{"id":591920,"date":"2019-12-22T04:24:34","date_gmt":"2019-12-22T04:24:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=591920"},"modified":"2025-12-16T16:47:50","modified_gmt":"2025-12-16T16:47:50","slug":"cbe-to-keep-interest-rates-on-hold-this-week-enterprise-poll-of-economists","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-to-keep-interest-rates-on-hold-this-week-enterprise-poll-of-economists\/","title":{"rendered":"CBE to keep interest rates on hold this week -Enterprise poll of economists"},"content":{"rendered":"<section id=\"591922\" 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=\"591922\">\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\/2019\/12\/22\/what-were-tracking-on-sunday-22-december-2019\/\">\r\n                            What we\u2019re tracking on Sunday, 22 December 2019                        <\/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\/2019\/12\/22\/what-were-tracking-on-sunday-22-december-2019\/\" 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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President Abdel Fattah El SIsi had teased the possibility of local elections at the end of the year back in September, <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/15\/el-sisi-addresses-accusations-of-military-government-corruption-at-egypts-national-youth-conference\/\">saying that he expected<\/a> the House to vote on the act in October.<\/p><p><strong>Also expected to get our elected representatives chattering this week: <\/strong>Amendments to a law regulating who should be on the nations\u2019 terrorist watch list and a law to protect architectural heritage by preventing the unlicensed razing of dilapidated, but historic buildings.<\/p><p><strong>GERD talks resume in Khartoum:<\/strong> Irrigation ministers from Egypt, Ethiopia, and Sudan <a href=\"https:\/\/bit.ly\/392M6G8\">enter<\/a><a href=\"https:\/\/bit.ly\/392M6G8\">their second day<\/a> of meetings in Khartoum today for the latest round of technical talks on the Grand Ethiopian Renaissance Dam. The three parties will meet again on 13 January in Washington, DC for the fourth round of talks, at the end of which the countries have <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/10\/egypt-sudan-ethiopias-ministers-outline-roadmap-for-next-round-of-gerd-talks-8164\/\">committed to reaching an agreement<\/a> on the guidelines for filling and operating the dam and drought mitigation measures.<\/p><p><strong>Air France has resumed its direct flights to Sharm El Sheikh<\/strong>, with the first flight arriving yesterday morning after a five-year hiatus, <a href=\"https:\/\/almalnews.com\/%d8%a8%d8%b9%d8%af-%d8%aa%d9%88%d9%82%d9%81-%d8%b3%d9%86%d9%88%d8%a7%d8%aa-%d9%88%d8%b5%d9%88%d9%84-%d8%a3%d9%88%d9%84-%d8%b1%d8%ad%d9%84%d8%a9-%d8%b7%d9%8a%d8%b1%d8%a7%d9%86-%d9%81%d8%b1%d9%86\/\">according to Al Mal<\/a>. The UK had also resumed its charter flights to Sharm El Sheikh <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/19\/what-were-tracking-on-19-december-2019-8754\/\">last week<\/a> with Enter Air bringing 110 tourists on board.<\/p><hr class=\"grey-line\"><p><strong>As 2019 draws to a close, financial markets appear thankful for a very positive end<\/strong> <strong>of the year.<\/strong> 2019 has seen global stocks gain USD 10 tn, a bull bond market, and oil prices rising 25%, <a href=\"https:\/\/www.reuters.com\/article\/us-global-markets-2019-graphic\/the-best-year-financial-markets-have-ever-had-idUSKBN1YO266\">according to Reuters<\/a>. The MSCI index gained 24% this year, while the S&amp;P 500 surged 30%. Meanwhile, and for the first time since records began, the US has spent an entire decade without entering a recession, making it the longest economic expansion in US recorded history, according to <a href=\"https:\/\/www.youtube.com\/watch?v=0bVtfj29V9Q\">CNBC (watch, runtime: 11:01)<\/a>.<\/p><p class=\"web-image\"><a href=\"https:\/\/www.reuters.com\/article\/us-global-markets-2019-graphic\/the-best-year-financial-markets-have-ever-had-idUSKBN1YO266\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/1054.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>This comes despite the continued presence of some of the global headwinds that contributed to the EM Apocalypse of 2018<\/strong>, which saw the year ending on a low. These include the lack of a conclusive resolution to the US-China trade war and continued chaos from Brexit. So what is it that we have to be thankful for?<\/p><p><strong>Falling global interest rates: <\/strong>The US Federal Reserve cut interest rates for the first time since the global financial crisis in 2019. The move, which was largely expected by global central banks, has spurred other central banks, including the European Central Bank and other EM banks, to cut rates. Egypt\u2019s central bank cut interest rates <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps-6356\/\">four times this year<\/a>.<\/p><p><strong>Most analysts don\u2019t expect Egypt to see a fifth rate cut this Thursday<\/strong>, when the CBE\u2019s Monetary Policy Committee is set to meet for the final time this year. The majority of economists surveyed in our interest rate poll (which you\u2019ll find in this morning\u2019s Speed Round, below) agree that the central bank will hold off on another round of cuts for the time being to get a better feel of the impact of its past rate cuts.<\/p><p class=\"web-image\"><a href=\"https:\/\/www.reuters.com\/article\/us-global-markets-2019-graphic\/the-best-year-financial-markets-have-ever-had-idUSKBN1YO266\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/785.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Rising asset prices:<\/strong> Encouraged by the rate cuts, investors have been gobbling up treasuries all year and firing up bond markets. Egypt is among the winners, with returns on Egyptian treasuries up 23.2% YTD according to Reuters data, second only to the Ukraine. The EGP also appears to have gained 11.7% in keeping with other rising emerging market currencies, including Russia and the Ukraine. Even the EGX has performed relatively well, with the benchmark EGX30 index up 6.15% YTD as of Thursday. Compared to other <a href=\"https:\/\/www.marketwatch.com\/investing\/index\/891800?countrycode=xx\">MSCI emerging market indices<\/a>, the performance of Egypt\u2019s stocks was second only to Russia, with Egypt shares rising 36.4%. Egyptian shares outperformed the MSCI EM Index, which grew 14.6%. This comes despite struggling over low volumes and a lack of new listings. <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings-8495\/\">Reuters\u2019 figures last week<\/a> show trading volumes have fallen a little over 40% since 2017.<\/p><p class=\"web-image stand-out-borderless\"><a href=\"http:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/2715.jpeg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>*** THE REAL ENTERPRISE SURVEY- It has come to our attention that some of you have <\/strong><strong>been receiving the wrong link to our 4Q2019 survey, and for that we apologize. <\/strong><\/p><p><strong>What is the Enterprise Reader Survey?<\/strong> Every year we ask you, our readers, to weigh in on what you expect for the year ahead: Are you investing? Do you plan to hire new staff in 2020? How do you think the EGP will perform? What\u2019s your take on interest rates? Tell us, and we\u2019ll share the results with the entire community in early January to help you shape your view of the year. The survey is quick and with the correct link, we promise.<\/p><p><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/R32N7VR\">You can take the Enterprise Reader Poll here<\/a><\/strong><strong>.<\/strong><\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>2020 New Year party pooper award goes to the World Bank: <\/strong>The World Bank is worried about the impact of low interest rates in light of the USD 55 tn in debt accrued by developing nations, the <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2019\/12\/19\/debt-surge-in-emerging-and-developing-economies-is-largest-fastest-in-50-years\">global lender warned in a report on Thursday<\/a>. Emerging market total debt has risen to around 168% of their combined GDP, a 55% increase from debt levels in 2010. \u201cThe size, speed, and breadth of the latest debt wave should concern us all,\u201d said World Bank Group President David Malpass. \u201cIt underscores why debt management and transparency need to be top priorities for policymakers \u2014 so they can increase growth and investment and ensure that the debt they take on contributes to better development outcomes for the people.\u201d<\/p><p><strong>We don\u2019t have to worry about anything for now, while the global trend of low interest rates continues.<\/strong> But the record of the past 50 years show that about half of the 521 national episodes of rapid debt growth in developing countries have been accompanied by financial crises that significantly weakened per-capita income and investment. \u201cHistory shows that large debt surges often coincide with financial crises in developing countries, at great cost to the population,\u201d said Ceyla Pazarbasioglu, the World Bank Group\u2019s Vice President for Equitable Growth, Finance, and Institutions. \u201cPolicymakers should act promptly to enhance debt sustainability and reduce exposure to economic shocks.\u201d<\/p><p><strong>It was a good week for Egypt debt watchers last week<\/strong>, with EFG Hermes subsidiary <strong>Hermes Securities Brokerage<\/strong> <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/19\/egypts-efg-subsidiary-is-first-to-issue-short-term-debt-under-new-fra-framework-8761\/\">ending a decade-long dry spell<\/a> for corporate bond issuances with a EGP 400 mn issuance of one-year bonds before the end of the year, with another EGP 1.6 bn planned in the coming months. The transaction was advised by EFG Hermes Investment Banking. Meanwhile, <strong>Madinet Nasr Housing (MNHD)<\/strong> closed on a EGP 370 mn securitized bond issuance on Wednesday. In <a href=\"https:\/\/ent.news\/2019\/12\/882.pdf\">a statement on Thursday (pdf)<\/a>, MNHD said that EFG Hermes Promotion &amp; Underwriting and CIB acted as structuring advisor, lead managers, and arranger of the transaction. The issuance was fully underwritten by EFG Hermes, CIB, and the National Bank of Egypt (NBE). Zaki Hashem &amp; Partners acted as legal advisors for the transaction, and KPMG acted as the auditors.<\/p><hr class=\"grey-line\"><p><strong>MOVES- Andrew Bailey is new head of the Bank of England: <\/strong>Former Bank of England deputy governor Andrew Bailey is reportedly set to be named as the new governor of the Bank of England, a person familiar with the process <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N28T634\">told Reuters on Thursday<\/a>. Bailey, worked for 30 years at the UK\u2019s central bank before heading finance industry watchdog, the Financial Conduct Authority. Bailey beat out Minouche Shafik, the former Bank of England Deputy Governor and current head of the London School of Economics, as well as Gerard Lyons, who was economic adviser to UK Prime Minister Boris Johnson. The National\u2019s Jack Dutton speculates in an oped that Shafik was sidelined for her Brexit views.<\/p><p><strong>Glovo may be a unicorn with USD 166 mn Series E funding from Mubadala:<\/strong> Spain\u2019s on demand delivery app Glovo received USD 166 mn in Series E funding from the UAE\u2019s Mubadala, TechCrunch reports. The size of the stake acquired by Mubadala was not mentioned. The latest round will put its valuation at over USD 1 bn, giving it unicorn status, the company said, <a href=\"https:\/\/techcrunch.com\/2019\/12\/19\/spains-glovo-grabs-166m-series-e-for-its-deliver-anything-app\/\">according to TechCrunch<\/a>.<\/p><p><strong>PSA- biblical plague alert: <\/strong>New immature swarms of desert locusts that could threaten crops are expected to start forming by the end of the month in the horn of Africa,<a href=\"http:\/\/www.fao.org\/ag\/locusts\/en\/info\/info\/index.html\">The United Nations\u2019 Food and Agriculture Organization warned in a statement<\/a>. Hatching is expected to occur in the coming weeks along the western side of the Red Sea from Eritrea to southeast Egypt, the statement added. The organization urged national authorities to \u201cundertake timely reporting and efficient control\u201d in the upcoming period.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/40.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>Hazem Moussa, the co-founder and CEO of Sarwa Capital, on growing a consumer<\/strong> <strong>finance startup and life post-IPO: <\/strong>Since starting out with car financing with Contact Cars back in 2001, Sarwa Capital has grown its operations to encompass all aspects of consumer finance, including financing consumer durables, home finishing, mortgages and small businesses, and most recently, life and general insurance. The firm even invented the notion of securitized bond offerings in Egypt. He talked with us about raising money for the business before venture capital was a thing in Egypt. About life after going public on the EGX in a controversial IPO in 2018. And about how he resists micromanaging while still keeping his finger on the pulse of his business.<\/p><p><strong>** Listen to this week\u2019s episode (runtime 32:21) on<\/strong> <a href=\"https:\/\/press.us9.list-manage.com\/track\/click?u=3f7bc576715ca1a70edef2788&amp;id=af85aeee36&amp;e=44bedb15f2\">our website<\/a> | <a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/meet-sarwa-capital-20-year-old-startup-quietly-building\/id1487974619?i=1000460046071\">Apple Podcast<\/a> | <a href=\"https:\/\/podcasts.google.com\/?feed=aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2L2U3ZjE1ZWYwLWMwOWYtNDFiNi1iZDM4LWFiMDUwMGMwNDVlZi82OTc0ODFkMi04OGRmLTRlYjMtYmY3Mi1hYjA1MDBjMjllOWYvcG9kY2FzdC5yc3M%3D&amp;episode=MWIwYWZiZTYtOTk0ZS00MDQxLWI5MzUtYWIyNzAwZjMzZWYw\">Google Podcast<\/a>.<\/p><p><strong>Want to catch up on season one?<\/strong> Previous guests on our show about how to build a great business right here in Egypt have included:<\/p><ul>\n<li><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/one-ring-to-rule-them-all-how-azza-fahmy-brand-became\/id1487974619?i=1000459387625\">Fatma Ghali<\/a>, Managing Director of Azza Fahmy<\/li>\n<li><a href=\"https:\/\/enterprise.press\/podcast#84182\">Karim Awad<\/a>, group CEO of EFG Hermes<\/li>\n<li><a href=\"https:\/\/enterprise.press\/podcast#83584\">Karim El Sahy and Abeer El Sisi<\/a> from high-profile AI startup Elves<\/li>\n<li><a href=\"https:\/\/enterprise.press\/podcast#83584\">Jalal Abugazaleh<\/a>, founder of Gourmet Egypt<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fao\/\">FAO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What 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type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-enterprise-last-nights-talk-shows tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>We\u2019re taking a watered-down winter break:<\/strong> Our daily roundup of last night\u2019s talk shows is on hiatus until the end of the year. We\u2019ll be back with everything the talking heads have to say in the new year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/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=\"591925\" 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=\"591925\">\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\">Speed Round<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/enterprise-poll-central-bank-of-egypt-to-keep-rates-on-hold-in-final-meeting-of-2019\/\">\r\n                            Enterprise poll: Central Bank of Egypt to keep rates on hold in final meeting of 2019                        <\/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\/2019\/12\/22\/enterprise-poll-central-bank-of-egypt-to-keep-rates-on-hold-in-final-meeting-of-2019\/\" 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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This is the lowest rate of consensus we\u2019ve seen among economists we\u2019ve surveyed since March of this year. Pharos Holding, Shuaa Securities, Prime Holding, Beltone Financial, Renaissance Capital, EFG Hermes, and veteran economist Hany Tawfik all see the MPC keeping rates steady, while Signet, Sigma Capital, and HC Securities think we could see a rate cut.<\/p>\n<p><strong>The CBE cut interest rates <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps-6356\/\">by 100 bps last month<\/a><\/strong>, bringing the overnight deposit rate to 12.25% and its lending rate to 13.25%. The main operation and discount rates were both cut to 12.75%.<\/p>\n<p><strong>December inflation could accelerate, encouraging CBE to play it safe:<\/strong> The economists cited the slight increase in November\u2019s inflation rate \u2014 the first increase in six months \u2014 and largely expect inflation inflation to edge up again in December due to the dissipation of the favorable base effect. <strong>Inflation figures for December won\u2019t be out until after the MPC meets.<\/strong><\/p>\n<p><strong>Where is inflation expected to stand?<\/strong> Pharos Holdings\u2019 head of research Radwa Elswaify expects December\u2019s annual inflation reading to come in at 6%. Shuaa Senior Economist Esraa Ahmed also sees a 6-6.5% inflation reading next month, and expects inflation to remain in that range in 1Q2020. Prime Holding Senior Economist Mona Bedeir sees inflation closing 2019 at c.7%, which she notes is below the central bank\u2019s initial targets of 9% (\u00b13%). Beltone\u2019s Alia Mamdouh also says inflation will remain within the CBE\u2019s targets, particularly in light of the EGP\u2019s recent strengthening against the USD.<\/p>\n<p><strong>Keeping rates on hold would be a strategic move for the CBE at this point in the easing cycle<\/strong>, before resuming the cuts as of 1Q2020, EFG Hermes\u2019 Mohamed Abu Basha says. By maintaining rates, the CBE will be able to better assess the impact of the three consecutive rate cuts it enacted earlier this year before exhausting its toolkit. Abu Basha also believes the CBE will be unwilling to act on interest rates without December and January\u2019s inflation data. Bedeir and Elswaify are of the same mind, saying that as the favorable base effect wears off, the CBE will be less able to accurately predict where December\u2019s inflation levels will come in. Bedair expects the central bank to deliver a total of 200-300 bps in rate cuts over the course of 2020, with a 100 bps cut in 1Q2020.<\/p>\n<p><strong>There\u2019s also the Fed and rising oil prices to take into account:<\/strong> Elswaify also points to the US Federal Reserve <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/12\/what-were-tracking-on-12-december-2019-8325\/\">keeping interest rates on hold<\/a> at its last meeting as a key factor for the CBE to keep in mind this week. Meanwhile, Ahmed notes that oil prices are heading towards USD 65 \/ bbl, which will likely push the central bank to favor keeping rates where they are.<\/p>\n<p><strong>It\u2019s not the hold we want, but it\u2019s the hold we need:<\/strong> \u201cI expect a hold, although I hope to see a 100 bps cut. The CBE will likely keep rates steady to maintain Egypt as an attractive destination for portfolio investors,\u201d Tawfik tells us. He sees this, not inflation rates, as the most important driver behind the MPC\u2019s upcoming decision. Tawfik expects around 300 bps in rate cuts throughout next year, including 75-100 bps in 1Q2020.<\/p>\n<p><strong>Dissenters see enough room for a cut without upsetting the carry traders:<\/strong> Even with last month\u2019s uptick in inflation, \u201cEgypt still enjoys a very high and favorable real interest rate for portfolio investment,\u201d Sigma Capital\u2019s head of research Abu Bakr Emam says. \u201cWe expect increased inflows into the Egyptian debt market over the coming few months as it continues to offer high positive real interest rates compared to other emerging markets such as Turkey,\u201d HC Securities Chief Economist Monette Doss says. Emam and Doss both predict a 50 bps cut on Thursday.<\/p>\n<p><strong>Gov\u2019t debt burden could also provide impetus for faster easing:<\/strong> Economic think tank Signet\u2019s Angus Blair says the pickup in inflation won\u2019t put much of a damper on the easing party, and expects the central bank to squeeze in a 100 bps cut. Blair points to the government needing lower interest rates to lower its debt burden and increase its fiscal maneuverability as a primary concern for the CBE.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"591945\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"591946\" 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=\"591946\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/egypt-in-the-news-on-22-december-2019\/\">\r\n                            Egypt in the news on 22 December 2019                        <\/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\/2019\/12\/22\/egypt-in-the-news-on-22-december-2019\/\" 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\/2019\/12\/22\/egypt-in-the-news-on-22-december-2019\/')\">\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\/2019\/12\/22\/egypt-in-the-news-on-22-december-2019\/\">\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=Egypt in the news on 22 December 2019&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/egypt-in-the-news-on-22-december-2019\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/egypt-in-the-news-on-22-december-2019\/&title=Egypt in the news on 22 December 2019\">\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=Egypt+in+the+news+on+22+December+2019+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F12%2F22%2Fegypt-in-the-news-on-22-december-2019%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\/2019\/12\/22\/egypt-in-the-news-on-22-december-2019\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-591946\" class=\"content-area-description single-story post-591946 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-human-rights wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading coverage of Egypt in the foreign press this morning is the rising tension with<\/strong><strong> Libya and Turkey<\/strong>, which the two countries have unleashed on their Mediterranean neighbors by beginning the implementation of their contentious military and maritime cooperation agreement. We have the full story in Diplomacy + Foreign Trade, below.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/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=\"591947\" 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=\"591947\">\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\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/libyan-government-activates-its-military-pact-with-turkey-egypt-voices-concerns\/\">\r\n                            Libyan government activates its military pact with Turkey, Egypt voices concerns                        <\/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\/2019\/12\/22\/libyan-government-activates-its-military-pact-with-turkey-egypt-voices-concerns\/\" 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\/2019\/12\/22\/libyan-government-activates-its-military-pact-with-turkey-egypt-voices-concerns\/')\">\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\/2019\/12\/22\/libyan-government-activates-its-military-pact-with-turkey-egypt-voices-concerns\/\">\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=Libyan government activates its military pact with Turkey, Egypt voices concerns&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/libyan-government-activates-its-military-pact-with-turkey-egypt-voices-concerns\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/libyan-government-activates-its-military-pact-with-turkey-egypt-voices-concerns\/&title=Libyan government activates its military pact with Turkey, Egypt voices concerns\">\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=Libyan+government+activates+its+military+pact+with+Turkey%2C+Egypt+voices+concerns+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F12%2F22%2Flibyan-government-activates-its-military-pact-with-turkey-egypt-voices-concerns%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\/2019\/12\/22\/libyan-government-activates-its-military-pact-with-turkey-egypt-voices-concerns\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/2875.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"591948\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/libyan-government-activates-its-military-pact-with-turkey-egypt-voices-concerns\/2875-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/2875.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2875.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/2875.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/2875.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-591947\" class=\"content-area-description single-story post-591947 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy-foreign-trade tag-diplomacy tag-diplomacy-foreign-trade tag-eastern-mediterranean tag-enterpriseam tag-libya tag-politics tag-turkey wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Libyan government implements its military pact with Turkey: <\/strong>Prime Minister Fayez Al Serraj\u2019s Libyan Government of National Accord (GNA) has agreed to begin implementing its military and maritime cooperation pact with Turkey, . The agreement, which was ratified <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/16\/libya-closes-egyptian-embassy-as-tensions-rise-over-turkey-military-pact-8509\/\">last week<\/a> by Turkey\u2019s parliament, brings Ankara closer to the possibility of deploying troops to curb an advance on Tripoli by forces allied to General Khalifa Haftar. But it\u2019s still unlikely Ankara would get involved soon since the size of the force has to pass through parliament, <a href=\"https:\/\/www.theguardian.com\/world\/2019\/dec\/20\/libyan-government-activates-cooperation-accord-with-turkey\">says the Guardian<\/a>. Ankara did, in fact, play it down, getting its envoy to Libya to say <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-19\/turkey-combat-troops-aren-t-about-to-enter-libya-war-envoy-says\">he doesn\u2019t foresee<\/a> this happening despite the agreement\u2019s activation being tantamount to a call for help by Tripoli. The current pact in place addressed training, consultancy, experience transfer, planning and material support by Turkey to the Libyan government only and does not tackle sending troops. If Turkey decides to step foot in Libya the government will, firstly, need to seek parliament's approval for the move upon the request of Libya itself, Emrullah Isler, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-21\/turkey-s-parliament-approves-libya-military-cooperation-pact?srnd=premium-middle-east\">the Turkish president\u2019s envoy to Tripoli, said,<\/a> while ruling out any deployment of combat troops. The two governments signed last month two MoUs on military cooperation and border demarcation that were <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/01\/egypt-condemns-libya-turkey-mediterranean-agreement-7320\/\">met with backlash<\/a> by Egyptian, Greek, and Cypriot authorities for their potential to disrupt maritime borders in the natural gas-rich region.<\/p>\n<p><strong>Egypt disapproves again: <\/strong>Egypt\u2019s UN ambassador Mohammed Edrees renewed the denunciation of the agreements in a statement seen by <a href=\"https:\/\/apnews.com\/77df1a4d5d17b5bd3b5fdc379db2718f\">the Associated Press<\/a> over the weekend. Edrees\u2019 statement also noted that the activation of the military accord will allow the transfer of Turkish weaponry to the GNA, running counter to UN Security Council-imposed arms embargo on our neighbours. Al Monitor <a href=\"https:\/\/www.al-monitor.com\/pulse\/originals\/2019\/12\/egypt-criticism-libya-tripoli-government-turkey-agreement.html\">also took note<\/a>.<\/p>\n<p><strong>El Sisi signals we\u2019re well connected: <\/strong>Ittihadiya was out with three statements on Friday recounting calls President Abdel Fattah El Sisi had with each of German Chancellor <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/767059857146730\">Angela Merkel<\/a>, Cypriot President <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/767311807121535\">Nicos Anastasiades<\/a>, and European Council President <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/768145577038158\">Charles Michel<\/a> \u2014 in which they discussed \u201cregional developments.\u201d There were no specifics of what the discussions entailed, but El Sisi reiterated Egypt\u2019s support of stability in Libya in his phone call with Merkel. The president, meanwhile, spoke of across-the-board cooperation with Michel and pushing ahead with \u201cconsultations on political issues of mutual interest\u201d with Anastasiades.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-mediterranean\/\">Eastern Mediterranean<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/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=\"591949\" 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=\"591949\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/new-oil-well-discovered-in-egypts-western-desert-2\/\">\r\n                            New oil well discovered in Egypt\u2019s Western Desert                        <\/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\/2019\/12\/22\/new-oil-well-discovered-in-egypts-western-desert-2\/\" 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\/2019\/12\/22\/new-oil-well-discovered-in-egypts-western-desert-2\/')\">\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\/2019\/12\/22\/new-oil-well-discovered-in-egypts-western-desert-2\/\">\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=New oil well discovered in Egypt\u2019s Western Desert&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/new-oil-well-discovered-in-egypts-western-desert-2\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/new-oil-well-discovered-in-egypts-western-desert-2\/&title=New oil well discovered in Egypt\u2019s Western Desert\">\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=New+oil+well+discovered+in+Egypt%E2%80%99s+Western+Desert+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F12%2F22%2Fnew-oil-well-discovered-in-egypts-western-desert-2%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\/2019\/12\/22\/new-oil-well-discovered-in-egypts-western-desert-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-591949\" class=\"content-area-description single-story post-591949 post type-post status-publish format-standard hentry category-energy tag-energy tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>A new oil well was discovered in the Western Desert in Abu Sennan, after Borg El-Arab Petroleum and Mineral Company drilled exploratory oil wells in the area, <a href=\"https:\/\/bit.ly\/2ET3AXP\">according to a cabinet statement<\/a>. The production capacity of the ASH-2 well is estimated to be 7k bbl\/d of crude oil and 10 mn cf\/d of gas, the statement added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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=\"591950\" 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=\"591950\">\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\">Tourism<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/sovereign-fund-of-egypt-charged-with-renovating-managing-bab-el-azab-renovations\/\">\r\n                            Sovereign Fund of Egypt charged with renovating, managing Bab El Azab renovations                        <\/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\/2019\/12\/22\/sovereign-fund-of-egypt-charged-with-renovating-managing-bab-el-azab-renovations\/\" 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\/2019\/12\/22\/sovereign-fund-of-egypt-charged-with-renovating-managing-bab-el-azab-renovations\/')\">\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\/2019\/12\/22\/sovereign-fund-of-egypt-charged-with-renovating-managing-bab-el-azab-renovations\/\">\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=Sovereign Fund of Egypt charged with renovating, managing Bab El Azab renovations&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/sovereign-fund-of-egypt-charged-with-renovating-managing-bab-el-azab-renovations\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/sovereign-fund-of-egypt-charged-with-renovating-managing-bab-el-azab-renovations\/&title=Sovereign Fund of Egypt charged with renovating, managing Bab El Azab renovations\">\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=Sovereign+Fund+of+Egypt+charged+with+renovating%2C+managing+Bab+El+Azab+renovations+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F12%2F22%2Fsovereign-fund-of-egypt-charged-with-renovating-managing-bab-el-azab-renovations%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\/2019\/12\/22\/sovereign-fund-of-egypt-charged-with-renovating-managing-bab-el-azab-renovations\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-591950\" class=\"content-area-description single-story post-591950 post type-post status-publish format-standard hentry category-tourism tag-enterpriseam tag-sovereign-fund-of-egypt tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Sovereign Fund of Egypt received cabinet approval to hold the rights to renovate and develop the Bab El Azab area in the Salah El Din Citadel under a 49-year contract,<a href=\"http:\/\/www.cabinet.gov.eg\/Arabic\/MediaCenter\/CabinetNews\/Pages\/%D8%A7%D8%AC%D8%AA%D9%85%D9%80%D9%80%D8%A7%D8%B9-%D9%85%D8%AC%D9%84%D9%80%D8%B3-%D8%A7%D9%84%D9%80%D9%80%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D8%B1%D9%82%D9%80%D9%80%D9%85-(69)--%D8%A8%D8%B1%D8%A6%D9%80%D8%A7%D8%B3%D8%A9-%D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1-%D9%85%D8%B5%D8%B7%D9%81%D9%89-%D9%85%D8%AF%D8%A8%D9%88%D9%84%D9%8A.aspx\">according to a statement from the cabinet<\/a>. The technical proposal for the project includes building a museum with interactive technologies, crafts schools, theater and others, Antiquities Minister Khaled El Anany said. CEO of the fund Ayman Soliman had earlier <a href=\"https:\/\/www.reuters.com\/article\/egypt-tourism-idUSL8N28S55A\">told Reuters<\/a> that the fund was looking to Egyptian businessman and chairman of Orascom Development Holding, Samih Sawiris to help develop the area with total investments of EGP 2 bn.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"591951\" 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=\"591951\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Banking + Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/aaib-looks-for-partners-in-egp-2-1-bn-syndicated-loan-for-mnhd\/\">\r\n                            AAIB looks for partners in EGP 2.1 bn syndicated loan for MNHD                        <\/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\/2019\/12\/22\/aaib-looks-for-partners-in-egp-2-1-bn-syndicated-loan-for-mnhd\/\" 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\/2019\/12\/22\/aaib-looks-for-partners-in-egp-2-1-bn-syndicated-loan-for-mnhd\/')\">\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\/2019\/12\/22\/aaib-looks-for-partners-in-egp-2-1-bn-syndicated-loan-for-mnhd\/\">\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=AAIB looks for partners in EGP 2.1 bn syndicated loan for MNHD&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/aaib-looks-for-partners-in-egp-2-1-bn-syndicated-loan-for-mnhd\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/aaib-looks-for-partners-in-egp-2-1-bn-syndicated-loan-for-mnhd\/&title=AAIB looks for partners in EGP 2.1 bn syndicated loan for MNHD\">\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=AAIB+looks+for+partners+in+EGP+2.1+bn+syndicated+loan+for+MNHD+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F12%2F22%2Faaib-looks-for-partners-in-egp-2-1-bn-syndicated-loan-for-mnhd%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\/2019\/12\/22\/aaib-looks-for-partners-in-egp-2-1-bn-syndicated-loan-for-mnhd\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-591951\" class=\"content-area-description single-story post-591951 post type-post status-publish format-standard hentry category-banking-finance tag-arab-african-international-bank tag-banking-finance tag-development tag-enterpriseam tag-madinet-masr-for-housing-and-development tag-real-estate tag-united-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Arab African International Bank (AAIB) has approached several local banks to contribute to a EGP 2.1 bn loan it is arranging for Madinet Nasr for Housing and Development, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=21122019&id=c6c0dc8c-0d5d-4fc0-bd01-630561fd6ae7\">according to Al Shorouk<\/a>. The company will use to loan to pay the development cost of its Sarai 1 and 2 projects.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-african-international-bank\/\">Arab African International Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking-finance\/\">BANKING + FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development\/\">development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr-for-housing-and-development\/\">Madinet Masr for Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-bank\/\">United Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"591952\" 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=\"591952\">\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\">Sports<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/egypts-mo-salah-named-fifa-club-world-cup-player\/\">\r\n                            Egypt\u2019s Mo Salah named FIFA Club World Cup Player                        <\/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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<\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-591952\" class=\"content-area-description single-story post-591952 post type-post status-publish format-standard hentry category-_newspack_sports tag-enterpriseam tag-mohamed-salah tag-qatar tag-sports tag-world-cup wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Liverpool forward Mohamed Salah was named FIFA Club World Cup Player of the tournament after his team won the tournament\u2019s title in Qatar, <a href=\"https:\/\/www.fifa.com\/clubworldcup\/news\/salah-headlines-qatar-2019-award-winners-3063647\">according to FIFA.<\/a> Salah had recently won the Adidas Golden Ball and Alibaba Cloud Player of the Tournament.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-salah\/\">Mohamed Salah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-cup\/\">World Cup<\/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=\"591953\" 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=\"591953\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/the-market-yesterday-233\/\">\r\n                            The Market Yesterday                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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tag-enterpriseam tag-the-market-yesterday wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><p><strong>EGP \/ USD CBE market average:<\/strong> Buy 15.98 | Sell 16.08<\/p>\n<p> <strong>EGP \/ USD<\/strong><strong> at <\/strong><strong>CIB<\/strong><strong>:<\/strong> Buy 15.98 | Sell 16.08<\/p>\n<p> <strong>EGP \/ USD at <\/strong><strong>NBE<\/strong><strong>: <\/strong>Buy 15.99 | Sell 16.09<\/p>\n<p><strong>EGX30<\/strong> (Thursday): 13,387 (+0.3%)<\/p>\n<p> <strong>Turnover:<\/strong> EGP 871 mn (18% BELOW \/ ABOVE the 90-day average)<\/p>\n<p> <strong>EGX 30 year-to-date<\/strong>: +6.2%<\/p>\n<p><strong>THE MARKET ON THURSDAY:<\/strong> The EGX30 ended Thursday\u2019s session up 0.3%. CIB, the index\u2019s heaviest constituent, ended up 1.5%. EGX30\u2019s top performing constituents were CIRA up 3.8%, Cleopatra Hospitals up 3.5%, and Credit Agricole up 2.2%. Thursday\u2019s worst performing stocks were Qalaa Holdings down 2.1%, TMG Holdings down 1.9% and Palm Hills down 1.8%. The market turnover was EGP 871 mn, and foreign investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Long | EGP +186.7 mn<\/p>\n<p> <strong>Regional<\/strong>: Net Short | EGP -7.1 mn<\/p>\n<p> <strong>Domestic<\/strong>: Net Short | EGP -179.6 mn<\/p>\n<p><strong>Retail<\/strong>: 41.2% of total trades | 35.3% of buyers | 47.0% of sellers<\/p>\n<p> <strong>Institutions<\/strong>: 58.8% of total trades | 64.7% of buyers | 53.0% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 60.44 (-1.21%)<\/p>\n<p> <strong>Brent:<\/strong> USD 66.14 (-0.60%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 2.33 MMBtu (+2.42%, January 2020 contract)<\/p>\n<p> <strong>Gold:<\/strong> USD 1,480.90 \/ troy ounce (-0.24%)<\/p>\n<p><strong>TASI:<\/strong> 8,291.39 (+0.46%) (YTD: +5.94%)<\/p>\n<p> <strong>ADX:<\/strong> 5,092.41 (-0.05%) (YTD: +3.61%)<\/p>\n<p> <strong>DFM:<\/strong> 2,768.56 (-0.68%) (YTD: +9.44%)<\/p>\n<p> <strong>KSE Premier Market:<\/strong> 6,870.30 (+0.61%)<\/p>\n<p> <strong>QE:<\/strong> 10,340.37 (+1.16%) (YTD: +0.40%)<\/p>\n<p> <strong>MSM:<\/strong> 3,916.70 (-0.68%) (YTD: -9.41%)<\/p>\n<p> <strong>BB: <\/strong>1,584.06 (+0.02%) (YTD: +18.46%)<\/p><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-market-yesterday\/\">The Market Yesterday<\/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=\"591954\" 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\/2019\/12\/22\/591954\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-591954\" class=\"content-area-description single-story post-591954 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>December: Belarus Industry Minister Pavel Utiupin <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19112019&id=2b9e9b1c-45ad-4af5-82a9-f8650319c562\">will visit Egypt<\/a> to discuss means of cooperation in the SCZone and plan for the seventh Egypt-Belarus Trade Meeting.<\/p>\n<p>December: <a href=\"https:\/\/almalnews.com\/%d9%88%d9%81%d8%af-%d9%87%d9%86%d8%af%d9%8a-%d9%8a%d8%a8%d8%ad%d8%ab-%d8%a7%d9%84%d8%aa%d8%b9%d8%a7%d9%88%d9%86-%d8%a7%d9%84%d8%aa%d8%ac%d8%a7%d8%b1%d9%8a-%d9%88%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab\/\">Indian automotive delegation to visit Egypt<\/a>.<\/p>\n<p>21-22 December (Saturday-Sunday): The irrigation ministers of Egypt, Sudan, and Ethiopia <a href=\"https:\/\/www.facebook.com\/mwrifb\/posts\/3295522253855619\">will hold<\/a> the third round of Grand Ethiopian Renaissance Dam negotiations in Khartoum, Sudan.<\/p>\n<p>23 December (Monday): The Cairo Economic Court decided to adjourn the lawsuit filed by <a href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d9%85%d8%ad%d9%83%d9%85%d8%a9-%d8%a7%d9%84%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9-%d8%aa%d9%86%d8%b8%d8%b1-%d8%af%d8%b9%d9%88%d9%89-%d8%b6%d8%af-%d8%a7%d9%84%d9%85%d8%b3%d8%aa\/\">Americana Egypt minority<\/a> against the independent financial advisor to Monday 23 December.<\/p>\n<p>26 December (Thursday): Central Bank of Egypt\u2019s monetary policy committee will meet to review interest rates.<\/p>\n<p>January 2020: 2019 Confederation of African Football (CAF) Awards, Albatros Citadel Resort, <a href=\"https:\/\/alborsaanews.com\/2019\/07\/18\/1226515\">Hurghada, Egypt<\/a>.<\/p>\n<p>January 2020: <a href=\"https:\/\/punchng.com\/uk-africa-investment-summit-holds-in-jan-2020-foreign-secretary\/\">UK-Africa Investment summit<\/a>, London, United Kingdom.<\/p>\n<p>5 January (Sunday): Postponed lawsuit hearing against Peugeot Automobile filed by Cairo for Development and Cars Manufacturing.<\/p>\n<p>9-12 January 2020 (Tuesday-Sunday): <a href=\"http:\/\/www.plastex-online.com\/\">PLASTEX<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>13 January 2020 (Monday): The irrigation ministers of Egypt, Sudan, and Ethiopia <a href=\"https:\/\/www.facebook.com\/mwrifb\/posts\/3295522253855619\">will hold<\/a> the fourth and final round of Grand Ethiopian Renaissance Dam negotiations in Washington, DC.<\/p>\n<p>25 January 2020 (Saturday): 25 January revolution anniversary \/ Police Day, national holiday.<\/p>\n<p>25 January 2020 (Saturday): Midterm break for public schools and universities. Also known as: Two weeks of good commute.<\/p>\n<p>February 2020: An Italian business delegation <a href=\"https:\/\/almalnews.com\/%d9%88%d9%81%d8%af-%d8%a5%d9%8a%d8%b7%d8%a7%d9%84%d9%8a-%d9%8a%d8%b2%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d9%81%d8%a8%d8%b1%d8%a7%d9%8a%d8%b1-%d8%a7%d9%84%d9%85%d9%82%d8%a8%d9%84-%d9%84%d9%84%d8%aa%d8%b9\/\">will visit Egypt<\/a> to discuss investments in the Port Said industrial zone.<\/p>\n<p>February 2020: A delegation of Swiss businesses <a href=\"http:\/\/www.miic.gov.eg\/Arabic\/MediaCenter\/News\/Pages\/%D9%85%D8%B5%D8%B1-%D9%88%D8%B3%D9%88%D9%8A%D8%B3%D8%B1%D8%A7-%D8%AA%D8%AA%D9%81%D9%82%D8%A7%D9%86-%D8%B9%D9%84%D9%89-%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A%D8%A9-%D8%A7%D9%84%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%AD%D8%AA%D9%89-2024.aspx\">will visit Egypt<\/a> to discuss investment.<\/p>\n<p>February 2020: Higher Education Minister Khaled Abdel-Ghaffar <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19112019&id=2b9e9b1c-45ad-4af5-82a9-f8650319c562\">will visit<\/a> Minsk, Belarus.<\/p>\n<p>1 February 2020 (Saturday): The administrative court <a href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d9%82%d8%b6%d8%a7%d8%a1-%d8%a7%d9%84%d8%a5%d8%af%d8%a7%d8%b1%d9%89-%d9%8a%d8%a4%d8%ac%d9%84-%d9%82%d8%b6%d9%8a%d8%a9-%d8%a3%d8%af%d9%8a%d8%a8%d9%8a%d8%aa%d9%88-%d8%a3%d9%85%d8%b1\/\">will look into<\/a> an appeal by Adeptio AD Investments against a Financial Regulatory Authority to submit a mandatory tender offer (MTO) for Americana Egypt.<\/p>\n<p>4 February (Tuesday): Court hearing for PTT Energy Resources\u2019 <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/06\/thailands-ptt-energy-resources-files-usd-1-bn-lawsuit-against-govt-over-emg\/\">USD 1 bn lawsuit against Egyptian government<\/a><\/p>\n<p>8 February 2020 (Saturday): Midterm break ends. Traffic in Cairo stinks once more.<\/p>\n<p>11-13 February 2020 (Tuesday-Thursday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>March 2020: <a href=\"http:\/\/www.menafatf.org\/about\">The Middle East and North Africa Financial Action Task Force<\/a> (MENAFATF) <a href=\"https:\/\/almalnews.com\/%d9%85%d8%ac%d9%85%d9%88%d8%b9%d8%a9-%d8%a7%d9%84%d8%b9%d9%85%d9%84-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a-%d8%aa%d8%b2%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d9%85%d8%a7%d8%b1%d8%b3-%d8%a7%d9%84%d9%85%d9%82\/\">will visit<\/a> Egypt to assess the progress of actions taken to combat money laundering and terrorist sponsoring activities.<\/p>\n<p>1 March 2020: <a href=\"https:\/\/www.youm7.com\/story\/2019\/11\/28\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%BA%D8%B1%D9%81%D8%A9-%D8%A7%D9%84%D8%A5%D8%B3%D9%83%D9%86%D8%AF%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A%D8%A9-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D9%85%D8%A4%D8%AA%D9%85%D8%B1%D8%A7-%D8%AF%D9%88%D9%84%D9%8A%D8%A7-%D8%B9%D9%86-%D8%A7%D9%84%D9%84%D9%88%D8%AC%D8%B3%D8%AA%D9%8A%D8%A7%D8%AA\/4516709\">A conference<\/a> on \u201clogistics and its impact on the movement of goods and industry,\u201d venue TBD, Alexandria.<\/p>\n<p>4-5 March 2020 (Wednesday-Thursday): <a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2019\/10\/Press-Release-26th-Annual-Women-Economic-Forum-March-2020-Cairo-Egypt.pdf\">Women Economic Forum<\/a>, Cairo.<\/p>\n<p>25-26 March 2020 (Wednesday-Thursday): <a href=\"http:\/\/www.megaprojectsconf.com\/\">Mega Projects Conference<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>23 April 2020 (Thursday): First day of Ramadan (TBC).<\/p>\n<p>23-26 May 2020 (Saturday-Tuesday): Eid El Fitr (TBC).<\/p>\n<p>5-7 May 2020 (Tuesday-Thursday): <a href=\"https:\/\/www.afsic.net\/\">AFSIC - Investing in Africa<\/a>, London, United Kingdom.<\/p>\n<p>17-20 June 2020 (Wednesday-Saturday): <a href=\"https:\/\/www.automech-formula.com\/en\/home.html\">2019 Automech Formula car expo<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>30 June 2020 (Sunday): June 2013 protests anniversary, national holiday.<\/p>\n<p>November 2020: Egypt <a href=\"http:\/\/gate.ahram.org.eg\/News\/2284801.aspx\">will host simultaneously<\/a> the International Capital Market Association\u2019s emerging market, and Africa and Middle East meetings.<\/p>\n<p>30 July 2020-3 August 2020 (Thursday-Monday): Eid El Adha (TBC), national holiday.<\/p>\n<p>19-20 August 2020 (Wednesday-Thursday): Islamic New Year (TBC), national holiday.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":591921,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-591920","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"072b6d1e-0d76-4692-bbc7-5e584a809fc2","teaser":"","photo_url":"https:\/\/ent.news\/2016\/10\/3163.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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