stake to investors.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eagle-chemicals\/\">Eagle Chemicals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethydco\/\">Ethydco<\/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\/national-paints-holding\/\">National Paints Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pachin\/\">Pachin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sidi-kerir-petrochemicals\/\">Sidi Kerir Petrochemicals<\/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=\"584049\" 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=\"584049\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/ebrd-ifc-to-advise-sovereign-fund-on-desalination-tenders\/\">\r\n                            EBRD, IFC to advise Egypt\u2019s sovereign fund on desalination tenders                        <\/a>\r\n                    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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"426.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/426.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/426.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584049\" class=\"content-area-description single-story post-584049 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastructure tag-enterpriseam tag-infrastructure tag-international-finance-corporation tag-public-private-partnership tag-sovereign-fund-of-egypt tag-water tag-water-security tag-world-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\/.3b64dd42-514c-4f6e-9d6a-63039301d28c.mp3\"><\/audio><\/figure>\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\">EBRD + IFC to help launch desalination PPPs:<\/span><span style=\"\"> The European Bank for <\/span><span>Reconstruction and Development and the International Finance Corporation (IFC) will work with the Sovereign Fund of Egypt to increase private-sector participation in proposed desalination plant<\/span><span>s, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ebrd.com\/news\/2023\/ebrd-and-ifc-support-seawater-desalination-and-renewables-in-egypt.html\" style=\"\">EBRD<\/a><\/span><span>, <\/span><span>the IFC<\/span><span>, and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid022kU2bT7VE3awmCxxb21FbjX7eRtgJoqBiJjkdHCi5NU5M1f8QqGh6UnA3KYG8xuYl\" style=\"\">the cabinet<\/a><\/span><span> said Wednesday. The two multilateral lenders will provide advice on how to structure <\/span><span style=\"font-weight:400;\">and implement four public-private partnership desalination projects, the European bank 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\">Desalination is key for Egypt\u2019s future water security:<\/span><span style=\"\"> The plants are part of the <\/span><span>government\u2019s plan to add 8.8 mn cubic meters per day of desalination capacity by 2050. SFE boss Ayman Soliman <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/331dbd92-5979-4739-8298-74845078ce35\" style=\"\">said in December<\/a><\/span><span> that it will sign contracts for 21 desalination plants this year. As many as 28 compan<\/span><span>ies <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96fed7db-89ef-4e9d-9cd3-f7ef12107175\" style=\"\">were said<\/a><\/span><span> to h<\/span><span style=\"font-weight:400;\">ave bid for the contracts.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-private-partnership\/\">public-private partnership<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water-security\/\">water security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"584051\" 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=\"584051\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/ifc-commits-eur-25-mn-to-mediterrania-capitals-regional-fund\/\">\r\n                            IFC commits EUR 25 mn to Mediterrania Capital\u2019s regional fund                        <\/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\/26\/ifc-commits-eur-25-mn-to-mediterrania-capitals-regional-fund\/\" 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\/26\/ifc-commits-eur-25-mn-to-mediterrania-capitals-regional-fund\/')\">\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\/26\/ifc-commits-eur-25-mn-to-mediterrania-capitals-regional-fund\/\">\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=IFC commits EUR 25 mn to Mediterrania Capital\u2019s regional fund&url=https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/ifc-commits-eur-25-mn-to-mediterrania-capitals-regional-fund\/\">\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\/26\/ifc-commits-eur-25-mn-to-mediterrania-capitals-regional-fund\/&title=IFC commits EUR 25 mn to Mediterrania Capital\u2019s regional fund\">\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=IFC+commits+EUR+25+mn+to+Mediterrania+Capital%E2%80%99s+regional+fund+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F03%2F26%2Fifc-commits-eur-25-mn-to-mediterrania-capitals-regional-fund%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\/26\/ifc-commits-eur-25-mn-to-mediterrania-capitals-regional-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/427.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"584052\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/ifc-commits-eur-25-mn-to-mediterrania-capitals-regional-fund\/427-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/427.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"427.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/427.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/427.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584051\" class=\"content-area-description single-story post-584051 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-international-finance-corporation tag-investment-watch tag-mediterrania-capital tag-private-equity tag-world-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\/.8882dd7f-9902-4aff-aa4d-9501795d19a8.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:700\">Mediterrania Capital Partners\u2019 regional fund secures IFC investment:<\/span><span style=\"\"> The International <\/span><span>Finance Corporation (IFC) will invest EUR 25 mn in Malta-based impact investor Mediterrania Capital Partners\u2019 Mediterrania MC IV fund, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=27465\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\"> Wednesday. The IFC could invest an additional EUR 20 mn in the fund.<\/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 fund has attracted the attention of European DFIs:<\/span><span style=\"\"> The European Bank for <\/span><span>Reconstruction and Development and the European Investment Bank have both <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/17\/ebrd-eib-could-commit-eur-35-mn-to-mediterrania-capitals-new-regional-fund-84173\/\" style=\"\">expressed<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/17\/ebrd-eib-could-commit-eur-35-mn-to-mediterrania-capitals-new-regional-fund-84173\/\" style=\"\">interest<\/a><\/span><span style=\"font-weight:400;\"> in committing a combined EUR 35 mn to the fund.<\/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 MC IV: <\/span><span style=\"\">The fund will invest in mid-cap companies in Egypt, Morocco and Tunisia and has <\/span><span style=\"font-weight:400;\">an EUR 350 mn target close. The fund will focus on the healthcare, fast-moving consumer goods, financial services, and manufacturing sectors, with 25% of its capital earmarked for women-owned business.  <\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mediterrania-capital\/\">Mediterrania Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"584053\" 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=\"584053\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/efg-hermes-and-orascom-construction-report-higher-revenues-in-2022\/\">\r\n                            Egypt\u2019s EFG Hermes and Orascom Construction report higher revenues in 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/efg-hermes-and-orascom-construction-report-higher-revenues-in-2022\/\" target=\"_blank\">\n           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<\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EFG+Hermes+and+Orascom+Construction+report+higher+revenues+in+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F03%2F26%2Fefg-hermes-and-orascom-construction-report-higher-revenues-in-2022%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\/26\/efg-hermes-and-orascom-construction-report-higher-revenues-in-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/428.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"584054\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/efg-hermes-and-orascom-construction-report-higher-revenues-in-2022\/428-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/428.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"428.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/428.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/428.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584053\" class=\"content-area-description single-story post-584053 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-banking tag-construction tag-earnings-watch tag-efg-hermes tag-enterpriseam tag-orascom-construction 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\/.bfe9bc42-c287-4297-b4a8-037cc7698ae4.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:700\">EFG Hermes Holding reported a net income after tax and minority interest of E<\/span><span style=\"font-weight:700\">GP <\/span><span style=\"font-weight:700\">1.8 bn in 2022<\/span><span style=\"\">, up 18% from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/74578e1c-e597-4e6e-bbdf-c7993ee7b5c7\" style=\"\">2021<\/a><\/span><span style=\"\">, the bank said in its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/EFG-Hermes-FY2022-Earnings-Release.pdf\" style=\"\">earnings release (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/EFG-Hermes-FY2022-Earnings-Release.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/EFG-Hermes-FY2022-Earnings-Release.pdf\" style=\"\">)<\/a><\/span><span style=\"\">. Revenues surged 77% during the year to reach almost EGP 11.0 bn, underpinned by strong performance at its investment bank and NBFIs, as well as the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a015541a-1a21-48dd-80d4-3dd23dd9d76b\" style=\"\">acquisition of aiBank<\/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\">On a quarterly basis:<\/span><span style=\"\"> Revenues more than doubled y-o-y in 4Q 2022 to EGP 4.6 bn, <\/span><span style=\"font-weight:400;\">supporting 63% growth in net income which reached EGP 813 mn during the three-month period.<\/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 breakdown:<\/span><span style=\"\"> Revenues at EFG Hermes\u2019 investment bank rose 58% to EGP 6.2 bn, driven <\/span><span style=\"font-weight:400;\">primarily by higher foreign-currency gains boosting holding and treasury revenues. Meanwhile, valU drove growth in non-bank lending, more than doubling its revenue to EGP 650 mn over the year. In total, the bank\u2019s NBFIs delivered EGP more than EGFP 2.5 bn in revenue during 2022, up 28% on the year before. Meanwhile, the incorporation of aiBank contributed EGP 2.2 bn in revenues. EFG Hermes acquired 51% of the bank in November 2021.<\/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\">Looking ahead: <\/span><span style=\"\">\u201cThe investment bank leveraged a favorable investment landscape in the GCC <\/span><span style=\"\">to strengthen its presence and advise on some of the most high-profile transactions in the region,\u201d <\/span><span style=\"\">Group CEO Karim Awad said in an accompanying<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/EFG-Hermes-Holdings-FY22-Press-Release-English-22-March.docx.pdf\" style=\"\">statement (pdf)<\/a><\/span><span style=\"\">. <\/span><span style=\"\">\u201c<\/span><span style=\"font-weight:400;\">We remain confident in our ability to continue expanding our pipeline of equity, debt, and M&A transactions, with an eye to unlocking value-accretive prospects for clients and investors alike\u201d 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;\">ORACOM CONSTRUCTION REVENUES UP-<\/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\">Orascom Construction reported a 18% y-o-y increase in revenues to USD 4.2 <\/span><span style=\"font-weight:700\">bn in <\/span><span style=\"font-weight:700\">2022<\/span><span>, according to its latest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Orascom-Construction-FY-2022-Results-Press-Release_405.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. Net income attributable to shareholders remained flat y-o-y at USD 113.5 mn. Net income was up 50% y-o-y during 4Q 2022 to USD 55.8 mn, while revenues for the quarter jumped 12% to more than USD 1.1 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\">The company\u2019s backlog stood at USD 5.3 bn in 2022. <\/span><span style=\"font-weight:400;\">Egypt made up the majority of the company\u2019s backlog as of year end, with a 68% share, followed by the US (25%) and Saudi Arabia (2.6%).  <\/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\">\u201cWe recorded another year of healthy new awards<\/span><span style=\"font-weight:400;\"> mostly in Egypt and the US, providing us with sufficient revenue visibility and comfort over the next year,\u201d CEO Osama Bishai said.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/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=\"584055\" 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=\"584055\">\r\n            \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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/egypt-posts-investment-arm-has-a-new-managing-director\/\">\r\n                            Egypt Post\u2019s investment arm has a new managing director                        <\/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\/26\/egypt-posts-investment-arm-has-a-new-managing-director\/\" 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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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"429.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/429.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/429.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584055\" class=\"content-area-description single-story post-584055 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-ahmed-ali-abdelrahman tag-egypt-post tag-enterpriseam tag-moves tag-post-for-investment 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\/.7807882d-aa69-441a-acde-4cc8f168a2ae.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:700\">Egypt Post\u2019s<\/span><span style=\"\"> investment arm, <\/span><span style=\"font-weight:700\">Post for Investment<\/span><span style=\"\">, has appointed <\/span><span style=\"font-weight:700\">Ahmed Ali <\/span><span style=\"font-weight:700\">Abdelrahman<\/span><span style=\"\"> (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/ahmed-ali-abdelrahman-58661024\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">) as <\/span><span style=\"font-weight:700\">managing director<\/span><span style=\"\">, he <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/posts\/ahmed-ali-abdelrahman-58661024_im-happy-to-share-that-im-starting-a-new-activity-7044301612147744768-fx74?utm_source=share&utm_medium=member_desktop\" style=\"\">announced<\/a><\/span><span style=\"font-weight:400;\">on LinkedIn on Wednesday. Abdelrahman has more than 25 years of experience in the investment and banking sectors and most recently served as chairman of Beltone\u2019s consumer financing arm BelCash and Beltone Leasing.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-ali-abdelrahman\/\">Ahmed Ali Abdelrahman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-post\/\">Egypt Post<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/post-for-investment\/\">Post for Investment<\/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=\"584057 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=\"584057\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/584057\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584057\" class=\"content-area-description single-story post-584057 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/1-SODIC-Allegria-1600px.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"584058\" 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=\"584058\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/talk-shows-break-for-ramadan\/\">\r\n                            Most of Egypt\u2019s talk shows are on hiatus for Ramadan                        <\/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\/26\/talk-shows-break-for-ramadan\/\" target=\"_blank\">\n                    Open in new tab         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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/talk-shows-break-for-ramadan\/411-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/411.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"411.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/411.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/411.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584058\" class=\"content-area-description single-story post-584058 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-ramadan 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\/.d143d6cd-bc5c-452c-a29b-5607083a57e6.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:700\">The Ramadan talk show lull kicks off: <\/span><span style=\"\">In typical fashion, our talking heads went into <\/span><span>hibernation as <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/92f66a58-969c-46ad-bee1-f9a7d89ac064\" style=\"\">Ramadan mosalsalat<\/a><\/span><span style=\"font-weight:400;\"> took over the small screens.<\/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\">Who will be missing from our screens? <\/span><span style=\"font-weight:400;\">Kelma Akhira\u2019s Lamees El Hadidi, Masa\u2019a DMC, and Al Hayah Al Youm are all taking Ramadan off.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/ramadan\/\">Ramadan<\/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=\"584060\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div 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Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus\/\">\r\n                            B Investments approves healthcare, pharma investment with Egypt\u2019s sovereign fund. PLUS: More Edita buybacks, 3-month sugar export ban, Capricorn\u2019s Egypt focus                        <\/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\/26\/b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus\/\" 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\/26\/b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus\/')\">\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\/26\/b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus\/\">\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=B Investments approves healthcare, pharma investment with SFE. 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PLUS: More Edita buybacks, 3-month sugar export ban, Capricorn\u2019s Egypt focus\">\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=B+Investments+approves+healthcare%2C+pharma+investment+with+SFE.+PLUS%3A+More+Edita+buybacks%2C+3-month+sugar+export+ban%2C+Capricorn%E2%80%99s+Egypt+focus+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F03%2F26%2Fb-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus%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\/26\/b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/430.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"584062\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus\/430-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/430.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"430.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/430.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/430.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584061\" class=\"content-area-description single-story post-584061 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-b-investments tag-capital-markets tag-capricorn-energy tag-commodities tag-edita tag-egx tag-energy tag-enterpriseam tag-healthcare tag-oil-and-gas tag-pharma tag-sovereign-fund-of-egypt tag-trade 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\/6\/.28917ffc-f2f7-4c58-a0e0-503846746115.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: 700; background-color: transparent;\">INVESTMENT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">B Investments\u2019 board signed off on investing up to EGP 500 mn in the Sovereign <\/span><span style=\"font-weight:700\">Fund of Egypt\u2019s (SFE) healthcare and pharma sub-fund<\/span><span>, it said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/B-Investments-SFE-EN.pdf\" style=\"\">statement to the bourse (pdf)<\/a><\/span><span> on Wednesday. The investment is one of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a9c41d46-7d0c-4f6e-af88-675213a72da1\" style=\"\">two agreements<\/a><\/span><span> the firm signed with the SFE in January that <\/span><span>could channel <\/span><span>more than EGP 2 bn<\/span><span> i<\/span><span>nto local healthcare and pharma businesses. <\/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 SFE is looking to draw an initial EGP 1.2 bn for the sub-fund, and hopes to <\/span><span>raise additional capital down the line. It will invest in local pharma players to help them expand into under-served cities around the country and improve their digital offering. The fund had also agreed to invest EGP 100 mn in B Healthcare Investments, which aims to raise up to EGP 1 bn to deploy in the specialized healthcare sector, with B Investments contributing an additional EGP 200 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;\">CAPITAL MARKETS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Edita is buying back another 1% of its shares:<\/span><span style=\"\"> EGX-listed Edita Food Industries will <\/span><span>buy back 7.23 mn of its shares at EGP 14.50 apiece, it said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Edita-shares-buy-back.png\" style=\"\">EGX bulletin<\/a><\/span><span style=\"\"> on Wednesday<\/span><span>. The move takes the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fba9c8d-942d-43ab-b73d-0ecb00e9df6c\" style=\"\">buyback program<\/a><\/span><span>, first announced last summer, to <\/span><span>5.8% <\/span><span style=\"font-weight:400;\">of its share capital.<\/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\">Buybacks have helped lift the company\u2019s share price:<\/span><span style=\"\"> Edita stock has <\/span><span style=\"\">climbed almost <\/span><span>90% <\/span><span>since the company first announced the buyback program in August. Shares closed at EGP 15.02 on Thursday after rising 2.9% during the session. Investors have, meanwhile, had appetite for the company\u2019s shares on the back of its strong sales despite the economic headwinds of the past 12 months. <\/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;\">COMMODITIES-<\/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 sugar exports for three months:<\/span><span style=\"\"> The Trade Ministry has banned the export of <\/span><span>sugar for three months, effective last Tuesday, 21 March, according to a decision published in the <\/span><span>Official Gazette<\/span><span style=\"font-weight:400;\">. Exports of any \u201cexcess\u201d supply of sugar could go ahead with approval from the ministry, according to the decree.<\/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;\">ENERGY-<\/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\">Capricorn to cut its UK headcount as it shifts focus to Egypt: <\/span><span style=\"\">The new board of oil <\/span><span>and gas firm Capricorn Energy on Thursday said it will cut its UK workforce to less than 40 people in the next two months as it quits other markets to maximize allocations to its operations here, according to a company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tools.eurolandir.com\/tools\/Pressreleases\/GetPressRelease\/?ID=4263235&lang=en-GB&companycode=uk-cne&v=\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\">. Capricorn is set to announce the full results of its comprehensive strategic review on 27 April, the statement reads. <\/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>P<\/span><span>ressure from shareholders led by activist investor Palliser Capital led Capricorn\u2019s former board to resign en masse back in January, killing <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d53cc51-fcea-4cbb-89e7-2d1e6d65fad9\" style=\"\">a proposed merger with Israeli energy firm NewMed Energy<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/b-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capricorn-energy\/\">Capricorn Energy<\/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\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"584063\" class=\"issue-section markets\">\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=\"584063\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/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\/26\/federal-reserve-hikes-interest-rates-by-25-bps-amid-banking-turmoil\/\">\r\n                            Federal Reserve hikes interest rates by 25 bps amid banking turmoil                        <\/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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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\/.8a321940-73ee-498f-89d8-64e7ff832aa2.mp3\"><\/audio><\/figure><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\">Fed tightens again amid banking crisis: <\/span><span style=\"\">The Federal Reserve made a second <\/span><span>consecutive <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20230322a.htm\" style=\"\">25-bps interest rate hike<\/a><\/span><span style=\"font-weight:400;\"> at its meeting on Wednesday \u2014 but hinted that it could soon bring a halt to the tightening cycle as it tried to balance between fighting inflation and maintaining financial stability amid a global banking crisis. The increase \u2014 which is small compared to the string of jumbo increases the central bank made last year \u2014 pushed the target range of the federal funds rate to 4.75-5%, its highest level since September 2007.<\/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 US banking system is \u201csound and resilient,\u201d<\/span><span> the Fed said in its <\/span><span>statement<\/span><span>, noting that the fallout from the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5baed3c9-57cf-4488-9aac-3e245c8ac42b\" style=\"\">Silicon Valley Bank (SVB) collapse<\/a><\/span><span style=\"font-weight:400;\"> could lead to tighter economic conditions and put a damper on inflation.<\/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 Fed wasn\u2019t the only major central bank to hike rates last week: <\/span><span style=\"\">The Bank of <\/span><span>England <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bankofengland.co.uk\/monetary-policy-summary-and-minutes\/2023\/march-2023\" style=\"\">raised rates<\/a><\/span><span style=\"font-weight:400;\"> by 25 bps to 4.25% on Thursday after data showed an unexpected rise in UK inflation to 10.4% in February. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">US banks aren\u2019t the biggest source of concern right now:<\/span><span style=\"\"> Deutsche Bank saw its share <\/span><span>price decline as much as 14.5% during trading on Friday as investors fretted that it could be the <\/span><span>next domino to fall amid global turmoil in the banking sector. Shares in the \u201ctoo big to fail\u201d German lender pared some of their losses to close 8.5% down, while the cost of insuring against a default jumped to a four-year high. The plunge occurred amid a broad sell-off among European lenders: UBS \u2014 which last weekend agreed to a last-ditch takeover of teetering Credit Suisse \u2014 closed 3.6% in the red, while French giant BNP Paribas lost 5.3%. <\/span><\/p><p><a id=\"t.18b367bad9a0e8ce2ae1d3b2a8d45bea887bd01b\"><\/a><a id=\"t.0\"><\/a><\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">15,625<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">+2.4% (YTD: +7.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">Buy 30.84<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">Sell 30.96<\/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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">Buy 30.85<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">Sell 30.95<\/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:1.15;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:1.15;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:1.15;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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">10,446<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">+0.9% (YTD: -0.3%)<\/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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">9,503<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">-0.5% (YTD: -6.9%)<\/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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">3,349<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">-0.4% (YTD: +0.4%)<\/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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">3,971<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">+0.6% (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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">7,405<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">-1.3% (YTD: -0.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">4,131<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">-1.8% (YTD: +8.9%)<\/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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">USD 74.99<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">-1.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">USD 2.22<\/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:1.15;text-align:left\"><span style=\"font-weight:400;\">+2.9%<\/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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">USD 2,001.70        <\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-0.6%<\/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:1.15;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:1.15;text-align:left\"><span style=\"font-weight:400;\">USD 27,420<\/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:1.15;text-align:left\"><span>+0.1% (YTD:<\/span><span> +66.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\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 rose 2.4% at Thursday\u2019s close<\/span><span style=\"\"> on turnov<\/span><span style=\"\">er of EGP 1.4 bn (31% belo<\/span><span style=\"\">w the <\/span><span>90-day <\/span><span style=\"font-weight:400;\">average). Local investors were net buyers. The index is up 7.0% 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;\"> Egypt Kuwait Holding (+10.0%), Ezz Steel (+7.2%) and Sidi Kerir Petrochemicals (+6.9%).<\/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 style=\"font-weight:400;\">EFG Hermes (-2.4%), Abu Dhabi Islamic Bank (-1.3%) and CIRA (-0.9%).<\/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\/bank-of-england\/\">Bank of England<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/credit-suisse\/\">Credit Suisse<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/deutsche-bank\/\">Deutsche Bank<\/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=\"584065\" 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\/26\/584065\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-584065\" class=\"content-area-description single-story post-584065 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;\">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 style=\"font-weight:400;\">March: IMF to review USD 3 bn program.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>March: Gov\u2019t to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=09022023&id=215b7f00-5e2e-4a3a-889f-b43e1d66cd39\" style=\"\">launch<\/a><\/span><span> the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sis.gov.eg\/Story\/174696\/Planning-minister-follows-up-on-plan-for-National-Governance-Index?lang=en-us\" style=\"\">National Governance Index<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Beginning of March: Rice to be added to the EMX.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 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>26-28 March (Sunday-Tuesday): EU Vice President Margaritis Schinas in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27-29 March (Monday-Wednesday): The first meeting of the COP transitional committee, focusing on adaptation, and loss and damage. <\/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:400;\">31 March (Friday): Finance Ministry to present draft budget to House of Representative by this date.<\/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;\">April: SCZone roadshow in China.<\/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: President Abdel Fattah El Sisi's social support measures program to be implemented.<\/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;\">2 April (Sunday): House to reconvene.<\/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 April (Monday): National Paints Holding\u2019s MTO for Pachin ends.<\/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=\"\">11 April (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/13\/egas-the-other-pif-plus-news-from-btech-bny-mellon-and-cira-83853\/\" style=\"\">Deadline for NGOs to legalize their status<\/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;\">15 April: Lamees El Hadidi\u2019s startup competition show, El Forsa, closes applications.<\/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>30 April (Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/18\/tenth-of-ramadan-dry-port-tender-pushed-as-bidders-adapt-to-floating-egp-93853\/\" style=\"\">Tenth of Ramadan dry port<\/a><\/span><span style=\"font-weight:400;\"> tender deadline.<\/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 style=\"font-weight:400;\">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 style=\"font-weight:400;\">12-15 May (Friday-Monday): Egypt Fashion Week.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 May (Monday): Enterprise Exports & FDI Forum, Four Seasons Hotel Cairo at Nile Plaza.<\/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 new Board of Governors,from 22-26 May 2023.\" 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 style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">13-14 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 June (Thursday): Deadline for bids in EGPC\u2019s mature oil fields tender.<\/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:400;\">30 June (Friday): Egypt to exit Grains Trade Convention.<\/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;\">August: Hassan Allam Utilities + Agility to open Yanmu East logistics park.<\/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:400;\">22-24 August (Tuesday-Thursday): BRICS summit, Johannesburg, South Africa.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SEPTEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Friday): I<\/span><span style=\"font-weight:400;\">MF to review USD 3 bn program.<\/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>21-23 September (Thursday-Saturday): Narrative PR Summit, Somabay.<\/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:400;\">15-24 November (Wednesday-Friday): Cairo International Film Festival, Cairo.<\/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 style=\"font-weight:400;\">Summer 2023: EGX to launch a shariah-compliant index.<\/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;\">1H 2023: GAFI roadshow set to launch to drum up foreign investment for golden licenses <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1H 2023: Abu Dhabi Islamic Bank intends to launch a digital consumer finance company<\/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;\">2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.<\/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;\">2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.<\/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;\">4Q 2023: EGX to launch its new futures exchange.<\/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;\">2Q 2025: Safaga Terminal 2 to initiate operations.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>World Bank lender could provide advice and financing for Egypt\u2019s privatization drive<\/p>\n","protected":false},"featured_media":584031,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-584030","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d2031f83-e2d6-4494-b948-d9bf78c46369","teaser":"World Bank lender could provide advice and financing for Egypt\u2019s privatization 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