{"id":587780,"date":"2023-06-01T00:00:00","date_gmt":"2023-06-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=587780"},"modified":"2025-12-16T15:06:33","modified_gmt":"2025-12-16T15:06:33","slug":"cbe-bans-some-prepaid-cards-from-making-international-transactions","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-bans-some-prepaid-cards-from-making-international-transactions\/","title":{"rendered":"CBE bans some prepaid cards from making international transactions"},"content":{"rendered":"<section id=\"587782\" 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=\"587782\">\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\/06\/01\/cbe-bans-some-prepaid-cards-from-making-international-transactions\/\">\r\n                            Egypt bans some prepaid cards from making international transactions                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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class=\"content-area-description single-story post-587782 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-banking tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-foreign-exchange tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.00277fca-91ee-47ab-b546-d6f4d264db32.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Welcome to June, folks:<\/span><span> Kicking off what is sure to be an eventful month as the government looks to achieve <\/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=\"\">its privatization target<\/a><\/span><span style=\"font-weight:400;\">, we bring news of a potential IPO on the EGX in the coming weeks and confirmation that our EastMed partners are serious about an Egypt-Cyprus gas pipeline.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">But first, <\/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\">PSA- Some prepaid cards can no longer be used to make international transactions<\/span><span style=\"\">, a <\/span><span>central bank source confirmed to Enterprise, after the news was reported in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3C32qGH\" style=\"\">local media<\/a><\/span><span>and<\/span><span> circulated widely online<\/span><span>. The move by the central bank to stop the use of prepaid cards for foreign-currency transactions only applies to those cards that aren\u2019t linked to bank accounts, the source said \u2014 which we understand <\/span><span>to include<\/span><span> those issued by digital payments companies <\/span><span>Klivv<\/span><span>r, Nexta, and Tel<\/span><span>da<\/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\">\u201cThis will definitely have an impact on us and on other players,\u201d<\/span><span style=\"\"> Nexta CEO and <\/span><span style=\"font-weight:400;\">co-founder Ahmed Hisham told Enterprise. \u201cHowever, it\u2019s still [only one] feature of many others that we can offer to our customers,\u201d he added. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><a id=\"wwtt1\"><\/a> <\/span><span style=\"font-weight:700;\">IT\u2019S A BRAND NEW MONTH-<\/span><\/p><ul>\n<li><span style=\"font-weight:700\">PMI:<\/span><span style=\"font-weight:400;\"> S&amp;P Global will release May\u2019s PMI figures on 5 June.<\/span><\/li>\n<li><span style=\"font-weight:700\">Foreign reserves:<\/span><span style=\"font-weight:400;\"> The central bank will publish foreign reserves figures for June next week.<\/span><\/li>\n<li><span style=\"font-weight:700\">Inflation:<\/span><span> Capmas and the central bank should be out with May\u2019s inflation data on 8 June<\/span><span>.<\/span><\/li>\n<li><span style=\"font-weight:700\">Interest rates:<\/span><span> The central bank will meet to review interest rates on 22 June.<\/span><\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING TODAY- <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Fintechs are heading to Hurghada:<\/span><span style=\"\"> The three-day<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.elre7la.com\/fintech-industry-retreat-2023?fbclid=IwAR1xpkJlYVp-Zyt4pKn-_CvVtbsSZGd8QDaZKW1YVGvceJANF95dN5dniqw\" style=\"\">Fintech Industry retreat<\/a><\/span><span style=\"\"> gets underway in <\/span><span>Hurghada today.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">House committees continue budget discussions:<\/span><\/p><ul>\n<li><span style=\"font-weight:700\">The Budget Committee <\/span><span style=\"\">will discuss the 2023-2024 budgets for the <\/span><span style=\"font-weight:700\">Holding Company <\/span><span style=\"font-weight:700\">for Spinning and Weaving<\/span><span> and <\/span><span style=\"font-weight:700\">General Authority for Freezones and Investment<\/span><span style=\"font-weight:400;\">;<\/span><\/li>\n<li><span style=\"font-weight:700\">The Transport Committee <\/span><span style=\"\">will discuss the budget for the <\/span><span style=\"font-weight:700\">Egyptian Railway Authority<\/span><span style=\"font-weight:400;\">;<\/span><\/li>\n<li><span style=\"font-weight:700\">The Foreign Affairs Committee <\/span><span style=\"\">will review the <\/span><span style=\"font-weight:700\">Foreign Ministry<\/span><span style=\"font-weight:400;\">\u2019s budget. <\/span><\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt5\"><\/a> <\/span><span style=\"font-weight:700\">** The Manpower Ministry is going gender neutral:<\/span><span style=\"\"> The ministry has been renamed the <\/span><span>Labor Ministry following <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0L5EuL64ajYYYXPcEsd4XtYPxxJKq58UAAfBDUC3jKj1NTMF7mzyZ2rTEhSJtvDXol\" style=\"\">approval of ministers<\/a><\/span><span style=\"font-weight:400;\"> at yesterday\u2019s cabinet meeting.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/9.jpg?ssl=1\"><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">Sisi gets a call from the head of the IMF:<\/span><span style=\"\"> President Abdel Fattah El Sisi received a phone call from IMF <\/span><span>Managing Director Kristalina Georgieva yesterday, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02QDHPGL53rq6hYr6QzBHWMdkSBY2BPFkRFy1n2sADMcmQBnP3XzTHEFTXp9xz5t56l\" style=\"\">Ittihadiya said<\/a><\/span><span style=\"font-weight:400;\">. The two sides discussed the government\u2019s economic reform program and the headwinds facing the economy, according to the statement.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">Egypt is awaiting its first review for its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c374319e-e849-44f6-bf5a-8179fb41caf5\" style=\"\">USD 3 bn loan program<\/a><\/span><span style=\"\">, which has been <\/span><span>on hold for 2.5 months. The IMF is yet to give any indication about when we might expect IMF officials in Cairo for the staff-level review.<\/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\">EGP WATCH- Credit Suisse is now forecasting a larger fall in the exchange rate<\/span><span style=\"\"> due to the <\/span><span>slow pace of reforms. In a note picked up by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3WGEpP2\" style=\"\">Asharq Business<\/a><\/span><span>, the Swiss lender now expects the currency to fall to<\/span><span style=\"font-weight:400;\"> 45-50 against the greenback by the end of August. \u201cThe longer the government takes to embark on the long-awaited reform steps, the more severe the market will price in the risk of currency devaluation,\u201d the bank\u2019s chief Middle East strategist Fahd Iqbal wrote in the note.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Followed by a sharp rebound?<\/span><span style=\"\"> Following a steep devaluation, the bank expects the currency to rebound to <\/span><span style=\"font-weight:400;\">EGP 33-34 against the USD within the coming 12 months. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/13.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=\"font-weight:700\">US debt ceiling deal clears the House:<\/span><span style=\"\"> Lawmakers in the House this morning voted through <\/span><span>the debt ceiling deal agreed by President Joe Biden and Republican House Speaker Kevin McCarthy earlier this week. The bill cleared the GOP-controlled chamber<\/span><span> 314-117 d<\/span><span>espite vocal opposition among a contingent of Republican lawmakers. The bill needs to be signed into law before 5 June, the date at which the Treasury says the federal government will run out of money and default on its debt. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/debt-limit-biden-mccarthy-house-votes-9375cce9b7526b2d0a5728f8d4a18a0a\" 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\/us\/us-debt-ceiling-bill-faces-narrow-path-passage-house-2023-05-31\/\" 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\/2023-05-31\/debt-limit-bill-overcomes-key-hurdle-with-house-passage-in-sight?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\/e7763cd8-60f1-4149-b9cd-48cedb7e6ca6\" 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\/live\/2023\/05\/31\/us\/debt-ceiling-biden-mccarthy\" style=\"\">New York Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/business\/2023\/05\/31\/debt-ceiling-deal-house-vote-bill\/\" 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\/debt-ceiling-deal-faces-vote-in-house-310d6d5e\" style=\"\">Wall Street Journal<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/05\/31\/debt-ceiling-bill-house-vote.html\" style=\"\">CNBC<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Market reax:<\/span><span style=\"\"> US and European equity futures rose as news of the vote came in. In Asia, shares <\/span><span style=\"font-weight:400;\">in Japan and Australia rose while the South Korean Kospi was slightly in the red.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/11.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\">Egypt wants loans from the BRICS bank:<\/span><span style=\"\"> Finance Minister Mohamed Maait expressed <\/span><span>optimism that the New Development Bank \u2014 the multilateral lender set up by Brazil, Russia, India, China and South Africa (the BRICS) \u2014 will provide Egypt with concessional loans to fund infrastructure projects, according to a statement from the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02SUt6ynAaPKisn8GFK95RRr9fFgUgorzW6Uvr6q2Wap3TVbGvYpXZDaQ2TCcxDXiml\" style=\"\">Finance Ministry<\/a><\/span><span>. This came during the bank\u2019s annual meetings in China, which for the first time included Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7b8e96b-ec30-4ce0-9344-4f250f112875\" style=\"\">after it joined the lender<\/a><\/span><span style=\"font-weight:400;\"> earlier this 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\">More local-currency financing, less USD:<\/span><span> The NDB will raise the amount of financing it provides in local currencies and reduce its use of the USD to protect countries from exchange-rate volatility, bank head Dilma Roussef said at a press conference, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.scmp.com\/business\/china-business\/article\/3222339\/shanghai-based-new-development-bank-seeks-finance-more-infrastructure-projects-local-currency-avoid\" style=\"\">South China Morning Post<\/a><\/span><span style=\"font-weight:400;\">. Currently 22% of the bank\u2019s loans are in local currency, a figure that it wants to raise to 30%, she said.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt has been looking to reduce its reliance on the greenback<\/span><span> amid a prolonged shortage of foreign-currency triggered by the spillover effects from the war in Ukraine. Government officials <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7b8e96b-ec30-4ce0-9344-4f250f112875\" style=\"\">have said<\/a><\/span><span style=\"font-weight:400;\"> they are working to increase the use of the RUB, CNY and INR in bilateral trade with Russia, China and India in a bid to reduce its exposure to the greenback.<\/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\">ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to he<\/span><span style=\"font-weight:700\">lp us build some very cool new things.<\/span><span style=\"font-weight:400;\"> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We have tons more in the pipeline \u2014 come help us build new publications.<\/span><span style=\"font-weight:400;\"> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of &gt;250k daily readers by telling stories that matter.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">That said, we're looking for gifted story-tellers from all walks of life and across all professions<\/span><span style=\"font-weight:400;\">, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NEVER WORKED IN A NEWSROOM BEFORE?<\/span><span style=\"font-weight:400;\"> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">During the program you will learn:<\/span><\/p><ul>\n<li><span style=\"font-weight:400;\">The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;<\/span><\/li>\n<li><span style=\"font-weight:400;\">Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to develop sources that will give you the key insights needed to tell a complete story;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to communicate these stories with the confidence and language of an insider.<\/span><\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Not an internship program \u2014 a career:<\/span><span style=\"font-weight:400;\"> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/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 \u201cwriting development 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:700\">CIRCLE YOUR CALENDAR-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/egypt.innoxera.co\/\" style=\"\">Innoxera\u2019s annual EdTech summit<\/a><\/span><span style=\"font-weight:700\"> is coming to Egypt on 5 June<\/span><span style=\"\">. Sponsored by Classera, <\/span><span>the event will bring together experts, innovators, and entrepreneurs in the field of technology and education to discuss innovations in smart learning, with a specific focus on AI. The event will take place at the Royal Maxim Palace Kempinski Hotel in New Cairo. You can register <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/egypt.innoxera.co\/register\/\" style=\"\">here<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n\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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/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=\"587784 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=\"587784\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/587784\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587784\" class=\"content-area-description single-story post-587784 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\/1472.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:400;\">Solasi Wellbeing Festival has been lovingly created by Yes Yoga and Osana Family Wellness and takes place at the beautiful Somabay from 21-23 September.<\/span><\/p>\n<p><span style=\"font-weight:400;\">Solasi brings you Sunrise Yoga, Sound Healing, Funky Classes, Morning Runs, Enlightening Workshops, Healing Treatments, Tai Chi, Meditation, Kids Activities, locally sourced food, and lots of dancing.<\/span><\/p>\n<p><span>Don't miss your chance to take #ThreeDaysOff and flow with us at Solasi at Somabay. Head to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.solasifestival.com\" style=\"\">www.solasifestival.com<\/a><\/span><span> to find out more and book your pass today.<\/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=\"587785\" 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=\"587785\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/an-energy-company-is-preparing-to-ipo-on-the-egx-says-bourse-chief\/\">\r\n                            An energy company is preparing to IPO on the Egyptian stock exchange, says bourse chief                        <\/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\/06\/01\/an-energy-company-is-preparing-to-ipo-on-the-egx-says-bourse-chief\/\" 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\/06\/01\/an-energy-company-is-preparing-to-ipo-on-the-egx-says-bourse-chief\/')\">\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\/06\/01\/an-energy-company-is-preparing-to-ipo-on-the-egx-says-bourse-chief\/\">\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=An energy company is preparing to IPO on the EGX, says bourse chief&url=https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/an-energy-company-is-preparing-to-ipo-on-the-egx-says-bourse-chief\/\">\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\/06\/01\/an-energy-company-is-preparing-to-ipo-on-the-egx-says-bourse-chief\/&title=An energy company is preparing to IPO on the EGX, says bourse chief\">\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=An+energy+company+is+preparing+to+IPO+on+the+EGX%2C+says+bourse+chief+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F01%2Fan-energy-company-is-preparing-to-ipo-on-the-egx-says-bourse-chief%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\/06\/01\/an-energy-company-is-preparing-to-ipo-on-the-egx-says-bourse-chief\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1790.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"587786\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/an-energy-company-is-preparing-to-ipo-on-the-egx-says-bourse-chief\/1790-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1790.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1790.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1790.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1790.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587785\" class=\"content-area-description single-story post-587785 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-capital-markets tag-egx tag-enterpriseam tag-ipo-watch tag-ramy-el-dokany wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.f6d16054-9d99-4232-93d1-89b8487be898.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\">An energy firm will soon make its debut on the Egyptian Exchange (EGX)<\/span><span style=\"\">,<\/span><span style=\"\">EGX boss <\/span><span>Ramy El Dokany told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/45CANlk\" style=\"\">CNBC Arabic<\/a><\/span><span> in an interview, without naming the firm. The bourse hopes to finish listing procedures for the company within a week or <\/span><span>two <\/span><span style=\"font-weight:400;\">and for trading to commence within the next two months, he said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A first for 2023:<\/span><span> The listing would mark the first for the main index this year after economic headwinds on the back of the war in Ukraine saw the fresh-paper pipeline <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3894b30f-35e6-43f5-9ddf-bd3ee9243712\" style=\"\">all but dry up<\/a><\/span><span>. 2022 saw just two IPOs: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a28e6436-ddc6-4ec8-b0bd-d8bb430bbc0b\" style=\"\">Macro Group<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44602de4-83db-4e3b-8824-72e172f69aac\" style=\"\">Al Khair River for Development and Investment<\/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\">Goodbye, EGX50:<\/span><span> The exchange is terminating its EGX50 index due to its limited usefulness and will launch a new shariah-compliant index, El Dokany added. The EGX boss <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/27d55c74-746c-4246-98b5-764ccd096384\" style=\"\">previously suggested<\/a><\/span><span style=\"font-weight:400;\"> that the index could launch this summer. <\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramy-el-dokany\/\">Ramy El Dokany<\/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=\"587787\" 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=\"587787\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/newmed-and-partners-to-build-egypt-cyprus-gas-pipeline\/\">\r\n                            NewMed and partners to build Egypt-Cyprus gas pipeline                        <\/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\/06\/01\/newmed-and-partners-to-build-egypt-cyprus-gas-pipeline\/\" 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\/06\/01\/newmed-and-partners-to-build-egypt-cyprus-gas-pipeline\/')\">\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\/06\/01\/newmed-and-partners-to-build-egypt-cyprus-gas-pipeline\/\">\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=NewMed and partners to build Egypt-Cyprus gas pipeline&url=https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/newmed-and-partners-to-build-egypt-cyprus-gas-pipeline\/\">\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\/06\/01\/newmed-and-partners-to-build-egypt-cyprus-gas-pipeline\/&title=NewMed and partners to build Egypt-Cyprus gas pipeline\">\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=NewMed+and+partners+to+build+Egypt-Cyprus+gas+pipeline+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F01%2Fnewmed-and-partners-to-build-egypt-cyprus-gas-pipeline%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\/06\/01\/newmed-and-partners-to-build-egypt-cyprus-gas-pipeline\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1763.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"587788\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/newmed-and-partners-to-build-egypt-cyprus-gas-pipeline\/1763-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1763.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1763.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1763.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1763.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587787\" class=\"content-area-description single-story post-587787 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-chevron tag-egypt-cyprus-relations tag-energy tag-enterpriseam tag-infrastructure tag-newmed-energy tag-oil-and-gas tag-shell wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.7f909a67-6e9c-4c15-afa7-73715fb12b8d.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\">A new pipeline project between Cyprus and our LNG plants: <\/span><span style=\"\">The developers of Cyprus\u2019 <\/span><span>Aphrodite field plan to build a subsea pipeline linking the offshore gas reservoir to an Egyptian LNG processing facility, according to<\/span><span> a <\/span><span>statement <\/span><span>from <\/span><span>NewMed Energy.<\/span><span>NewMed, Chevron, and Shell \u201chave submitted an updated plan for development of the reservoir for the Cypriot government\u2019s approval\u201d that includes the pipeline project, the statement reads. The story was also picked up by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/energy\/aphrodite-gas-field-off-cyprus-be-linked-egypt-newmed-2023-05-31\/\" style=\"\">Reuters<\/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\">REFRESHER- Chevron, NewMed and Shell <\/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\/0a288ea8-1ab0-4e90-880c-9cef9dc30ae5\" style=\"\">earlier this month<\/a><\/span><span style=\"font-weight:700\"> began drilling to appraise <\/span><span style=\"font-weight:700\">reserves at Aphrodite<\/span><span>,<\/span><span>which is thought to contain up to 129 bcm of gas. They said at the time that the appraisal well would take three months to finish. Chevron and Shell are equal 35% partners in the Aphrodite field while NewMed holds <\/span><span>30<\/span><span>%. At least 50% of the output is slated for export. <\/span><\/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 knew this was coming:<\/span><span style=\"\"> Egypt and Cyprus have been talking about laying the pipeline for <\/span><span>several years, which Oil Minister Tarek El Molla last year said would be up and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3e83f43-ae59-490e-961f-2ffbeef74788\" style=\"\">running by 2025<\/a><\/span><span>, though until now the companies working on the field have not disclosed plans to work on the link. <\/span><span>Chevron <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b0e72cc-581a-4cd8-8159-75d9b8d2990e\" style=\"\">in February<\/a><\/span><span> reportedly requested permission <\/span><span style=\"font-weight:400;\">from Shell to use its underutilized West Delta Deep Marine (WDDM) facilities on Egypt\u2019s Mediterranean coast to process gas from Aphrodite, while NewMed has said it is \u201ccommitted to finding a way to develop the Aphrodite reservoir via the Egyptian infrastructure and the liquefaction facilities there.\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\">Is the pipeline replacing a floating terminal? <\/span><span style=\"\">The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.timesofisrael.com\/israels-newmed-and-partners-to-connect-the-aphrodite-gas-field-off-cyprus-to-egypt\/\" style=\"\">Times of Israel<\/a><\/span><span style=\"\">suggests the pipeline will <\/span><span style=\"font-weight:400;\">replace earlier plans for a floating LNG terminal that would have allowed gas to be processed on-site and exported directly to Europe, bypassing our liquefaction facilities. The statement makes no mention of a floating terminal, but it does call the pipeline \u201ca change to the fundamental project concept from the original plan\u201d that will \u201caccelerate and reduce the cost of development\u201d at the field.<\/span><\/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 would be good news for our LNG exports:<\/span><span style=\"\"> Alongside a deep push into renewables and <\/span><span>hydrogen, Egypt is trying to maximize its exports of natural gas as the EU looks for new energy suppliers to fill the gap left by the loss of Russian fossil fuels. The Oil Ministry is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/093d7eb2-1945-4055-b76c-b6543e8668f7\" style=\"\">targeting<\/a><\/span><span> a 40% increase in LNG exports by 2025, the bulk of which will be sent to Europe. BP and the Abu Dhabi National Oil Company (Adnoc) are also <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a4ac654-e6a8-4165-a752-4d8ed821d214\" style=\"\">bidding for a 50% stake<\/a><\/span><span style=\"font-weight:400;\"> in NewMed \u2014 an acquisition in part aimed at building ever-closer gas ties between Israel (which already exports large amounts of gas here for liquefaction and re-export), Cyprus, and Egypt as a trio of gas producers serving European energy demand. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Cyrus wants LNG facilities of its own to transport Israeli gas:<\/span><span style=\"\"> Cyprus wants to accelerate <\/span><span>building a pipeline to Israel\u2019s natural gas fields and acquire its own LNG facilities to transport it to Europe, the country\u2019s energy minister <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a42939e8-6c7e-4d52-b8bb-96cd5b1ac753\" style=\"\">told Bloomberg<\/a><\/span><span style=\"font-weight:400;\"> earlier this week. <\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chevron\/\">Chevron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-cyprus-relations\/\">Egypt-Cyprus relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/newmed-energy\/\">NewMed Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shell\/\">Shell<\/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=\"587789\" 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=\"587789\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/aur-leasing-raises-egp-1-1-bn-from-securitization\/\">\r\n                            Aur Leasing raises EGP 1.1 bn from securitization                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/aur-leasing-raises-egp-1-1-bn-from-securitization\/\">\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=Aur Leasing raises EGP 1.1 bn from securitization&url=https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/aur-leasing-raises-egp-1-1-bn-from-securitization\/\">\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\/06\/01\/aur-leasing-raises-egp-1-1-bn-from-securitization\/&title=Aur Leasing raises EGP 1.1 bn from securitization\">\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=Aur+Leasing+raises+EGP+1.1+bn+from+securitization+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F01%2Faur-leasing-raises-egp-1-1-bn-from-securitization%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\/06\/01\/aur-leasing-raises-egp-1-1-bn-from-securitization\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1786.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"587790\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/aur-leasing-raises-egp-1-1-bn-from-securitization\/1786-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1786.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1786.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1786.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1786.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587789\" class=\"content-area-description single-story post-587789 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-aur-capital tag-aur-leasing-and-factoring tag-debt-watch tag-enterpriseam tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.a1cfd9bf-02bf-4a8b-a2bf-2e34a36df2d1.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\">Aur Leasing closes second securitized bond issuance in as many months:<\/span><span style=\"\"> The leasing <\/span><span>arm of <\/span><span style=\"font-weight:700\">p<\/span><span>rivate equity outfit <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/aur.egitegypt.com:66\/#\/home\" style=\"\">Aur Capital<\/a><\/span><span> has closed a EGP 1.1 bn securitized bond issuance, Dreny & Partners, the legal firm that worked on the transaction, said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1779.pdf\" style=\"\">a s<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1779.pdf\" style=\"\">tatement (pdf)<\/a><\/span><span> yesterday. <\/span><span>The three-tranche issuance is backed by a portfolio of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/aur-leasing.com\/\" style=\"\">Aur Leasing and Factoring\u2019s<\/a><\/span><span> receivables and is part of a wider EGP 8 bn, three-year program. The firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9378bbab-9733-488f-af78-137f68a6374d\" style=\"\">closed a<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9378bbab-9733-488f-af78-137f68a6374d\" style=\"\">EGP 790 mn issuance<\/a><\/span><span style=\"font-weight:400;\"> in April. All tranches of the bonds were rated A+ by the Middle East Rating and Investors Service (MERIS).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors: <\/span><span style=\"font-weight:400;\">The Arab African International Bank acted as financial advisor, bookrunner, and custodian, it is also the only disclosed subscriber to the transaction. Aur Financial Advisory also acted as financial advisor, while KPMG was auditor. Dreny & Partners provided legal advice.<\/span><\/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 good year for securitization: <\/span><span>This issuance pushed the total value of securitized bond issuances this year to <\/span><span>EGP 15.5 bn<\/span><span style=\"font-weight:400;\">, up 35% from the same period last year.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aur-capital\/\">Aur Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aur-leasing-and-factoring\/\">Aur Leasing and Factoring<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/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=\"587791 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=\"587791\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/587791\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587791\" class=\"content-area-description single-story post-587791 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.dpworld.com\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1246.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"587792\" 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=\"587792\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/bills-on-everything-from-citizenship-to-fake-weather-news-officially-become-law\/\">\r\n                            El Sisi signs bills on citizenship, new tourism chambers, and more into law                        <\/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\/06\/01\/bills-on-everything-from-citizenship-to-fake-weather-news-officially-become-law\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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El Sisi also ratified bills regulating tourism chambers, cracking down on \u2018fake weather news\u2019, and protecting historic manuscripts. Here\u2019s the rundown on the bills that are now official law: <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Amendments to the <\/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\/2c70383b-d7f7-4dac-a973-78afc798f621\" style=\"\">Citizenship Act<\/a><\/span><span>that make it easier for some foreigners to become Egyptian citizens and help the state secure much-needed hard currency. The changes will allow foreigners to acquire citizenship by purchasing real estate, investing directly in local projects, or depositing money with the central bank. MPs <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1750b5dd-72a1-49e7-b4c5-d33937b29a0a\" style=\"\">signed off<\/a><\/span><span>on the bill last<\/span><span style=\"font-weight:400;\"> month. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2<\/span><span style=\"font-weight:700\">- A bill that will strip the power to form and <\/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\/b870d239-c420-4807-b537-67426b4d6982\" style=\"\">regulate tourism chambers<\/a><\/span><span> from the Tourism Ministry and place it instead in the hands of the Egyptian Tourism Federation (ETF). The legislation <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff0e82be-1220-4474-976f-6c8f8e51b070\" style=\"\">got the nod<\/a><\/span><span style=\"font-weight:400;\"> from the House of Representatives in 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:700\">#3 - A law <\/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\/ff0e82be-1220-4474-976f-6c8f8e51b070\" style=\"\">regulating<\/a><\/span><span style=\"font-weight:700\"> the General Meteorological Authority<\/span><span> which allows fines of up to EGP 5 mn to be handed out for spreading fake weather news, which MPs <\/span><span>also passe<\/span><span style=\"font-weight:400;\">d last month. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#4 - A bill that <\/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\/1750b5dd-72a1-49e7-b4c5-d33937b29a0a\" style=\"\">protects<\/a><\/span><span style=\"font-weight:700\"> historic, hand-written Egyptian manuscripts<\/span><span> by establishing a specialized committee for their preservation, signed off on by lawmakers <\/span><span>earlier thi<\/span><span style=\"font-weight:400;\">s month.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism-and-antiquities-ministry\/\">Tourism and Antiquities Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"587794\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"587795\" 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=\"587795\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/cabinet-greenlights-residency-for-investment\/\">\r\n                            Cabinet approves decision granting investors year-long residencies                        <\/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\/06\/01\/cabinet-greenlights-residency-for-investment\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/cabinet-greenlights-residency-for-investment\/')\">\n                    Copy Link         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\r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/cabinet-greenlights-residency-for-investment\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1792.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"587796\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/cabinet-greenlights-residency-for-investment\/1792-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1792.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1792.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1792.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1792.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587795\" class=\"content-area-description single-story post-587795 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-cabinet-watch tag-economy tag-enterpriseam tag-investment-watch tag-khaled-el-anany tag-unesco wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.43f1ac71-6ff1-455d-8e37-76ddbe5e17be.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\">Ministers greenlight further investment facilities: <\/span><span style=\"\">The cabinet <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02aw1ua7n14wFxhPTXVgJspuZfbr5CCW7QiNjDpy275MjQEy8jcS4FvxeuwN1zC6uXl\" style=\"\">yesterday approved<\/a><\/span><span style=\"\">a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8be12b9-1dc8-442c-9865-fa5f44630f7d\" style=\"\">recent<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8be12b9-1dc8-442c-9865-fa5f44630f7d\" style=\"\">decision<\/a><\/span><span> by the <\/span><span>Interior Ministry to amend the Investment Act regulations to <\/span><span style=\"font-weight:400;\">allow foreign investors to acquire year-long non-touristic residencies when proposing investment plans to the General Authority for Freezones and Investment (GAFI). The residency can then be renewed for six-month or year-long periods depending on how long it takes to establish the 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:700\">Opening up local bank accounts is also getting easier: <\/span><span style=\"\">The amendments will also allow <\/span><span style=\"font-weight:400;\">foreign investors to open accounts at local banks while they\u2019re in the process of establishing a new 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:700\">It\u2019s getting easier to pay for industrial licenses:<\/span><span style=\"\">Trade and Industry Minister Ahmed Samir <\/span><span>yesterday issued a decision allowing industrial investors to pay for licenses every three or five years, instead of annually, the Industrial Development Authority <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/IDA.Egypt\/posts\/pfbid026KZyHpDeL5e9f9xpVS1QUBT3FxFgoEDMQfDHA3bQ7hgKyH7SUz4kf7wRUd2uqTXQl\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> yesterday. Owners of high-risk factories will be able to pay every three years and operators of low-risk factories can pay every five years.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Part of a bigger plan: <\/span><span style=\"\">Both <\/span><span style=\"\">moves are part of a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">series of measures<\/a><\/span><span style=\"\"> taken by the <\/span><span>government last month aimed at boosting foreign investment. The 22 changes encompass bureaucratic reforms aimed at speeding up licensing and improving the transparency of state firms, new financial incentives for certain industries, and legal reforms to improve contract enforceability.<\/span><\/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 CABINET-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Getting El Enany to Unesco: <\/span><span style=\"\">The cabinet decided to form a group, headed by a representative <\/span><span>from the Foreign Ministry, to help former tourism minister Khaled El Enany become Unesco\u2019s next director-general. Prime Minister Moustafa Madbouly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99d1e2a3-e594-4f42-9dda-da774915c641\" style=\"\">nominated El Enany<\/a><\/span><span style=\"font-weight:400;\"> for the position in April. If successful, he would head the organization for a four-year term starting from 2025. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Skoda will carry out train maintenance: <\/span><span style=\"\">Cabinet approved a request from the Egyptian <\/span><span>Railway Authority to have<\/span><span>Czech car manufacturer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/111c81df-5763-4a53-a749-ca3d23692f76\" style=\"\">Skoda renovate and maintain<\/a><\/span><span style=\"font-weight:400;\"> Henschel and Adtranz locomotives for a 15-year period as well as help localize the production of spare parts.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khaled-el-anany\/\">Khaled El Anany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unesco\/\">UNESCO<\/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=\"587797\" 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=\"587797\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/sudan-army-quits-saudi-us-sponsored-peace-talks\/\">\r\n                            Sudan army quits Saudi, US-sponsored peace talks                        <\/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\/06\/01\/sudan-army-quits-saudi-us-sponsored-peace-talks\/\" 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\/06\/01\/sudan-army-quits-saudi-us-sponsored-peace-talks\/')\">\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\/06\/01\/sudan-army-quits-saudi-us-sponsored-peace-talks\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Sudan army quits Saudi, US-sponsored peace talks&url=https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/sudan-army-quits-saudi-us-sponsored-peace-talks\/\">\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\/06\/01\/sudan-army-quits-saudi-us-sponsored-peace-talks\/&title=Sudan army quits Saudi, US-sponsored peace talks\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Sudan+army+quits+Saudi%2C+US-sponsored+peace+talks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F01%2Fsudan-army-quits-saudi-us-sponsored-peace-talks%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\/06\/01\/sudan-army-quits-saudi-us-sponsored-peace-talks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/7.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"587798\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/sudan-army-quits-saudi-us-sponsored-peace-talks\/7-jpg-28\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/7.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"7.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/7.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/7.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587797\" class=\"content-area-description single-story post-587797 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-2023-sudan-conflict tag-abdel-fattah-al-burhan tag-enterpriseam tag-war-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.192d90b9-b541-47d2-ab91-931c57332853.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\">Sudan army walks away from peace talks:<\/span><span style=\"\">The Sudanese army, headed b<\/span><span style=\"\">y General <\/span><span style=\"\">Abdel <\/span><span>Fattah Al Burhan, has called it quits on peace talks with the Rapid Support Forces<\/span><span> (RSF), <\/span><span>ending over three weeks of unfruitful negotiations backed by Saudi Arabia and the US. In a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/sudanese.armed.forces\/posts\/pfbid0uPPKugqHSzGbu5P7rSUdaYU8aepfR9rYcjXzSwkuztNywYPNxHtPbtbh1GgZVGB6l\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\"> yesterday, the army said it suspended talks \u201cdue to the rebel militia\u2019s lack of commitment in implementing any of the terms of the agreement and its continuous violation of the ceasefire.\u201d Neither Saudi Arabia or the US have commented publicly on the collapse of the talks.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Three days remain of the ceasefire:<\/span><span style=\"font-weight:400;\"> A temporary truce agreed during the talks to facilitate humanitarian relief efforts will remain in place until Saturday. The ceasefire has failed to quell fighting in various parts of the country though has allowed a limited amount of aid to reach people on the ground.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/2023-sudan-conflict\/\">2023 Sudan conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-al-burhan\/\">Abdel Fattah Al Burhan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"587799\" 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=\"587799\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/\">\r\n                            Palm Hills Developments\u2019 revenues rise 22% in 1Q 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/\" 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\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/')\">\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\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/\">\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=Palm Hills\u2019 revenues up 22% in 1Q 2023&url=https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/\">\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\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/&title=Palm Hills\u2019 revenues up 22% in 1Q 2023\">\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=Palm+Hills%E2%80%99+revenues+up+22%25+in+1Q+2023+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F01%2Fpalm-hills-revenues-up-22-in-1q-2023%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\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1759.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"587800\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/1759-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1759.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1759.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1759.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1759.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587799\" class=\"content-area-description single-story post-587799 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings-watch tag-elsewedy-electric tag-enterpriseam tag-palm-hills-developments 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\/6\/.e21b3aa7-4528-437b-80d0-e5a2b7fa1173.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\">Palm Hills Developments\u2019 (PHD) revenues grew 22% y-o-y to EGP 3.5 bn in 1<\/span><span style=\"font-weight:700\">Q 2023 <\/span><span>thanks to a rise in residential sales, according to the real estate developer\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1747.pdf\" style=\"\">earnings<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1747.pdf\" style=\"\">release (pdf)<\/a><\/span><span>. Net income after tax and minority interest dropped 14% y-o-y to EGP 252.7 mn as higher financing costs \u2014 which more <\/span><span>than doubled y-o-y <\/span><span>\u2014 ate into the company\u2019s margins.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">West Cairo drives new sales: <\/span><span style=\"\">New sales grew 22% y-o-y to EGP 6.8 bn, driven by sales in <\/span><span style=\"font-weight:400;\">PHD\u2019s West Cairo locations including residential developments Badya and the Crown. Some 69% of new sales in 1Q were in West Cairo, where sales grew 65% y-o-y to EGP 4.7 bn. Sales in Badya alone grew 54% y-o-y to reach EGP 2.9 bn, accounting for 43% of total new sales. Commercial sales dropped 45% y-o-y to EGP 466 mn after the company paused all new commercial launches. <\/span><\/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 hit profit margin:<\/span><span style=\"\"> PHD\u2019s borrowing costs surged 145% y-o-y to EGP 368.4 mn <\/span><span style=\"font-weight:400;\">during the quarter on the back of sharply higher interest rates. This caused the company\u2019s profit margin to fall to 7% from 10% in 1Q 2022.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Construction spending was up 23% to EGP 1.2 bn <\/span><span style=\"\">as PHD \u201ccontinues to expand [its] focus <\/span><span style=\"font-weight:400;\">on Badya and Palm Hills New Cairo, the company\u2019s largest integrated developments,\u201d said Executive Chairman Yasseen Mansour. \u201cLooking ahead, we are well positioned with high quality assets and product offering complemented by a strong balance sheet and an attractive development pipeline.\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\">ELSEWEDY ELECTRIC PROFITS SURGE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Elsewedy Electric\u2019s net income after minority interest rose nearly fourfold to EGP 2.9 bn <\/span><span style=\"font-weight:700\">in 1Q 2023<\/span><span>, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1761.pdf\" style=\"\">earnings release<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1761.pdf\" style=\"\">(pdf)<\/a><\/span><span style=\"font-weight:400;\">. Revenues climbed 80% y-o-y to EGP 33.3 bn. The strong bottomline growth came on the back of \u201chigher profitability across all business segments, coupled with higher FX gains that partially offset rising financing costs and [operating] expenses,\u201d the release read. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Revenues from the company\u2019s key wires and cables segment nearly doubled <\/span><span style=\"\">to record <\/span><span style=\"font-weight:400;\">EGP 17.9 bn during the quarter, accounting for 54% of total revenues. Turnkey project revenues were up 53% y-o-y to EGP 11.6 bn, accounting for 35% of the company\u2019s top line. <\/span><\/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=\"font-weight:400;\">\u201cOur top-line has maintained solid growth as a result of strategic planning and an export driven focus, as we continue to leverage our expansive geographic footprint,\u201d CEO Ahmed El Sewedy said. \u201cThis growth, coupled with efficiency measures, has resulted in improved profitability this quarter, as our agile business model allows us to capitalize on the double effect of exports and efficiencies.\u201d<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/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=\"587801\" 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=\"587801\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/rotary-foundation-launches-initiative-to-curb-cervical-cancer-in-egypt\/\">\r\n                            Rotary Foundation launches initiative to curb cervical cancer in Egypt                        <\/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\/06\/01\/rotary-foundation-launches-initiative-to-curb-cervical-cancer-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The initiative aims to vaccinate over 30k girls between the ages of 9-15 against HPV and offer 10k women cervical cancer screenings. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Tarek Nour\u2019s Magdi Yacoub ad gets international recognition:<\/span><span style=\"\"> Tarek Nour Communications <\/span><span>received an award from Design and Art Direction for its direction of the Magdi Yacoub commercial titled <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dandad.org\/awards\/professional\/2023\/237463\/lonesome-traveler\/\" style=\"\">Lonesome Traveller<\/a><\/span><span>, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1701.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Post for Investment recognized for innovation: <\/span><span style=\"\">Egypt Post\u2019s investment arm, Post for <\/span><span>Investment, won the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/awards.internationalfinance.com\/\" style=\"\">International Finance Award<\/a><\/span><span>for being the most innovative direct investment company in Egypt, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1801.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/awards\/\">awards<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-post\/\">Egypt Post<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/post-for-investment\/\">Post for Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rotary-foundation\/\">Rotary Foundation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-nour-communications\/\">Tarek Nour Communications<\/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=\"587803 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=\"587803\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/587803\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587803\" class=\"content-area-description single-story post-587803 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/989.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"587804\" 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=\"587804\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/last-nights-talk-shows-the-truth-behind-prepaid-cards-suspension\/\">\r\n                            Talk shows cover what happened to prepaid cards + No Tobacco Day                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/last-nights-talk-shows-the-truth-behind-prepaid-cards-suspension\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"587805\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/last-nights-talk-shows-the-truth-behind-prepaid-cards-suspension\/1-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587804\" class=\"content-area-description single-story post-587804 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-ai tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.f3161e77-7a7f-4ec9-a18a-a95f0b0b999e.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 very quiet night on the airwaves to wrap up a more than eventful week. <\/span><span style=\"\">With <\/span><span style=\"font-weight:400;\">Kelma Akhira and El Hekaya off for the night, the only news worth noting came from Masa\u2019a DMC and Ala Mas\u2019ouleety.<\/span><\/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 happened to prepaid cards? <\/span><span style=\"\">The central bank has instructed a number of digital <\/span><span>payment providers to stop their prepaid cards from making foreign-currency transactions. Prepaid cards aren\u2019t linked to bank accounts which opens the door for FX misuse, <\/span><span>Masa\u2019a DMC\u2019s Ramy Radwan said (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=l8F3S2GaBn8\" style=\"\">watch, runtime: 3:57<\/a><\/span><span style=\"font-weight:400;\">), adding that debit and credit cards are working fine. \u201cI hope that in the future these kinds of decisions are officially announced,\u201d he said, explaining that an official announcement will help limit the spread of social media speculation. We have the details in the news well, above. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Yesterday was the World Health Organization\u2019s No Tobacco Day <\/span><span style=\"\">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=Uce7Ea4N7UE\" style=\"\">watch,<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=Uce7Ea4N7UE\" style=\"\">runtime: 5:43<\/a><\/span><span>) and Ala Mas\u2019ouleety (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=WYWpjORTWcE\" style=\"\">watch, runtime: 17:02<\/a><\/span><span style=\"font-weight:400;\">) took the chance to call on their viewers to quit smoking. \u201cAccording to latest figures, 16.8% of the Egyptian population are smokers, representing around 18 mn people,\u201d Radwan said. \u201cEgyptians smoke around 80 bn cigarettes a year,\u201d former head of the Egyptian National Heart Institute Gamal Shabaan told Ala Mas\u2019ouleety. <\/span><\/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\u2019s contribution to AI: <\/span><span style=\"\">Radwan interviewed Egyptian AI researcher at Meta Alaa El Nouby <\/span><span>(<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=E2W-eKYC3QI\" style=\"\">watch, runtime: 7:17<\/a><\/span><span>) to discuss his contribution to Meta\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/imagebind.metademolab.com\/\" style=\"\">ImageBind<\/a><\/span><span> \u2014 an AI model capable of bringing together images and video, audio and text, as well as data from the physical world. <\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                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         class=\"\r\n                story-section            \"\r\n            id=\"587807\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/disruptech-to-invest-usd-5-mn-in-local-fintechs-this-year-plus-real-estate-in-new-cities-delayed-customs-clearance-fees\/\">\r\n                            Disruptech to invest USD 5 mn in Egyptian fintechs this year. PLUS: real estate in new cities, delayed customs clearance fees                        <\/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\/06\/01\/disruptech-to-invest-usd-5-mn-in-local-fintechs-this-year-plus-real-estate-in-new-cities-delayed-customs-clearance-fees\/\" 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\/06\/01\/disruptech-to-invest-usd-5-mn-in-local-fintechs-this-year-plus-real-estate-in-new-cities-delayed-customs-clearance-fees\/')\">\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\/06\/01\/disruptech-to-invest-usd-5-mn-in-local-fintechs-this-year-plus-real-estate-in-new-cities-delayed-customs-clearance-fees\/\">\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=Disruptech to invest USD 5 mn in local fintechs this year. 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Okasha declined to name the firms.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where the money\u2019s coming from: <\/span><span>The early-stage fintech fund made its USD 36 mn second close earlier this year with investments from various DFIs and investment funds, including the French government's private-sector investment arm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bdcf9733-5493-4c5a-8992-0bf43540932a\" style=\"\">Proparco<\/a><\/span><span> and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98f42f43-89ba-43ca-9922-69b36041ee5c\" style=\"\">International Finance Corporation<\/a><\/span><span>. Similar amounts were contributed by the government\u2019s<\/span><span> Micro, Small, and Medium Enterprises Development Agency and  Avanz Capital Management\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.avanzcapital.com\/\" style=\"\">Avanz Manar<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.avanzcapital.com\/\" style=\"\">a<\/a><\/span><span style=\"font-weight:400;\"> fund, Okasha told us. The fund made a first USD 25 mn close in February 2022.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The fund has deployed some <\/span><span style=\"font-weight:700\">40% of its capital<\/span><span> across 14 startups<\/span><span> \u2014 including Brimore, Cassbana, Fatura, Gahez, Khazna, MNT Halan, and Mozare3 \u2014 and has plans to eventually double the number of firms in its portfolio, Okasha said. It has recently invested in companies including <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/widebot.net\/enterprise\/\" style=\"\">WideBot<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/isupply.tech\/\" style=\"\">iSupply<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nicedeer.com\/\" style=\"\">NiceDeer<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/teradix.com\/\" style=\"\">Teradix<\/a><\/span><span>, and <\/span><span>MalBazaar<\/span><span>, he added. Disruptech buys minority stakes of 5-10% in its portfolio firms and is targeting a 3-4 x return on its investment over the 10-year lifespan of the fund.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">REAL ESTATE- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More support for real estate developments in new cities: <\/span><span style=\"\">The New Urban Communities <\/span><span>Authority (NUCA) has widened support measures introduced <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04aeeb0e-94ef-488b-8ea9-320c3f16c90e\" style=\"\">in February<\/a><\/span><span> to help real estate developers complete projects in new cities through the current economic headwinds, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid06JhMhR5cLWqC9QNvkNApkpc2FZFBG9iQZPFu9GP72n3VhNtzxLKJFRrwKzkLNbjCl\" style=\"\">Housing Ministry said<\/a><\/span><span> yesterday<\/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;\">What\u2019s happening:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">More time: <\/span><span style=\"font-weight:400;\">Developers will receive another 20% deadline extension on their projects \u2014 even if they\u2019ve already been granted a 20% extension under the previous set of measures or previously paid to push back their deadlines.<\/span><\/li>\n<li><span style=\"font-weight:700\">Fewer fines:<\/span><span style=\"font-weight:400;\"> Projects will be considered finished when they are 80% complete, allowing developers to complete the final 20% of construction at their own pace without being fined for late delivery. The ratio was reduced from 90% to 85% in February. <\/span><\/li>\n<li><span style=\"font-weight:700\">Laxer building regs:<\/span><span style=\"font-weight:400;\"> The authority is also loosening various rules on the maximum building density of projects and the split between buildings, utilities, and services. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span style=\"\"> The move is among the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">22 measures<\/a><\/span><span style=\"\"> announced by the <\/span><span style=\"font-weight:400;\">government last month aimed at boosting foreign investment.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">REGULATION-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Importers have more time to pay customs fees:<\/span><span style=\"\"> Importers can now pay just 1% of the tax <\/span><span>and fees required to proceed with the customs clearance process before the arrival of imports, down from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/42iBhtM\" style=\"\">30% previously<\/a><\/span><span>, according to <\/span><span>a Finance Ministry decision published in the <\/span><span>Official Gazette<\/span><span>. <\/span><span style=\"font-weight:400;\">The remaining 99% is to be paid upon the arrival of imports, the statement reads. The decision went into effect on 30 May.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">TRANSPORT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Abela Egypt to run the country\u2019s sleeper trains?<\/span><span style=\"\"> The Transport Ministry intends to award <\/span><span>catering and services company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.abelaegypt.com\/\" style=\"\">Abela Egypt<\/a><\/span><span> \u2014 a subsidiary of the Sawiris family\u2019s Gemini Holding \u2014 a 15-year contract to manage and operate sleeper cars for the Egyptian Railway Authority, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/31\/1673441\" style=\"\">Al Borsa<\/a><\/span><span style=\"font-weight:400;\"> reports, citing sources it says are in the know. Set to be signed next month, the contract would hand Abela 3% of revenues during the first five years, 2.5% throughout the second third of the contract, and 2% throughout the last third, the newspaper reports.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CLIMATE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Six green projects have graduated from the UK-backed Climate Finance Accelerator<\/span><span style=\"\">, <\/span><span>according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/05\/Innovative-low-carbon-projects-graduate-from-The-Climate-Finance-Accelerator.pdf\" style=\"\">press release (pdf)<\/a><\/span><span>. The companies are: alternative plastics manufacturer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/company\/aldawara\/\" style=\"\">Al Dawara<\/a><\/span><span>, agritech company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/farmtopia.farm\/\" style=\"\">Farmtopia<\/a><\/span><span>;<\/span><span> sustainable infrastructure developer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/irs-c.com\/\" style=\"\">IRSC for Renewable Energy Solutions<\/a><\/span><span>; environmental tech firm<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.renile.net\/\" style=\"\">ReNile<\/a><\/span><span>; eco-friendly building materials startup <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/TileGreenMaterials\" style=\"\">Tile Green<\/a><\/span><span>; and climate change and farming app <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zr3i.com\/ar\" style=\"\">Zr3i<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abela-egypt\/\">Abela Egypt<\/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\/customs\/\">customs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-okasha\/\">Mohamed Okasha<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"587809\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"587809\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/fed-officials-suggest-they-could-pause-rate-hikes-this-month\/\">\r\n                            Fed officials suggest they could pause rate hikes in June                        <\/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\/06\/01\/fed-officials-suggest-they-could-pause-rate-hikes-this-month\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"5.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/5.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/5.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587809\" class=\"content-area-description single-story post-587809 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-china tag-enterpriseam tag-federal-reserve tag-financial-markets tag-inflation tag-interest-rates tag-planet-finance tag-uk 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\/6\/.affd515f-63ae-43ae-97a6-3b381078e5cd.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Fed could pause rate hikes in June: <\/span><span style=\"\">Federal Reserve officials are hinting that the central bank <\/span><span>will keep rates unchanged for their upcoming meeting in two weeks before potentially raising them again at later meetings, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/us\/feds-jefferson-says-skipping-rate-hike-would-not-imply-tightening-over-2023-05-31\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\"> reported. \u201cSkipping a rate hike at a coming meeting would allow the [Federal Open Market] Committee to see more data before making decisions about the extent of additional policy firming,\u201d Fed Governor Philip Jefferson said 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\">Investors are expecting rate cuts later this year: <\/span><span style=\"\">Following <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dba0f3e2-9762-46ba-901a-2455cd73e3b0\" style=\"\">April\u2019s inflation figures<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b637905-9bc5-405d-9513-c7dd9bef89ff\" style=\"\">investors<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b637905-9bc5-405d-9513-c7dd9bef89ff\" style=\"\">were expecting<\/a><\/span><span style=\"font-weight:400;\">the Fed to cut interest rates to 4.2% by the end of the year but have since revised their forecast to 4.7%.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Spiking interest rates to cause wave of defaults in US, Europe -Deutsche:<\/span><span style=\"\"> Companies <\/span><span>across the US and Europe will soon be hit with a \u201cdefault wave\u201d that won\u2019t peak before 4Q 2024, according to a Deutsche Bank study picked up by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/default-wave-imminent-will-peak-2024-deutsche-bank-2023-05-31\/\" style=\"\">Reuters<\/a><\/span><span>. At its peak, default rates are expected to hit 9% for US high-yield debt, 11% for US loans, and 7% for European loans, mainly driven by the aggressive monetary tightening cycles adopted by many central banks in efforts to curb soaring inflation.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ALSO WORTH NOTING-<\/span><\/p><ul>\n<li><span style=\"font-weight:700\">China recovery stumbles:<\/span><span style=\"\"> China's factory activity contracted faster than expected in <\/span><span>M<\/span><span>ay due to lower demand, suggesting that its economic recovery from its strict covid-19 curbs could be losing steam. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/asia\/chinas-factory-activity-falls-faster-than-expected-weak-demand-pmi-2023-05-31\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">UK firms are struggling with inflation:<\/span><span style=\"\"> UK business confidence declined for the first <\/span><span>time in three months on the back of persistent inflationary pressures, according to a survey<\/span><span>. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.lloydsbank.com\/business\/resource-centre\/insight\/business-barometer.html\" style=\"\">Lloyds Business Barometer<\/a><\/span><span>)<\/span><\/li>\n<\/ul><p><a id=\"t.ffa00a8881f6416977930add487e52dfeec62492\"><\/a><a id=\"t.0\"><\/a><\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tr class=\"tr-row-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\">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;\">17,496<\/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: +19.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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;\">11,014<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-1.1% (YTD: +5.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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;\">9,407<\/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;\">-0.8% (YTD: -7.9%)<\/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\">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;\">3,577<\/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: +7.2%)<\/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;\">4,180<\/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: +8.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">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;\">7,446<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-1.0% (YTD: -0.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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;\">4,218<\/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;\">-1.7% (YTD: +11.2%)<\/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 72.66<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-1.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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\">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 2.26<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-2.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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 1,981.40<\/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%<\/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\">BTC<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">USD 27,119<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-2.4% (YTD: +63.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE CLOSING BELL-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The EGX30 fell 0.2% at yesterday\u2019s close<\/span><span style=\"\"> on turnover of EGP 3.42 bn. Local investors were <\/span><span style=\"font-weight:400;\">net buyers. The index is up 19.9% 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;\">Elsewedy Electric (+8.6%), Juhayna (+1.9%) and CIRA Education (+1.0%).<\/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>Orascom Construction (-6.7%), Abu Dhabi Islamic Bank (-6.5%), and Mopco (-3.0%).<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federal-reserve\/\">Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/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=\"587811\" 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=\"587811\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/madbouly-palestinian-pm-hold-talks-in-cairo\/\">\r\n                            Egypt, Palestine PMs hold talks in Cairo                        <\/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\/06\/01\/madbouly-palestinian-pm-hold-talks-in-cairo\/\" 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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Madbouly pledged Egypt\u2019s support of the Palestinian issue, according to the statement, which carried few details about the talks. Agreements were signed that will see the two sides cooperate on agriculture and the Egyptian Foreign Ministry provide political consultations to the Palestinian Authority. Shtayyeh was in Egypt for a three-day visit that concluded 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\">FM Shoukry holds talks with Palestinian counterpart: <\/span><span>Foreign Minister Sameh Shoukry discussed Egypt\u2019s latest efforts to help resolve the Palestinian-Israeli conflict with his Palestinian counterpart Riyad Al Maliki, according to a Foreign Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid02ZcZycFTmCzCUcm9Mff9BR7NNrfopxdqt7GcVApQFTBkxhJdskE9SuvqKCAgVJmnwl\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Sisi x Erdogan meeting soon? <\/span><span style=\"\">Diplomatic officials are expecting President Abdel Fattah El <\/span><span>Sisi and his Turkish counterpart Recep Tayyip Erdogan to meet soon, the Turkish charge d\u2019affaires in Cairo reportedly told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/AsharqNewsEGY\/status\/1663901180265627650\" style=\"\">Asharq Business<\/a><\/span><span>. The two countries earlier this week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de17635e-f871-4654-bc8a-ceaf8f13f255\" style=\"\">agreed to \u201cimmediately\u201d move<\/a><\/span><span style=\"font-weight:400;\"> to restore ties and reappoint ambassadors following Erdogan\u2019s reelection. <\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-palestine-relations\/\">Egypt-Palestine relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-turkey-relations\/\">Egypt-Turkey relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohammed-shtayyeh\/\">Mohammed Shtayyeh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/recep-tayyip-erdogan\/\">Recep Tayyip Erdogan<\/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=\"587813\" 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\/06\/01\/587813\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-587813\" class=\"content-area-description single-story post-587813 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;\">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 style=\"font-weight:400;\">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>1-3 June (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.elre7la.com\/fintech-industry-retreat-2023?fbclid=IwAR1xpkJlYVp-Zyt4pKn-_CvVtbsSZGd8QDaZKW1YVGvceJANF95dN5dniqw\" style=\"\">Fintech Industry retreat<\/a><\/span><span style=\"font-weight:400;\">, Hurghada.<\/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;\">4 June (Sunday): Senate back in 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;\">4 June (Sunday): National Dialogue.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 June (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/egypt.innoxera.co\/\" style=\"\">Innoxera\u2019s annual EdTech summit<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 June (Tuesday): National Dialogue.<\/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 style=\"font-weight:400;\">8 June (Thursday): National Dialogue.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10 June (Saturday): Thanaweya Amma examinations <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/moe.gov.eg\/what-s-on\/news\/dates-for-the-exams\/\" style=\"\">begin<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11 June (Sunday): House reconvenes.<\/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>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): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyptinfrastructureexpo.com\/\" style=\"\">Egypt Infrastructure and Water Expo<\/a><\/span><span style=\"font-weight:400;\">, 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>19-21 June (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thebig5constructegypt.com\/\" style=\"\">Big 5 Construct<\/a><\/span><span style=\"font-weight:400;\">, 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;\">15 July (Saturday): 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 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>15 September (Friday): Deadline for FX bureaus to comply with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b6f9aa4-8ee9-4804-bc43-8e40fac6213c\" style=\"\">new capital requirements<\/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;\">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>25-26 September (Monday-Tuesday): Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/43zXWDg\" style=\"\">to host<\/a><\/span><span style=\"font-weight:400;\"> the Asian Infrastructure Investment Bank\u2019s annual board meeting, 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;\">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>10-11 December (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.eglobexpo.com\/\" style=\"\">eGlobe Expo<\/a><\/span><span>, 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;\">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 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>3Q 2023: E-Finance <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MhzDCI\" style=\"\">to launch in Saudi Arabia<\/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;\">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 style=\"font-weight:400;\">2024: Standard Chartered Bank to open a branch in Egypt.<\/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\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>The move affects cards that aren\u2019t linked to bank accounts<\/p>\n","protected":false},"featured_media":587781,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-587780","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"f4e7258c-6603-4fd5-bda9-11ac62165688","teaser":"The move affects cards that aren\u2019t linked to bank accounts","photo_url":"https:\/\/ent.news\/2023\/6\/14.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBE bans some prepaid cards from making international transactions - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-bans-some-prepaid-cards-from-making-international-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE bans some prepaid cards from making international transactions\" \/>\n<meta property=\"og:description\" content=\"The move affects cards that aren\u2019t linked to bank accounts\" \/>\n<meta property=\"og:url\" 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