{"id":590075,"date":"2023-07-13T00:00:00","date_gmt":"2023-07-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=590075"},"modified":"2025-12-16T15:55:32","modified_gmt":"2025-12-16T15:55:32","slug":"ebrd-to-lend-usd-532-mn-to-state-owned-banks-impact-investor-mediterrania","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/ebrd-to-lend-usd-532-mn-to-state-owned-banks-impact-investor-mediterrania\/","title":{"rendered":"EBRD to lend USD 532 mn to state-owned banks, impact investor Mediterrania"},"content":{"rendered":"<section id=\"590077\" 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=\"590077\">\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\/07\/13\/blackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit\/\">\r\n                            BlackRock wants to invest here. PLUS: Ethiopian PM lands in Egypt ahead of Sudan peace summit                        <\/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\/07\/13\/blackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit\/\" 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\/07\/13\/blackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit\/')\">\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\/07\/13\/blackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit\/\">\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=BlackRock wants to invest here. 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PLUS: Ethiopian PM lands in Egypt ahead of Sudan peace summit\">\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=BlackRock+wants+to+invest+here.+PLUS%3A+Ethiopian+PM+lands+in+Egypt+ahead+of+Sudan+peace+summit+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F07%2F13%2Fblackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit%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\/07\/13\/blackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/524.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"590078\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/blackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit\/524-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/524.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"524.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/524.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/524.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-590077\" class=\"content-area-description single-story post-590077 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-2023-sudan-conflict tag-blackrock tag-diplomacy tag-enterpriseam tag-ethiopia tag-ezz-steel tag-gerd tag-infrastructure tag-investment-watch tag-logistics tag-naguib-sawiris tag-ora-developers tag-privatization-watch 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\/7\/.51565d7d-f181-4480-911f-1bc950478778.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 a very happy THURSDAY. <\/span><span>We\u2019re ending a busy <\/span><span style=\"font-weight:400;\">news week with another packed issue, bringing you stories on everything from fresh international development finance to our roundup of the most important legislation passed by the House of Representatives in its most recent session. But first\u2026<\/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\">REJOICE- We have a four-day weekend next week:<\/span><span> Thursday, 20 July and Sunday, <\/span><span>23 July will be national holidays for the public and private sector to mark the Islamic New Year <\/span><span>and Egypt\u2019s Independence Day, according to a cabinet <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0eEhpnxRAxyUwXXipHuLBzezb6xgogfpxsEA8MqPKoBd6cwqfYM1PCrg7yKNS7HHCl\" style=\"\">statement<\/a><\/span><span>. We\u2019ll be keeping our eyes peeled for confirmations from the Central Bank of Egypt and the EGX that the same holidays will apply for the banking sector, and the bourse.<\/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 will be the last long weekend until late September<\/span><span style=\"font-weight:400;\"> when we down tools for the Prophet Muhammad\u2019s birthday.<\/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 this morning: We\u2019re getting a ton of EBRD money.<\/span><span> Two <\/span><span style=\"font-weight:400;\">state-owned banks and impact investor Mediterrania Capital Partners are getting more than USD 530 mn in fresh financing from the European Bank for Reconstruction and Development. We have the full story in today\u2019s news well.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SOUND SMART- EBRD has a current portfolio here of some EUR 4.6 bn<\/span><span style=\"font-weight:400;\"> and has invested more than EUR 10 bn in Egypt since day one. Most of its investment is in private sector companies, and its priorities include the finance industry, agribusiness, infrastructure, transportation, and telecoms. <\/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\">AND-<\/span><span style=\"font-weight:700\">BlackRock could have more appetite for Egypt. <\/span><span>T<\/span><span>he world\u2019s biggest asset <\/span><span>manager is exploring more investment in the Egyptian market, Gordon Fraser (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.blackrock.com\/us\/individual\/biographies\/gordon-fraser\" style=\"\">bio<\/a><\/span><span>), c<\/span><span>o-head of global emerging markets equities at a division of BlackRock's active equities group<\/span><span>, said <\/span><span>during a meeting<\/span><span> with Prime Minister Moustafa Madbouly yesterday, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LV599SR68uDw8Kz4z5r7DVVpSNtwbVNvn2KgBAhUGe8UNaj57BMyjQDzxqqEbCk5l\" style=\"\">cabinet statement<\/a><\/span><span>. Fraser is quoted as saying that the government\u2019s moves to implement its economic reform program had encouraged BlackRock to look into deploying more capital here. <\/span><span style=\"font-weight:700;\">EFG Holding chief Karim Awad was also at the meeting. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More to come: <\/span><span style=\"font-weight:400;\">BlackRock representatives were also due to meet with the governor of the central bank, officials from the sovereign fund, and private sector firms, 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\">ALSO- Our friends at home-grown shipping giant <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.transmar.com\/\" style=\"\">Transmar<\/a><\/span><span style=\"font-weight:700\"> have rolled out a new reefer <\/span><span style=\"font-weight:700\">line connecting Eg<\/span><span style=\"font-weight:700\">ypt\u2019s Adabiya Port with the ports of Aden and Hodeida in Yemen<\/span><span>,<\/span><span> the company said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/485.pdf\" style=\"\">statement (pdf)<\/a><\/span><span>. The route will be biased toward refrigerated and dry cargo to help boost Yemen\u2019s food security, the release added. The service launched at the end of June, head of marketing at Transmar, Angie Mahran, told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/8bcb34f9-4e3b-4f00-9a20-491a2fd868b9\" style=\"\">Enterprise Logistics<\/a><\/span><span>.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">HAPPENING TODAY-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5afe9d46-6175-4363-8c55-5f112df2be88\" style=\"\">will today host<\/a><\/span><span style=\"font-weight:700\"> a peacemaking summit of Sudan\u2019s neighbors<\/span><span> to look into<\/span><span> ways to put an end to the country\u2019s ongoing civil war. The summit will work to set up \u201ceffective mechanisms\u201d to stop the bloodshed in coordination with regional and international players. The leaders of Libya, Chad, the Central African Republic, South Sudan, Ethiopia, and Eritrea are expected to attend, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thenationalnews.com\/mena\/2023\/07\/12\/sudans-neighbours-to-meet-in-cairo-but-experts-say-peace-will-prove-elusive\/\" style=\"\">the National<\/a><\/span><span>.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The summit has provided an opening for talks with Ethiopia on GERD: <\/span><span>President Abdel Fattah El Sisi last night met Ethiopian PM Abiy Ahmed after the latter landed in Cairo for the Sudan summit, Ittihadiya said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=587881446825990\" style=\"\">statement<\/a><\/span><span>. Sudan and the disputed Grand Ethiopian Renaissance Dam (GERD) were on the agenda. This comes <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a8e9bae5-da94-4bfe-8b06-2e10bfc25d6f\" style=\"\">shortly after reports<\/a><\/span><span style=\"font-weight:400;\"> that Egypt and Ethiopia will soon resume talks on the filling and operation of the dam.<\/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\">The government will wrap up the disbursement of a first batch of export subsidies<\/span><span>under the sixth phase of its subsidies program, the Finance Ministry said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid06bsAHw7fRerfewSVJZ92L9Dv6FytraQupYUxBSpMKVxwkzFa6pe2d7j3FReTzHjDl\" style=\"\">statement<\/a><\/span><span>. FinMin is disbursing EGP 7.5 bn to some 750 exporters <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f9133a19-1afe-4994-9682-f7b32a11db46\" style=\"\">yesterday and today<\/a><\/span><span style=\"font-weight:400;\">,  The second tranche will be paid out next week on 19 and 20 July, while the third will be paid on 2 and 3 August. <\/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 program so far: <\/span><span style=\"font-weight:400;\">The ministry has so far paid EGP 42 bn to exporters since the program first started in 2019. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">WATCH THIS SPACE-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ORA is heading to Iraq: <\/span><span>Naguib Sawiris\u2019 ORA Developers wants to launch a \u201chuge\u201d real<\/span><span> estate project in Iraq, Sawiris told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3JV13xQ\" style=\"\">Asharq Business<\/a><\/span><span style=\"font-weight:400;\">, without providing any 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\">Beltone is close to wrapping its huge capital increase:<\/span><span> The landmark EGP 10 bn capital <\/span><span>increase is now 98% covered as of the end of its first phase, which closed on Tuesday, Beltone said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/481.pdf\" style=\"\">a regulatory filing (pdf)<\/a><\/span><span>yesterday. Some 4.89 mn shares of the 5 mn on offer have been snapped up. The second phase of the capital increase runs today through Monday. Investors welcomed the news, with the company\u2019s shares up <\/span><span style=\"font-weight:400;\">1.0% at the closing bell yesterday at EGP 4.08 apiece.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORY ABROAD- <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s another morning all about the Nato summit in Vilnius: <\/span><span>The international press is<\/span><span> yet to shift its focus from the summit, which wrapped up yesterday. Ukraine gained long-term security assurances from the US and its allies yesterday, though they stopped short of allowing Kyiv to join the alliance while the conflict with Russia continues. US President Joe Biden accused Russian President Vladimir Putin of having a \u201ccraven lust for land and power\u201d as he reiterated the country\u2019s support for Ukraine. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/g7-offer-ukraine-security-framework-zelenskiy-asks-nato-allies-more-arms-2023-07-12\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-07-12\/nato-is-papering-over-the-cracks-after-zelenskiy-loses-his-cool?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/dc658252-6acd-44fc-8e0c-51a284009762\" style=\"\">FT<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dw.com\/en\/nato-summit-no-ukraine-entry-timeline-turkey-backs-sweden\/a-66194681\" style=\"\">DW<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/edition.cnn.com\/2023\/07\/12\/politics\/joe-biden-nato-summit-day-2\/index.html\" style=\"\">CNN<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/world\/2023\/07\/11\/ukraine-nato-summit-2023-sweden\/?outputType=amp\" style=\"\">Washington Post<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AND- US inflation dipped to 3% in June<\/span><span>, the slowest pace since March 2021, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/consumer-price-index-report-june-inflation-ede7f4b1\" style=\"\">Wall Street Journal<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PLUS- The Madbouly cabinet\u2019s big privatization update is still generating internationa<\/span><span style=\"font-weight:700\">l headlines: <\/span><span>The government\u2019s announcement that it has secured <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1f59098e-47ac-42cc-964c-b84096549959\" style=\"\">USD 1.9 bn of asset sales<\/a><\/span><span> under its privatization program is \u201ca positive sign,\u201d but more needs to be done to stabilize the economy, Abu Dhabi Commercial Bank chief economist Monica Malik told the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/986f2f92-3aac-4b3f-a748-e515a0127ef1\" style=\"\">Financial Times<\/a><\/span><span style=\"font-weight:400;\">. \u201cTo secure wider inflows, Egypt will need to move to a flexible exchange rate. These won\u2019t come as long as the currency is perceived as overvalued,\u201d she is quoted as saying. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MARKET 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\">Could Russia regain access to SWIFT in return for an extension of the Black S<\/span><span style=\"font-weight:700\">ea grain pact? <\/span><span>The UN has offered that a subsidiary of Russia\u2019s agricultural bank be reconnected to the SWIFT international payment network in return for Moscow agreeing to extend a pact allowing Ukrainian grain safe passage through the Black Sea, sources familiar with the matter are quoted as telling <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/commodities\/un-chief-sends-putin-proposal-keep-black-sea-grain-deal-alive-2023-07-12\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">. Russian banks were locked out of SWIFT as part of sanctions imposed at the outbreak of the war with Ukraine. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f7810d3-395f-4460-a59b-1f888ae45fb3\" style=\"\">Turkey recently said<\/a><\/span><span style=\"font-weight:400;\"> it wants a further month-long extension of the agreement, which has already been extended for two months and expires on 17 July. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CLARIFICATION-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Here\u2019s what\u2019s happening with Al Ezz Dekheila:<\/span><span> In <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ace4d4a-08f1-4f2e-bc12-15379d392de7\" style=\"\">our story<\/a><\/span><span> covering <\/span><span>the <\/span><span style=\"font-weight:400;\">government\u2019s sale of Al Ezz Dekheila shares and the company\u2019s planned delisting, we incorrectly identified Ezz Steel as the buyer. Though the company will likely end up acquiring full ownership of its subsidiary following the upcoming shareholder meeting, it was Al Ezz Dekheila that bought the shares.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ICYMI- <\/span><span style=\"font-weight:400;\">On Tuesday, the government said that it would sell its entire 31% stake in Al Ezz Dekheila as part of its privatization program. Hours earlier, the company announced that it would be voluntarily delisting from the EGX within three months.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Al Ezz Dekheila is the buyer:<\/span><span style=\"font-weight:400;\"> Al Ezz Dekheila will use foreign-currency loans to buy back the freefloat shares held by government entities. This will result in the company owning 31% of its shares, while Ezz Steel will hold a 64% stake, and the remainder will be held by minority shareholders. With more than 90% of the company now in private hands, the company plans to voluntarily delist from the EGX, a decision that will be voted on at the 5 August shareholder meeting.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Al Ezz Dekheila plans to retire all of the shares acquired from the government<\/span><span style=\"font-weight:400;\"> after the transaction. This will leave Ezz Steel with almost full ownership of the now-private company \u2014 and potentially 100% control depending on how many of the minority shareholders decide to sell their shares. Shareholders will vote on whether to retire the shares at the 5 August meeting.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">An<\/span><span style=\"font-weight:700\"> Emirati syndicated loan to fund the buy back: <\/span><span>Ezz Steel has secured a USD 125 mn<\/span><span>syndicated facility from a number of Emirati banks to fund part of the buyout, a representative from Ezz Steel told Enterprise, without disclosing the identity of the lenders.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIRCLE YOUR CALENDAR-<\/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\">Egyptian BoDs form climate alliance: <\/span><span>Launched at a reception yesterday, the <\/span><span>Egyptian branch of the global <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/climate-governance.org\/\" style=\"\">Climate Governance Initiative<\/a><\/span><span>, Chapter Zero Egypt, aims to <\/span><span>educate corporate boards of directors on climate change and equip its members with the tools to help tackle it, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/board-members-and-executives-of-financial-and-non-financial-corporations-from-egypt-have-announced-today-the-launch-of-chapter-zero-egypt-rtpip4bk\" style=\"\">Zawya<\/a><\/span><span> reports<\/span><span style=\"font-weight:400;\">.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019re hosting an environment and climate investment forum at the end of the <\/span><span style=\"font-weight:700\">month<\/span><span>, Environment Minister Yasmine Fouad <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EGY.Environment\/posts\/pfbid02sonGdbXr8dTWG9DScc9YzE3KQSNoQCbdfPhCqNx7rUwCSYFiuMKjSf9FeRZCCDTCl\" style=\"\">said yesterday<\/a><\/span><span> during her participation at the Chapter Zero launch<\/span><span>. The forum will look into nontraditional forms of climate investment in sectors including ecotourism and agricultural waste.. <\/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>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/2023-sudan-conflict\/\">2023 Sudan conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blackrock\/\">BlackRock<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ezz-steel\/\">Ezz Steel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/naguib-sawiris\/\">Naguib Sawiris<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ora-developers\/\">Ora Developers<\/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\/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=\"590079 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=\"590079\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/590079\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-590079\" class=\"content-area-description single-story post-590079 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\/7\/161.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span>Book your summer vacation with Stayr at Somabay and indulge in a first-class selection of vacation homes, in-tune with each unique holiday mood. Experience ultimate relaxation by our breathtaking coastline and allow our team of experts to plan the perfect getaway to suit your mood. For booking inquiries, call +20 15 5600 5693 or <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/somabayholidays.com\/\" style=\"\">visit our website<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"590080\" 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=\"590080\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/ebrd-has-more-than-usd-530-mn-for-egypt-with-banks-getting-the-lions-share\/\">\r\n                            NBE, Banque Misr, and Mediterrania land some USD 530 mn from EBRD                        <\/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\/07\/13\/ebrd-has-more-than-usd-530-mn-for-egypt-with-banks-getting-the-lions-share\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/471.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"590081\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/ebrd-has-more-than-usd-530-mn-for-egypt-with-banks-getting-the-lions-share\/471-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/471.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"471.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/471.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/471.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-590080\" class=\"content-area-description single-story post-590080 post type-post status-publish format-standard has-post-thumbnail hentry category-development-finance tag-banque-misr tag-debt-watch tag-development-finance tag-ebrd tag-enterpriseam tag-investment-watch tag-mediterrania-capital-partners tag-national-bank-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\/7\/.f188d50f-4544-4fbf-8f6c-3f877e8bb7cb.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">EBRD goes big:<\/span><span> The European Bank for Reconstruction and Development <\/span><span>(EBRD) will provide USD 532 mn in soft financing to the National Bank of Egypt, Banque Misr, and impact investor Mediterrania Capital Partners, <\/span><span>the International Cooperation Ministry said<\/span><span> in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/46YDbUj\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\">yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- NBE to get the lion\u2019s share of the funds:<\/span><span>The EBRD will provide USD 400 mn to the <\/span><span>state-owned bank, the ministry said, without discl<\/span><span>osing how the funds will be deployed.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- Banque Misr to on-lend to small firms:<\/span><span> Banque Misr will receive USD 100 mn which it will <\/span><span>direct to supporting micro, small and medium-sized enterprises (MSMEs). The state-owned bank will focus its lending on businesses located in areas with limited access to financial services.<\/span><span> The EBRD signed off on <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e36e3dbc-fb53-4ecd-ad87-d7271c06a08f\" style=\"\">the loan<\/a><\/span><span> at the end of May, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/54499.html\" style=\"\">website<\/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\">#3- More dry powder for Mediterrania Capital Partners:<\/span><span> The European lender will invest EUR <\/span><span>30.2 mn (c. USD 33.6 mn)<\/span><span> in the<\/span><span>Malta-based impact investor\u2019s Mediterrania MC IV fund, according to the ministry and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53569.html\" style=\"\">EBRD\u2019s website<\/a><\/span><span>. The fund, which has a EUR 350 mn target close, will invest in mid-cap companies in Egypt, Morocco and Tunisia, focusing on healthcare, retail, financial services and manufacturing sectors, with especially women-owned businesses. <\/span><span>The EBRD approved the investment last mont<\/span><span>h after <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f9be8c20-4e33-4c02-ad6f-cd20d586bf43\" style=\"\">expressing its interest in making<\/a><\/span><span> a commitment to the fund<\/span><span style=\"font-weight:400;\"> last October. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The fund has attracted the attention of global DFIs: <\/span><span>The International Finance Corporation <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2e6094f-b097-4bb4-9a80-57bf983bcbe7\" style=\"\">committed EUR 25 mn in March<\/a><\/span><span> while <\/span><span>the European Investment Bank (EIB) has <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.eib.org\/en\/projects\/all\/20220591\" style=\"\">invested EUR 15 mn<\/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\">Next up: the EIB?<\/span><span> International Cooperation Minister Rania Al Mashat said this week that the <\/span><span>EIB <\/span><span>plans to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f210ba90-7f65-412c-a3e1-b0ad2e297f03\" style=\"\">commit EUR 4 bn<\/a><\/span><span style=\"font-weight:400;\">in financing to Egyptian development projects between now and 2030. The minister did not name specific projects that will receive funding, but said that the government\u2019s flagship Nexus for Water, Food and Energy (NWFE) climate adaptation program will be included. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** Egypt will serve as the vice-chair of the EBRD\u2019s 2024 annual meeting in Armenia<\/span><span>, the <\/span><span style=\"font-weight:400;\">ministry said.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mediterrania-capital-partners\/\">Mediterrania Capital Partners<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"590082\" 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=\"590082\">\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\">Taxation<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/an-end-to-tax-breaks-for-state-companies\/\">\r\n                            An end to tax breaks for state companies in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/an-end-to-tax-breaks-for-state-companies\/\" 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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Here\u2019s what we know <\/span><span style=\"font-weight:700\">so far:<\/span><span>The House of Representatives on Tuesday <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/936b39e5-5bac-4b19-a3f6-1931538ced39\" style=\"\">approved a bill<\/a><\/span><span style=\"font-weight:400;\"> that will scrap tax exemptions previously enjoyed by public-sector companies and state entities. The removal of the preferential tax treatment, long criticized for unfairly privileging the state and hindering the private sector, represents a serious move by the government as it looks to improve the business climate and attract new foreign investment into the country.<\/span><\/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 status quo: <\/span><span>Most state-owned and military-affiliated companies currently enjoy exemptions from <\/span><span style=\"font-weight:400;\">paying a raft of taxes, duties, and fees to the government, giving them an advantage over the private sector, which has struggled to compete.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Leveling the playing field:<\/span><span> Under the new bill, all public-sector and state-affiliated entities will be required to pay <\/span><span style=\"font-weight:400;\">tax at the same rate as the private sector, ending the preferential treatment that observers have criticized for discouraging private investment. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This includes all taxes:<\/span><span> The exemptions set to be scrapped \u201cwill incorporate all tax <\/span><span>exemptions, including real estate taxes and custom taxes,\u201d Bassam El Zayat, advisor to the parliamentary affairs minister, told MPs earlier this week. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE CAVEATS- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Certain projects will be ring fenced from the changes:<\/span><span> Under the legislation, companies <\/span><span>working on pr<\/span><span>ojects<\/span><span style=\"font-weight:400;\"> that are defense- or national-security-related, fall under international agreements, and involve the construction of basic infrastructure will be exempt from all taxes, duties and fees.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019re still waiting for the fine print:<\/span><span> It remains unclear which projects will be considered as <\/span><span style=\"font-weight:400;\">basic infrastructure and which will be ring-fenced as defense- and national security-related. We expect to receive more details when the government publishes the executive regulations for the bill in the coming six months.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We also need <\/span><span style=\"font-weight:700\">confirmation that the bill will supersede other legislation:<\/span><span> The Madbouly government has asked the<\/span><span style=\"font-weight:400;\"> State Council (Maglis El Dowla) to rule on whether the new law will automatically supercede all other tax exemptions written into other pieces of legislation, a Finance Ministry source told us. Cabinet hopes it says \u201cYes,\u201d as it aims to unify tax treatment across all companies and minimize exceptions as much as possible.<\/span><\/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 impact on the public purse isn\u2019t clear<\/span><span style=\"font-weight:700\">:<\/span><span> A Finance Ministry study estimated that the <\/span><span>changes could bring in<\/span><span> EGP 100-200 bn in additional tax receipts over the coming five years,  according to ministry sources we talked to. However, the study didn\u2019t include state entities whose finances sit outside the state budget, according to House Planning Committee deputy chair Mostafa Salem (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=vNiPQhD8FGs\" style=\"\">watch, runtime: 3:08<\/a><\/span><span style=\"font-weight:400;\">), making the actual impact on tax revenues unclear.<\/span><\/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> Ending the tax exemptions was among the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">22 decisions<\/a><\/span><span> recently approved by the <\/span><span style=\"font-weight:400;\">Supreme Investment Council designed to improve the business environment and boost private investment.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span style=\"font-weight:400;\"> The bill will be passed to President El Sisi who will sign it into law.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INDUSTRY REAX-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Private-sector players are happy:<\/span><span> The<\/span><span style=\"font-weight:400;\"> bill was a major demand from the private sector, Mohamed Sami Saad, head of the Egyptian Federation of Construction and Building Contractors, told Enterprise. \u201cRedirecting exemptions from entities to projects under certain conditions will rebalance the difference in costs between public and private companies,\u201d he said, adding that they will be forced to be more competitive with the private sector. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Investors, too, were waiting for this step: <\/span><span>Investors believe that the bill will improve the private <\/span><span>sector\u2019s competitiveness with the public sector, Egyptian Federation of Investors Associations head Moharam Helal told us. \u201cThe sector has been calling for such a step for years to achieve competitive neutrality in Egypt\u2019s economy,\u201d 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\">An end to tax exemptions will help equalize costs: <\/span><span>The preferential tax treatment has <\/span><span style=\"font-weight:400;\">always handicapped the competitiveness of the private sector, which has shouldered costs that are 30% higher than state firms, Mohamed El Bahey, head of the Tax and Customs Committee at the Federation of Egyptian Industries (FEI) told Enterprise. This, \u201calong with high commodity prices and supply chain shortages, have weighed down on the private sector\u2019s profit margins,\u201d 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\">Time is of the essence: <\/span><span>\u201cQuick implementation [of the bill] will boost foreign investors\u2019 <\/span><span>confidence in returning to Egypt,\u201d El Bahey said.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/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\/ittihadiya\/\">Ittihadiya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taxation\/\">TAXATION<\/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=\"590084\" 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=\"590084\">\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\/07\/13\/heres-what-mps-got-done-this-session\/\">\r\n                            The key bills passed by Egyptian MPs this session                        <\/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\/07\/13\/heres-what-mps-got-done-this-session\/\" 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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Lawmakers passed some 188 bills during the cycle, <\/span><span>according to House Speaker Hanafi Gebali<\/span><span style=\"font-weight:400;\">. The current legislative session saw measures to boost investment and economic reform at the forefront of our lawmakers\u2019 agendas. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Here\u2019s a rundown of the key bills impacting the business community<\/span><span style=\"font-weight:400;\">, the economy, and wider society:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">BUSINESS + 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\">INVESTMENT ACT AMENDMENTS- <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/936b39e5-5bac-4b19-a3f6-1931538ced39\" style=\"\">Amendments<\/a><\/span><span> to the Investment Act<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c42300ba-c8d0-46a8-9163-74d189a26690\" style=\"\">aim to improve<\/a><\/span><span>the <\/span><span>investment climate, support private-sector participation, and promote fairness, competition and transparency in the economy. The bill will also allow projects predating the 2017 act to benefit from its incentives and expand eligibility for golden licenses. The amendments are one of 22 moves to reform the business climate <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">proposed<\/a><\/span><span style=\"font-weight:400;\"> by the Supreme Investment Council in its first ever meeting in May.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">COMPETITION ACT<\/span><span>- <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f38d1f46-cbe8-4ba4-90e0-39a5e75ee010\" style=\"\">Amendments to the Competition Act<\/a><\/span><span>passed <\/span><span>late last year grant the <\/span><span>Egyptian Competition Authority (ECA) the power to block M&As that it believes could be anti-competitive or encourage monopolistic practices.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AUTOMOTIVE LEGISLATION- <\/span><span>MPs <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bb32be5-6b9f-4a72-8fb2-75e41e7cfdde\" style=\"\">approved legislation<\/a><\/span><span> that will see the establishment of a <\/span><span>new regulatory body \u2014 dubbed the Supreme Council for Vehicle Manufacturing \u2014 to set policy for the local automotive industry (including EV assembly), as well as set up a new fund to offer incentives to companies in the business of assembling environmentally-friendly cars. A second piece of automotive legislation that got the go ahead allowed <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\" style=\"\">Egyptian expats to import new cars<\/a><\/span><span> and get an eventual rebate on all related fees if they pay upfront in FX, an initiative that raised <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/adc21580-5328-42dd-8b3e-402afed49b10\" style=\"\">USD 900 mn<\/a><\/span><span style=\"font-weight:400;\"> in FX.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SIMPLIFIED PROPERTY REGISTRATION IN NEW CITIES- <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11ce99aa-e6a8-4f73-9550-a25235da1870\" style=\"\">Amendments to a 2018 law<\/a><\/span><span> will <\/span><span>simplify the real estate registry and notarization process in new cities. Under <\/span><span>the changes<\/span><span style=\"font-weight:400;\">, owners of property and plots of land in new cities will no longer be required to interact with real estate registry and notarization offices and will only need to submit registration paperwork to the New Urban Communities Authority (NUCA).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">INTELLECTUAL PROPERTY AUTHORITY- <\/span><span>The House <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d9dae80-2ee0-4469-b5ca-3131c2dbb9c1\" style=\"\">signed off on a bill<\/a><\/span><span> that <\/span><span>will<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d54b3c7a-9a6b-476b-b3ed-74c114851dde\" style=\"\">merge<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d54b3c7a-9a6b-476b-b3ed-74c114851dde\" style=\"\">institutions currently responsible for regulating intellectual property rights into a single entity<\/a><\/span><span>. The new body would also be responsible for advancing technological innovation, scientific research and cultural development as part of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69a333e7-9848-43ac-bff4-717a4c97f3e9\" style=\"\">a wider five-year intellectual property strategy<\/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\">CONTRACTOR COMPENSATION BILL-<\/span><span> Amendments to the 2017 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11ce99aa-e6a8-4f73-9550-a25235da1870\" style=\"\">Contractors Compensation<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11ce99aa-e6a8-4f73-9550-a25235da1870\" style=\"\">bill<\/a><\/span><span> will allow construction firms who have suffered losses on state projects due to recent economic reforms to receive compensation from the government. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ab07813-7793-4633-9d37-e93e0422d0f3\" style=\"\">Amendments to the law<\/a><\/span><span> \u2014  which was originally drafted for economic reforms undertaken in 2016 \u2014 will be extended to cover all periods of reform.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">TAXATION<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">TAX AND DUTY HIKES-<\/span><span> A <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0cd1eae3-ee20-4bba-92fe-805654646ebb\" style=\"\">raft of tax, duty and development fee hikes<\/a><\/span><span> cleared the House in <\/span><span style=\"font-weight:400;\">May. Among the changes:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Income tax:<\/span><span style=\"font-weight:400;\"> A new 27.5% higher rate of income tax and a higher personal tax exemption threshold.<\/span><\/li>\n<li><span style=\"font-weight:700\">Entertainment tax:<\/span><span style=\"font-weight:400;\"> A 5-20% tax on entry to entertainment venues such as theaters, sports events, parks and clubs.<\/span><\/li>\n<li><span style=\"font-weight:700\">Duties + development fees:<\/span><span style=\"font-weight:400;\"> New fees on duty-free and luxury goods.<\/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\">And a (very modest) tax cut:<\/span><span style=\"font-weight:400;\"> MPs greenlit a reduction in capital gains tax on newly-listed companies to increase investor subscription to IPOs.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">TAX EXEMPTIONS- <\/span><span>The House of Representatives <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/936b39e5-5bac-4b19-a3f6-1931538ced39\" style=\"\">signed off<\/a><\/span><span> on a bill that will eliminate tax <\/span><span style=\"font-weight:400;\">exemptions for state entities (see story above). The bill is not set to impact projects that are subject to international agreements, are defense- or national-security-related, or involve the construction of basic infrastructure. We have more on that bill in the news well, above. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DABAA TAX EXEMPTIONS- <\/span><span>MPs earlier this year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1750b5dd-72a1-49e7-b4c5-d33937b29a0a\" style=\"\">approved a bill<\/a><\/span><span> that <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/373fda24-6907-4c8b-bb56-623da5e5a367\" style=\"\">would grant tax<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/373fda24-6907-4c8b-bb56-623da5e5a367\" style=\"\">exemptions<\/a><\/span><span style=\"font-weight:400;\"> to local and international companies involved with the construction of the Dabaa nuclear power plant.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DEVELOPMENT + INFRASTRUCTURE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">LOADS OF DEVELOPMENT LOANS AND FINANCING- <\/span><span>Bns of USD of fresh borrowing from <\/span><span>multilateral lenders was approved by the House for projects spanning climate resilience, infrastructure, and public transit. Some of the largest financing agreements given the greenlight include USD 900 mn of borrowing from the World Bank\u2018s International Bank for Reconstruction and Development (IBRD) to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd1ae145-a71e-433a-af42-87f0f373cf25\" style=\"\">expand the Takaful and Karama subsidy program<\/a><\/span><span> and build a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b04d9d9-8402-4bc3-bf46-89c2cb4932f6\" style=\"\">railway line<\/a><\/span><span> between the Port of Alexandria and the Sixth of October dry port; a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd1ae145-a71e-433a-af42-87f0f373cf25\" style=\"\">USD 310 mn loan<\/a><\/span><span> from the Japan International Cooperation Agency for the universal health ins. scheme; <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0818fe5-ccaf-4682-951d-7f01a70c0763\" style=\"\">a USD 271 mn loan<\/a><\/span><span> from the African Development Bank (AfDB) aimed at bolstering food security; and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/603ea8b0-b4c1-49d4-bde6-722d0547ddd4\" style=\"\">an EUR 250 mn loan<\/a><\/span><span style=\"font-weight:400;\">from the French Development Agency (AFD) for the Alexandria-Abu Qir metro line.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">OIL AND GAS EXPLORATION- <\/span><span>MPs approved a number of bills greenlighting fresh oil and gas exploration in the Mediterranean and the Western Desert. See <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/603ea8b0-b4c1-49d4-bde6-722d0547ddd4\" style=\"\">here<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd1ae145-a71e-433a-af42-87f0f373cf25\" style=\"\">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\">RIVER TRANSPORT ACT- <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9531f3f8-a3f7-4914-a02f-8e12237fab6e\" style=\"\">Amendments<\/a><\/span><span> designed to draw more investment into the country\u2019s <\/span><span>waterways were approved by MPs and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11ce99aa-e6a8-4f73-9550-a25235da1870\" style=\"\">signed into law<\/a><\/span><span style=\"font-weight:400;\">. The changes will open up the river transport sector to private investment and put the River Transport Authority (RTA) in charge of licensing river boats, Nile cruises and floating units.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AGRICULTURE LAW- <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51fcc8c7-c0c9-4cc8-aaba-691d7d276bbd\" style=\"\">Amendments<\/a><\/span><span> to the Agriculture Law will see heftier fines doled out to <\/span><span style=\"font-weight:400;\">people caught building on agricultural lands. Penalties range between EGP 500k and EGP 10 mn in addition to up to five years in prison. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EAST PORT SAID PORT DEVELOPMENT- <\/span><span>The House <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/349b1ab0-9cc4-4932-9454-cf9abaf2b3de\" style=\"\">approved a bill<\/a><\/span><span> that allows the Suez <\/span><span>Canal Economic Zone to give a 30-year contract to Sky Logistics and Reliance Logistics to design, construct, manage, operate and maintain a new multipurpose terminal worth USD 65 mn at the port. <\/span><span>A second bill<\/span><span style=\"font-weight:400;\"> paves the way for Maersk\u2019s Suez Canal Container Terminal to begin construction on a new USD 500 mn terminal.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SOCIAL + POLITICAL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WAGE AND PENSION HIKES- <\/span><span>MPs in March <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4e851ef-ce4f-496a-9a63-3dab20ccb053\" style=\"\">approved measures<\/a><\/span><span>that will raise salaries and <\/span><span>the minimum wage for public-sector workers, hike pension payments by 15%, and increase allocations to social protection programs. To make this happen, the House also <\/span><span>approved legislative amendments<\/span><span style=\"font-weight:400;\"> allowing the government to borrow an extra EGP 165 bn for the final quarter of the current fiscal year \u2014 EGP 70 bn of which will be used to increase funding to social protection programs and EGP 10 bn designated for wage hikes. The remaining borrowing was used to cover debt repayments through to the end of the 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\">CITIZENSHIP ACT- <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1750b5dd-72a1-49e7-b4c5-d33937b29a0a\" style=\"\">Amendments<\/a><\/span><span> to the Citizenship Act <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c70383b-d7f7-4dac-a973-78afc798f621\" style=\"\">make it easier<\/a><\/span><span> for foreigners to gain <\/span><span>citizenship by purchasing assets worth at least USD 300k, or by investing at least USD 350k in local projects <\/span><span>and <\/span><span style=\"font-weight:400;\">depositing USD 100k into the state treasury. The move comes as part of the government\u2019s efforts to attract hard currency.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DISABILITY FUND- <\/span><span>The House <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/936b39e5-5bac-4b19-a3f6-1931538ced39\" style=\"\">approved a bill<\/a><\/span><span>that will set up <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b04d9d9-8402-4bc3-bf46-89c2cb4932f6\" style=\"\">an EGP 1 bn fund<\/a><\/span><span> to support <\/span><span style=\"font-weight:400;\">people with disabilities to enter the job market and run SMEs among other forms of social and financial support.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DOG OWNERSHIP REGULATIONS- <\/span><span>New legislation passed by the House <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1750b5dd-72a1-49e7-b4c5-d33937b29a0a\" style=\"\">earlier this year<\/a><\/span><span>tightens restrictions on dog ownership, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5ed6e8a-27bf-489b-a196-65562606796a\" style=\"\">requiring owners<\/a><\/span><span> to purchase <\/span><span>licenses<\/span><span> and banning anyone under the age of 18 from walking dogs outdoors unsupervised. The new rules also include fines of at least EGP 10k for people who fail to obtain licenses and fines worth up to <\/span><span>EGP 4 mn <\/span><span style=\"font-weight:400;\">plus jail time if their dog attacks another person.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIVIL STATUS LAW- <\/span><span>An amendment to the Civil Status Law <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51fcc8c7-c0c9-4cc8-aaba-691d7d276bbd\" style=\"\">approved by the House<\/a><\/span><span> will require <\/span><span style=\"font-weight:400;\">citizens to get their national ID cards at 15 years old instead of 16 years old.<\/span><\/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 LAST, BUT CERTAINLY NOT LESAT: <\/span><span style=\"font-weight:700\">FAKE WEATHER NEWS- <\/span><span>A bill <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3941f38-d970-48d5-a793-6902cd5e3b25\" style=\"\">approved by the House<\/a><\/span><span> designed to regulate the General <\/span><span>Meteorological Authority will impose fines ranging <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1dc7496f-1a51-408c-a5e9-ba59d3417de6\" style=\"\">between EGP 100k and EGP 5 mn<\/a><\/span><span style=\"font-weight:400;\">on those caught spreading \u201cfake weather news\u201d or inaccurate weather reporting. <\/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\/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=\"590086\" 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=\"590086\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/more-chinese-firms-to-set-up-shop-in-sczone\/\">\r\n                            Chinese companies to invest USD 60 mn in SCZone projects                        <\/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\/07\/13\/more-chinese-firms-to-set-up-shop-in-sczone\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/more-chinese-firms-to-set-up-shop-in-sczone\/504-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/504.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"504.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/504.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/504.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-590086\" class=\"content-area-description single-story post-590086 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-aoxiu-textile tag-egypt-china-relations tag-enterpriseam tag-investment-watch tag-kangdewei-electric tag-manufacturing tag-suez-canal-economic-zone tag-zaiyu 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\/7\/.0c5a1c7d-2f56-4a6b-aa10-f9453634bac8.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">More Chinese investments are coming to the SCZone: <\/span><span>The Suez Canal Economic <\/span><span>Zone (SCZone) and a number of Chinese companies have signed agreements to establish projects worth a combined USD 60 mn in investment \u2013 including USD 45 mn worth of textiles projects \u2014 in China\u2019s TEDA industrial zone in Ain Sokhna, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid02rao3orxLgzpRqRi266Rnsjp2XvKn4c3cFrWHquKaJe5bBednXiyKrEieq7FrCPPql\" style=\"\">zone said<\/a><\/span><span style=\"font-weight:400;\"> yesterday. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Who\u2019s investing:<\/span><\/p>\n<ul>\n<li><span>Textile producer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.dnb.com\/business-directory\/company-profiles.zhejiang_aoxiu_textile_new_material_technology_coltd.d156924f08cc5ec153ce640da1a08f2e.html\" style=\"\">Aoxiu Textile<\/a><\/span><span style=\"font-weight:400;\"> is investing USD 25 mn;<\/span><\/li>\n<li><span>A firm named<\/span><span style=\"font-weight:700\">Dew Textile Printing and Dyeing<\/span><span style=\"font-weight:400;\"> will commit USD 20 mn;<\/span><\/li>\n<li><span>An undisclosed investor will build a USD 10 mn <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sciencedirect.com\/topics\/engineering\/curtain-wall#:~:text=A%20curtain%20wall%20is%20an,to%20keep%20out%20the%20weather.\" style=\"\">construction curtain wall<\/a><\/span><span style=\"font-weight:400;\"> project; <\/span><\/li>\n<li><span>EV charging stations and switchgears producer<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"http:\/\/www.kdweg.net\/nav\/2.html\" style=\"\">Kangdewei Electric<\/a><\/span><span style=\"font-weight:400;\"> is committing USD 3.2 mn;<\/span><\/li>\n<li><span>Metals and auto parts producer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"http:\/\/www.jyzaiyu.com\/english\/\" style=\"\">Zaiyu<\/a><\/span><span style=\"font-weight:400;\">will invest USD 2 mn. <\/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\">Details are scarce: <\/span><span style=\"font-weight:400;\">The SCZone statement doesn\u2019t provide any details on the projects, their implementation timelines or expected production capacities. <\/span><\/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 Chinese investments to roll in soon: <\/span><span>The SCZone in May <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fcb90924-b70d-4587-b5f5-cc652d64c922\" style=\"\">signed initial agreements<\/a><\/span><span style=\"font-weight:400;\"> with a number of Chinese companies that could see more than USD 700 mn invested in projects in TEDA. Those include a USD 265 mn power plant and a USD 100 mn petcoke products factory from Hidier Power Group, a USD 110 mn bromine factory from Shandong Tianyi, and a USD 20 mn clothing factory from Shanghai Shengda.<\/span><\/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 results of a successful roadshow: <\/span><span>The investments come following the SCZone\u2019s roadshow in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04dda22d-b376-4d76-bf9a-50f917a5ac39\" style=\"\">China and Hong Kong<\/a><\/span><span style=\"font-weight:400;\"> in May, where CEO Walid Gamal El Din and his accompanying delegation met with a number of Chinese business leaders and investors in efforts to drum up interest in Egypt. <\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aoxiu-textile\/\">Aoxiu Textile<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-china-relations\/\">Egypt-China relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kangdewei-electric\/\">Kangdewei Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zaiyu\/\">Zaiyu<\/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=\"590088\" 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=\"590088\">\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\">REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/new-criteria-for-fintech-digital-banking-licenses\/\">\r\n                            Egyptian regulator, central bank issue new regulations for fintech, digital banking licenses                        <\/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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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/512.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"590089\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/new-criteria-for-fintech-digital-banking-licenses\/512-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/512.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"512.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/512.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/512.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-590088\" class=\"content-area-description single-story post-590088 post type-post status-publish format-standard has-post-thumbnail hentry category-regulation-watch tag-banking tag-central-bank-of-egypt tag-digital-economy tag-enterpriseam tag-financial-regulatory-authority tag-fintech tag-regulation-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\/7\/.caa5debb-4f0d-4aec-bb27-910526b4fa61.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><b>New regulations outline clear requirements to obtain fintech and digital banking licenses: <\/b>The Financial Regulatory Authority (FRA) and the Central Bank of Egypt (CBE) have updated the rules and regs license seekers need to follow in a bid to streamline the process and ensure consistency of process.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">UPDATED FINTECH REGS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>The FRA is out with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/508.pdf\" style=\"\">updated regulations (pdf)<\/a><\/span><span style=\"font-weight:400;\"> to the Fintech Act regulating the fintech industry . <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More licensing requirements: <\/span><span style=\"font-weight:400;\">Fintech providers looking to get licensed by the FRA need to demonstrate they have the right equipment, access to basic facilities and infrastructure, applications and databases to support their activities. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Better protections against fraudulent transactions: <\/span><span style=\"font-weight:400;\">Fintech providers need to follow certain security measures and have the means to offer users protection from cybersecurity risks. They also need to prove they have the ability to recover from a security breach. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We knew this was coming: <\/span><span>The <\/span><span>new <\/span><span>regulations flesh out licensing requirements <\/span><span>published in brief last year. The requirements were awaiting a decision from the FRA with the new details to become valid. <\/span><\/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 Fintech Act was drawn up by the FRA in 2020, giving the authority powers over licensing and corporate governance in the sector, as well as the power to penalize firms that breach legislation. President Abdel Fattah El Sisi <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb9e75aa-c2b9-4c01-ab85-81402f930b89\" style=\"\">signed the act into law<\/a><\/span><span style=\"font-weight:400;\"> 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;\">UPDATED DIGITAL BANKING REGS-  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>The central bank is out with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/507.pdf\" style=\"\">updated regulations (pdf)<\/a><\/span><span style=\"font-weight:400;\"> to the Banking Act governing digital bank licensing.<\/span><\/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 capital requirements for digital banks: <\/span><span>Digital banks will now need a capital of no less than EGP 2 bn in order to get their digital banking license, the central bank said. Digital banks looking to take part in financing large companies will need a minimum capital of EGP 4 bn to get their license and need their largest shareholder to be a financial institution with similar experience.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- <\/span><span>Specialized banks \u2014 AKA digital banks \u2014 were initially exempt from complying with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de231516-4157-411f-912e-4c3ff02bfdd6\" style=\"\">the EGP 5 bn<\/a><\/span><span> in reserve mandated by the law for local commercial banks. The CBE started <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/703d99e9-fc73-4c85-9a31-e6f5e10c6adb\" style=\"\">handing out digital banking licenses<\/a><\/span><span style=\"font-weight:400;\"> last year, following heavy demand from local lenders including the National Bank of Egypt, Banque Misr, Emirates NBD, QNB Al Ahli, and Bank ABC.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digital-economy\/\">digital economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation 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=\"590090 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=\"590090\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/590090\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-590090\" class=\"content-area-description single-story post-590090 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=\"590091\" 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=\"590091\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/last-nights-talk-shows-on-remittances-egypts-sudan-summit\/\">\r\n                            Egyptian talk shows cover the latest on remittances + Egypt\u2019s Sudan summit                        <\/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\/07\/13\/last-nights-talk-shows-on-remittances-egypts-sudan-summit\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" 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href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows+on+remittances%2C+Egypt%E2%80%99s+Sudan+summit+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F07%2F13%2Flast-nights-talk-shows-on-remittances-egypts-sudan-summit%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\/07\/13\/last-nights-talk-shows-on-remittances-egypts-sudan-summit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/522.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"590092\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/last-nights-talk-shows-on-remittances-egypts-sudan-summit\/522-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/522.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"522.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/522.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/522.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-590091\" class=\"content-area-description single-story post-590091 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-2023-sudan-conflict tag-enterpriseam tag-last-nights-talk-shows tag-politics tag-remittances tag-social-welfare tag-subsidies 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\/7\/.c1f1b527-98c1-43c9-964d-fff62ef6a21d.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\">A busy night on the airwaves after a busy news day: <\/span><span>The nation\u2019s talking heads gave us a <\/span><span>bit of everything, wrapping up a busy week with a fact check of rumors over remittances and today\u2019s peace summit dor Sudan.   <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s business as usual for remittances: <\/span><span>Banks continue to disburse remittances from <\/span><span>abroad in the same currency in which they were sent, the Egyptian Banking Federation said in a release seen by <\/span><span>Masa\u2019a DMC (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=jh-pQYnSTVw\" style=\"\">watch, runtime: 1:11<\/a><\/span><span style=\"font-weight:400;\">). The statement came following rumors that banks are forcing beneficiaries of remittances to convert the money received into EGP. <\/span><\/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>Remittances from Egyptians abroad fell 10% to USD 28.3 bn last year as people <\/span><span>sold FX on the black market or held onto it in expectation of a further EGP devaluation, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5746193e-7714-4ae9-9a9a-7e3b29e78e7a\" style=\"\">World Bank report<\/a><\/span><span>. T<\/span><span style=\"font-weight:400;\">hey are set to rebound this year as the number of Egyptians working abroad picks up following the covid-19 pandemic. <\/span><\/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 talk shows sang the praises of the Egyptian efforts to resolv<\/span><span style=\"font-weight:700\">e the conflict in Sudan<\/span><span> starting with a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5afe9d46-6175-4363-8c55-5f112df2be88\" style=\"\">peacemaking summit<\/a><\/span><span> of Sudan\u2019s neighbors scheduled for later today. This summit is the \u201dkey to resolving the crisis,\u201d strategist Samir Farag told Salet El Tahrir (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=zbHask77lec\" style=\"\">watch, runtime: 23:04<\/a><\/span><span>), highlighting the strong relationship between the two countries. Farag is expecting the summit to result in a ceasefire and to bring the Sudanese Armed Forces and paramilitary Rapid Support Forces back to the negotiating table. <\/span><span>Al Hayah Al Youm (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=3oUIT8BTj-o\" style=\"\">watch, runtime: 13:19<\/a><\/span><span>) and <\/span><span>Masa\u2019a DMC (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=KL0Z3WcK9TM\" style=\"\">watch, runtime: 12:38<\/a><\/span><span>) both interviewed Sudanese professionals who voiced the Sudanese nation\u2019s appreciation for Egyptian efforts to resolve the conflict. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Ration cards aren\u2019t going anywhere:<\/span><span> A prepaid, unified ration card that will also cover <\/span><span>services like health ins. and postal services will not replace the existing ration card, Assistant Supply Minister Ibrahim Ashmawy said during an interview with Sherif Amer on Yahduth Fi Masr (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=Scp_HXtYnNk\" style=\"\">watch, runtime: 10:26<\/a><\/span><span>). The prepaid card is optional for beneficiaries and will be used alongside ration cards, he said. Masa\u2019a DMC (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=rtLFAAEJJ-Y\" style=\"\">watch, runtime: 3:04<\/a><\/span><span style=\"font-weight:400;\">) also had coverage. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AND- Another presidential candidate unveiled: <\/span><span>The Republican People\u2019s Party has<\/span><span> nominated Chairman Hazem Omar to enter the 2024 presidential election. Ala Mas\u2019ouleety had coverage (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=F7OJcRewv9s\" style=\"\">watch, runtime: 5:18<\/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\/2023-sudan-conflict\/\">2023 Sudan conflict<\/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\" 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Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/abou-ghaly-ties-up-with-nbe-metito-eyes-desalination-plants\/\">\r\n                            Car distributor Abou Ghaly ties up with the National Bank of Egypt and the UAE\u2019s Metito could build 4 desalination facilities to feed green hydrogen plants                        <\/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\/07\/13\/abou-ghaly-ties-up-with-nbe-metito-eyes-desalination-plants\/\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/520.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"590095\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/abou-ghaly-ties-up-with-nbe-metito-eyes-desalination-plants\/520-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/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\/7\/520.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/520.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-590094\" class=\"content-area-description single-story post-590094 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-automotive tag-banking tag-enterpriseam tag-metito tag-national-bank-of-egypt tag-non-banking-financial-services tag-yemen wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.2f2a0610-3aa1-4855-be9d-ecd56218e01c.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;\">AUTOMOTIVE-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">NBE x Abou Ghaly: <\/span><span>The National Bank of Egypt (NBE) will start offering clients of Abou <\/span><span>Ghaly Motors financing solutions under a partnership inked between the two sides yesterday, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/514.pdf\" style=\"\">statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The agreement will allow Abou Ghaly customers to pay for maintenance and auto parts in interest-free installments, while Abou Ghaly will also offer NBE customers exclusive benefits.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INFRASTRUCTURE- <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The UAE\u2019s Metito is looking to establish 4 desalination plants here: <\/span><span>UAE-based <\/span><span>Metito is in talks with private sector green fuels developers to establish four desalination plants that would serve their Egyptian green hydrogen production facilities, Metito Africa Managing Director Karim Madwar is quoted as telling <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/almalnews.com\/premium\/%d9%85%d8%a7%d8%aa%d9%8a%d8%aa%d9%88-%d8%aa%d8%aa%d9%81%d8%a7%d9%88%d8%b6-%d9%84%d8%aa%d8%af%d8%b4%d9%8a%d9%86-4-%d9%85%d8%ad%d8%b7%d8%a7%d8%aa-%d8%aa%d8%ad%d9%84%d9%8a%d8%a9-%d9%84%d9%85\/\" style=\"\">Al Mal<\/a><\/span><span>. Each of the desalination facilities \u2014 all expected to be located in close proximity to planned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4211a856-e49d-4000-a143-0279ead2865e\" style=\"\">green fuels<\/a><\/span><span> plants<\/span><span> in Ain Sokhna \u2014 would have an annual production capacity of 50k cubic meters. Metito has already established a desalination facility for Scatec and Fertiglobe\u2019s 100 MW <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99ca1d1b-be1a-45fd-99ef-358318449438\" style=\"\">green hydrogen plant<\/a><\/span><span style=\"font-weight:400;\"> in Sokhna, Madwar added. <\/span><\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                          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      <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"590096\" 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=\"590096\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/uae-follows-ksa-to-deposit-funds-with-debt-laden-pakistan\/\">\r\n                            UAE follows KSA to deposit funds with debt-laden Pakistan                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n 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class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.d3967136-f880-4d9d-b004-f8e9dfc098f7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">First KSA, now UAE moves to support Pakistan:<\/span><span> The UAE has deposited USD 1 bn <\/span><span>in emergency funding with Pakistan\u2019s central bank to bolster its foreign reserves and help it avert a full-blown debt crisis, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/asia\/uae-gives-1-billion-reserve-support-pakistan-2023-07-12\/\" style=\"\">Reuters<\/a><\/span><span> reports, citing Pakistan's Finance Minister Ishaq Dar. This comes a day after Saudi Arabia <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33318fe7-f55a-4f02-bafb-e73cf0989f8c\" style=\"\">deposited USD 2 bn<\/a><\/span><span style=\"font-weight:400;\"> into the country\u2019s central bank. <\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IMF board greenlights Pakistan\u2019s bailout loan: <\/span><span>The USD 3 bn provided by the Gulf stat<\/span><span>es equals <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2023\/06\/30\/pr23251-imf-reaches-staff-level-agreement-with-pakistan-on-a-us-3-billion-stand-by-arrangement\" style=\"\">the stand-by loan<\/a><\/span><span> Pakistan agreed with the IMF last month, which the Fund\u2019s executive board <\/span><span>signed off on<\/span><span> yesterday. Some USD 1.2 bn will be immediately disbursed, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2023\/07\/12\/pr23261-pakistan-imf-exec-board-approves-us3bil-sba\" style=\"\">IMF board said<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p><p><a id=\"t.ada33c09ab6b547cbae3b61c8cb3e914e0020528\"><\/a><a id=\"t.0\"><\/a><\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">EGX30 <\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">17,144<\/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: +17.4%)<\/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-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">Tadawul<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">11,727<\/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: +11.9%)<\/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\">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;\">9,622<\/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: -5.8%)<\/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\">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;\">3,987<\/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: +19.5%)<\/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;\">4,472<\/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;\">+0.7% (YTD: +16.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">FTSE 100<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">7,417<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">+1.8% (YTD: -0.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">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;\">4,366<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">+1.8% (YTD: +14.3%)<\/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\">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 80.18<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">+1.0%<\/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 2.63<\/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;\">-3.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700;\">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 1,961.70<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">+1.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">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 30,333<\/span><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400;\">-0.6% (YTD: +83.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE CLOSING BELL-<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The EGX30 fell 0.06% at yesterday\u2019s close<\/span><span> on turnover of EGP 1.49 bn. Local investors were <\/span><span style=\"font-weight:400;\">net buyers. The index is up 17.44% 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;\">TMG Holding (+5.8%), Abu Qir Fertilizers (+1.7%) and Oriental Weavers (+1.5%).<\/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>Qalaa Holdings (-3.5%), Mopco (-3.2%) and Heliopolis Housing and Development (-3.1%).<\/span><\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pakistan\/\">Pakistan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"590098\" 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=\"590098\">\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\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/my-morning-routine-seif-el-sobky-ceo-koshari-street\/\">\r\n                            My Morning Routine: Seif El Sobky, CEO, Koshari Street                        <\/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\/07\/13\/my-morning-routine-seif-el-sobky-ceo-koshari-street\/\" 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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Speaking to us this week is Seif El Sobky (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/seif-el-sobky-96b09626\/\" style=\"\">LinkedIn<\/a><\/span><span>), CEO and co-owner of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.kosharistreet.com\/\" style=\"\">Koshari Street<\/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\">My name is Seif El Sobky and I am the CEO and co-owner of Koshari Street, a healthy <\/span><span style=\"font-weight:700\">Egyptian street food restaurant in London.<\/span><span style=\"font-weight:400;\"> Our vision at Koshari Street is very simple \u2013 we want to take one of Egypt\u2019s most popular and beloved dishes and bring it to the world\u2019s mainstream. There is absolutely no reason why we can\u2019t bring it to the minds of customers in the same way as burgers or pizzas.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019ve taken an original concept and expanded it while remaining authentically Egyptian. <\/span><span style=\"font-weight:400;\">Our menu consists of several Koshari bowls building off of classic Koshari \u2013 our best seller. Egypt has so many other beautiful delicacies that I believe can work really well with Koshari, so I started integrating things like my dad\u2019s Golden Halla recipe to create a bowl with slow cooked braised beef, or our Levantine Koshari, which adds molokhia. Most of our bowls are vegan and we also have gluten-free options that use a quinoa base instead of pasta.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Koshari is an ancient meal that can fit every palette.<\/span><span> Middle Easterners and Egyptians make <\/span><span>up 10-30% of our customer base, but the majority of customers have never tried Koshari before. A lot of Egyptians give us comments like \u201cYou\u2019re changing Koshari\u2026 You <\/span><span>can\u2019t have meat with rice,<\/span><span style=\"font-weight:400;\"> or chicken with Koshari.\u201d For me, it\u2019s kind of like the pineapple on pizza discussion \u2014 it\u2019s a personal philosophy. Food has only one rule: It has to taste good. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">My mornings are full of energy to help me take on whatever chaos the day will bring. <\/span><span>I try <\/span><span style=\"font-weight:400;\">to wake up as early as I can, around two hours before I even start to think about work. I read Enterprise first thing for about 10 minutes before emptying my thoughts through journaling and meditation. Then I plan out the top 10 things I want to get done that day. After that I\u2019ll do an hour of sport and take a cold shower. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">My day-to-day work routine varies as I\u2019m doing a bit of everything. <\/span><span>Mondays are inspiration <\/span><span style=\"font-weight:400;\">days, Tuesdays to Thursdays are for the grind, and Fridays are for tick-box activities. Over the weekend, I try to split my time 80:20 between personal life and work. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">I\u2019ll often spend time at the shop taking on a shift<\/span><span>, talking to customers to try to see what <\/span><span>they\u2019re seeing. If I see a customer looking at the menu for too long, I\u2019ll think, \u2018Is the menu not clear enough? Is the concept not simple enough to understand?\u2019 I also ask my team how they are doing and what the pain points are within their workday. I try to observe everything without going into micromanagement. And maybe I\u2019ll get behind the counter and invent a new bowl for myself <\/span><span style=\"font-size:10.5pt\">\u2014<\/span><span style=\"font-weight:400;\"> sometimes it\u2019s great, sometimes not so much.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">I\u2019m currently spending a lot of time looking at properties for new branches. <\/span><span>We want to <\/span><span style=\"font-weight:400;\">expand within central London with four to five more restaurants next year, whether through franchising or doing it ourselves. The Koshari Street model can be copied and pasted elsewhere \u2014 it\u2019s not a high-maintenance service restaurant. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">I have a fundamentalist approach when it comes to growing the business. <\/span><span>Growth has to <\/span><span style=\"font-weight:400;\">come from setting up the unit economics. For every single bowl that I\u2019m selling I know the percentage of the cost that goes on labor, raw materials, energy, utilities and so on. It all has to add up to a bowl that has a price point customers are willing to pay. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good relationships with suppliers are essential. <\/span><span>Outside of the shop I meet with suppliers, <\/span><span style=\"font-weight:400;\">even if there\u2019s no specific reason, to build the relationship. Inflation is causing price spikes everywhere and suppliers need to pass the costs down to someone, so strong relationships with suppliers can lead to solutions when you are in a rut. <\/span><\/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 most interesting trend I\u2019m seeing in the food industry right now is the polarization in <\/span><span style=\"font-weight:700\">street food. <\/span><span style=\"font-weight:400;\">It seems to be either loaded fries, fried chicken, and tacos with a ton of fat on one end of the spectrum, or super healthy, super bland salads that in my opinion taste like water on the other. I\u2019m in no way slamming unhealthy food \u2014 I think there\u2019s a place for it, just not every day. Koshari Street finds the middle ground: You get the taste that you want from street food but you also get the right calories, a balanced diet, and energy that helps you avoid the 2pm post-lunch slump. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">When I\u2019m really looking to switch off I turn on <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.imdb.com\/title\/tt0472954\/\" style=\"\">It\u2019s Always Sunny in Philadelphia<\/a><\/span><span style=\"font-weight:700\">: <\/span><span>I must <\/span><span style=\"font-weight:400;\">have watched it over 15 times and know every episode by heart, so it\u2019s a real comfort watch when I want to get my mind to rest. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">My absolute favorite place to eat in London is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.facebook.com\/brigadiersldn\/\" style=\"\">Brigadiers<\/a><\/span><span>, an Indian inspired restaurant, but <\/span><span>when in Cairo my allegiance will always be to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/koshariabotarek\/\" style=\"\">Abou Tarek<\/a><\/span><span style=\"font-weight:400;\">. Those guys are the best out there in Egypt. They stay true to what they do, the waiters are nice, there\u2019s a great atmosphere, and it just feels very authentic. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">One of the best pieces of advice I\u2019ve been given comes from my parents <\/span><span>and it's only <\/span><span style=\"font-weight:400;\">recently really started to sink in. They always said, \u2018There\u2019s no such thing as a problem without a solution.\u2019 Whether with personal or professional problems, it\u2019s always your mission to focus on finding the solution. There\u2019s always an answer, you just have to find the key to solving it. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Someone recently asked me, \u2018If you had to choose a project to work on that you knew <\/span><span style=\"font-weight:700\">was going to be a failure, what would it be?\u2019 <\/span><span>Initially I didn\u2019t understand the question. But what it was really asking is: \u2018What is it that you truly would like to do regardless of whether money is involved?\u2019 I thought about it and I\u2019d do exactly what I am doing now. That\u2019s a philosophy I want to retain.<\/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\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/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=\"590100\" 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\/07\/13\/590100\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-590100\" class=\"content-area-description single-story post-590100 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;\">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;\">12-13 July (Wednesday-Thursday): Finance Ministry to pay out first batch of export subsidies under sixth phase of subsidies program.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 July (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40e1c661-f9fb-43fa-9f17-4a3b55368ef6\" style=\"\">Deadline<\/a><\/span><span style=\"font-weight:400;\"> for EGAS + EGPC bid rounds for gas exploration and development of mature oil fields. <\/span><\/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): Rollout of the fourth phase of the Egyptian Tax Authority\u2019s e-receipt system. <\/span><\/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;\">22 - 24 July (Saturday - Monday): US Assistant Secretary of State for International Organization Affairs Michele Sison in Egypt. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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>31 July (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3qvncvU\" style=\"\">Application deadline<\/a><\/span><span> for the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MZrsLT\" style=\"\">Smart Green Projects initiative<\/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>31 July (Monday): Emigration Ministry\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Moemigegy\/posts\/pfbid0381YjuVpekRHwsFChDoGvZfK9987TGZV8qUJmehnL1KpdPkHSy8gcV9hCwMLFTzNYl\" style=\"\">Egyptians Abroad conference<\/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>Late July: Egypt\u2019s first <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EGY.Environment\/posts\/pfbid02sonGdbXr8dTWG9DScc9YzE3KQSNoQCbdfPhCqNx7rUwCSYFiuMKjSf9FeRZCCDTCl\" style=\"\">Environment and Climate Investment Forum<\/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;\">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=\"font-weight:400;\">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=\"font-weight:400;\">September: Sustainable 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;\">September: JETRO\u2019s second delegation arrives 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>13-14 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypthydrogen2023.com\/\" style=\"\">Hydrogen Egypt Summit<\/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;\">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, 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;\">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;\">18-19 September (Monday-Tuesday): Enterprise Finance Forum, St. Regis 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;\">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=\"font-weight:400;\">25 September (Monday): Nasdaq 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>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> for ins. 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>2-4 October (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/sharmrendezvous.ifegypt.net\/\" style=\"\">Sharm Rendezvous<\/a><\/span><span style=\"font-weight:400;\"> - Ins. Market, 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>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>9 October (Monday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/narrativesummit.com\/\" style=\"\">Narrative PR Summit<\/a><\/span><span style=\"font-weight:400;\">, Somabay Red Sea.<\/span><\/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 style=\"font-weight:400;\">30-31 October (Monday-Tuesday): Global Business School Network (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 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>9-15 November (Thursday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.intrafricantradefair.com\/en%3Futm_source%3DIATF%252027%252F02&utm_campaign%3D226fc251f7-EMAIL_CAMPAIGN_2023_05_30_12_03&utm_medium%3Demail&utm_term%3D0_-226fc251f7-%255BLIST_EMAIL_ID%255D\" style=\"\">Intra-African Trade Fair<\/a><\/span><span style=\"font-weight:400;\">, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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:400;\">30 November-12 December (Thursday-Tuesday): COP28, Dubai.<\/span><\/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=\"font-weight:400;\">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 style=\"font-weight:400;\">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    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: Your essential guide to the elimination of tax breaks and all of the key bills passed this legislative term.<\/p>\n","protected":false},"featured_media":590076,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-590075","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"1b31380d-cdb7-4ed6-9999-c760b17fac1d","teaser":"PLUS: Your essential guide to the elimination of tax breaks and all of the key bills passed this legislative term.","photo_url":"https:\/\/ent.news\/2023\/7\/525.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EBRD to lend USD 532 mn to state-owned banks, impact investor Mediterrania - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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