{"id":588450,"date":"2023-06-12T00:00:00","date_gmt":"2023-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=588450"},"modified":"2025-12-16T15:20:56","modified_gmt":"2025-12-16T15:20:56","slug":"progress-on-privatization-plans-for-egyptian-state-owned-pharma-fertilizer-firms","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/progress-on-privatization-plans-for-egyptian-state-owned-pharma-fertilizer-firms\/","title":{"rendered":"Progress on privatization plans for Egyptian state-owned pharma + fertilizer firms?"},"content":{"rendered":"<section id=\"588452\" 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=\"588452\">\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\/12\/core-inflation-rises-to-40-3-y-o-y-in-may-iraqs-pm-is-in-town\/\">\r\n                            Core inflation rises to 40.3% y-o-y in May. PLUS: Iraq\u2019s PM is in town + Al Ahly clinches the CAF trophy                        <\/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\/12\/core-inflation-rises-to-40-3-y-o-y-in-may-iraqs-pm-is-in-town\/\" 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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wp-post-image\" alt=\"\" data-attachment-id=\"588453\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/core-inflation-rises-to-40-3-y-o-y-in-may-iraqs-pm-is-in-town\/590-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/590.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"590.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/590.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/590.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588452\" class=\"content-area-description single-story post-588452 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-al-ahly tag-egypt-iraq-relations tag-egypt-turkey-relations tag-enterpriseam tag-foreign-ministry tag-hakan-fidan tag-inflation tag-interest-rates tag-mohammed-shia-al-sudani tag-retail tag-sameh-shoukry tag-us-federal-reserve 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\/.223e74bc-e96e-429c-9c07-be28718ef752.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, wonderful people, and happy Monday. <\/span><span style=\"\">The newsflow is keeping us on our <\/span><span style=\"font-weight:400;\">toes, with no-let up on the privatization murmurs, lively debate over next year\u2019s fiscal budget in the House of Representatives, and more industry investment news. And in good news for our localization push, a fourth international firm is reportedly now making smartphones right here at home. <\/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 here at home: More hints of progress for the state privatization program<\/span><span style=\"\">. <\/span><span style=\"font-weight:400;\">Reports are that two state-owned pharma firms could see new investors come on board via a capital increase, and ADQ wants a piece of state-owned fertilizers firm Kima. More on both stories in the newswell, below. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PLUS<\/span><span style=\"font-weight:700\">- The Red Devils emerged the victors of the African Champions League last night: <\/span><span>Al Ahly managed to bring it home, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/sports\/soccer\/al-ahly-win-african-champions-league-with-draw-holders-wydad-casablanca-2023-06-11\/\" style=\"\">leveling 1-1 late<\/a><\/span><span style=\"font-weight:400;\"> in the game against Morocco's Wydad on Casablancan turf. Al Ahy\u2019s 2-1 victory in Cairo last Sunday in the first leg of the final meant the tie was all they needed to clinch a record-breaking 11th CAF title.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DATA POINT- <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt3\"><\/a><\/span><span style=\"font-weight:700\">Core inflation rose again in May:<\/span><span style=\"\"> Core inflation \u2014 often seen as a superior measure of <\/span><span>price growth because it strips out volatile items such as food and fuel \u2014 rose to 40.3% y-o-y from 38.6% in April, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2023\/06\/11\/10\/47\/cpi-press-release-may-2023\" style=\"\">central bank data<\/a><\/span><span> released yesterday<\/span><span>. Annual urban i<\/span><span>nflation <\/span><span>returned to near record highs in May after April\u2019s brief respite, clocking in at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/3e832722-6af4-4a2a-9b27-3c6c823710f6\" style=\"\">32.7%<\/a><\/span><span> y-o-y from 30.6% the month before. The central bank said it would release its monthly inflation note for May this Thursday. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-core-inflation-rises-403-may-2023-06-11\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">also had the story.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/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=\"font-weight:700\">The Enterprise Finance Forum is our flagship gathering \u2014 the one so many of you have <\/span><span style=\"font-weight:700\">been waiting for. The two-day event takes place this <\/span><span style=\"font-weight:700\">September<\/span><span>.<\/span><span style=\"font-weight:400;\"> Stay tuned for more information on the location. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings<\/span><span style=\"font-weight:400;\"> that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Day one is our Banking Forum<\/span><span style=\"font-weight:400;\">, where we\u2019ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&amp;A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Day two is all about Fintech and Non-Banking Financial Services. <\/span><span style=\"font-weight:400;\">We\u2019ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WHY ATTEND? <\/span><span style=\"font-weight:400;\">Our guests consistently tell us they attend for two reasons: (1) meaningful discussion of the issues that shape the future of their businesses and (2) an unparalleled chance to network with other senior members of the community.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** NEW: MORE NETWORKING TIME- <\/span><span style=\"font-weight:400;\">Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WHO SHOULD ATTEND?<\/span><span style=\"font-weight:400;\"> Everyone who plays a role in our industry, from commercial and investment bankers to asset managers, fintech founders, NBFS leaders, and professional services providers of all stripes. Attendees at our events are C-suite officers, business owners, and their direct reports; we also make an allocation for folks we think could be tomorrow\u2019s founders and c-suite executives.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">TAP OR CLICK <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/finance.enterprise.news\/\" style=\"\">HERE<\/a><\/span><span style=\"font-weight:700\"> if you want to express interest in attending. <\/span><span style=\"font-weight:400;\">We\u2019ll be sending out the first batch of invitations just after the 30 June holiday. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Do you want to become a commercial partner? <\/span><span style=\"font-weight:400;\">Email mtaalab@enterpriseadvisory.com.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">STAY TUNED for more detail <\/span><span style=\"font-weight:400;\">about our exciting agenda in the weeks to come.  <\/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:700\">HAPPENING TODAY-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt1\"><\/a><\/span><span style=\"font-weight:700\">Iraqi PM in town: <\/span><span style=\"\">Iraqi Prime Minister Mohammed Shia Al Sudani will land in Egypt <\/span><span>today for an \u201cimportant visit,\u201d <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ina.iq\/187191--.html\" style=\"\">Iraqi News Agency<\/a><\/span><span> (INA)<\/span><span style=\"font-weight:400;\"> reports. The visit will focus on Egyptian-Iraqi relations and future cooperation, a government spokesperson told the agency without providing further details. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Ten MoUs incoming: <\/span><span style=\"\">Prime Minister Moustafa Madbouly and his Iraqi counterpart will ink 10 <\/span><span>MoUs in the fields of reconstruction, housing, labor, and sports, Undersecretary of the Iraqi Commerce Ministry Sattar Al Jabri told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ina.iq\/eng\/26966-iraqi-egyptian-committee-starts-the-signing-of-10-mous.html\" style=\"\">INA<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\"><\/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\">There\u2019s no single BIG STORY ABROAD dominating the global headlines this morning. <\/span><span>Us outlets have the latest on the Trump classified documents debacle (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/trump-and-special-counsel-signal-early-strategies-for-criminal-case-45e6752c?mod=hp_lead_pos1\" style=\"\">WSJ<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/trump-indictment-clinton-classified-documents-republican-claims-7681bc9807ecd8bc37fd3f39b9756cc7\" style=\"\">AP News<\/a><\/span><span>) and how it\u2019s shaping the race for the presidential nomination in the Republican party (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/2023\/06\/11\/us\/politics\/trump-indictment-republicans.html\" style=\"\">NYT<\/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><a id=\"wwtt2\"><\/a> <\/span><span style=\"font-weight:700\">The business press is focused on<\/span><span style=\"font-weight:700\"> Fed week: <\/span><span style=\"\">The US Federal Reserve is e<\/span><span style=\"\">xpected to keep its benchmark interest rate<\/span><span>unchanged within the 5.0-5.25% range at its policy meeting this Tuesday and Wednesday, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-10\/fed-rates-latest-get-ready-for-pause-and-assess-effect-of-hikes?srnd=premium-middle-east#xj4y7vzkg\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\">reports. This would be the first pause since the central bank began aggressively tightening policy in March last year, which has seen rates rise 500 bps. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Hold now, hike soon, cut later:<\/span><span style=\"\"> The markets are expecting policymakers to hold off on a <\/span><span style=\"font-weight:400;\">further hike this week to assess the impact of the combined 500-bps of hikes on the country\u2019s financial system and the economy even as inflation remains significantly above target. An additional 25-bps hike has been priced in for the Fed\u2019s July meeting followed by a similar-sized cut in December.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Some economists don\u2019t think the market has this correct:<\/span><span style=\"\"> A majority of leading <\/span><span>economists polled by the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/d5dcc72e-96eb-403a-a793-c9a8c3a11e30\" style=\"\">Financial Times<\/a><\/span><span style=\"font-weight:400;\"> think the Fed will have to raise rates by at least another 50 bps this year in order to stamp out persistent inflation. More than two-thirds (67%) of the 42 economists surveyed expect rates to peak between 5.5% and 6.0% later this year, while a majority don\u2019t see the Fed loosening policy until 2024.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">New inflation data to give the Fed breathing room? <\/span><span style=\"\">Fed officials will have access to new CPI<\/span><span> data on Tuesday. Headline CPI is expected to have cooled to 4.1% in May, down from<\/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=\"\">4.9% in April<\/a><\/span><span style=\"font-weight:400;\">, and core CPI is expected to grow at its slowest pace since November 2021, making the case for a pause in rate hikes, according to Bloomberg.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE REALIGNMENT-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt4\"><\/a><\/span><span style=\"font-weight:700\">Shoukry calls to congratulate Turkey\u2019s new FM: <\/span><span style=\"\">Foreign Affairs Minister Sameh <\/span><span>Shoukry congratulated Hakan Fidan on his appointment and said he looked forward to working with him to continue down the path of normalizing relations, per a Foreign Affairs Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0PQmTBk3jQ99QrQUZP7RASbSr1BhSmoYSN8ZfBm2BQ6oJhjqnYxckbBeGvTa9MNbPl\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\">. They also discussed \u201can exchange of visits at all levels,\u201d while Hakan \u201cstressed the importance of moving forward with the process of restoring full relations.\u201d <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why it matters: <\/span><span style=\"\">The new Turkish foreign minister was appointed to the cabinet followin<\/span><span>g Turkish President Recep Tayyip Erdogan\u2019s reelection, in what <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c732833-62e3-45cf-81f3-69483e97674c\" style=\"\">many took<\/a><\/span><span> as a sign Turkey will double down on its efforts to thaw relations with Arab countries including Egypt. Erdogan and President Abdel Fattah El Sisi are expected to meet soon for their first face-to-face talks.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AND<\/span><span style=\"\">- <\/span><span style=\"font-weight:700\">Chinese and South African leaders discuss peace in Ukraine: <\/span><span style=\"\">South Afric<\/span><span style=\"\">an <\/span><span>President Cyril Ramaphosa called Chinese president Xi Jinping on Friday to discuss the ongoing Russian-Ukrainian conflict, the South African presidency said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3CkL34a\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\"> on Saturday. Ramaphosa briefed Jinping about the African leaders\u2019 upcoming visit to Russia and Ukraine in a bid to end the war. \"President Xi Jinping commended the initiative by the African continent and acknowledged the impact the conflict has had on human lives and on food security in Africa,\" the statement reads.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember: Egypt is involved with this.<\/span><span style=\"\"> President El Sisi, along with the leaders of South <\/span><span>Africa, Senegal, Uganda, Congo, and Zambia are expected to travel to Kyiv and Moscow <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13837895-9eb7-45dd-9d99-8dad22104446\" style=\"\">later this month<\/a><\/span><span> in an effort to restart peace talks and bring the 15-month conflict to an end. A proposed peace plan was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d67415e5-ba50-4587-b4a2-53dbb79d3345\" style=\"\">first mentioned by Ramaphosa<\/a><\/span><span> last month but no details have been made public. El Sisi <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e96349a2-efc9-4a19-9ae3-447f9154861e\" style=\"\">discussed<\/a><\/span><span style=\"font-weight:400;\"> the plan with the other African leaders last week.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">WAR WATCH-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Clashes erupt once again in Sudan: <\/span><span style=\"\">Intense fighting broke out once more between the <\/span><span>Sudanese Armed Forces and the <\/span><span>paramilitary Rapid Support Forces (RSF) after a 24-hour ceasefire brokered by the US and Saudi Arabia expired, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/fighting-resumes-sudans-capital-after-24-hour-truce-expires-2023-06-11\/\" style=\"\">Reuters<\/a><\/span><span> reports. The fighting was some of the worst seen in weeks, witnesses told the newswire. In a<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/USEmbassyKRT\/status\/1667985897080406016\" style=\"\">joint statement<\/a><\/span><span>, the US and Saudi praised both sides for \u201ceffective command and control\u201d during the brief truce but said violations had occurred and expressed \u201cdisappointment\u201d at how quickly fighting had resumed. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FROM THE RUMOR MILL-<\/span><\/p><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\">Could Gulf investors come to Alfa\u2019s rescue? <\/span><span style=\"\">The supermarket chain is in adv<\/span><span>anced discussions with unnamed Qatari and Emirati investment funds to sell a 25% stake in the company, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=10062023&amp;id=4bcc5d77-b6db-436e-8d61-27afaa202ee2\" style=\"\">Al Shorouk<\/a><\/span><span> reported Saturday, citing an anonymous source. The capital injection would provide Alfa with enough liquidity to repay its debts, the source said, adding that an agreement with one of the funds and creditor banks will arrive \u201cin the coming days.\u201d The newspaper reported last week that Alfa had <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c07ca60-f4ed-4c49-bc69-f7f48f1dd3bb\" style=\"\">begun closing branches<\/a><\/span><span style=\"font-weight:400;\"> as it looks to sell off assets in order to repay EGP 100 mn of debt to lenders and suppliers.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CORRECTION- <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">A story we published in Thursday\u2019s EnterpriseAM incorrectly stated that the International <\/span><span>Finance Corporation (IFC) is lending USD 650k to local microfinance providers. The USD 650k figure refers to the budget of the support program it is offering to microlenders. We have since updated the story <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/86a3ee79-a958-4e40-92bc-53a66c7a8bee\" style=\"\">on our website<\/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: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:700\">ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help <\/span><span style=\"font-weight:700\">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:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">*** It\u2019s Blackboard day:<\/span><span style=\"font-weight:400;\"> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In today\u2019s issue:<\/span><span style=\"\"> We have the details on ElSewedy EdTech\u2019s plans for a new university,<\/span><span style=\"font-weight:400;\"> ElSewedy University of Technology - Polytechnic of Egypt. <\/span><\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly\/\">Al Ahly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-iraq-relations\/\">Egypt-Iraq 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\/foreign-ministry\/\">Foreign Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hakan-fidan\/\">Hakan Fidan<\/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\/mohammed-shia-al-sudani\/\">Mohammed Shia Al Sudani<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/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=\"588454 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=\"588454\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/588454\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588454\" class=\"content-area-description single-story post-588454 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 style=\"font-weight:400;\"> to find out more and book your pass today.<\/span><\/p>\n<\/div>\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=\"588455\" 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=\"588455\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/negotiations-are-underway-for-investments-in-two-state-owned-pharma-firms-through-a-capital-increase\/\">\r\n                            The gov\u2019t is negotiating with investors to inject additional capital in two of its pharma firms                        <\/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\/12\/negotiations-are-underway-for-investments-in-two-state-owned-pharma-firms-through-a-capital-increase\/\" target=\"_blank\">\n         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href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/negotiations-are-underway-for-investments-in-two-state-owned-pharma-firms-through-a-capital-increase\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/531.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"588456\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/negotiations-are-underway-for-investments-in-two-state-owned-pharma-firms-through-a-capital-increase\/531-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/531.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"531.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/531.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/531.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588455\" class=\"content-area-description single-story post-588455 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-chemical-industries-development-company tag-enterpriseam tag-holdipharma tag-ma-watch tag-mahmoud-esmat tag-misr-pharma tag-pharma tag-privatization-watch tag-public-enterprises-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.fd99db3f-d73e-43d8-b63d-bd6239d89087.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\">Two state-owned pharma firms are up for grabs:<\/span><span style=\"\"> A number of investors are in talks <\/span><span>with the Public Enterprises Ministry to acquire stakes in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/751e4dbb-589e-4c0a-9858-f69c7cd6ce57\" style=\"\">two pharma firms<\/a><\/span><span> including Chemical Industries Development Company (CID) via a capital increase, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/42BBsk2\" style=\"\">Asharq Business<\/a><\/span><span style=\"font-weight:400;\"> quotes Minister Mahmoud Esmat as saying. Esmat declined to reveal the identity of the investors due to the ongoing negotiations. Information about the stake size and the advisors working on the sale wasn\u2019t disclosed.<\/span><\/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 isn\u2019t the first we\u2019ve heard about this:<\/span><span> Al Mal reported in February that the government <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/751e4dbb-589e-4c0a-9858-f69c7cd6ce57\" style=\"\">could sell 30-40% of CID<\/a><\/span><span style=\"font-weight:400;\"> to strategic investors, citing unnamed sources.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IPO not in the cards: <\/span><span>Esmat ruled out a public share sale, telling the news outlet that it is not <\/span><span style=\"font-weight:400;\">necessary due to the interest from strategic investors. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CID in numbers:<\/span><span> The state-owned pharma firm <\/span><span>had a net working capital of EGP 232.4 mn<\/span><span> and reported an 8% <\/span><span>growth in net earnings to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3Pog13l\" style=\"\">EGP 61 mn<\/a><\/span><span style=\"font-weight:400;\"> in FY 2021-2022. The Holding Company for Pharma Industries (HoldiPharma) owns 100% of the company.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What is the second company?<\/span><span> Misr Pharma, together with CID, were the only two pharma <\/span><span>companies included in the list of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\">32 state-owned companies<\/a><\/span><span style=\"font-weight:400;\"> earmarked for privatization unveiled in February. Misr Pharma is also a subsidiary of HoldiPharma.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Privatization momentum is building:<\/span><span> The news comes amid a series of reports of potential <\/span><span>progress in selling state assets under the<\/span><span> privatization program<\/span><span>. Over the past week alone we\u2019ve heard that Actis and Malaysian Edra are interested in acquiring <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d847d66-93a0-4331-91ea-aa1b713ef452\" style=\"\">one of the USD 2 bn Siemens-built power plants<\/a><\/span><span>; the Port Said terminal operator is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d847d66-93a0-4331-91ea-aa1b713ef452\" style=\"\">set to sell a 20% stake<\/a><\/span><span> on the EGX; and Saudi Egyptian Industrial Investment is close to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/72b4d47f-fce5-4736-8b82-c588e9678a49\" style=\"\">acquiring<\/a><\/span><span style=\"font-weight:400;\"> a 70% stake in a subsidiary of Metallurgical Industries Holding Company (MIH).<\/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\/chemical-industries-development-company\/\">Chemical Industries Development Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/holdipharma\/\">HoldiPharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mahmoud-esmat\/\">Mahmoud Esmat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/misr-pharma\/\">Misr Pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-enterprises-ministry\/\">Public Enterprises 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=\"588457\" 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=\"588457\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/adq-eyeing-a-stake-in-kima\/\">\r\n                            ADQ eyeing a stake in Egypt\u2019s Kima?                        <\/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\/12\/adq-eyeing-a-stake-in-kima\/\" 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\/12\/adq-eyeing-a-stake-in-kima\/')\">\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\/12\/adq-eyeing-a-stake-in-kima\/\">\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=ADQ eyeing a stake in Kima?&url=https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/adq-eyeing-a-stake-in-kima\/\">\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\/12\/adq-eyeing-a-stake-in-kima\/&title=ADQ eyeing a stake in Kima?\">\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=ADQ+eyeing+a+stake+in+Kima%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F12%2Fadq-eyeing-a-stake-in-kima%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\/12\/adq-eyeing-a-stake-in-kima\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/527.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"588458\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/adq-eyeing-a-stake-in-kima\/527-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/527.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"527.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/527.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/527.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588457\" class=\"content-area-description single-story post-588457 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-adq tag-egypt-uae-relations tag-enterpriseam tag-kima tag-ma-watch tag-privatization-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\/.e49eaee3-a07c-478b-9302-f41d9312c30a.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\">ADQ in for a slice of Kima? <\/span><span style=\"\">Abu Dhabi wealth fund ADQ is eyeing a 20-25%<\/span><span style=\"\"> stake in state-owned Egyptian Chemical Industries (Kima), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/06\/10\/1677519\" style=\"\">Al Borsa<\/a><\/span><span style=\"\"> reports, citing unnamed government sources. The stake sale is reportedly one of the financing options on the table for <\/span><span style=\"\">the second phase of Kima 2<\/span><span style=\"\">, the company\u2019s nitric acid and ammonium nitrate plant in Aswan. <\/span><span style=\"\">Kima denied knowledge of the matter in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/515.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span style=\"\"> 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\">Kima 2 contract coming:<\/span><span style=\"\"> The contract for the implementation of the project, which Kima on <\/span><span style=\"\">Tuesday said it would <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ffa4509-4326-4177-bb87-b17ed8d17558\" style=\"\">award<\/a><\/span><span style=\"\"> to Italian contractor Maire Tecnimont<\/span><span style=\"\">, will be signed this week.<\/span><span style=\"\">The project will cost some USD 297 mn and will produce some 600 tons of nitric acid and 665 tons of ammonium nitrate a day once operational, with construction expected to take two years. <\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-uae-relations\/\">Egypt-UAE relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kima\/\">Kima<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"588459\" 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=\"588459\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/mps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house\/\">\r\n                            Egyptian MPs voice concern over high borrowing in FY 2023-24 budget                        <\/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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voice concern over public borrowing as budget debates kick off in the House\">\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=MPs+voice+concern+over+public+borrowing+as+budget+debates+kick+off+in+the+House+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F12%2Fmps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house%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\/12\/mps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/561.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"588460\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/mps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house\/561-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/561.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"561.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/561.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/561.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588459\" class=\"content-area-description single-story post-588459 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-budget-watch tag-economy tag-enterpriseam tag-finance-ministry tag-house-of-representatives tag-legislation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.5516ae38-0e30-4b06-95ee-d3d53ae0f0a8.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\">Debt in focus as House debates FY 2023-24 budget:<\/span><span style=\"\"> Our elected representatives <\/span><span style=\"font-weight:400;\">kicked off the first day of debates over the FY 2023-2024 budget on Sunday, with some MPs raising concerns over high levels of foreign borrowing. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Opposition parties oppose high borrowing: <\/span><span style=\"font-weight:400;\">The Egyptian Socialist Democratic Party and the liberal Reform and Development Party said they would reject the budget and the social and economic development plan because they don\u2019t include a long-term plan to cut back on foreign borrowing. Reform and Development Party Spokesperson Ayman Abul Ela also said the budget didn\u2019t allocate enough to education and health spending. Egyptian Socialist Democratic Party Spokesperson Ihab Mansour went as far as to call on MPs to withdraw their confidence in Prime Minister Moustafa Madbouly\u2019s government over its handling of the economic crisis. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Some independents also had concerns over debt: <\/span><span style=\"\">Independent MP Mohamed Abdelaziz said that \"MPs have repeatedly called upon the government to restrict foreign borrowing to cut debt servicing, but our calls usually<\/span><span style=\"\"> go to no avail,\u201d<\/span><span style=\"\"> adding that too much of taxpayers\u2019 money is spent on debt servicing. <\/span><span style=\"font-weight:400;\">Chair of the House Planning and Budgeting Committee Fakhry El Fiqi also warned of the risk of excessive borrowing at a time of high interest rates globally, pointing out that the state will spend some EGP 1.12 tn \u2014 or 37% of total spending \u2014 on debt servicing next fiscal year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Majority parties struck a more positive note: <\/span><span style=\"\">The three majority political parties \u2014 <\/span><span>Mostaqbal Watan, Protectors of the Nation (Homat El Watan), and the Republican People\u2019s Party \u2014 all voiced their approval of the budget and development plan, saying it balances support for the most vulnerable in society with fiscal discipline. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- Overall spending is set to rise 34% y-o-y to EGP 2.99 tn in FY 2023-24. <\/span><span style=\"\">While debt servicing is the single biggest component of that, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13f3c00c-17fb-4318-aa0e-219d887c5eca\" style=\"\">the budget<\/a><\/span><span style=\"\"> also lays out increased spending on social safety programs and subsidies, as well as on wages, commodity purchases, social support, public investment, education and health. The Madbouly cabinet is targeting a 7% budget deficit next fiscal year, down from a projected 8% this fiscal year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span style=\"\"> MPs will continue to debate the budget and development plan through to Tuesday when a final vote could be held. <\/span><span>The Senate <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9607ec71-47a7-4ad2-83f8-0928a0925dd4\" style=\"\">approved<\/a><\/span><span style=\"font-weight:400;\"> the FY 2023-24 development plan last week.<\/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\/budget-watch\/\">budget 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\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"588461 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=\"588461\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/588461\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588461\" class=\"content-area-description single-story post-588461 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.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"588462\" 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=\"588462\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/the-govt-wants-to-increase-oil-and-gas-exports-by-15-this-year\/\">\r\n                            Egypt targets 15% increase in oil and gas exports in 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/the-govt-wants-to-increase-oil-and-gas-exports-by-15-this-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n      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href=\"https:\/\/api.whatsapp.com\/send?text=The+gov%E2%80%99t+wants+to+increase+oil+and+gas+exports+by+15%25+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F12%2Fthe-govt-wants-to-increase-oil-and-gas-exports-by-15-this-year%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/the-govt-wants-to-increase-oil-and-gas-exports-by-15-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/520.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"588463\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/the-govt-wants-to-increase-oil-and-gas-exports-by-15-this-year\/520-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/520.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"520.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/520.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/520.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588462\" class=\"content-area-description single-story post-588462 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-enterpriseam tag-oil-and-gas tag-oil-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.c99a6f7a-c8ea-4d74-81cf-b150974c890f.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\">New oil + gas export targets: <\/span><span style=\"\">The Madbouly government is targeting oil and gas <\/span><span style=\"\">exports of USD 21 bn for the year, up 15% from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/story.php?story_fbid=pfbid078TQDhrWqX4RG1vj3uumCyreE5h8VgadKsosU6FRuK1xYTcy3pCNZgtK8ZQXpTubl&id=100064812882317&sfnsn=scwspwa&mibextid=RUbZ1f\" style=\"\">USD 18.2 bn<\/a><\/span><span style=\"\"> in 2022, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3qG6fim\" style=\"\">Asharq Business<\/a><\/span><span style=\"\"> reported, citing a <\/span><span style=\"\">government document<\/span><span style=\"font-weight:400;\">. The state is targeting another c.15% increase in 2024 to USD 24 bn. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2022 was a good year for our natural gas exports:<\/span><span> Oil and gas export revenues jumped more <\/span><span>than 40%<\/span><span style=\"font-weight:400;\"> during 2022 due to rising gas exports.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">LNG exports had a good first quarter: <\/span><span>LNG exports <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b25814cf-b98f-47b1-b565-9ccbbd19c545\" style=\"\">rose 6% y-o-y<\/a><\/span><span> to 1.9 mn tons in 1Q 2023, according to Kpler data cited by Mees. <\/span><span>The increase was triggered by a 49% jump in Israeli gas deliveries in 2022, which reached a record 606 mn cf\/d. The <\/span><span>two sides <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\" style=\"\">signed<\/a><\/span><span style=\"font-weight:400;\"> a landmark gas export agreement last year that will see increased volumes of Israeli gas exported to Europe via Egypt\u2019s LNG facilities as the continent looks to replace Russian fossil fuels.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">New LNG plant in the pipeline: <\/span><span>The government is considering building a third LNG facility as <\/span><span>it looks to ramp up gas exports, according to the document. Egypt currently has two terminals at Damietta and Idku with a capacity to produce 2.1 bn cubic feet of LNG per day. Plans for new LNG terminals have been floating around <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248f9feb-5ba0-4777-b6a8-e910c3e8cc67\" style=\"\">since at least last year<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More gas is going to be heading our way in the coming years:<\/span><span> As well as increased <\/span><span>shipments of Israeli gas, plans are afoot to lay a pipeline connecting Cyprus\u2019 giant Aphrodite field to Egypt\u2019s LNG facilities. One of the developers of the field, NewMed, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61666b86-a479-439d-99e7-8657d77c98b8\" style=\"\">recently confirmed<\/a><\/span><span style=\"font-weight:400;\"> that it has submitted plans for the pipeline to the Cypriot government.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Gas is a key source of hard currency for Egypt:<\/span><span> The government has sought to maximize <\/span><span>gas proceeds to alleviate the FX crunch triggered by the war in Ukraine, and last year began <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8825220-3a11-4b4f-85d0-10a069902e3a\" style=\"\">rationing domestic consumption<\/a><\/span><span style=\"font-weight:400;\"> in order to increase exports.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span> The discovery of the Zohr gas field in 2018 helped Egypt wean itself off gas <\/span><span>imports and turned it into a net natural gas exporter. The field, which accounts for more than a third of the country\u2019s total gas production, saw output <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b25814cf-b98f-47b1-b565-9ccbbd19c545\" style=\"\">fall 11% y-o-y<\/a><\/span><span style=\"font-weight:400;\"> to 2.5 bn cf\/d last year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More exploration efforts are underway: <\/span><span>Eni will <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a16e0275-994f-4318-8b49-db49b2575af3\" style=\"\">soon start drilling<\/a><\/span><span> an exploration well at its <\/span><span>Mediterranean North East Hap\u2019y concession, while energy giant Chevron is preparing to explore for more natural ga<\/span><span style=\"\">s off Egypt, Cyprus, and Israel. The two firms also <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a961e0b1-0f40-4d21-b34c-c7821e996d47\" style=\"\">announced<\/a><\/span><span style=\"font-weight:400;\"> a \u201csignificant\u201d gas discovery at their Nargis offshore block last year. Authorities are yet to provide an estimate of the field\u2019s size though an unconfirmed report suggested that it could hold 3.5 tcf of gas.<\/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\/energy\/\">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\/oil-ministry\/\">Oil 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=\"588464\" 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=\"588464\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/el-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration\/\">\r\n                            Samih Sawiris plans USD 100 mn expansion at Egypt\u2019s El Gouna resort, Saudi Arabian resort                        <\/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\/12\/el-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration\/\" 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\/12\/el-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration\/')\">\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\/12\/el-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration\/\">\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=El Gouna to see USD 100 mn expansion within two years \u2014 and a Saudi 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href=\"https:\/\/api.whatsapp.com\/send?text=El+Gouna+to+see+USD+100+mn+expansion+within+two+years+%E2%80%94+and+a+Saudi+iteration+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F12%2Fel-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration%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\/12\/el-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/558.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"588465\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/el-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration\/558-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/558.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"558.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/558.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/558.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588464\" class=\"content-area-description single-story post-588464 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-investment-watch tag-oman tag-orascom-development-egypt tag-samih-sawiris tag-saudi-arabia tag-switzerland tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.d7df9e5f-f1b7-4c8b-b067-fd25db20e152.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\">El Gouna will see USD 100 mn in fresh investment in the next two years<\/span><span style=\"\">, b\u2019naire <\/span><span style=\"\">Samih Sawiris<\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/05\/12\/this-morning-samih-sawiris-steps-down-as-ode-chairman-shoukry-to-co-chair-climate-meeting-in-copenhagen-us-inflation-data-spooks-markets-70761\/\" style=\"\">former chairman<\/a><\/span><span> of the resort town\u2019s developer, Orascom Development Holding (ODH), is quoted as telling <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.asharqbusiness.com\/article\/51147\/%D8%A7%D9%84%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%AF%D9%8A%D8%B1-%D8%B3%D9%85%D9%8A%D8%AD-%D8%B3%D8%A7%D9%88%D9%8A%D8%B1%D8%B3-%D9%8A%D8%AE%D8%B7%D8%B7-%D9%84%D8%A7%D8%B3%D8%AA%D9%86%D8%B3%D8%A7%D8%AE-%D9%85%D8%AF%D9%8A%D9%86%D8%A9-%D8%A7%D9%84%D8%AC%D9%88%D9%86%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9\/\" style=\"\">Asharq Business<\/a><\/span><span style=\"font-weight:400;\">. The money will go towards building a new hotel and expanding existing hotels in the popular upscale Red Sea holiday destination, 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\">REMEMBER- <\/span><span style=\"\">Orascom Development Egypt (ODE) in February <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4313fc8f-1a00-4ded-a62d-df0c79f3e59f\" style=\"\">inked an agreement<\/a><\/span><span style=\"font-weight:400;\"> with Egyptian authorities to more than double the size of El Gouna, adding 1.2 mn sqm of connected lagoons and 1k hotel rooms every 10 years. ODE at the time said it would fund the growth from its own EGP 3.8 bn in cash on hand, a USD 30 mn shareholder loan from parent company ODH, and future cashflows.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Sawiris is partnering with private investors in the KSA to build a resort similar to El Gouna<\/span><span style=\"\"> in the Kingdom, Sawiris said. <\/span><span>The Saudi resort will see initial investments of at least USD 500 mn, he added. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Sawiris is planning several other projects<\/span><span style=\"font-weight:400;\">, he told Asharq: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">A project to revive an ancient heritage site in Jeddah, Saudi Arabia, over the next five years;<\/span><\/li>\n<li><span style=\"font-weight:400;\">A USD 100 mn redevelopment of an an existing resort on Oman\u2019s Al Sawda island in partnership with the Oman Investment Authority;<\/span><\/li>\n<li><span>A USD 200 mn new hotel in Switzerland, wit<\/span><span style=\"font-weight:400;\">h construction planned to break ground early next year.<\/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\">If that wasn\u2019t enough: <\/span><span style=\"\">In March, Sawiris <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4f2ae5e9-f7b7-4f21-ae00-bc13274cdd7b\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> he is leading the redevelopment of the Mogador resort in Morocco\u2019s Essaouira, in a drive worth as much as AED 4 bn. Sawiris will lead a consortium of four investors, making his investments through SOSTNT, his Luxembourg-based investment company.<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oman\/\">Oman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-development-egypt\/\">Orascom Development Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/samih-sawiris\/\">Samih Sawiris<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/switzerland\/\">Switzerland<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"588466\" 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=\"588466\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/enmaa-finance-closes-its-first-egp-759-mn-securitization-issuance\/\">\r\n                            Enmaa Finance closes EGP 759 mn bond securitization issuance                        <\/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\/12\/enmaa-finance-closes-its-first-egp-759-mn-securitization-issuance\/\" 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 three-tranche issuance has tenors ranging from 13-56 months and ratings of AA+ through A from the Middle East Rating and Investors Service (MERIS). It is backed by an EGP 1.16 bn receivables portfolio. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who bought in?<\/span><span style=\"font-weight:400;\"> The National Bank of Egypt (NBE), Faisal Islamic Bank, Banque du Caire (BdC), Arab African International Bank (AAIB), ABC Bank and Attijariwafa Bank Egypt together covered subscription to the issuance, the statement reads. NBE, BdC, AAIB, and Al Ahly Pharos were underwriters on the transaction. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisor<\/span><span style=\"font-weight:700\">s:<\/span><span style=\"font-weight:400;\"> Al Ahly Pharos acted as the sole financial advisor, sole transaction manager, bookrunner, and arranger of the issuance. Banque du Caire was also an arranger. AAIB acted as custodian and BdC as the placement agent. Dreny &amp; Partners acted as the legal advisor, and Baker Tilly as the auditor of the transaction.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A good year for securitization:<\/span><span style=\"font-weight:400;\"> This issuance pushed the total value of securitized bond issuances this year to nearly EGP 16.3 bn, up more than 40% from the same period last year.&nbsp;<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><i>Correction: 13 June 2023&nbsp;<\/i><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><i>A previous version of this article incorrectly stated that Enmaa Finance closed a USD 759 mn issuance.<\/i><\/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\/al-ahly-pharos\/\">Al Ahly Pharos<\/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\/enmaa-finance\/\">Enmaa Finance<\/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=\"588468 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=\"588468\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/588468\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588468\" class=\"content-area-description single-story post-588468 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\/6\/466.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"588469\" 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=\"588469\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/talking-heads-on-the-timing-of-our-upcoming-presidential-elections-red-sea-boat-fire\/\">\r\n                            Talking heads discuss timing of Egypt\u2019s upcoming presidential elections, Red Sea boat fire                        <\/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\/12\/talking-heads-on-the-timing-of-our-upcoming-presidential-elections-red-sea-boat-fire\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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              <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/589.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"588470\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/talking-heads-on-the-timing-of-our-upcoming-presidential-elections-red-sea-boat-fire\/589-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/589.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"589.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/589.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/589.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588469\" class=\"content-area-description single-story post-588469 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam tag-last-nights-talk-shows tag-politics tag-red-sea tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.8b60cfbc-2a83-4f80-910f-9def656a65f6.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The upcoming 2024 presidential election got top<\/span><span style=\"font-weight:700\"> billing on last night\u2019s talk shows<\/span><span style=\"\">, as th<\/span><span style=\"font-weight:400;\">e talking heads sought to clarify when the process will kick off. <\/span><\/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 2024 presidential election process should kick off by 1 December, 2023 at the latest, <\/span><span>National Dialogue Technical Secretariat head Mahmoud Fawzi told Kelma Akhira\u2019s Lamees Hadidi (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=zzMfbhY6zZc&ab_channel=%D9%83%D9%84%D9%85%D8%A9%D8%A3%D8%AE%D9%8A%D8%B1%D8%A9%D9%85%D8%B9%D9%84%D9%85%D9%8A%D8%B3%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AF%D9%8A\" style=\"\">watch, runtime: 10:34<\/a><\/span><span>). Fawzi\u2019s comments came to clarify rumors that the election would happen \u201cearly.\u201d He explained that the constitution requires that the election take place at least 120 days before the end of President Abdel Fattah El Sisi\u2019s current six-year term on 2 April, 2024. There was more coverage from <\/span><span>Ahmed Moussa on Ala Mas\u2019ouleety (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=npdySFWLpXI&ab_channel=SadaElbalad-%D8%B5%D8%AF%D9%89%D8%A7%D9%84%D8%A8%D9%84%D8%AF\" style=\"\">watch, runtime: 6:20<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=9356354401105486\" style=\"\">15:30<\/a><\/span><span>), Lubna Assal on Al Hayah Al Youm (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=794701692004645\" style=\"\">watch, runtime: 4:57<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=788216909384039\" style=\"\">7:27<\/a><\/span><span>) and Amr Adeeb on El Hekaya (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=1485548255524121\" style=\"\">watch, runtime: 4:02<\/a><\/span><span style=\"font-weight:400;\">), where Diaa Rashwan, the general coordinator of the National Dialogue, confirmed the news.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AND- The diving boat that caught fire off of Marsa Alam <\/span><span>and the three British tourists who are still missing got coverage across the board (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=468485342158999\" style=\"\">watch, runtime: 4:43<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=E5gw6DhqoBA&ab_channel=%D9%83%D9%84%D9%85%D8%A9%D8%A3%D8%AE%D9%8A%D8%B1%D8%A9%D9%85%D8%B9%D9%84%D9%85%D9%8A%D8%B3%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AF%D9%8A\" style=\"\">13:43<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=926672815082909\" style=\"\">5:54<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=819948929143725\" style=\"\">9:35<\/a><\/span><span style=\"font-weight:400;\">). We have the full story in our Egypt in the News section, below.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/red-sea\/\">Red Sea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"588471\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"588472\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/three-british-tourists-missing-after-red-sea-boat-caught-fire\/\">\r\n                            Three British tourists missing after Red Sea boat caught fire                        <\/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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\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\/12\/three-british-tourists-missing-after-red-sea-boat-caught-fire\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/585.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"588473\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/three-british-tourists-missing-after-red-sea-boat-caught-fire\/585-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/585.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"585.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/585.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/585.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588472\" class=\"content-area-description single-story post-588472 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-red-sea tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.4adddd67-0e9a-4be2-b920-76b83a8df4d1.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\">British tourists missing off Marsa Alam:<\/span><span style=\"\"> Rescuers are searching for three British<\/span><span> nationals who went missing off the Red Sea coastline when the scuba diving boat they were aboard caught fire. Twelve other British tourists and 12 crew members were rescued when the Hurricane went up in flames off the coast of Marsa Alam yesterday, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid0anWGi4QFgUv1azjjRj5Litm1MWzyCfPAckR6UAv8aC9saGLe31tXp7P7meNh8sfVl&id=100064558487341\" style=\"\">statement<\/a><\/span><span>by Red Sea governorate authorities. An initial investigation suggests the cause of the blaze was an electrical short circuit in the engine room and the case has been referred to the Public Prosecution, the statement reads. The British Foreign Office said it was supporting those involved. <\/span><span style=\"font-weight:700\">The story got wide coverage in the international press:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/egypt-boat-missing-red-sea-divers-british-721fd70dcd7903b4eaef4357204e4385\" style=\"\">Associated Press<\/a><\/span><span>| <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/edition.cnn.com\/2023\/06\/11\/africa\/egypt-boat-fire-british-tourists-intl\/index.html\" style=\"\">CNN<\/a><\/span><span>| <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.theguardian.com\/world\/2023\/jun\/11\/three-british-tourists-missing-in-egypt-after-boat-catches-fire\" style=\"\">The Guardian<\/a><\/span><span>| <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/news.sky.com\/story\/foreign-office-says-its-supporting-british-nationals-after-boat-bursts-into-flames-in-red-sea-off-egypt-12900246\" style=\"\">Sky News<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bbc.com\/news\/business-65871310\" style=\"\">BBC<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/red-sea\/\">Red Sea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"588474\" 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=\"588474\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/chinas-vivo-begins-producing-local-smartphones\/\">\r\n                            China\u2019s Vivo begins producing smartphones in Egypt. PLUS: A route for startups to raise via the EGX? + Erada Microfinance gets EGP 100 mn loan from NBE + Saudi logistics startup OTO plans Egyptian expansion                        <\/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\/12\/chinas-vivo-begins-producing-local-smartphones\/\" 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\/12\/chinas-vivo-begins-producing-local-smartphones\/')\">\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\/12\/chinas-vivo-begins-producing-local-smartphones\/\">\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=China\u2019s Vivo begins producing local smartphones&url=https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/chinas-vivo-begins-producing-local-smartphones\/\">\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\/12\/chinas-vivo-begins-producing-local-smartphones\/&title=China\u2019s Vivo begins producing local smartphones\">\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=China%E2%80%99s+Vivo+begins+producing+local+smartphones+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F06%2F12%2Fchinas-vivo-begins-producing-local-smartphones%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\/12\/chinas-vivo-begins-producing-local-smartphones\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/575.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"588475\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/chinas-vivo-begins-producing-local-smartphones\/575-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/575.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"575.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/575.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/575.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588474\" class=\"content-area-description single-story post-588474 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-capital-markets tag-egx tag-enterpriseam tag-erada-microfinance tag-finance tag-industry tag-manufacturing tag-microfinance tag-national-bank-of-egypt tag-non-banking-financial-services tag-ramy-el-dokany tag-sovereign-fund-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.370f9aa2-bf44-40e4-bc9d-896a2f5e6745.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\">MANUFACTURING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Vivo starts local production:<\/span><span style=\"\"> Chinese smartphone maker Vivo has begun <\/span><span>manufacturing devices at its Tenth of Ramadan factory, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3X3rlDO\" style=\"\">Al Mal<\/a><\/span><span>reports<\/span><span style=\"font-weight:400;\">. The company has over the past weeks produced an unspecified quantity of phones ranging in price from EGP 5 - 11k and intends to add more models to its production lines soon, a source in the telecoms sector reportedly told the newspaper. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This makes Vivo the fourth international brand to produce smartphones in Egypt<\/span><span style=\"\"> after <\/span><span>Nokia phone manufacturer HMD Global, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32c10feb-c2b6-4762-88ec-2c51d2229476\" style=\"\">Infinix<\/a><\/span><span>, and <\/span><span>Samsung, which is preparing to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6608b7e-9dd6-494c-96f6-8b7d5e541100\" style=\"\">build a new factory<\/a><\/span><span> at its industrial complex in Beni Suef. Vivo has been active in Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/414279\/Business\/Economy\/Vivo-to-increase-investments-in-Egypt-by--over-two.aspx\" style=\"\">since 2019<\/a><\/span><span>, and has a network of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea0248ff-94a7-42dc-a11d-302c345bcee9\" style=\"\">customer service centers<\/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;\">CAPITAL MARKETS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Giving startups access to the public market: <\/span><span style=\"\">The EGX is considering setting up a <\/span><span>sub-market for startup companies to help them raise capital from the public market, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3ClALkb\" style=\"\">Al Mal<\/a><\/span><span> reports, citing EGX boss Ramy El Dokany. Smaller companies are capable of attracting investment but are unable to comply with the EGX\u2019s listing requirements, he said, clarifying that the plan remains at an early stage. The market would be similar to the UK\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.londonstockexchange.com\/raise-finance\/equity\/aim\" style=\"\">Alternative Investment Market (AIM)<\/a><\/span><span>, which allows small and early-stage companies to go public.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Beltone to become futures market maker?<\/span><span style=\"\"> The EGX is in talks with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/beltonefinancial.com\/market-maker\/\" style=\"\">Beltone Financial<\/a><\/span><span>to become the market maker for the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bcc168f-6fd3-410b-a287-8ced932fd01f\" style=\"\">forthcoming futures exchange<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3No6pE8\" style=\"\">the newspaper<\/a><\/span><span> reports <\/span><span>El Dokany<\/span><span> as saying. Beltone is currently the only licensed market maker in Egypt. The EGX is also holding discussions with a number of local and Gulf banks to become members of the exchange\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d618c524-4165-4e95-99f7-493fb5811d71\" style=\"\">clearing company<\/a><\/span><span>, he said. The company aims to recruit an initial 4-5 members, including commercial and investment banks ahead of the exchange\u2019s launch, he added.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Four firms to manage Investor Protection Fund portfolio:<\/span><span style=\"\"> The board of the Investo<\/span><span style=\"\">r <\/span><span>Protection Fund (IPF) has assigned the management of its EGP 320 mn financial portfolio to EFG Holding, Al Ahly Financial Investment Management, Beltone Financial and NI Capital, reports <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3oNqmuM\" style=\"\">Hapi Journal<\/a><\/span><span>. Moves to allow the fund to invest up to 10% of its EGP 4 bn funds to stimulate the stock market have been in the works since <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04372852-f993-4c56-b86c-a8dc6568dc58\" style=\"\">at least 2020<\/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;\">FINANCE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Erada Microfinance has secured a EGP 100 mn loan <\/span><span style=\"\">from the National Bank of Egypt <\/span><span>for on-lending to micro firms, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/491.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span> from the state-owned bank. The NBFS company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/991426a8-1f58-441f-8d4e-4e5e151fdfb5\" style=\"\">was launched<\/a><\/span><span> in January by the Sovereign Fund of Egypt (SFE) and Etisalat Egypt and aims to improve access to finance for micro and small businesses. Only last month it secured a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e6604a24-0fdc-464f-acdd-c85ec7730dbe\" style=\"\">loan of equal size<\/a><\/span><span style=\"font-weight:400;\"> from Banque du Caire. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">LOGISTICS<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">KSA-based logistics startup <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/tryoto.com\/\" style=\"\">OTO<\/a><\/span><span style=\"font-weight:700\"> plans to expand into Egypt in 2024 <\/span><span style=\"\">after launching <\/span><span>operations in Turkey, company <\/span><span style=\"font-weight:400;\">co-founder and CEO Mohammad Al Razaz told Enterprise Logistics. \u201cEgypt is our next target, and we aim to launch operations there at the beginning of next year,\u201d Al Razaz said. The company is currently operational in the GCC and Jordan and plans on further expansion in the MENA region, with a focus on North African markets. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>**<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/4a66face-06d6-46a1-808b-7900ab516f71\" style=\"\">Read the full story<\/a><\/span><span> in this morning\u2019s edition of <\/span><span>Enterprise Logisti<\/span><span>cs. <\/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\/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\/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\/erada-microfinance\/\">Erada Microfinance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microfinance\/\">microfinance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"588476\" 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=\"588476\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/more-bad-times-for-binance\/\">\r\n                            Crypto exchange Binance suspends USD transactions amid regulatory smackdown                        <\/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\/12\/more-bad-times-for-binance\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li 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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/578.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/578.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588476\" class=\"content-area-description single-story post-588476 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-binance tag-cryptocurrency tag-enterpriseam tag-financial-markets tag-nigeria tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.10aec11f-ff4e-453b-bd9d-2e5d1db68f33.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\">New day, new blow to Binance: <\/span><span style=\"\">The US arm of crypto exchange Binance has decided <\/span><span>to suspend USD transactions and transition to a crypto-only exchange after its payment and banking partners \u201csignaled their intent to pause USD fiat channels,\u201d it said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/BinanceUS\/status\/1666996908651323393?s=20\" style=\"\">tweet<\/a><\/span><span>. USD deposits were suspended on Friday while withdrawals will be disabled by business partners on 13 June. Binance blames the setback on the \u201caggressive and intimidating tactics\u201d of the Securities and Exchange Commission (SEC), which last week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac74f97e-f9d3-450c-9052-12b7127fc33d\" style=\"\">filed 13 civil charges<\/a><\/span><span style=\"font-weight:400;\"> against the company on allegations of manipulating trading volumes, operating unregistered exchanges, and misrepresenting trading controls. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Crypto market hit:<\/span><span style=\"\"> The crypto market had a rough weekend, with a number of smaller <\/span><span>digital tokens facing the brunt of investors\u2019 anxieties following the SEC\u2019s move, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-10\/crypto-weekend-slump-led-by-altcoin--sol--ada--matic--follows-sec-crackdown?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span> reports<\/span><span style=\"font-weight:400;\">. Altcoins like Cardano\u2019s ADA plunged by as much as 25% on Saturday, while Solana\u2019s SOL, Polygon\u2019s MATIC, and Avalanche\u2019s AVAX all fell by double digits. The largest digital currency, BTC, fell nearly 3% and Ether, the second largest, lost 6% to hit its lowest level since March. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s not just US regulators that are out to get Binance:<\/span><span style=\"\">Nigeria\u2019s financial regulator has <\/span><span>ordered the company to immediately cease its operations in the country, rendering it an illegal entity, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/technology\/nigeria-regulator-says-local-binance-operations-illegal-2023-06-10\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">reported yesterday.<\/span><\/p><p><a id=\"t.1455fc395a95cd0b119bdfa69f40d028c5835a46\"><\/a><a id=\"t.0\"><\/a><\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<thead>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">EGX30 <\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">17,740<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">+1.3% (YTD: +21.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">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;\">11,396<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-0.0% (YTD: +8.8%)<\/span><\/p>\n<\/td>\n<\/tr><\/thead><tbody><\/tbody>\n\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\">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;\">9,369<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">+0.2% (YTD: -8.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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;\">3,699<\/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: +10.9%)<\/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\">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;\">4,299<\/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;\">+0.1% (YTD: +12.0%)<\/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;\">7,562<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-0.5% (YTD: +1.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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;\">4,290<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-0.2% (YTD: +13.1%)<\/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\">Brent crude<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">USD 74.79<\/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;\">-1.5%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;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 2.25<\/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;\">-4.2%<\/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;\">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 1,977.20<\/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;\">-0.1%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">BTC<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">USD 26,068<\/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: +58.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE CLOSING BELL-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The EGX30 rose 1.3% at yesterday\u2019s close<\/span><span style=\"\"> on turnover of EGP 2.61 bn. Local investors were <\/span><span style=\"font-weight:400;\">net buyers. The index is up 21.5% YTD.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In the green: <\/span><span style=\"font-weight:400;\">Palm Hills Developments (+7.1%), Mopco (+7.0%) and Fawry (+6.2%).<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In the red: <\/span><span style=\"font-weight:400;\">ADIB (-3.6%), Ibnsina Pharma (-2.6%) and Edita (-2.0%).<\/span><\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/binance\/\">Binance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/meet-elsewedy-edtechs-new-university-thats-bringing-polytechnic-education-to-egypt-to-better-equip-our-labor-force\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/587.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"588479\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/meet-elsewedy-edtechs-new-university-thats-bringing-polytechnic-education-to-egypt-to-better-equip-our-labor-force\/587-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/587.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"587.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/587.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/587.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-588478\" class=\"content-area-description post-588478 blackboard type-blackboard status-publish has-post-thumbnail hentry category-blackboard tag-blackboard tag-education tag-elsewedy-edtech tag-enterprise-blackboard tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/span><span style=\"font-weight:700\">ElSewedy<\/span><span style=\"font-weight:700\"> EdTe<\/span><span style=\"font-weight:700\">ch is bringing polytechnic education to Egypt:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/ElsewedyEDTECH\/\" style=\"\">ElSewedy EdTech<\/a><\/span><span style=\"\"> is working<\/span><span> to set up a new university, ElSewedy University of Technology - Polytechnic of Egypt, in partnership with Amity University of Dubai (AUD), according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/562.pdf\" style=\"\">statement (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/562.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/562.pdf\" style=\"\">)<\/a><\/span><span style=\"font-weight:400;\">. The university will rely on a polytechnic educational model to focus on cultivating \u201ca local workforce that aligns with Egypt\u2019s vision for advancing various industries,\u201d the statement says. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Enterprise sat down with ElSewedy EdTech CEO Hanan El Rihany<\/span><span style=\"\"> (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/hanan-el-rihany-55533b67\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"\">) to discuss the<\/span><span style=\"font-weight:400;\"> upcoming university\u2019s plans and goals, and how ElSewedy University of Technology Polytechnic of Egypt is working to shape its graduates to cater to the needs of Egypt\u2019s job market. Edited excerpts from our conversation:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ElSewedy EdTech is a subsidiary of ElSewedy Capital and focuses on investment in<\/span><span style=\"font-weight:700\"> education and human capacity.<\/span><span style=\"font-weight:400;\"> \u201cWe\u2019re mainly focused not just on the generic scope of education, but rather on technology education. We\u2019re planning to introduce a number of universities in Egypt that will follow the polytechnic model, which we\u2019re bringing to the country for the first time,\u201d El Rihany told Enterprise.<\/span><\/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 details:<\/span><span style=\"\">The university is slated to open its doors to students in the upcoming<\/span><span> academic year this September at its campus<\/span><span style=\"font-weight:400;\"> on the Cairo-Ismailia Road, El Rihany said. The university plans to eventually offer 19 programs, with plans to add 2-3 programs each year, with potential further expansion as the need arises. <\/span><\/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 university will initially kick off with four programs:<\/span><span style=\"\"> Cybersecurity and networking, data<\/span><span> science, computer science, and electric and electronic engineering technology. \u201cAll of the fields and programs that will be offered are geared towards the future of industry \u2014 we\u2019ll be considering fields such as transportation technology, energy efficiency technology \u2014 every tech field that\u2019s future-looki<\/span><span>ng.<\/span><span style=\"font-weight:400;\">\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 EdTech is partnering with Amity University in India, as well as with its Dubai<\/span><span style=\"font-weight:700\"> branch<\/span><span style=\"font-weight:400;\"> to set up the university. \u201cWe looked at India because it\u2019s very advanced in technology education \u2014 they did a lot of homework and were able to prepare their youth to tap international markets. You\u2019ll find much of the top brass in tech companies coming out of India,\u201d El Rihany said. \u201cThey also have a similar mentality of working to producing expert minds, as well as commonalities in the demographics, which drove the creation of innovative strategies to grow their human capacity.\u201d After zoning in on India as a country, ElSewedy EdTech looked to set up a partnership with Amity due to its position as a leading private university in India with a successful model and several branches worldwide where it has implemented its tech-based learning. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">So, what is polytechnic education?<\/span><span style=\"\"> \u201cThe polytechnic model is a global one that\u2019s most known<\/span><span style=\"font-weight:400;\"> in advanced industrial countries. It\u2019s an applied education model that\u2019s linked to the job market and industry needs,\u201d El Rihany explained. \u201cIt\u2019s more practical than theoretical and focuses more on the hands-on experience to teach students through practical work in labs and practical settings.\u201d The model also includes internships as a compulsory component of the curriculum, with each student required to complete at least six to eight weeks of internships per year of education, El Rihany 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\">Polytechnic education is geared towards churning out graduates that are a reflection of<\/span><span style=\"font-weight:700\"> market needs \u2014 both local and international<\/span><span style=\"font-weight:400;\">, El Rihany said. \u201cOur two goals are to fill the gap in the local market by equipping our graduates with the qualifications needed to enter the job market here in Egypt.\u201d By equipping the local job market with skilled and qualified labor \u2014 which is \u201cone of the most attractive qualities of any market \u2014 Egypt will be better positioned to attract international investments, El Rihany explained. \u201cThe second goal is that we know our human capacity in Egypt is one of our treasures, so providing our young population with the international benchmark skills and credentials will allow them to compete on a global level,\u201d she said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The university is focused on creating a new layer of tech employees who will act as a link<\/span><span style=\"font-weight:700\"> between technicians and engineers.<\/span><span style=\"font-weight:400;\"> \u201cYou can call these employees the \u2018new collar workers,\u2019\u201d El Rihany said, explaining that they will bridge the gap between white collar engineers and blue collar technicians. \u201cThey\u2019re not of a lower quality than engineers \u2014 it\u2019s an equal path but engineers are more focused throughout their education on research and theoretical learning, while polytechnic workers are more focused on the practical aspect and hands-on experience.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The polytechnic model will introduce to Egypt technologists \u201cwho will be the doers, the<\/span><span style=\"font-weight:700\"> implementers, the ones on the ground,\u201d<\/span><span style=\"font-weight:400;\"> El Rihany said. In any industry, an engineering fresh graduate will require six months to one year of training on the latest technologies and updates on the ground. \u201cPolytechnic graduates are plug-and-play: They\u2019ve already learned all the practical applications and have studied on the ground, with a good time spent learning by doing.\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\">\u201cThis is what we really need. We need people who can really implement technical skills,\u201d<\/span><span style=\"font-weight:400;\"> she said. \u201cThis is something that we know as a company because we\u2019re backed by ElSewedy Electric, which is on the ground as a mega industrial player in Egypt and the region, so we understand the real need for human capacity across all industries,\u201d she 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\">Polytechnical learning is not at odds with vocational or technical education \u2014 but rather<\/span><span style=\"font-weight:700\"> acts as a complementary model.<\/span><span style=\"font-weight:400;\"> \u201cThe job market actually needs every model that\u2019s available right now. Industry requires blue collar workers from technical schools, new collars from polytechnic backgrounds, and the engineers who drive the research and theoretical aspect,\u201d El Rihany said. \u201cIt\u2019s a different piece that completes the puzzle.\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:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Your top education story for the week: <\/span><span style=\"\">The Education Ministry inked a cooperation agreement with the British<\/span><span> Council to boost the teaching of English in primary schools<\/span><span>. <\/span><span>(<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0uRFL5Bym9WkadWLVdXKLaDPBqsjWunLkXodJchHhxujbHZrxNSWnAjZQQwr7KmBfl\" style=\"\">Statement<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blackboard\/\">Blackboard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-edtech\/\">ElSewedy EdTech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"588480\" 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\/12\/588480\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-588480\" class=\"content-area-description single-story post-588480 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: Suez Canal Economic Zone India roadshow. <\/span><\/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 style=\"font-weight:400;\">June: Indian Prime Minister Narandra Modi to visit Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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 style=\"font-weight:400;\">11 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>12 June - 15 July (Monday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0MomhExv4yWhogyCoY77i4QPaocEt1zS2uR4BR6pjLQZ8rw8mG5AcPjKXZNfCbv5Rl\" style=\"\">Thanaweya Amma exams<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">13-14 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">13 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;\">15 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 style=\"font-weight:400;\">18 June (Sunday): Senate reconvenes.<\/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>20 June (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/themediaavenue.com\/capitalsummit2023\/?fbclid=IwAR1HHHCSt5hptEgOluSDU3RfrT6QiuZDD41wckNCWtsCKFxKfcv2ewrJb90\" style=\"\">Capital Markets Annual Summit<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz-Carlton Hotel.<\/span><\/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>18-19 July (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyptminingforum.com\/\" style=\"\">Egypt Mining Forum<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz-Carlton, 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;\">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;\">September: IDH to open first branch in Saudi Arabia.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">September: The Egypt-Germany trade and investment joint conference in 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;\">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;\">10-12 September (Sunday-Tuesday): The International Agricultural Exhibition for Africa and the Middle East, Sahara.<\/span><\/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>17-18 September (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.arabsecurityconference.com\/\" style=\"\">Arab Security Conference and Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz Carlton.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17-19 September (Sunday-Tuesday): Sharm Rendezvous, Rixos Premium Seagate, Sharm ElSheikh.<\/span><\/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>28-29 September (Thursday-Friday)<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.southsinai.gov.eg\/News\/Details\/3067\" style=\"\">Medical Tourism Conference<\/a><\/span><span style=\"font-weight:400;\">, Sharm ElSheikh.  <\/span><\/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;\">9-11 October (Monday-Wednesday): Arabs Savings and Financial Literacy Conference, Four Seasons Hotel.<\/span><\/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>15-17 October (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\" style=\"\">Egypt Automotive Aftermarket Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Convention 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;\">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>29-31 October (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\" style=\"\">Egypt Energy<\/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>29 October - 2 November (Sunday- Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cairowaterweek.eg\/register\/\" style=\"\">Cairo Water Week<\/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>30-31 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/platforms-root-technologies.com\/icec-2023\/.\" style=\"\">Intelligent Cities Exhibition and Conference<\/a><\/span><span style=\"font-weight:400;\">, Dusit Thani LakeView, Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30-31 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gbsn.org\/beyond-home\/\" style=\"\">Global Business School Network<\/a><\/span><span style=\"font-weight:400;\"> (GBSN), American University of 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;\">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>14-15 November (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/destination-africa.org\" style=\"\">Destination Africa<\/a><\/span><span style=\"font-weight:400;\">, Royal Maxim Palace Kempinski Hotel. <\/span><\/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>19-22 November (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cairoict.com\/\" style=\"\">Cairo ICT<\/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>23 November (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldviewevents.com\/signup\" style=\"\">Worldview Education Fair<\/a><\/span><span>, Cairo. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldviewevents.com\/signup\" style=\"\">Register here<\/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;\">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>12-14 December (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/foodafrica-expo.com\/\" style=\"\">Food Africa 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 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>2Q 2025: Safaga Terminal 2 to initiate operations.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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