{"id":586617,"date":"2023-05-15T00:00:00","date_gmt":"2023-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=586617"},"modified":"2025-12-16T14:41:41","modified_gmt":"2025-12-16T14:41:41","slug":"the-enterprise-exports-and-fdi-forum-is-happening-today","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-enterprise-exports-and-fdi-forum-is-happening-today\/","title":{"rendered":"The Enterprise Exports and FDI Forum is happening today"},"content":{"rendered":"<section id=\"586619\" 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=\"586619\">\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\/05\/15\/the-enterprise-exports-and-fdi-forum-is-taking-place-today\/\">\r\n                            The Enterprise Exports and FDI Forum is taking place today                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-enterprise-exports-and-fdi-forum-is-taking-place-today\/\" 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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background-color: transparent; font-weight: 700;\">Good morning, dear readers:<\/span><span style=\"font-size: 11pt; background-color: transparent; vertical-align: baseline;\"> You know what time it is\u2026<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span><a id=\"wwtt1\"><\/a> <\/span><span style=\"font-weight:700\">The Enterprise Exports and FDI Forum is<\/span><span style=\"font-weight:700\">taking place <\/span><span style=\"font-weight:700\">today <\/span><span style=\"font-weight:700\">at the Four S<\/span><span style=\"font-weight:700\">easons Nile <\/span><span style=\"font-weight:700\">Plaza. <\/span><span>The event will see CEOs, top execs, bankers, and development finance folks attempt to solve the biggest economic issue of our time: How do we get out of our FX crunch by boosting exports and raising foreign direct investment.<\/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 are very grateful for the interest we\u2019ve seen from many of you<\/span><span style=\"font-weight:400;\"> and we cannot wait to meet those attending.  <\/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  event kicks off with an 8am networking breakfast<\/span><span>, with the opening panels starting at 9am. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Topics and live interviews will also include:<\/span><\/p><ul>\n<li><span style=\"font-weight:400;\">Why exports and FDI are the way forward and what lessons have worked from around the world;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to attract foreign partners and figure out what they are looking for;<\/span><\/li>\n<li><span style=\"font-weight:400;\">What lessons can we draw from food, fertilizers, and garments exporters who have increased our exports;<\/span><\/li>\n<li><span style=\"font-weight:400;\">What are the fundamentals to creating an export and \/ or FDI strategy;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How industrial clusters could expedite exports and FDI and is a possibly avenue for SME development;<\/span><\/li>\n<li><span>How Egypt\u2019s industries need to be open to evolution to become more competitive.<\/span><\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/exportsfdi.enterprise.press\/index.html#agenda\" style=\"\">Tap or click here to explore the full agenda.<\/a><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** Attendees who have confirmed and RSVP'd to their personal invitations do not need a QR code to enter the venue, <\/span><span>but please do bring a business card you can give us in exchange for your name tag and lanyard.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\"><\/span><\/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 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 style=\"\"> <a id=\"wwtt2\"><\/a> <\/span><span style=\"font-weight:700\">Egypt\u2019s first gold fund launches today:<\/span><span style=\"\"> Investors will be able to start buying into <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/azimut.eg\/\" style=\"\">Azimut<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.evolveholding.co\/\" style=\"\">Evolve Holding\u2019s<\/a><\/span><span>new gold investment fund from today, Financial Regulatory Authority (FRA) head Mohamed Farid said in an interview last night (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=799960494772328\" style=\"\">watch, runtime: 1:07<\/a><\/span><span>). The two asset managers, together with the FRA and the EGX, yesterday <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid03zaQc8Z3zGpa89gms5FJHzBY7xXXdDgE1qSYnXAs3X9e3p3jN5PNj1Rfp6nay5hDl\" style=\"\">held a press conference<\/a><\/span><span style=\"font-weight:400;\"> to mark the launch of the fund, which is the first of its kind 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 details: <\/span><span style=\"\">The fund will invest only in 24-carat gold bars and carries no minimum or <\/span><span>maximum investment amount. Investment certificates worth as little as EGP 10 will be sold at <\/span><span>Egypt Post branches<\/span><span>. The imposes no minimum or maximum investments and allows subscribers to fully or partially redeem their certificates \u2014 either in cash or a minimum of 50 grams of gold. The fund was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/373fda24-6907-4c8b-bb56-623da5e5a367\" style=\"\">greenlit<\/a><\/span><span style=\"font-weight:400;\"> by the FRA earlier this month.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Gold prices make their debut on the EGX trading screens: <\/span><span style=\"\">The EGX yesterday started <\/span><span>sharing spot prices for 24-carat gold on its trading screens, EGX boss Ramy El Dokany <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egx.com.eg\/ar\/NewsDetails.aspx?NewsID=237846\" style=\"\">said<\/a><\/span><span>.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>The bourse will not set the prices itself, but just display the prices presented by Evolve Investment Holding\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/goldnettrading.com\/\" style=\"\">Gold Net Trading<\/a><\/span><span>, <\/span><span style=\"font-weight:400;\">a precious metals trading platform. <\/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 launch comes at a time of huge volatility in the gold market:<\/span><span style=\"\"> Policymakers in recent <\/span><span>weeks have started looking to put a ceiling over gold prices, which have soared to record highs amid the economic crisis. The price of 21-carat gold has falle<\/span><span>n around 10% <\/span><span>this month and was trading at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2886574\" style=\"\">EGP 2,380<\/a><\/span><span style=\"font-weight:400;\"> yesterday.<\/span><\/p><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 style=\"font-weight:700\">G7 meeting this week:<\/span><span style=\"\"> Expect the war in Ukraine and China containment to be top of the <\/span><span style=\"font-weight:400;\">agenda when G7 leaders meet in Hiroshima, Japan on 19-21 May.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Finance ministers aren\u2019t exactly full of optimism ahead of the gathering:<\/span><span style=\"\"> G7 finance <\/span><span>ministers have called on governments to plug holes in global banking regulations amid \u201cheightened uncertainty\u201d triggered by 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=\"\">recent banking crisis<\/a><\/span><span> and the global macro outlook, they said following their three-day ministerial ahead of this week\u2019s summit. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/e12cc95b-5b86-474e-901b-b9686ca5c8c8\" style=\"\">The FT<\/a><\/span><span style=\"font-weight:400;\"> has more.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ON THE HORIZON-<\/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\">Egyptian-Saudi business forum in June: <\/span><span style=\"\">An Egyptian-Saudi business forum will take place in Cairo next <\/span><span>month to promote investment opportunities between the two sides, the head of the Saudi-Egyptian Business Council\u2019s Real Estate Committee, Fathallah Fawzy, told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3BnAlJK\" style=\"\">Al Shorouk<\/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=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/805.jpg?ssl=1\"> <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">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=\"\"><a id=\"wwtt5\"><\/a> <\/span><span style=\"font-weight:700\">It\u2019s a close-run thing in Turkey<\/span><span style=\"\"> where yesterday\u2019s presidential election is looking like <\/span><span style=\"font-weight:400;\">it\u2019ll go to a second vote. With almost all of the votes counted, neither incumbent president Recep Tayyip Erdogan or his main opponent, social democrat Kemal Kilicdaroglu, had won more than 50% of the vote \u2014 the threshold needed to claim victory and avoid a run-off. <\/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 state of play before we sent out the newsletter this morning:<\/span><span style=\"\"> Erdogan had won 49.3% <\/span><span style=\"font-weight:400;\">of the vote and Kilicdaroglu 45.0% with more than 98% of ballots counted, according to Turkish broadcaster TRT.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>(<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/turkey-elections-erdogan-presidency-parliament-6291df76874c24550008c80b5c168992\" style=\"\">Associated Press<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-votes-pivotal-elections-that-could-end-erdogans-20-year-rule-2023-05-13\/\" 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\/2023-05-14\/turkey-latest-erdogan-s-future-at-stake-in-a-sharply-split-election?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/50b9f1d2-2220-4eeb-9142-0d84516851b0\" style=\"\">Financial Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/2023\/05\/14\/world\/europe\/turkey-erdogan-presidential-election.html\" style=\"\">NYT<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/world\/2023\/05\/14\/turkey-erdogan-election-opposition-kilicdaroglu\/\" style=\"\">Washington Post<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/having-established-turkey-on-the-world-stage-erdogan-faces-risky-vote-at-home-fd0793d9?mod=hp_lead_pos8\" 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;\">THE REALIGNMENT-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><a id=\"wwtt4\"><\/a> <\/span><span style=\"font-weight:700\">Iran\u2019s foreign ministry wants better ties with Egypt:<\/span><span>Iranian Foreign Minister Hossein Amir Abdollahian has expressed hope to resume full diplomatic relations with Egypt in an interview with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/en.irna.ir\/news\/85111107\/FM-hopes-for-mutual-steps-to-improve-Iran-Egypt-ties\" style=\"\">Iranian media<\/a><\/span><span style=\"font-weight:400;\">. \u201cWe have always welcomed the development of relations between Tehran and Cairo,\u201d he said, voicing optimism that Tehran\u2019s recent push to deepen ties with the Arab world would improve relations with 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\">A El Sisi-Raisi meeting in the cards?<\/span><span style=\"\"> That\u2019s according to one Iranian MP, who <\/span><span style=\"\">told <\/span><span>Iranian media<\/span><span> that there are preparations for the leaders to meet should the two countries reopen embassies. Fadahossein Maleki, who heads the parliament\u2019s national security committee, told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.tasnimnews.com\/en\/news\/2023\/05\/14\/2894547\/iran-egypt-to-restore-ties-reopen-embassies-soon-mp\" style=\"\">Tasnim News Agency<\/a><\/span><span> that Iran and Egypt will restore diplomatic ties and reopen embassies in the near future. This comes a few days after <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bae63416-8277-496e-8c07-3e0e56df3cc3\" style=\"\">a media report claimed<\/a><\/span><span> that officials from both countries have been discussing normalizing ties since March. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.jpost.com\/middle-east\/article-742989\" style=\"\">The Jerusalem Post<\/a><\/span><span> also has the story.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This comes amid a wave of reconciliation in the region<\/span><span style=\"\">, which has seen Saudi Arabia and <\/span><span style=\"font-weight:400;\">Iran sign an agreement to restore ties, and the Arab League welcome Syria, an ally of Tehran, back into the organization.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ICYMI-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Missed this week\u2019s Inside Industry? <\/span><span style=\"\">In our weekly vertical exploring all things industry and<\/span><span> manufacturing, we looked at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66257b37-3cfd-40a3-beed-47924bf6f795\" style=\"\">the government\u2019s fiscal plans<\/a><\/span><span style=\"font-weight:400;\"> for industrial development in the coming fiscal year.<\/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\">COME WORK FOR OUR ADVISORY ARM-<\/span><span style=\"font-weight:400;\">Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region\u2019s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE and beyond. Egyptian and foreign nationals alike are welcome to apply.<\/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\u2019re running a four-month training program for fresh grads and career switchers <\/span><span style=\"font-weight:400;\">and will hire every successful grad of the program. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Apply directly to jobs@enterprisemea.com and mention \u201cadvisory development<\/span><span style=\"font-weight:700\"> program\u201d<\/span><span style=\"font-weight:400;\"> in your subject line.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">*** It\u2019s Blackboard day:<\/span><span style=\"font-weight:400;\"> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In today\u2019s issue:<\/span><span style=\"\"> We look at the government\u2019s fiscal plans for education in the coming fiscal <\/span><span style=\"font-weight:400;\">year.<\/span><\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-exports-and-fdi-forum\/\">Enterprise Exports and FDI Forum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"586621 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=\"586621\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/586621\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586621\" class=\"content-area-description single-story post-586621 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/475.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">The TriFactory's Somabay Endurance Festival returns for the fifth time from 25-27 May<\/span><span>,<\/span><span>bringing together Egypt's multi-sport community for an amazing weekend filled with swimming, cycling, and running throughout the beautiful scenery of Somabay. Select from six different races, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thetrifactory.com\/somabay\" style=\"\">Sign up now<\/a><\/span><span style=\"font-weight:400;\">, and get ready to Experience Endurance.<\/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=\"586622\" 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=\"586622\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/\">\r\n                            Egypt sells 9.5% of state-owned telco to investors. PLUS: ADQ\u2019s Agthia bids for Safi                        <\/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\/05\/15\/telecom-egypt-sale-wraps\/\" 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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       <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/773.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"586623\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/773-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/773.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"773.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/773.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/773.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586622\" class=\"content-area-description single-story post-586622 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-adq tag-agthia tag-cit tag-egx tag-enterpriseam tag-ma-watch tag-privatization-watch tag-safi tag-telecom-egypt 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\/5\/.b1895b01-aba8-45b0-b1ba-5a75e4c7a85b.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\">It\u2019s official: TE stake sold.<\/span><span style=\"\"> Egypt has got its privatization program up and running with the sale <\/span><span>of a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4318bf14-8a00-4b51-bb0c-abc50d4fc6a6\" style=\"\">9.5% stake in Telecom Egypt<\/a><\/span><span> to institutional investors, the parties involved with the offering confirmed yesterday. The government raised nearly EGP 3.75 bn <\/span><span style=\"\">(USD 121.3 mn) <\/span><span>after selling 162.2 mn shares in the state-owned telco for EGP 23.11 a piece \u2014 TE\u2019s closing share price on Thursday, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/745.png\" style=\"\">the EGX<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mof.gov.eg\/ar\/posts\/media\/6460a253ecb1740008aecb4f\/%D9%88%D8%B2%D8%A7%D8%B1%D8%A9%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%3A%20%D8%B7%D8%B1%D8%AD%D9%86%D8%A7%20%D8%A3%D9%83%D8%AB%D8%B1%20%D9%85%D9%86%20%D9%A1%D9%A6%D9%A2%20%D9%85%D9%84%D9%8A%D9%88%D9%86%20%D8%B3%D9%87%D9%85%20%D9%85%D9%86%20%D9%85%D9%84%D9%83%D9%8A%D8%A9%20%D8%A7%D9%84%D8%AE%D8%B2%D8%A7%D9%86%D8%A9%20%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%A9%20%D9%81%D9%8A%20%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9%20%D9%84%D9%84%D8%A7%D8%AA%D8%B5%D8%A7%D9%84%D8%A7%D8%AA%20%D9%84%D9%84%D8%A8%D9%8A%D8%B9%20%D9%81%D9%89%20%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9%20%D9%84%D9%84%D9%85%D8%A4%D8%B3%D8%B3%D8%A7%D8%AA%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%20%D8%A8%D9%82%D9%8A%D9%85%D8%A9%20%D8%A5%D8%AC%D9%85%D8%A7%D9%84%D9%8A%D8%A9%20%D9%A3%2C%D9%A7%D9%A4%D9%A7%20%D9%85%D9%84%D9%8A%D8%A7%D8%B1%20%D8%AC%D9%86%D9%8A%D9%87%20%D9%88%D8%AA%D9%85%20%D8%AA%D8%BA%D8%B7%D9%8A%D8%A9%20%D8%A7%D9%84%D8%B7%D8%B1%D8%AD%20%D9%A3%2C%D9%A1%D9%A1%20%D9%85%D8%B1%D8%A9\" style=\"\">the Finance Ministry<\/a><\/span><span> 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\">This is the first sale under the privatization program<\/span><span style=\"\"> launched in February, under which the <\/span><span style=\"font-weight:400;\">government aims to sell stakes in 32 companies by March 2024.<\/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\">Demand was stronger than initially reported: <\/span><span style=\"\">The Finance Ministry\u2019s accelerated <\/span><span style=\"font-weight:400;\">bookbuilding process saw the secondary share sale covered 3.1x, it said in the statement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We still don\u2019t know who bought in:<\/span><span style=\"\"> The government is yet to reveal which institutions <\/span><span>purchased shares in the company. CI Capital \u2014 which acted as joint financial advisor and bookrunner on the transaction \u2014 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/766.pdf\" style=\"\">said (pdf)<\/a><\/span><span style=\"font-weight:400;\"> that \u201cinternational, regional, and domestic institutional and high-net-worth investors\u201d subscribed, without disclosing further details.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who bought in is important:<\/span><span style=\"\"> Getting foreign investors on board with the privatization program <\/span><span style=\"font-weight:400;\">is key if the government is going to use asset sales to address our acute shortage of FX. Selling to locals in EGP is fine if all you\u2019re trying to do is get the state out of the economy, but does little to bring in fresh inflows of hard currency.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Now it\u2019s TE employees\u2019 turn: <\/span><span style=\"\">TE\u2019s employees have until the end of the working day on 25 May <\/span><span>to subscribe to the remaining 0.5% of the company (8.5 mn shares) earmarked for them in the second stage of the transaction. If the employee tranche is undersubscribed, the government has the option to sell any remaining shares to investors. Share transfers to employees will be executed by 1 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\">Advisors:<\/span><span style=\"\">Al Ahly Pharos<\/span><span style=\"\"> and<\/span><span style=\"\">CI Capital<\/span><span style=\"\"> acted as joint financial advisors and bookrunners <\/span><span>alongside NI<\/span><span> Capital, according to an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/739.PDF\" style=\"\">FRA statement (pdf)<\/a><\/span><span>. <\/span><span>Adsero Ragy & Partners <\/span><span>were legal advisors to TE, while <\/span><span>Zulficar & Partners acted as legal adviso<\/span><span>r on the transaction. <\/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 government aims to raise USD 2 bn via <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b76ec80b-bf18-47d1-bf53-07b5b9cefb8f\" style=\"\">asset sales<\/a><\/span><span style=\"\"> by the end of June. <\/span><span>Together with the sale of Pachin to Dubai-based National Paints Holding, it has now reached some <\/span><span>7% (USD 147 mn)<\/span><span> of that target. <\/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\">ADQ IN FOR SAFI?<\/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\">ADQ\u2019s Agthia makes a bid for <\/span><span style=\"font-weight:700\">Safi<\/span><span style=\"font-weight:700\">: <\/span><span style=\"\">ADQ-owned Emirati F&B company Agthia is among <\/span><span>several bidders for military-owned bottled drinks firm Safi, a source close to the transaction confirmed to Enterprise after the news was first reported by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/13\/1666144\" style=\"\">Al Borsa<\/a><\/span><span>. The Madbouly cabinet <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bae63416-8277-496e-8c07-3e0e56df3cc3\" style=\"\">last week said<\/a><\/span><span> that both Safi and military-owned fuel retailer Wataniya would start receiving offers from strategic investors this month. The government has reportedly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9690369-438a-48ba-b8b4-a1a132dab7e1\" style=\"\">tapped CI Capital<\/a><\/span><span> to market stakes of at least 10% in each fir<\/span><span>m to strategics. <\/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\">Agthia isn\u2019t new to our market: <\/span><span>The company <\/span><span>last year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be49d19c-306f-4ee9-b6ee-b0dba42a18be\" style=\"\">bought a 60% stake<\/a><\/span><span> in Egyptian food company Auf Group, and in 2021 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248e5d41-7c58-42ed-abe9-f67d9ac74995\" style=\"\">acquired 75%<\/a><\/span><span style=\"font-weight:400;\"> of Atyab brand owner Ismailia Agricultural and Industrial Investments.<\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agthia\/\">Agthia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/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\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/safi\/\">Safi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"586624\" 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=\"586624\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-plan-to-ship-egyptian-gas-to-lebanon-probably-isnt-happening-if-this-bill-passes\/\">\r\n                            New anti-Assad US legislation would prevent Egypt exporting gas to Lebanon                        <\/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\/05\/15\/the-plan-to-ship-egyptian-gas-to-lebanon-probably-isnt-happening-if-this-bill-passes\/\" 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\/05\/15\/the-plan-to-ship-egyptian-gas-to-lebanon-probably-isnt-happening-if-this-bill-passes\/')\">\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\/05\/15\/the-plan-to-ship-egyptian-gas-to-lebanon-probably-isnt-happening-if-this-bill-passes\/\">\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=The plan to ship Egyptian gas to Lebanon probably isn\u2019t happening if this bill passes&url=https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-plan-to-ship-egyptian-gas-to-lebanon-probably-isnt-happening-if-this-bill-passes\/\">\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\/05\/15\/the-plan-to-ship-egyptian-gas-to-lebanon-probably-isnt-happening-if-this-bill-passes\/&title=The plan to ship Egyptian gas to Lebanon probably isn\u2019t happening if this bill passes\">\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=The+plan+to+ship+Egyptian+gas+to+Lebanon+probably+isn%E2%80%99t+happening+if+this+bill+passes+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F05%2F15%2Fthe-plan-to-ship-egyptian-gas-to-lebanon-probably-isnt-happening-if-this-bill-passes%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\/05\/15\/the-plan-to-ship-egyptian-gas-to-lebanon-probably-isnt-happening-if-this-bill-passes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/795.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"586625\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-plan-to-ship-egyptian-gas-to-lebanon-probably-isnt-happening-if-this-bill-passes\/795-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/795.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"795.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/795.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/795.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586624\" class=\"content-area-description single-story post-586624 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-egypt-us-relations tag-enterpriseam tag-israel-palestine-conflict tag-un 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\/5\/.b86d1da6-46b0-4d8e-8188-c355ac6b2292.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\">US draft bill targets Lebanon gas plan as part of new anti-Assad sanctions: <\/span><span style=\"\">Draft US <\/span><span>legislation aimed at preventing countries from normalizing ties with the Syrian government would make it harder for Egypt to export natural gas to Lebanon under a plan agreed in 2021. Introduced by bi-partisan lawmakers last week<\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/acrobat.adobe.com\/link\/track?uri=urn%3Aaaid%3Ascds%3AUS%3A11958dc6-4a15-374a-ae63-3a38dfaff1d2&viewer%21megaVerb=group-discover\" style=\"\">the bill (pdf)<\/a><\/span><span style=\"font-weight:400;\">would enable the US government to impose sanctions on Egypt should it go through with the plan, which involves using a pipeline to ship gas through Syria to Lebanon to ease the country\u2019s chronic energy shortages.<\/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> Egypt, Lebanon, Syria and Jordan <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4c45896-375b-4b81-9134-30471a8c90d8\" style=\"\">agreed two years ago<\/a><\/span><span style=\"font-weight:400;\"> to bring online the Arab Gas Pipeline that links the four countries to ship Egyptian gas to Lebanon. In order to avoid existing US rules blocking countries doing business with Syria, Damascus would not receive a financial payout but would be entitled to use a portion of the gas that transits its territory.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">But this kind of transaction would be deemed illegal under the new bill:<\/span><span> Governments <\/span><span style=\"font-weight:400;\">making in-kind transactions with the Syrian government would be exposed to US sanctions, as would anyone involved in a \u201csignificant transaction,\u201d which the bill describes as \u201cany natural gas, electricity, or other energy-related transactions\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\">Washington has always been unsure about the idea:<\/span><span style=\"font-weight:400;\"> Although it has voiced support for the initiative in the past, the US is yet to provide assurances to Egypt that it won\u2019t face sanctions if it uses the pipeline to ship gas to Lebanon. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why now?<\/span><span> The authors of the legislation want to push back on regional efforts to normalize ties with Damascus. The Arab League 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\/944c42b1-99d9-45a6-b3bd-eb2a833a13be\" style=\"\">voted to reinstate Syria<\/a><\/span><span style=\"font-weight:400;\"> as a member, 12 years after it was expelled following its crackdown on Arab Spring protesters, while some Arab countries such as Egypt and Saudi Arabia are working towards reestablishing full diplomatic ties with Assad.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">In another effort to dissuade governments from getting close to the Assad government:<\/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;\">The legislation would allow sanctions to be imposed on any airport that allows Syrian Arab Airlines and private airline Cham Wings to land planes.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ALSO FROM THE DIPLO SPHERE-<\/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\">Egypt gets plaudits for mediating Gaza ceasefire:<\/span><span style=\"\"> Officials from the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/unsco.unmissions.org\/sites\/default\/files\/statement_by_un_special_coordinator_wennesland_-_14_may_2023.pdf\" style=\"\">UN (pdf)<\/a><\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.eeas.europa.eu\/eeas\/israelpalestine-statement-spokesperson-ceasefire-gaza_en\" style=\"\">EU<\/a><\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.state.gov\/welcoming-ceasefire-agreement-in-israel-and-gaza\/\" style=\"\">US<\/a><\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/english.wafa.ps\/Pages\/Details\/135789\" style=\"\">Palestine<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.gov.il\/en\/departments\/news\/spoke-statement130523\" style=\"\">Israel<\/a><\/span><span> have thanked Egypt for <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c4533be-64ad-4d66-a10d-4b26b69f0d8e\" style=\"\">brokering a truce<\/a><\/span><span style=\"font-weight:400;\"> between Islamic Jihad and Israel, which ended five days of fighting between the two sides on Saturday. <\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-us-relations\/\">Egypt-US relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/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=\"586626\" 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=\"586626\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/\">\r\n                            Qalaa revenues more than double in 2022 on record refining margins. PLUS: CIB, ODE report 1Q23 earnings                        <\/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\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/\" 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\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/')\">\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\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/\">\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=Qalaa revenues more than double in 2022 on record refining margins. PLUS: CIB, ODE report 1Q23 earnings&url=https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/\">\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\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/&title=Qalaa revenues more than double in 2022 on record refining margins. PLUS: CIB, ODE report 1Q23 earnings\">\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=Qalaa+revenues+more+than+double+in+2022+on+record+refining+margins.+PLUS%3A+CIB%2C+ODE+report+1Q23+earnings+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F05%2F15%2Fqalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings%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\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/778.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"586627\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/778-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/778.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"778.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/778.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/778.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586626\" class=\"content-area-description single-story post-586626 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-banking tag-cib tag-earnings-watch tag-enterpriseam tag-orascom-development-egypt tag-qalaa-holdings tag-real-estate 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\/5\/.63eb555b-d3b3-46e7-9629-99c0c4ba63cc.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\">Qalaa Holdings reports growing revenues but remains in the red in 2022:<\/span><span style=\"\"> Investment fi<\/span><span style=\"\">rm <\/span><span style=\"\">Qalaa Holdings\u2019 saw its revenues more than double y-o-y to EGP 97.7 bn in 2022 \u2014 but still booked a net loss after minority interest of EGP<\/span><span style=\"\"> 2.3 bn in 2022, on par with the previous year, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/736.pdf\" style=\"\">earnings<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/736.pdf\" style=\"\">release<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/736.pdf\" style=\"\">(pdf)<\/a><\/span><span style=\"font-weight:400;\">. The strong topline performance \u2014 including record refining margins at subsidiary Egyptian Refining Company (ERC) \u2014 was offset by the depreciation of the EGP, which caused the company EGP 4.7 bn in FX losses, Qalaa 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\">On a quarterly basis:<\/span><span style=\"\"> Qalaa returned to the red in 4Q after booking its first two profitable <\/span><span style=\"\">quarters since 2018 in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eec02640-3550-4731-99bb-e5c329f4f298\" style=\"\">2Q<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29299ff0-7251-4539-9865-b0d78bfa3316\" style=\"\">3Q<\/a><\/span><span style=\"font-weight:400;\">. The company\u2019s net loss after minority interest nearly doubled y-o-y to EGP 2.1 bn in the last quarter, while revenues jumped 90% y-o-y to EGP 28.3 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\">In detail:<\/span><span style=\"\"> ERC\u2019s revenues surged 162% to EGP 74.7 bn in 2022, accounting for more than 76% <\/span><span style=\"font-weight:400;\">of the firm\u2019s topline for the year. Higher refined petroleum product prices and increased operations efficiency saw gross refining margins more than triple to an average of USD 4.5 mn per day in 2022. Energy subsidiary Taqa Arabia\u2019s revenue grew 18% y-o-y to EGP 10.7 bn on the back of rising energy demand across all the company\u2019s business lines. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said:<\/span><span style=\"\"> \u201cI am exceedingly proud of Qalaa\u2019s topline performance during the past year, <\/span><span style=\"\">which demonstrated the group\u2019s resilience and ability to continue delivering solid results despite the difficult underlying macroeconomic conditions,\u201d said Qalaa Chairman Ahmed Heikal. <\/span><span>\u201c<\/span><span style=\"font-weight:400;\">All our business segments have recorded solid performances throughout the past year, having successfully managed to capitalize on elevated oil prices, an increased focus on local manufacturing and import substitution, and a portfolio structure that provides a strong shield against devaluation pressures.\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;\">RISING RATES BOOST CIB EARNINGS-<\/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\">Leading private-sector bank CIB reported a 43% increase in net income in 1Q 2023<\/span><span style=\"\"> as <\/span><span>higher interest rates boosted revenues, according to its latest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/780.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The lender reported a bottom line of EGP 6.1 bn for the January-March period, up from EGP 4.2 bn in 1Q 2022. The growth was supported by sharply higher net interest income, which jumped 62% y-o-y to EGP 10.9 bn during the quarter, lifting total revenues to EGP 12.0 bn, up 54% y-o-y.<\/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=\"\"> Interest rates have surged over the past year as the central bank tries to shore up <\/span><span style=\"font-weight:400;\">the economy from the inflationary impact of multiple currency devaluations. Central bank rates are now 1000 bps higher than they were last 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:700\">Deposits and loans rose: <\/span><span style=\"\">The bank\u2019s gross loan portfolio rose 10% to EGP 244 bn during the <\/span><span style=\"font-weight:400;\">quarter while higher EGP deposits fueled 8% growth in the bank\u2019s total deposits, which reached EGP 574 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\">A promising 2023 ahead:<\/span><span style=\"\"> \u201cDespite the ambiguity witnessed on a global, regional and local <\/span><span style=\"font-weight:400;\">scale, CIB\u2019s performance is nothing short of exemplary,\u201d the bank\u2019s management said, adding that the net income and revenue growth helped \u201cset the stage for what promised to be a very strong 2023.\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;\">ODE PROFITS DOWN ON FX LOSSES-<\/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 Development Egypt\u2019s (ODE) net income dropped 17% y-o-y to EGP 384 mn <\/span><span style=\"font-weight:700\">during 1Q 2023 <\/span><span style=\"\">on the back of EGP 477.7 mn in FX losses due to the EGP devaluation, according to the company\u2019s latest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/781.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. Revenues increased 53% y-o-y to EGP 3 bn during the quarter. <\/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\">Net real estate sales increased by 36% y-o-y to EGP 2.7 bn<\/span><span style=\"\">, marking the highest 1Q sales <\/span><span style=\"\">figure in the company\u2019s history. The company\u2019s El Gouna development drove the growth with EGP 1.15 bn, followed by O West in West Cairo (EGP 1.1 bn), and Makadi Height (EGP 490.3 mn).<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/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\/qalaa-holdings\/\">Qalaa Holdings<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"586628\" 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=\"586628\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/basel-el-hini-named-hdb-non-executive-chairman-local-media\/\">\r\n                            Basel El Hini made non-exec chairman of Egypt\u2019s Housing and Development Bank -local media                        <\/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\/05\/15\/basel-el-hini-named-hdb-non-executive-chairman-local-media\/\" 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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Holding <\/span><span style=\"\">chairman <\/span><span style=\"font-weight:700\">Basel El <\/span><span style=\"font-weight:700\">Hini<\/span><span> (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/basel-el-hini-b7b5499\/?originalSubdomain=eg\" style=\"\">LinkedIn<\/a><\/span><span>) as <\/span><span style=\"font-weight:700\">non-executive chairman <\/span><span>and reappointed chairman and managing director <\/span><span style=\"font-weight:700\">Hassan Ghanem<\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youm7.com\/6180235\" style=\"\">Youm7 reported<\/a><\/span><span>. El Hini has over 40 years of experience in the commercial and investment banking sector, most notably as managing director of Banque du Caire and Naeem Financial Investments. <\/span><span>El Hini <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97940ce3-b837-440c-a76a-f76aa332f292\" style=\"\">resigned from his position<\/a><\/span><span> as chairman and managing director at Misr Ins. Holding in January.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">EGX-listed<\/span><span style=\"font-weight:700\"> Arab Company for Asset Management and Development<\/span><span style=\"\"> (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.arabco-amd.com\" style=\"\">ACAMD<\/a><\/span><span style=\"\">)<\/span><span style=\"\"> has<\/span><span>appointed board member <\/span><span style=\"font-weight:700\">Mohamed Abu Zaid Ibrahim<\/span><span> as <\/span><span style=\"font-weight:700\">executive vice president <\/span><span>and <\/span><span style=\"font-weight:700\">managing director <\/span><span>of the firm, <\/span><span>succeeding <\/span><span>Ali Abu Zaid Ibrahim, it said in a bourse <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/667.pdf\" style=\"\">disclosure (pdf)<\/a><\/span><span>. <\/span><span style=\"font-weight:700\">Former executive chairman <\/span><span style=\"font-weight:700\">Hani Abdel Latif Olama<\/span><span> (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.arabco-amd.com\/Board.aspx\" style=\"\">bio<\/a><\/span><span>) will continue to chair the board in a<\/span><span style=\"font-weight:400;\"> non-executive role.  <\/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\/arab-company-for-asset-management-and-development\/\">Arab Company for Asset Management and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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-->\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=\"586631\" 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=\"586631\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-national-dialogue-telecom-egypt-and-east-owainat-lead-the-talk-shows\/\">\r\n                            The National Dialogue, Telecom Egypt and East Owainat lead the talk shows              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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"586632\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-national-dialogue-telecom-egypt-and-east-owainat-lead-the-talk-shows\/797-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/797.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"797.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/797.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/797.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586631\" class=\"content-area-description single-story post-586631 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-national-dialogue tag-telecom-egypt 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\/5\/.69ac237a-80b0-4f95-b39d-7812859efd0b.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\">It was a mixed bag on the airwaves last night<\/span><span style=\"\">, with the first day of the National Dialogue, the <\/span><span style=\"font-weight:400;\">Telecom Egypt stake sale, and the president\u2019s visit to East Owainat all getting lots of attention from the nation\u2019s talking heads.<\/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 was the first day of the National Dialogue yesterday<\/span><span style=\"\">, which featured four sessions <\/span><span>focusing on the electoral system and discrimination, each of which was attended by around 600 people, lawyer Essam Shiha told Kelma Akhira\u2019s Lamees El Hadidi (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=gMGLSe13WbM\" style=\"\">watch, runtime: 10:43<\/a><\/span><span>). Two sessions were concerned with choosing the best electoral system for the upcoming parliamentary elections, which saw a large nu<\/span><span>mber of political parties attend<\/span><span>.<\/span><span> The discussion ended with split votes. The other two sessions were focused on discrimination in education and health due to religion or race, he said. Ehab Al Tamawi, member of the dialogue\u2019s political parties subcommittee, joined Masa\u2019a DMC (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=qg_nix8Tnl8\" style=\"\">watch, runtime: 5:15<\/a><\/span><span style=\"font-weight:400;\">) to give his two cents on the sessions.<\/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 TE stake sale continued to get attention: <\/span><span style=\"\">The government finalized the sale of a 9.5% <\/span><span>stake in Telecom Egypt (TE) yesterday, raising EGP 3.75 bn. \u201cIt is clear that the purpose of the sale is for the government to prove how serious it is about the privatization program \u2026 and that it is flexible when it comes to the selling price,\u201d El Hadidi said (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=ZtYTJhZ-wRY\" style=\"\">watch, runtime: 7:02<\/a><\/span><span style=\"font-weight:400;\">).  \u201cWe need to see actual steps in the government backing out of the economy and more private-sector participation,\u201d she 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\">Everyone is asking: Who bought in? <\/span><span style=\"\">The state is yet to disclose the buyers behind the TE <\/span><span>transaction but it needs to make the information public soon given TE is a listed company, El Hadidi said. \u201cAccording to EGX regulations, when a company sees a change in its shareholders it needs to share an update with the new shareholders list,\u201d Egyptian Capital Market Association VP Ayman Sabry told El Hadidi (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=BWLgfkvf-B8\" style=\"\">watch, runtime: 4:27<\/a><\/span><span>). FRA head Mohamed Farid also commented on the sale during an interview with El Hekaya\u2019s Amr Adib (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=271656305283639\" style=\"\">watch, runtime: 3:16<\/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\">A golden debut: <\/span><span style=\"\">Amr Adib dedicated most of his interview with Farid to discussing the launch <\/span><span>of Azimut and Evolve Holding\u2019s gold-backed investment fund, which was officially unveiled yesterday (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=1584404892067248\" style=\"\">watch, runtime: 12: 07<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=799960494772328\" style=\"\">1:07<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=977452093285943\" style=\"\">3:19<\/a><\/span><span style=\"font-weight:400;\">). We have more information in this morning\u2019s What We\u2019re Tracking Today, above.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">El Sisi\u2019s visit to East Owainat got some airtime: <\/span><span style=\"\">President Abdel Fattah El Sisi yesterday <\/span><span>inaugurated (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=dNwbW6sBrC0\" style=\"\">watch, runtime: 2:45:20<\/a><\/span><span>) the wheat harvest season at the military\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.nspo.com.eg\/nspo\/ar\/Awenat\/index.html\" style=\"\">East Owainat desert reclamation project<\/a><\/span><span> in the Western Desert. The project, located in the south-west of the country, is Egypt\u2019s <\/span><span>second largest wheat production site<\/span><span>, producing around 3 mn tons of wheat every year. Egypt is working to cultivate 700k acres of wheat in East Owainat and Toshka this year, all of which will use smart irrigation, El Hadidi said (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=EIWozkHiEJ8\" style=\"\">watch, runtime: 4:39<\/a><\/span><span>). Ala Mas\u2019ouleety (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=-0ew6bLsXwc\" style=\"\">watch, runtime: 5:14<\/a><\/span><span>) and Masa\u2019a DMC (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=3gpSryFnvhM\" style=\"\">watch, runtime: 6:44<\/a><\/span><span style=\"font-weight:400;\">) also had the news. <\/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 government has so far bought more than 2 mn tons of local wheat<\/span><span style=\"\"> since the start of <\/span><span>the harvest season at the beginning of April, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/42Bx6uj\" style=\"\">Supply Minister Ali El Moselhy said<\/a><\/span><span style=\"font-weight:400;\">, taking it a third of the way to its 6-mn-ton target for the season. El Moselhy also added that the government currently has enough wheat reserves to cover five months and sugar to cover 10 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\">ALSO FROM THE EVENT- <\/span><span style=\"\">Australian food processing company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.tnasolutions.com\/\" style=\"\">TNA Australia<\/a><\/span><span style=\"\"> is looking to <\/span><span>further invest in Egypt, the company\u2019s <\/span><span>managing director<\/span><span> said during the event, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/14\/1666578\" style=\"\">Al Borsa<\/a><\/span><span style=\"font-weight:400;\">.  <\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n  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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-telecom-egypt-stake-sale-is-leading-foreign-press-coverage\/\">\r\n                            The Telecom Egypt stake sale is leading foreign press coverage                        <\/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\/05\/15\/the-telecom-egypt-stake-sale-is-leading-foreign-press-coverage\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/x.com\/intent\/post?text=The Telecom Egypt stake sale is leading foreign press coverage&url=https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-telecom-egypt-stake-sale-is-leading-foreign-press-coverage\/\">\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\/05\/15\/the-telecom-egypt-stake-sale-is-leading-foreign-press-coverage\/&title=The Telecom Egypt stake sale is leading foreign press coverage\">\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=The+Telecom+Egypt+stake+sale+is+leading+foreign+press+coverage+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F05%2F15%2Fthe-telecom-egypt-stake-sale-is-leading-foreign-press-coverage%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\/05\/15\/the-telecom-egypt-stake-sale-is-leading-foreign-press-coverage\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/775.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"586635\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-telecom-egypt-stake-sale-is-leading-foreign-press-coverage\/775-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/775.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"775.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/775.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/775.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586634\" class=\"content-area-description single-story post-586634 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-telecom-egypt 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\/5\/.72a06648-8957-40cf-888d-8db1fc3b40fd.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\">Dominating the conversation on Egypt this morning:<\/span><span style=\"\"> The Telecom Egypt stake sale, which <\/span><span>we cover in depth in this morning\u2019s news well, above. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/deals\/egypt-sells-1216-mln-stake-state-controlled-telecom-egypt-2023-05-14\/\" 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\/2023-05-14\/egypt-sells-9-5-stake-in-telecom-egypt-for-121-million\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/05\/14\/cairo-sells-95-telecom-egypt-stake-in-121-million-deal\/\" style=\"\">The National<\/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\">Also making headlines: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">The US doesn\u2019t want the Russians using our airspace:<\/span><span style=\"\"> Egypt has turned down <\/span><span>requests by the US to block the Russian air force from using its airspace, Egyptian and US <\/span><span>officials reportedly say. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/u-s-ally-rebuffs-requests-to-block-russian-military-flights-8539390f\" style=\"\">Wall Street Journal<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">The journey north:<\/span><span style=\"\"> The foreign press is still focusing on the plight of Sudanese <\/span><span>refugees fleeing the ongoing conflict into Egypt. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/world\/2023\/05\/14\/sudan-war-egypt-burhan-hemedti\/\" style=\"\">Washington Post<\/a><\/span><span>)<\/span><\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"586636\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"586637\" 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=\"586637\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/\">\r\n                            Scatec to partner with Egyptian firm on USD 450 mn green methanol plant                        <\/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\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/\" 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\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/')\">\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\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/\">\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=Scatec to partner on USD 450 mn green methanol plant. PLUS: infrastructure postponed, corn trading, Helpoo stake sale, Evonik&url=https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/\">\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\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/&title=Scatec to partner on USD 450 mn green methanol plant. PLUS: infrastructure postponed, corn trading, Helpoo stake sale, Evonik\">\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=Scatec+to+partner+on+USD+450+mn+green+methanol+plant.+PLUS%3A+infrastructure+postponed%2C+corn+trading%2C+Helpoo+stake+sale%2C+Evonik+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F05%2F15%2Fscatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik%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\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/803.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"586638\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/803-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/803.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"803.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/803.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/803.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586637\" class=\"content-area-description single-story post-586637 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-alexandria-national-refining-petrochemicals-company tag-also-on-our-radar tag-anchorage-investments tag-automotive tag-development-finance tag-enterpriseam tag-environment-ministry tag-eu tag-evonik tag-exits tag-golden-licenses tag-helpoo tag-infrastructure tag-morni-holding tag-petrochemicals tag-pharma tag-racemate tag-safic-alcan tag-scatec tag-suez-canal-economic-zone tag-switchmed tag-un tag-waste-management wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.f75a9a3b-abf1-4d1f-adc1-989b681517da.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">PETROCHEMICALS-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Scatec on board for green methanol plant: <\/span><span style=\"\">Norwegian renewables producer Scatec and <\/span><span>Alexandria National Refining &amp; Petrochemicals Company (ANRPC) have signed an agreement to work on a USD 450 mn green methanol plant in Damietta, the Oil Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02oCqb7w4oi4WTmX7PvsdiHBSiWUShNw5fW2QUhoeSTEt6PX2QGaeq1hmLVJwWeCt1l\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> Sunday. The facility will initially produce 40k tons of green methanol a year, before increasing to 200k tons.<\/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>Scatec has emerged as a key player in Egypt\u2019s energy sector, partnering on the country\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\" style=\"\">first green hydrogen plant<\/a><\/span><span> with Fertiglobe, Orascom Construction, and the Sovereign Fund of Egypt (SFE). The Norwegian company plans to sign a joint development agreement for a USD 5.5 bn <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7089f22-eb65-4418-81c1-c5fb17e42672\" style=\"\">green ammonia plant<\/a><\/span><span> in Ain Sokhna with Egyptian Petrochemicals Holding Company and state fertilizer company Mopco.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Major petrochem complex could get fast-tracked:<\/span><span style=\"\"> The government is willing to grant a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87652563-d0ea-4bdd-bf65-b1ccedb390f3\" style=\"\">golden<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87652563-d0ea-4bdd-bf65-b1ccedb390f3\" style=\"\">license<\/a><\/span><span> to or otherwise help expedite the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/866f6460-75d1-4993-84fb-af50096a8be1\" style=\"\">USD 2.5 bn petrochemical complex<\/a><\/span><span> that Anchorage Investments hopes to build in the Suez Canal Economic Zone, Prime Minister Moustafa Madbouly said in a meeting with Suez Canal Authority boss Osama Rabie and Anchorage founder and MD Ahmed Moharram, per a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ZG8yVAWkixgjckMk88rMXJsCxpVtYdY1zpW9PxLcoMHiLDXNym5cQSvzrDtFsK7Cl\" style=\"\">cabinet statement<\/a><\/span><span>. The project would be built over a 36-month period and aims to export USD 1.5 bn worth of petrochems in its first phase of operations, the statement read.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INFRASTRUCTURE- <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">North Coast infrastructure projects put on hold amid FX rationing: <\/span><span style=\"\">An ongoing shortage of <\/span><span>hard currency has led the government to postpone a tender for an EGP 1 bn electricity control center in Alexandria, as well as plans to expand several housing developments in New Alamein City, according to two separate reports by Al Mal (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3I9ECnO\" style=\"\">h<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3I9ECnO\" style=\"\">er<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3I9ECnO\" style=\"\">e<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3LZY7R3\" style=\"\">here<\/a><\/span><span style=\"font-weight:400;\">), citing sources it says are in the know. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">The Madbouly cabinet in January <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e6920bc-9a6a-4599-b912-1c49ce596f43\" style=\"\">announced<\/a><\/span><span style=\"\"> new curbs on construction <\/span><span style=\"font-weight:400;\">spending as part of a package of cutbacks aimed at alleviating the country\u2019s shortage of foreign 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;\">COMMODITIES-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EMX increases limit on corn trading 10x: <\/span><span style=\"\">The Egyptian Mercantile Exchange (EMX) has <\/span><span>raised the limit on corn trading to 1k tons from the previous limit of 100 tons in response to requests from the Egyptian Poultry Association, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/14\/1666720\" style=\"\">Al Borsa<\/a><\/span><span> reports, citing statements from <\/span><span>Assistant Supply Minister Ibrahim Ashmawy. State grains buyer GASC <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/737e1081-002c-463c-b357-12e8e82a9258\" style=\"\">began selling yellow corn<\/a><\/span><span style=\"font-weight:400;\"> to poultry feed factories via the exchange last month.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SHIPPING-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SCZone to launch ship supply services within days:<\/span><span style=\"\">Bunkering <\/span><span style=\"\">service vessels arrived at <\/span><span>Port Said port yesterday and are expected to launch their services within days, the Suez Canal Economic Zone <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid0YDrWBHuAGQaWSxcwsQhNdNDdcPSDAAR9cCqkcVc2if44TvKoQXjPT21huEXsZyMol\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> yesterday. This move is a part of Egypt\u2019s plan to become a one-stop shop in the region for providing services for ships including bunkering and catering.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who are the firms?<\/span><span> The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7da0282-38c4-46fc-89c8-659b6fbe9097\" style=\"\">bunkering licenses were granted<\/a><\/span><span style=\"font-weight:400;\"> to Coral Energy, Minerva Bunkering, and Peninsula companies in February 2022 for one year only. Renewal is contingent upon the firm\u2019s performance review. The three firms were awarded four licenses \u2014 two on the Red Sea and two on the Mediterranean \u2014 following a tender 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;\">STARTUPS-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egyptian automotive startup Helpoo receives investment from Saudi firm:<\/span><span style=\"\"> Saudi-based <\/span><span>automotive services provider <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.morniksa.com\/?locale=en\" style=\"\">Morni Holding<\/a><\/span><span> has acquired an undisclosed stake <\/span><span>in Egyptian startup <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/helpooapp.com\/?gclid=EAIaIQobChMIzeTIk-fn_gIVEcl3Ch0TFAqKEAAYASAAEgIa__D_BwE\" style=\"\">Helpoo<\/a><\/span><span>, Morni <\/span><span>advisor Exits said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/494.pdf\" style=\"\">press release (pdf)<\/a><\/span><span style=\"font-weight:400;\"> on Monday, without disclosing the value of the transaction. Helpoo \u2014 which offers tech-enabled car ins. and roadside assistance services \u2014 will use the investment to expand its operations and launch new projects, and will also get technical support from Morni.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ICYMI-<\/span><span style=\"\"> Morni wants to deploy USD 10 mn by the end of the decade to make acquisition<\/span><span style=\"\">s in <\/span><span>Egypt, Exits <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/68923a01-2c8c-48b6-a8f1-cc56f1b25f33\" style=\"\">told us<\/a><\/span><span> last year.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Ready, set, race:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/racemate.ai\/\" style=\"\">R<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/racemate.ai\/\" style=\"\">acemate<\/a><\/span><span style=\"\">\u2014 an app that offers personalized and real-time pacing strategies, <\/span><span>audio guidance, and live tracking features for participants in running events \u2014 last month expanded to Dubai, according to a company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/522.pdf\" style=\"\">press release (pdf)<\/a><\/span><span>. The app was launched in 2021 by local sports event management company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thetrifactory.com\/\" style=\"\">TriFactory<\/a><\/span><span> and software developer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/optomatica.com\/\" style=\"\">Optomatica<\/a><\/span><span>. It has been used in <\/span><span>a <\/span><span style=\"font-weight:400;\">dozen races across the country and plans to continue expanding here and across the MENA 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;\">PHARMA-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Evonik meds are coming to Egypt:<\/span><span style=\"\"> German specialty chemicals company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/corporate.evonik.com\/en\" style=\"\">Evonik Industries<\/a><\/span><span style=\"\">has teamed up with French <\/span><span>distributor <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.safic-alcan.com\/\" style=\"\">Safic-Alcan<\/a><\/span><span> to <\/span><span>exp<\/span><span>ort <\/span><span>its nutraceutical products to Egypt, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/699.pdf\" style=\"\">a press release (pdf)<\/a><\/span><span> last week<\/span><span style=\"font-weight:400;\">. Under the agreement, Safic-Alcan will distribute Evonik immunity, nutricosmetic, and brain and cardiovascular products 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;\">WASTE MANAGEMENT-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EU funding for the circular economy:<\/span><span style=\"\"> The Environment Ministry last week launched the <\/span><span>second phase of the EU-funded <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/switchmed.eu\/country-hub\/egypt\/\" style=\"\">SwitchMed initiative<\/a><\/span><span>, which aims to promote sustainable consumption and the circular economy in Southern Mediterranean countries, the Environment Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EGY.Environment\/posts\/pfbid0Drwq1qqftpjwdPmiavuaiyt8eNSixkf2kYVrRH3STP6mDTTRzPxvH9CXnUst4T8bl\" style=\"\">said<\/a><\/span><span> last week. The program is focusing on mak<\/span><span>ing supply chains for the local textile industry more sustainabl<\/span><span style=\"font-weight:400;\">e and reducing single-use plastics.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SOUND SMART- <\/span><span style=\"\">The circular economy is a business model that tries to limit waste and puts <\/span><span style=\"font-weight:400;\">sustainability at the heart of production and consumption. Reusing and recycling waste, limiting pollution, and regenerating natural environments are all key \u201ccircular\u201d concepts.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DEVELOPMENT FINANCE-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Gov\u2019t, UN to continue working on Upper Egypt development: <\/span><span style=\"\">The International Cooperation <\/span><span>Ministry and the UN yesterday launched a new phase of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.undp.org\/egypt\/projects\/egypt-network-integrated-development-enid\" style=\"\">Egypt Network for Integrated Development (ENID)<\/a><\/span><span> for 2023-2027, the ministry said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ikzcMRPyRUrb11edKHvWqvo17MoJUBpoAiygbkoXFDSLjoRDCm3JyWukBDRckBfNl\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\">. Started in 2012, ENID is focused on upgrading basic services, promoting MSMEs and developing sustainable agriculture in Upper Egypt.<\/span><\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexandria-national-refining-petrochemicals-company\/\">Alexandria National Refining &amp; Petrochemicals Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/anchorage-investments\/\">Anchorage Investments<\/a>\n                <!-- <span 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             story-section            \"\r\n            id=\"586639\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/not-every-company-is-pushing-their-ipo-plans-in-saudi\/\">\r\n                            Saudi non-bank lender Morabaha kicks off small IPO in Riyadh                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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<img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/801.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"586640\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/not-every-company-is-pushing-their-ipo-plans-in-saudi\/801-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/801.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"801.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/801.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/801.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586639\" class=\"content-area-description single-story post-586639 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-morabaha-marina-financing-company tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.6600d9c1-92d1-4c7b-a751-0f3fce0f0dd6.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This Saudi company just kicked off its micro-IPO:<\/span><span style=\"\"> Saudi non-bank lender Morabaha <\/span><span>Marina Financing Company wants to raise up to USD 83.4 mn in its IPO on the Saudi stock exchange, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/784.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span> yesterday announcing the pricing of its shares. The company is selling 21.4 mn shares \u2014 around 30% of the company \u2014- on the Tawadul and has set a price range of SAR 13.0-14.6. <\/span><span style=\"font-weight:400;\">The final price will be announced next Sunday following the institutional book building process, which kicked off yesterday. The subscription period for individual investors will take place between 28-29 May. The company is yet to disclose when it will start trading on Tadawul. <\/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 news comes a day after <\/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\/427545e7-284a-41cb-bf21-73142d7fc7f2\" style=\"\">we suggested<\/a><\/span><span style=\"font-weight:700\"> that the Gulf IPO boom is running out of <\/span><span style=\"font-weight:700\">steam<\/span><span> following news at the weekend that ADES International and Aramco\u2019s energy trading arm are both <\/span><span>postponing<\/span><span>their listing plans due to current market conditions. Falling oil prices have taken the air out of last year\u2019s bull run in Riyadh, causing the exchange to fall 16% from its high last May.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Did we speak too soon?<\/span><span style=\"\"> There\u2019s a big difference between Morabaha\u2019s USD 83 mn listing and <\/span><span style=\"font-weight:400;\">the multi-bn USD share sale expected for Aramco Trading, which reportedly doesn\u2019t feel like that market can currently support such a large IPO. <\/span><\/p><p><a id=\"t.2731d5b5f036eb418494b82b2422e58eb3e8ac7c\"><\/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;\">17,369<\/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: +19.0%)<\/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;\">18.25% 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;\">19.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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;\">11,348<\/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: +8.3%)<\/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;\">9,635<\/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: -5.6%)<\/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\">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;\">3,559<\/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;\">-0.3% (YTD: +6.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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;\">4,124<\/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;\">-0.2% (YTD: +7.4%)<\/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\">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;\">7,755<\/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;\">+0.3% (YTD: +4.1%)<\/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\">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;\">4,318<\/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;\">+0.2% (YTD: +13.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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 74.17<\/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;\">-1.1%<\/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 2.27<\/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;\">+3.5%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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 2,019.80<\/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;\">0.0%<\/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\">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 26,936<\/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>0.0<\/span><span>% (YTD: +62.7%)<\/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 0.6% at yesterday\u2019s clo<\/span><span style=\"font-weight:700\">se<\/span><span style=\"\"> on turnover of EGP 1.83 <\/span><span style=\"\">bn. Local investors were <\/span><span style=\"font-weight:400;\">net sellers. The index is up 19% 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;\">Credit Agricole (+11.1%), ADIB (+8.9%), and CIRA Education (+7.7%).<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In the red: <\/span><span>Juhayna (-4.2%), Egypt Kuwait Holding (-3.0%), and Ibnsina Pharma (-2.4%).<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Asian markets are starting the week in the red this morning<\/span><span style=\"\"> and oil prices are continuing to <\/span><span>decline amid concerns about the health of the global economy. US stocks are on course to open lower while European equity futures are currently in the green.<\/span><\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morabaha-marina-financing-company\/\">Morabaha Marina Financing Company<\/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=\"586641\" 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=\"586641\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/its-been-one-month-of-the-war-in-sudan\/\">\r\n                            Burhan freezes RSF accounts as fighting in Sudan continues                        <\/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\/05\/15\/its-been-one-month-of-the-war-in-sudan\/\" 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\/05\/15\/its-been-one-month-of-the-war-in-sudan\/')\">\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\/05\/15\/its-been-one-month-of-the-war-in-sudan\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=It\u2019s been one month of the war in Sudan&url=https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/its-been-one-month-of-the-war-in-sudan\/\">\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\/05\/15\/its-been-one-month-of-the-war-in-sudan\/&title=It\u2019s been one month of the war in Sudan\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=It%E2%80%99s+been+one+month+of+the+war+in+Sudan+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F05%2F15%2Fits-been-one-month-of-the-war-in-sudan%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\/05\/15\/its-been-one-month-of-the-war-in-sudan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/800.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"586642\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/its-been-one-month-of-the-war-in-sudan\/800-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/800.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"800.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/800.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/800.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586641\" class=\"content-area-description single-story post-586641 post type-post status-publish format-standard has-post-thumbnail hentry category-around-the-world tag-2023-sudan-conflict tag-around-the-world tag-diplomacy tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.c466df8f-dbac-4241-8e5e-e3fecfdfbaec.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\">War in Sudan hits the one-month mark: <\/span><span style=\"\">Sudan\u2019s factions carried on with their fighting <\/span><span>yesterday despite ongoing peace talks and an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c4533be-64ad-4d66-a10d-4b26b69f0d8e\" style=\"\">agreement to protect civilians<\/a><\/span><span>. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/khartoum-region-under-bombardment-sudans-rivals-talk-2023-05-14\/\" style=\"\">Reuters<\/a><\/span><span> reported air strikes hitting the country\u2019s most populous city, Omdurman, and shelling in the north of the capital Khartoum. The fighting has killed 676 people and injured around 5.6k others as of 11 May, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/reliefweb.int\/report\/sudan\/sudan-clashes-between-saf-and-rsf-flash-update-no-12-14-may-2023-enar\" style=\"\">UN data<\/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\">The opposite of an olive branch:<\/span><span style=\"\"> Head of the Sudanese army and the country\u2019s de facto <\/span><span>leader General Abdel <\/span><span>Fattah Al Burhan has frozen the bank accounts of the Rapid Support Forces (RSF) and its companies, the army said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/sudanese.armed.forces\/posts\/pfbid02WVGgaeXfeUYWnrZamTEqXRLd3Amd4UDZj5MLFbDKWUy3BqDchLxAjwmjLSDxVhWEl\" style=\"\">a statement<\/a><\/span><span> yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Some 153k Sudanese have fled the country <\/span><span style=\"\">since the fighting first broke, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/data.unhcr.org\/en\/situations\/sudansituation\" style=\"\">UN<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/data.unhcr.org\/en\/situations\/sudansituation\" style=\"\">data<\/a><\/span><span style=\"font-weight:400;\">. The majority of refugees \u2014 76k Sudanese and 5k foreigners \u2014 fled to Egypt, according to the data, which was last updated on 10 May. Chad has taken in 60k and the Central African Republic 6.3k.<\/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;\">PAKISTAN DEBT TROUBLES-<\/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\">Pakistan needs to secure \u201csignificant additional financing\u201d -IMF: <\/span><span style=\"\">Indebted Pakistan needs <\/span><span>more financing in order to ensure the success of the IMF\u2019s long-awaited ninth review to unlock USD 1.1 bn in funding that has been stalled since November. \u201cSignificant additional financing is essential to support the authorities\u2019 policy efforts and to ensure successful completion of the ninth review,\u201d IMF director of communication Julie Kozack said during a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2023\/05\/11\/tr051123-imf-press-briefing-by-julie-kozack-director-communications-department\" style=\"\">presser<\/a><\/span><span style=\"font-weight:400;\"> last week.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER-<\/span><span style=\"\"> The funding, part of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2019\/07\/03\/pr19264-pakistan-imf-executive-board-approves-39-month-eff-arrangement\" style=\"\">USD 6 bn bailout<\/a><\/span><span style=\"\"> agreed with the IMF in 2019, was due <\/span><span>to be released last year but has been delayed after the country failed to meet some of the conditions. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-09\/pakistan-could-default-without-imf-bailout-loans-moody-s-warns\" style=\"\">Moody\u2019s is now warning<\/a><\/span><span style=\"font-weight:400;\"> that without IMF funding Pakistan could default later this year.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/2023-sudan-conflict\/\">2023 Sudan conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"586643\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/how-much-and-where-the-government-plans-to-invest-in-education-in-the-coming-fiscal-year\/\">\r\n                            How much \u2014 and where \u2014 Egypt plans to invest in education in the coming fiscal year<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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      <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/blackboards\/how-much-and-where-the-government-plans-to-invest-in-education-in-the-coming-fiscal-year\/&title=How much \u2014 and where \u2014 the government plans to invest in education in the coming fiscal 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=How+much+%E2%80%94+and+where+%E2%80%94+the+government+plans+to+invest+in+education+in+the+coming+fiscal+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fblackboards%2Fhow-much-and-where-the-government-plans-to-invest-in-education-in-the-coming-fiscal-year%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/how-much-and-where-the-government-plans-to-invest-in-education-in-the-coming-fiscal-year\/226-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/226.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"226.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/226.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/226.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-586643\" class=\"content-area-description post-586643 blackboard type-blackboard status-publish has-post-thumbnail hentry category-blackboard tag-blackboard tag-education tag-enterprise-blackboard tag-enterpriseam tag-state-budget wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><span style=\"\"> <\/span><span style=\"font-weight:700\">What the government has in store for education investment and spending i<\/span><span style=\"font-weight:700\">n FY 2023-24:<\/span><span style=\"\">Last<\/span><span> week, Planning Minister Hala El Said laid out the government\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/pfbid0vKm2vo98RzeKej8YYhoETMFs8rsu7A2R9DGzKkcaYbuvEPuGRZgm1QqCHkqShTpol\" style=\"\">sustainable development plan for FY 2023-24<\/a><\/span><span> in an address to the House of Representatives, while Finance Minister <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3ab6ab6-4c7d-4e04-a322-4b5b202f592a\" style=\"\">Mohamed Maait presented<\/a><\/span><span style=\"font-weight:400;\"> the draft state budget for the upcoming fiscal year. The sustainable development plan \u2014 which the ministry issues every year to work towards Egypt Vision 2030 \u2014 covers planned government spending on several key sectors, including education, infrastructure, the green economy, and manufacturing. <\/span><\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><span style=\"font-weight:700\">Education, higher education, and scientific research spending accounts for 23.1% of the<\/span><span style=\"font-weight:700\"> EGP 3 tn planned for spending next year<\/span><span>, with some <\/span><span>EGP 691.5 bn<\/span><span> earmarked across these three areas. That figure is c.24.5% higher than the government\u2019s spending budget for these areas in FY 2022-23. <\/span><\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><span style=\"font-weight:700\">Focus on plugging teacher shortages continues:<\/span><span style=\"\"> The upcoming fiscal year\u2019s investment<\/span><span> budget largely picks up where the current fiscal year\u2019s budget will leave off \u2014 with a chunk of spending going towards plugging shortages of teachers and classrooms across the country, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/pfbid02SNXyiyCdMPKX6DB3BeZQNa2EEAhmVEjQ6BPm4yuqTJSM69fi71rSrsEBkKdwMEwYl\" style=\"\">Planning Ministry statement<\/a><\/span><span style=\"font-weight:400;\">. Spending on educators\u2019 wages is also set to come in at a total of EGP 2.99 bn, according to the state budget. The budget expects to see the government hiring 13k additional teachers annually, at a cost of EGP 1.4 bn per annum, according to the document Maait presented to the House of Representatives last week. <\/span><\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><span style=\"font-weight:700\">REFRESHER- Why are there shortages in the first place?<\/span><span style=\"\"> Egypt\u2019s K-12 teachers generally<\/span><span> face a host of challenges, including low salaries and a lack of necessary qualifications, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/files.eric.ed.gov\/fulltext\/EJ1220132.pdf\" style=\"\">research has shown (pdf)<\/a><\/span><span style=\"font-weight:400;\">. Teacher training is especially challenging, as the education system often values academic prestige over the practical skills that would help teachers become better educators.<\/span><\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><span style=\"font-weight:700\">And there\u2019s spending going towards building out education infrastructure:<\/span><span style=\"\"> The<\/span><span> government\u2019s sustainable development strategy for the upcoming fiscal year aims to construct and develop 14k classrooms, according to El Said\u2019s statement to the House of Representatives. The strategy will also look to improve the quality of K-12 education across 39 classrooms, comprising 823 classrooms, including 31 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/28c605aa-e83b-41f8-a16b-4835b7b90e68\" style=\"\">Japanese schools<\/a><\/span><span style=\"font-weight:400;\">, five schools for gifted students, and three state-run international schools, the minister said. As for higher education, the strategy plans to prepare and outfit 16 civil universities, including El Galala University, El Alamein University, King Salman International University, and New Mansoura University. <\/span><\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><span style=\"font-weight:700\">Tablets are getting more investments:<\/span><span style=\"\"> The strategy plans to improve the educational sector\u2019s<\/span><span> infrastructure quality by offering 700k tablets and 1k smart screens to schools and students in the public education system. Tablets and electronic exams were a crucial component of former Education Minister Tarek Shawky\u2019s plan to overhaul Egypt\u2019s K-12 education system, which was modeled in part after the education systems of Japan and Finland. The sustainable development strategy statement does not specify how much the government expects to spend on the new tablets. The Education Ministry had tapped Samsung <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/03\/samsung-to-supply-1-mn-educational-tablets-for-2018-19-academic-year\/\" style=\"\">back in 2018<\/a><\/span><span style=\"font-weight:400;\"> to supply 1 mn educational tablets for that academic year under a USD 240 mn contract.<\/span><\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><span style=\"font-weight:700\">What we\u2019re not sure of:<\/span><span style=\"\"> How much of these allocations are going towards scientific research.<\/span><span> A big hindrance for our research landscape has been a lack of funding, as <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/blackboards\/bottlenecks-academia-hindering-scientific-breakthroughs-egypt\/\" style=\"\">we\u2019ve previously reported<\/a><\/span><span>. Global rankings for our universities are <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/blackboards\/new-qs-2022-arab-university-rankings-show-egypt-continuing-to-make-strides\/\" style=\"\">typically held back<\/a><\/span><span> by more scientific research output.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Your top education stories for the week:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">An <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f04b79ef-ceed-43c5-bda1-8b5a8d627c33\" style=\"\">electronic portal<\/a><\/span><span style=\"font-weight:700\"> for higher education equivalency certificates<\/span><span style=\"font-weight:400;\"> is now available in Egypt.<\/span><\/li>\n<li><span style=\"font-weight:700\">Education spending will <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3ab6ab6-4c7d-4e04-a322-4b5b202f592a&title=Here%E2%80%99s%20the%20government%E2%80%99s%20fiscal%20plan%20for%20FY%202023-2024\" style=\"\">increase by<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3ab6ab6-4c7d-4e04-a322-4b5b202f592a&title=Here%E2%80%99s%20the%20government%E2%80%99s%20fiscal%20plan%20for%20FY%202023-2024\" style=\"\">19%<\/a><\/span><span> to EGP 229.9 bn <\/span><span>in<\/span><span style=\"font-weight:400;\"> FY 2023-2024.<\/span><\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blackboard\/\">Blackboard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"586645\" 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\/05\/15\/586645\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-586645\" class=\"content-area-description single-story post-586645 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 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 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;\">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 style=\"font-weight:400;\">16 May (Tuesday): National Dialogue session.<\/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=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/02\/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;\">17-31 May (Wednesday - Wednesday): Second round of applications for sixth phase of export subsidy 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;\">18 May (Thursday): National Dialogue session.<\/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 style=\"font-weight:400;\">19 May (Friday): Arab League summit, Riyadh.<\/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;\">19-21 May (Friday-Sunday): G7 summit, Hiroshima, Japan.<\/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 style=\"font-weight:400;\">21 May (Sunday): Senate to reconvene.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>22-26 May (Monday-Friday): Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\" style=\"\">will host<\/a><\/span><span style=\"font-weight:400;\"> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 May (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>29 May (Monday): <\/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 style=\"font-weight:400;\">30 May (Tuesday): Listed companies have until this date to report and publish their 1Q results.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight: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;\">June: Indian representatives to discuss prospect investments in the Suez Canal. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>June: Egyptian-Saudi business forum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">3-4 June (Saturday-Sunday): OPEC+ meeting, Vienna.<\/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>19-20 June (Monday-Tuesday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02CGDhTGDSXLWXh385bFqBYLAz3Ls4XPgr2ULByxjv4rZiAJCdh7s7UfsKH7c1FwLil\" style=\"\">forum<\/a><\/span><span style=\"font-weight:400;\"> for insolvency reforms and corporate restructuring in the Middle East and North Africa.<\/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=\"http:\/\/enterprise.press\/wp-content\/uploads\/2022\/09\/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;\">1 July: House of Representatives deadline to approve the FY 2023-2024 budget.<\/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 July: GAFI to launch 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;\">5 - 6 July (Monday - Tuesday): Gov\u2019t to pay out subsidies to first wave of applicants under its sixth export subsidy 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;\">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;\">19 - 20 July (Wednesday - Thursday): Gov\u2019t to pay out subsidies to second wave of applicants under its sixth export subsidy 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;\">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;\">2 - 3 August (Wednesday - Thursday): Gov\u2019t to pay out subsidies to second wave of applicants under its sixth export subsidy 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;\">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=\"\">10 August (Thursday): Shalateen Mineral Resources gold mining tender closes. <\/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 style=\"\">September: Susta<\/span><span style=\"font-weight:400;\">inable Debt Coalition Initiative agreed at COP27 to launch. <\/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;\">9-10 September (Saturday-Sunday): G20 summit, New Delhi, India.<\/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 September (Friday): 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 style=\"font-weight:400;\">19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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=\"\">25 September (Monday): Nasdaq <\/span><span style=\"font-weight:400;\">deadline for Swvl Holdings Corp to increase its market value of publicly held shares to a minimum of USD 15 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: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=\"\">October: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b5%d8%af%d8%b1-%d9%82%d8%b1%d8%a7%d8%b1%d8%a7%d9%8b-%d8%a8%d8%b4%d8%a3%d9%86-%d8%a7%d9%84%d8%aa%d8%b2\/\" style=\"\">Deadline<\/a><\/span><span style=\"\"> for ins<\/span><span>. providers to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/e4d8d8da-b406-4776-ab2a-fa796e247eab\" style=\"\">link their databases<\/a><\/span><span style=\"font-weight:400;\"> with the FRA.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 October (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adipec.com\/\" style=\"\">ADIPEC 2023<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi National 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;\">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;\">26 October (Thursday): Daylight saving time 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;\">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>November: Cairo to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Dnbtioh4JQwUzjkYVQR1hYxFmBP6BCmxrNEZVWU3XJDZFYfHLKC8pCPWjvWvdEel\" style=\"\">host<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.intrafricantradefair.com\/en\" style=\"\">Intra-African Trade Fair<\/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;\">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;\">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;\">End of 2023: A Developments\u2019 first phase of the Lazoghly development completed.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> the 12th session of the World Urban Forum (WUF12).<\/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\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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