{"id":596253,"date":"2019-08-22T04:00:25","date_gmt":"2019-08-22T04:00:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=596253"},"modified":"2025-12-16T19:11:32","modified_gmt":"2025-12-16T19:11:32","slug":"cbe-expected-to-cut-rates-when-it-meets-later-today","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-expected-to-cut-rates-when-it-meets-later-today\/","title":{"rendered":"CBE expected to cut rates when it meets later today."},"content":{"rendered":"<section id=\"596255\" 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=\"596255\">\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\/08\/22\/what-were-tracking-on-22-august-2019\/\">\r\n                            What we\u2019re tracking on 22 August 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\/08\/22\/what-were-tracking-on-22-august-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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Consensus among economists <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/18\/enterprise-poll-cbe-could-cut-interest-rates-on-thursday\/\">polled by Enterprise<\/a> and <a href=\"https:\/\/af.reuters.com\/article\/investingNews\/idAFKCN1VA0LH-OZABS?feedType=RSS&feedName=investingNews\">Reuters<\/a> is that the central bank will cut rates, with most anticipating a 100 bps cut. And 10 out of 12 economists surveyed by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-08-21\/egypt-s-economic-wins-may-seal-rate-cut-despite-global-sell-off\">Bloomberg yesterday<\/a> also wagered that it will resume easing. We have more insights and analysis on where the CBE\u2019s monetary policy is heading over the coming months in this morning\u2019s Speed Round, below.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/3\/JayPowell-1600px.jpeg?ssl=1\"><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <b>Is Powell going to tell markets what they want to hear this weekend?<\/b> As central bankers gather in Jackson Hole tomorrow, markets will be waiting with bated breath for Fed chairman Jay Powell to signal the bank\u2019s next move on interest rates. But disagreement among Fed officials revealed yesterday means that he is unlikely to offer anything concrete, analysts <a href=\"https:\/\/www.apnews.com\/91a950e2de124fffb1c4340c6c132c02\">tell the Associated Press<\/a>. <a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/fomcminutes20190731.pdf\">Minutes released yesterday<\/a> showed that Fed officials were sharply divided about <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/01\/what-were-tracking-on-1-august-2019\/\">last month\u2019s 25 bps cut<\/a>, with \u201cseveral\u201d wanting to keep rates on hold and \u201ca couple\u201d preferring a deeper 50 bps cut. \u201cI am expecting he will cautiously hint at another quarter point cut, but he doesn\u2019t have everyone on board,\u201d Diane Swonk, chief economist at Grant Thornton said. The yield curve between US 2-year and 10-year bonds <a href=\"http:\/\/cnbc.com\/2019\/08\/21\/bond-market-signaling-that-fed-may-be-too-slow-to-cut-rates.html\">briefly inverted again<\/a> after the minutes were released.<\/p>\n<p><b>A lack of ammo is also a problem:<\/b> Give how low interest rates are already, Powell may not want to signal further rate cuts for fear of diluting the few policy tools he has at his disposal. \u201cIt would be dangerous for him to signal more rate cuts are coming, given the fact he has precious little ammunition left,\u201d Sung Won Sohn, economist at Loyola Marymount University, said.<\/p>\n<p><b>Signalling multiple rate cuts is probably off the cards:<\/b> Mark Zandi, chief economist at Moody\u2019s Analytics, said that hinting at multiple cuts would stoke fears of a recession further, and undermine business and consumer confidence. \u201cI think he will want to err on the side of arguing that more rate cuts seem likely, just because the economy is slowing, and he doesn\u2019t want to tip the economy over into a recession,\u201d he said.<\/p>\n<p><b>US stocks continued to rebound yesterday,<\/b> after retailers Target and Lowe\u2019s posted strong quarterly earnings, <a href=\"https:\/\/www.ft.com\/content\/ca9fcb0a-c3a7-11e9-a8e9-296ca66511c9\">the FT says<\/a>. The S&P 500 finished up 0.8%, and both the Dow Jones and Nasdaq closed 0.9% in the green.<\/p>\n<p><b>And EM currencies rose as the USD weakened<\/b> ahead of Powell\u2019s speech, <a href=\"https:\/\/af.reuters.com\/article\/southAfricaMarketNews\/idAFL5N25H266\">Reuters reports<\/a>. The ZAR, KRW and RUB all saw gains against the USD as hopes for renewed stimulus grew. \u201cA lot depends on the Fed\u2019s stance, whether an indication of interest rate cuts is down to global growth expectations being lowered or larger systematic risks,\u201d said Roubesh Adaya, senior investment specialist, fixed income at Aberdeen Standard Investments. \u201cOr if the Fed does nothing as well, that can be taken as an indication that things are not as bad as expected.\u201d<\/p>\n<p><b>Analysts say that EMs could benefit from movements in US markets,<\/b> the <a href=\"https:\/\/www.wsj.com\/articles\/why-some-firms-say-to-hold-out-for-an-emerging-market-rebound-11566400998\">Wall Street Journal reports<\/a>. Gustavo Medeiros, portfolio manager at Ashmore, said in a note Tuesday that falling yields in the US will encourage inflows into EM fixed-income assets, especially bonds denominated in USD. Morgan Stanley, meanwhile, predicted that the USD will peak later this year, which will \u201cdisproportionately benefit international equities, led by EM equities.\u201d<\/p>\n<p><b>Exhibit A:<\/b> International financial group Mirabaud has hedged 50% of its equity exposure in emerging markets and Europe, having made recommendations to clients to do so in both February and May, chief economist Gero Jung told Dow Jones Newswires, <a href=\"https:\/\/www.wsj.com\/articles\/fund-manager-roundup-market-too-optimistic-on-fed-rate-cuts-mirabaud-11566364058?mod=searchresults&page=1&pos=1\">according to a piece in the WSJ<\/a>.<\/p>\n<p><b>Germany sold its first-ever negative yield 30-year bonds yesterday<\/b> \u201cin another sign of how investors\u2019 desperation for safe assets is inflating their value,\u201d <a href=\"https:\/\/www.wsj.com\/articles\/germany-for-first-time-sells-30-year-bonds-offering-negative-yields-11566385847\">the Wall Street Journal reports<\/a>. The zero-coupon bonds attracted investors enough that they purchased the notes for more than face value, making the total yield on the bonds negative.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/8\/Kristalina-Georgieva-1600px.jpg?ssl=1\"><\/p>\n<p><b>Bulgaria\u2019s Kristalina Georgieva is now a step closer to becoming the new IMF boss<\/b> after the international lender agreed to scrap a rule preventing people aged 65 years or older from becoming the managing director, the <a href=\"https:\/\/www.ft.com\/content\/9fdaff44-c43c-11e9-a8e9-296ca66511c9\">Financial Times notes<\/a>. Georgieva, who currently serves as the World Bank chief executive, was nominated for the position by the EU in a vote <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/04\/what-were-tracking-on-4-august-2019\/\">earlier this month<\/a>. The IMF will vote on the final list of candidates on 4 October.<\/p>\n<hr class=\"grey-line\">\n<p><b>New \u201cmoderate Islamist\u201d Tunisian president on the way?<\/b> Some say Abdelfattah Mourou, a member of Tunisia\u2019s Ennahda party who is running in next month\u2019s presidential elections, could break the mold by being a leader who stands for political Islam while holding relatively progressive values, <a href=\"https:\/\/www.reuters.com\/article\/us-tunisia-election-islamists\/moderate-islamists-make-new-power-quest-in-tunisia-idUSKCN1VB0GS\">Reuters reports<\/a>.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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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=\"596256\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"596257\">\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\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/another-quiet-night-on-the-airwaves-2\/\">\r\n                            Another quiet night on the airwaves                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/another-quiet-night-on-the-airwaves-2\/&title=Another quiet night on the airwaves\">\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=Another+quiet+night+on+the+airwaves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fanother-quiet-night-on-the-airwaves-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\/08\/22\/another-quiet-night-on-the-airwaves-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596257\" class=\"content-area-description single-story post-596257 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-energy tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-new-administrative-capital tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><b>It was another quiet night on the airwaves yesterday,<\/b> with no single story capturing the attention of the talking heads.<\/p>\n<p><b>Gov\u2019t prepares for move to NAC: <\/b>President Abdel Fattah El Sisi met with officials yesterday to discuss plans to move government offices to the new administrative capital (NAC), Al Hayah Al Youm\u2019s Khaled Abu Bakr said (<a href=\"https:\/\/www.youtube.com\/watch?v=JkpSJyK3MpM\">watch, runtime: 05:24<\/a>).<\/p>\n<p><b>The gov\u2019t has collected EGP 100 bn in resolved tax disputes<\/b>, Abu Bakr also noted (<a href=\"https:\/\/www.youtube.com\/watch?v=5vtHTxLlJmA\">watch, runtime: 08:52<\/a>). The government had established special committees to resolve tax disputes and increase state revenues.<\/p>\n<p><b>Zohr is smashing production targets: <\/b>Natural gas production at Zohr field has reached 2.7 bcf\/d, a level initially expected to be met in four months, Yahduth Fi Misr\u2019s Sherif Amer said (<a href=\"https:\/\/www.youtube.com\/watch?v=QeWAbU8t3KM\">watch, runtime: 00:42<\/a>). We have more on this in this morning\u2019s Speed Round, below.<\/p>\n<p><b>A new GERD plan:<\/b> A meeting led by Prime Minister Moustafa Madbouly yesterday discussed a government proposal to resolve the long-running Renaissance Dam issue. Affected countries are planned to meet in the coming month to discuss the proposal in length, Amer noted (<a href=\"https:\/\/www.youtube.com\/watch?v=f0gWuvk3iqc\">watch, runtime: 02:32<\/a>).<\/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                            <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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-administrative-capital\/\">new administrative capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/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=\"596258\" 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=\"596258\">\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\/08\/22\/cbe-likely-to-cut-rates-today-economists\/\">\r\n                            CBE likely to cut rates today -economists                        <\/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\/08\/22\/cbe-likely-to-cut-rates-today-economists\/\" 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\/08\/22\/cbe-likely-to-cut-rates-today-economists\/')\">\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\/08\/22\/cbe-likely-to-cut-rates-today-economists\/\">\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=CBE likely to cut rates today -economists&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/cbe-likely-to-cut-rates-today-economists\/\">\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\/08\/22\/cbe-likely-to-cut-rates-today-economists\/&title=CBE likely to cut rates today -economists\">\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=CBE+likely+to+cut+rates+today+-economists+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fcbe-likely-to-cut-rates-today-economists%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\/08\/22\/cbe-likely-to-cut-rates-today-economists\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/8\/580.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"596259\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/cbe-likely-to-cut-rates-today-economists\/580-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/8\/580.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"580.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/8\/580.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/8\/580.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596258\" class=\"content-area-description single-story post-596258 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-carry-trade tag-enterpriseam tag-monetary-policy tag-speed-round wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>There\u2019s a growing consensus for a rate cut today: <\/b>The Central Bank of Egypt (CBE) will cut its benchmark overnight deposit rate by \u201cat least\u201d 100 basis points when it meets later today as easing inflation and a stable EGP offset concerns of a sell-off, according to 10 of 12 analysts <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-08-21\/egypt-s-economic-wins-may-seal-rate-cut-despite-global-sell-off\">polled yesterday by Bloomberg<\/a>. The other two anticipated the CBE will hold. Three-quarters of economists <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/18\/enterprise-poll-cbe-could-cut-interest-rates-on-thursday\/\">we surveyed this week<\/a> also see the central bank easing (with most anticipating a 100 bps cut). Ten out of 13 economists <a href=\"https:\/\/af.reuters.com\/article\/investingNews\/idAFKCN1VA0LH-OZABS?feedType=RSS&feedName=investingNews\">polled by Reuters<\/a> this week expect a cut, with seven forecasting a 100 bps cut, three expecting a deeper 150 bps cut, and three forecasting a hold. The MPC last cut interest rates in February, when the overnight deposit and lending rates were reduced by 100 bps to 15.75% and 16.75%, respectively.<\/p>\n<p><b>Joining the chorus is Naeem Holdings, which earlier this week had expected the CBE to keep rates on hold.<\/b> \u201cWe observe that prices of some essential food items (in particular, vegetables) continue to decline in August, which should give the CBE comfortable room to cut rates,\u201d Allen Sandeep told Enterprise. Sandeep now believes the CBE could cut rates by as much as 200 bps.<\/p>\n<p><b>The carry trade shouldn\u2019t be an issue:<\/b> Egypt would remain one of the most attractive carry trades in the world, even after a rate cut, EFG Hermes\u2019 Mohamed Abu Basha, pointed out. Interest rates would still be some of the highest in emerging markets, providing \u201ca margin to cut the interest rate without halting or affecting the competitiveness of the carry trade,\u201d he said.<\/p>\n<p class=\"web-image\"><a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2019-08-21\/will-egypt-cut-its-deposit-rate-this-week-video\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/8\/1932.jpg?ssl=1\"><\/a><\/p>\n<p><b>The country\u2019s reform story is solid enough to point the CBE in the direction of a rate cut,<\/b> says Doug Bitcon, fund manager at the regionally-focused Rasmala Investment Bank, in a separate Bloomberg interview (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2019-08-21\/will-egypt-cut-its-deposit-rate-this-week-video\">watch, runtime: 4:15<\/a>). The budget deficit declining to 8.2% of GDP, the current account deficit narrowing to nearly 1%, and the economy growing at a near-5% clip are a few examples of the positive indicators. Bitcon, too, says that the risk of a currency sell-off is low, and that Egypt will remain the region\u2019s most attractive carry trade following a rate cut. Foreign holdings in Egyptian treasury bonds have risen significantly so far this year, coming in at <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/18\/foreign-holdings-of-sovereign-egyptian-debt-at-usd-19-2-bn-mid-june\/\">around USD 19.2 bn<\/a> as of mid-June compared to<a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/\">USD 13.1 bn<\/a> in January.<\/p>\n<p><b>Could Egypt\u2019s central bank cut rates by up to 550 bps until next year as some expect? <\/b>This would depend on the evolution of inflation over the next few months and how the recent subsidy cuts will impact prices, Bitcon said.<\/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\/carry-trade\/\">carry trade<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"596269\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"596270\" 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=\"596270\">\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\">THE MACRO PICTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/monetary-easing-wont-solve-the-worlds-trade-problems-imf\/\">\r\n                            Monetary easing won\u2019t solve the world\u2019s trade problems -IMF                        <\/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\/08\/22\/monetary-easing-wont-solve-the-worlds-trade-problems-imf\/\" 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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Senior IMF economists Gita Gopinath, Gustavo Adler, and Luis Cubeddu write that, although easing can increase domestic demand for foreign goods, it also weakens the exchange rate, producing the opposite effect of lowering demand for imports. This is what is known as \u2018expenditure switching.\u2019<\/p>\n<p><b>Beggar-thy-neighbour:<\/b> Expenditure switching is described by the IMF as a \u201cbeggar-thy-neighbour\u201d policy: a term that refers to economic policies that are introduced to benefit a country\u2019s economy but that simultaneously harm its trading partners. Currency weakening leads to a decline in exports, inflicting economic harm on the countries it trades with.<\/p>\n<p><b>An ineffective trade policy:<\/b> What\u2019s more, currency weakening in this way is unlikely to make meaningful improvements to a country\u2019s trade balance. \u201cOne should not put too much stock in the view that easing monetary policy can weaken a country\u2019s currency enough to bring a lasting improvement in its trade balance,\u201d they write. \u201cMonetary policy alone is unlikely to induce the large and persistent devaluations that are needed to bring that result.\u201d<\/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\/global-economy\/\">global economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/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\/the-macro-picture\/\">THE MACRO PICTURE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"596272\" 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=\"596272\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/egypt-in-the-news-on-22-august-2019\/\">\r\n                            Egypt in the News on 22 August 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\/08\/22\/egypt-in-the-news-on-22-august-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\/08\/22\/egypt-in-the-news-on-22-august-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\/08\/22\/egypt-in-the-news-on-22-august-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 August 2019&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/egypt-in-the-news-on-22-august-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\/08\/22\/egypt-in-the-news-on-22-august-2019\/&title=Egypt in the News on 22 August 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+August+2019+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fegypt-in-the-news-on-22-august-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\/08\/22\/egypt-in-the-news-on-22-august-2019\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596272\" class=\"content-area-description single-story post-596272 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-agriculture tag-climate-change tag-egypt-in-the-news tag-enterpriseam tag-environment tag-health tag-human-rights tag-hurghada tag-judiciary tag-national-security tag-politics tag-suez-canal tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><b>This morning in the foreign press:<\/b> Egypt will be faced with multiple economic and environment challenges \u2014 some obvious, others unexpected \u2014 if global temperatures continue to rise, Afshin Molavi, senior fellow at the Foreign Policy Institute at Johns Hopkins University, <a href=\"http:\/\/www.arabnews.com\/node\/1543251\">writes in Arab News<\/a>. Egyptian farmers are already facing the triple threats of declining rainfall, higher temperatures and increasing concentrations of saltwater, all of which are hurting agricultural production. But melting glaciers in the Arctic will also undermine the Suez Canal\u2019s role as a strategic shipping route: ships in Asia heading west may soon be able to shorten their travel time by using new Arctic shipping lanes, instead of the Suez Canal. Meanwhile, tensions with Sudan and Ethiopia are likely to rise as Nile water becomes more scarce and populations increase.<\/p>\n<p><b>Water-efficient agriculture in Egypt:<\/b> The government\u2019s \u201c100k greenhouse project\u201d is part of a water conservation strategy that is essential in the face of existing and anticipated shortages, <a href=\"https:\/\/www.afrik21.africa\/en\/egypt-greenhouse-agriculture-to-reduce-water-consumption\/\">Jean Marie Takouleu writes in Afrik21<\/a>. The 1,300 greenhouses are expected to produce 184k tonnes of fruit and vegetables per year, using water efficiently and protecting the crops from insects.<\/p>\n<p>Other stories in the international press:<\/p>\n<ul>\n<li><b>Calls to release US PhD student barred from leaving Egypt:<\/b> The Middle East Studies Association\u2019s Committee on Academic Freedom has urged the lifting of travel restrictions imposed on a University of Washington PhD student, arrested in May 2018 while conducting academic research on the Egyptian judiciary, <a href=\"https:\/\/www.insidehighered.com\/quicktakes\/2019\/08\/21\/phd-student-prevented-leaving-egypt\">Inside Higher Ed reports<\/a>. <\/li>\n<li><b>Judicial reforms:<\/b> Constitutional changes granting the power to appoint judges to the presidency is attracting criticism, <a href=\"https:\/\/www.timesofisrael.com\/fears-over-egypts-judiciary-abound-after-sissi-picks-judges\/\">AFP reports<\/a>.<\/li>\n<li><b>The E.coli outbreak in Hurghada is back in the news in the British press:<\/b> <a href=\"https:\/\/www.thesun.co.uk\/news\/9769037\/brits-egypt-hurghada-resort-warning-e-coli-outbreak\/\">The Sun<\/a> and <a href=\"https:\/\/www.scotsman.com\/health\/scots-warned-about-massive-e-coli-outbreak-at-popular-egypt-resort-1-4988479\">the Scotsman<\/a> are reminding readers of <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/17\/what-were-tracking-on-17-july-2019\/\">a health warning<\/a> issued by the UK government in July about the spread of E.coli in the Red Sea resort town.<\/li>\n<li><b>A burgeoning tourist interest in long-distance Red Sea mountain trails <\/b>presents a chance toconnect to ancient Egyptian traditions and civilizations, <a href=\"http:\/\/www.tradearabia.com\/news\/TTN_357813.html\">Trade Arabia reports<\/a>.<\/li>\n<\/ul>\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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/environment\/\">environment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health\/\">health<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hurghada\/\">Hurghada<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/judiciary\/\">judiciary<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/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\/suez-canal\/\">Suez Canal<\/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=\"596273\" 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=\"596273\">\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\">Worth reading<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/why-isnt-egypts-economic-growth-translating-into-lower-poverty-rates\/\">\r\n                            Why isn\u2019t Egypt\u2019s economic growth translating into lower poverty rates?                        <\/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\/08\/22\/why-isnt-egypts-economic-growth-translating-into-lower-poverty-rates\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/x.com\/intent\/post?text=Why isn\u2019t Egypt\u2019s economic growth translating into lower poverty rates?&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/why-isnt-egypts-economic-growth-translating-into-lower-poverty-rates\/\">\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\/08\/22\/why-isnt-egypts-economic-growth-translating-into-lower-poverty-rates\/&title=Why isn\u2019t Egypt\u2019s economic growth translating into lower poverty rates?\">\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=Why+isn%E2%80%99t+Egypt%E2%80%99s+economic+growth+translating+into+lower+poverty+rates%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fwhy-isnt-egypts-economic-growth-translating-into-lower-poverty-rates%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\/08\/22\/why-isnt-egypts-economic-growth-translating-into-lower-poverty-rates\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/578.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"596274\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/why-isnt-egypts-economic-growth-translating-into-lower-poverty-rates\/578-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/578.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"578.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/578.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/578.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596273\" class=\"content-area-description single-story post-596273 post type-post status-publish format-standard has-post-thumbnail hentry category-worth-reading tag-economic-reform-program tag-economy tag-enterpriseam tag-worth-reading wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <b>Why isn\u2019t Egypt\u2019s economic growth translating into lower poverty rates?<\/b> Despite growth spiking over the past several years and Egypt remaining one of the Middle East\u2019s fastest-growing economies, the country\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/30\/egypt-poverty-rate-stands-at-32-5-according-to-latest-capmas-income-report\/\">poverty rate has also risen<\/a>. Although it might be easy to blame the IMF-backed austerity program for this trend, the two indicators that offer real explanations are which sectors are driving this growth and how the growth is then redistributed by the state, Amr Adly <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2019-08-21\/how-economic-growth-is-making-many-egyptians-poorer\">writes for Bloomberg<\/a>.<\/p>\n<p><b>Growth is fueled mostly by sectors with low job creation<\/b>, including oil and gas, and telecoms, while other sectors such as construction and tourism generally create low-skill and low-paying jobs. Meanwhile, there has been little growth in high value-added industries that require greater skill levels and more sophisticated technology. Developing these industries requires far greater investment into education and research and development, as well as infrastructure capable of facilitating innovation. \u201cNone of this has been prioritized by Egyptian governments,\u201d Adly writes.<\/p>\n<p><b>And when growth lags, it\u2019s usually the poorer chunk of the population who bear the brunt of austerity measures<\/b>, Adly says. Improving macroeconomic indicators are indeed signs that the country is heading in the right direction. But they also fail to account for changes in the country\u2019s social and political changes; they are \u201ctoo abstract, too economistic\u201d to gauge the experiences of people living and working in the real economy, he says.<\/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\/economic-reform-program\/\">economic reform program<\/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\/worth-reading\/\">worth reading<\/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=\"596275\" 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=\"596275\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/electricity-ministry-to-offer-200-mws-solar-plants-in-benban-in-tender\/\">\r\n                            Electricity Ministry to offer 200 MWs solar plants in Benban in tender                        <\/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\/08\/22\/electricity-ministry-to-offer-200-mws-solar-plants-in-benban-in-tender\/\" 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\/08\/22\/electricity-ministry-to-offer-200-mws-solar-plants-in-benban-in-tender\/')\">\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\/08\/22\/electricity-ministry-to-offer-200-mws-solar-plants-in-benban-in-tender\/\">\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=Electricity Ministry to offer 200 MWs solar plants in Benban in tender&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/electricity-ministry-to-offer-200-mws-solar-plants-in-benban-in-tender\/\">\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\/08\/22\/electricity-ministry-to-offer-200-mws-solar-plants-in-benban-in-tender\/&title=Electricity Ministry to offer 200 MWs solar plants in Benban in tender\">\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=Electricity+Ministry+to+offer+200+MWs+solar+plants+in+Benban+in+tender+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Felectricity-ministry-to-offer-200-mws-solar-plants-in-benban-in-tender%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\/08\/22\/electricity-ministry-to-offer-200-mws-solar-plants-in-benban-in-tender\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596275\" class=\"content-area-description single-story post-596275 post type-post status-publish format-standard hentry category-energy tag-electricity-ministry tag-energy tag-enterpriseam tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The National Renewable Energy Authority is planning to tender solar power plants with a combined capacity of 200 MW in the Benban solar facility in Aswan, <a href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d9%85%d8%aa%d8%ac%d8%af%d8%af%d8%a9-%d8%aa%d8%b9%d8%b1%d8%b6-%d9%85%d8%b4%d8%b1%d9%88%d8%b9%d8%a7%d8%aa-%d8%b4%d9%85%d8%b3%d9%8a%d8%a9-%d8%b9%d9%84%d9%89-%d8%a7%d9%84%d9%85\/\">Electricity Ministry officials told Al Mal<\/a>. The projects will require around EGP 3 bn of investments.<\/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\/electricity-ministry\/\">Electricity Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/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=\"596276\" 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=\"596276\">\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\">Real Estate + Housing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/naccud-to-offer-land-plots-for-high-rises\/\">\r\n                            NACCUD to offer land plots for high-rises                        <\/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\/08\/22\/naccud-to-offer-land-plots-for-high-rises\/\" 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\/08\/22\/naccud-to-offer-land-plots-for-high-rises\/')\">\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\/08\/22\/naccud-to-offer-land-plots-for-high-rises\/\">\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=NACCUD to offer land plots for high-rises&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/naccud-to-offer-land-plots-for-high-rises\/\">\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\/08\/22\/naccud-to-offer-land-plots-for-high-rises\/&title=NACCUD to offer land plots for high-rises\">\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=NACCUD+to+offer+land+plots+for+high-rises+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fnaccud-to-offer-land-plots-for-high-rises%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\/08\/22\/naccud-to-offer-land-plots-for-high-rises\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596276\" class=\"content-area-description single-story post-596276 post type-post status-publish format-standard hentry category-real-estate-housing tag-enterpriseam tag-new-administrative-capital tag-real-estate tag-real-estate-housing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The New Administrative Capital Company for Urban Development (NACCUD) is preparing to offer land plots for developers to build up to 50-storey high-rises by the end of the year, <a href=\"https:\/\/alborsaanews.com\/2019\/08\/21\/1236513\">government officials told the local press<\/a>. The company has yet to decide on the number of plots it will sell.<\/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\/new-administrative-capital\/\">new administrative capital<\/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\/real-estate-housing\/\">Real Estate + Housing<\/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=\"596278\" 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=\"596278\">\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\">Automotive + Transportation<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/careem-launches-in-matrouh-and-qena-part-of-egypt-expansion-plan\/\">\r\n                            Careem launches in Matrouh and Qena, part of Egypt expansion plan                        <\/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\/08\/22\/careem-launches-in-matrouh-and-qena-part-of-egypt-expansion-plan\/\" 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\/08\/22\/careem-launches-in-matrouh-and-qena-part-of-egypt-expansion-plan\/')\">\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\/08\/22\/careem-launches-in-matrouh-and-qena-part-of-egypt-expansion-plan\/\">\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=Careem launches in Matrouh and Qena, part of Egypt expansion plan&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/careem-launches-in-matrouh-and-qena-part-of-egypt-expansion-plan\/\">\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\/08\/22\/careem-launches-in-matrouh-and-qena-part-of-egypt-expansion-plan\/&title=Careem launches in Matrouh and Qena, part of Egypt expansion plan\">\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=Careem+launches+in+Matrouh+and+Qena%2C+part+of+Egypt+expansion+plan+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fcareem-launches-in-matrouh-and-qena-part-of-egypt-expansion-plan%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\/08\/22\/careem-launches-in-matrouh-and-qena-part-of-egypt-expansion-plan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596278\" class=\"content-area-description single-story post-596278 post type-post status-publish format-standard hentry category-automotive-transportation tag-automotive-transportation tag-enterpriseam tag-ride-hailing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Ride-hailing app Careem has launched operations in Marsa Matrouh and Qena as part of an expansion plan to bring its services to governorates across Egypt, according to a statement <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/8\/21\/1621334\/-%D9%83%D8%B1%D9%8A%D9%85-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B7%D9%84%D9%82-%D8%AE%D8%AF%D9%85%D8%A7%D8%AA%D9%87%D8%A7-%D8%A8%D9%85%D8%AD%D8%A7%D9%81%D8%B8%D8%AA%D9%8A-%D9%82%D9%86%D8%A7-%D9%88%D9%85%D8%B7%D8%B1%D9%88%D8%AD#sectionListing\">seen by Masrawy<\/a>. The move to Matrouh is meant to coincide with the summer season to take advantage of the large number of holidaymakers in the city. The decision to expand to Qena, meanwhile, was prompted by the city\u2019s large population of 3 mn. The company is currently studying launching in the new cities being built by the New Urban Communities Authority.<\/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\/automotive-transportation\/\">Automotive + Transportation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ride-hailing\/\">ride-hailing<\/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=\"596279\" 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=\"596279\">\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\">Other Business News of Note<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/harris-pye-to-contribute-multi-tubular-boilers-to-minya-canal-sugar-project\/\">\r\n                            Harris Pye to contribute multi-tubular boilers to Minya Canal Sugar project                        <\/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\/08\/22\/harris-pye-to-contribute-multi-tubular-boilers-to-minya-canal-sugar-project\/\" 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\/08\/22\/harris-pye-to-contribute-multi-tubular-boilers-to-minya-canal-sugar-project\/')\">\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\/08\/22\/harris-pye-to-contribute-multi-tubular-boilers-to-minya-canal-sugar-project\/\">\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=Harris Pye to contribute multi-tubular boilers to Minya Canal Sugar project&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/harris-pye-to-contribute-multi-tubular-boilers-to-minya-canal-sugar-project\/\">\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\/08\/22\/harris-pye-to-contribute-multi-tubular-boilers-to-minya-canal-sugar-project\/&title=Harris Pye to contribute multi-tubular boilers to Minya Canal Sugar project\">\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=Harris+Pye+to+contribute+multi-tubular+boilers+to+Minya+Canal+Sugar+project+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fharris-pye-to-contribute-multi-tubular-boilers-to-minya-canal-sugar-project%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\/08\/22\/harris-pye-to-contribute-multi-tubular-boilers-to-minya-canal-sugar-project\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596279\" class=\"content-area-description single-story post-596279 post type-post status-publish format-standard hentry category-other-business-news-of-note tag-canal-sugar tag-commodities tag-enterpriseam tag-other-business-news-of-note wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a href=\"https:\/\/www.harrispye.com\">Harris Pye Engineering Group<\/a> UAE has inked an agreement to supply five multi-tubular smoke tube boilers to the Canal Sugar project in Minya, <a href=\"https:\/\/www.mepmiddleeast.com\/projects\/73158-harris-pye-to-deliver-multi-tubular-smoke-tube-boilers-to-canal-sugar\">MEP Middle East reports<\/a>. The project is expected to be one of the largest beet sugar production facilities in the world, closing Egypt\u2019s sugar production gap by 75%, providing supplies worth USD 650 mn, and boosting exports by USD 120 mn annually. It is expected to come online by early 2021.<\/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\/canal-sugar\/\">canal sugar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/other-business-news-of-note\/\">Other Business News of Note<\/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=\"596280\" 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=\"596280\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Egypt Politics + Economics<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/egypt-arrests-prominent-palestinian-politicians-son\/\">\r\n                            Egypt arrests prominent Palestinian politician\u2019s son                        <\/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\/08\/22\/egypt-arrests-prominent-palestinian-politicians-son\/\" 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\/08\/22\/egypt-arrests-prominent-palestinian-politicians-son\/')\">\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\/08\/22\/egypt-arrests-prominent-palestinian-politicians-son\/\">\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 arrests prominent Palestinian politician\u2019s son&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/egypt-arrests-prominent-palestinian-politicians-son\/\">\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\/08\/22\/egypt-arrests-prominent-palestinian-politicians-son\/&title=Egypt arrests prominent Palestinian politician\u2019s son\">\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+arrests+prominent+Palestinian+politician%E2%80%99s+son+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fegypt-arrests-prominent-palestinian-politicians-son%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\/08\/22\/egypt-arrests-prominent-palestinian-politicians-son\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596280\" class=\"content-area-description single-story post-596280 post type-post status-publish format-standard hentry category-egypt-politics-economics tag-diplomacy tag-egypt-politics-economics tag-enterpriseam tag-israel tag-palestine tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Egypt last month arrested the son of Palestinian president Mahmoud Abbas\u2019 advisor, Nabil Shaath, the politician\u2019s family said in a statement picked up by <a href=\"https:\/\/www.apnews.com\/ec9a58dd6c224d33a9c3d7bf7b1ca6f8\">the Associated Press<\/a>. The statement says that 48-year-old Rami Saath was questioned by prosecutors yesterday after having been arrested on 5 July on allegations of having ties with the Ikhwan. Shaath helped establish the Egypt branch of BDS, an anti-Israel boycott movement.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-politics-economics\/\">Egypt Politics + Economics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"596281\" 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=\"596281\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">National Security<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/egyptian-chinese-naval-forces-engage-in-joint-military-exercises\/\">\r\n                            Egyptian, Chinese naval forces engage in joint military exercises                        <\/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\/08\/22\/egyptian-chinese-naval-forces-engage-in-joint-military-exercises\/\" 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\/08\/22\/egyptian-chinese-naval-forces-engage-in-joint-military-exercises\/')\">\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\/08\/22\/egyptian-chinese-naval-forces-engage-in-joint-military-exercises\/\">\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=Egyptian, Chinese naval forces engage in joint military exercises&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/egyptian-chinese-naval-forces-engage-in-joint-military-exercises\/\">\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\/08\/22\/egyptian-chinese-naval-forces-engage-in-joint-military-exercises\/&title=Egyptian, Chinese naval forces engage in joint military exercises\">\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=Egyptian%2C+Chinese+naval+forces+engage+in+joint+military+exercises+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fegyptian-chinese-naval-forces-engage-in-joint-military-exercises%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\/08\/22\/egyptian-chinese-naval-forces-engage-in-joint-military-exercises\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596281\" class=\"content-area-description single-story post-596281 post type-post status-publish format-standard hentry category-national-security tag-defense tag-enterpriseam tag-maritime tag-national-security wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Egyptian and Chinese naval forces carried out joint military drills off the Mediterranean Coast, according to <a href=\"https:\/\/www.facebook.com\/EgyArmySpox\/photos\/a.219625808168409\/1671412372989738\/?type=3&__xts__%5B0%5D=68.ARALNVfuHWBxtHQLtlWY1ss5pJXI8MTeoFk6erZciFxQVWPeKfbuaOZQ69WLnX7TIUSEeE0_LDQjYnk-wX9e633q1dHZyedOtfhIk9WVeoyZHtWlTJyKK9JoHd-gq9fJ1k6X3iE0oqGqFyM8l-M25W3YsZKIwizkoCigBgsg44fo79pb8Bw0de7A6UcfsPr02TpJHJeR2suoxIVfFpNw8x09EiFsG-WLyRvVVMW1Ds-e4iZmpRphlItoqzaCsHfkiL64y17-T5eRo0UWx1a8LRSDOjAhOGOnPPni50saM2JP61agqksXgyOUXIBzGmIHcp8z-aiJKLaWG7Cw4EKHgb8v3g&__tn__=-R\">an Armed Forces statement<\/a>. The exercises focused on counter-terrorism and anti-piracy activities.<\/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\/defense\/\">Defense<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maritime\/\">maritime<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/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=\"596282\" 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=\"596282\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/j-lo-puts-egyptian-designer-nagwa-zahran-on-the-global-map\/\">\r\n                            J-Lo puts Egyptian designer Nagwa Zahran on the global map                        <\/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\/08\/22\/j-lo-puts-egyptian-designer-nagwa-zahran-on-the-global-map\/\" 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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According to <a href=\"https:\/\/www.graziame.com\/style\/fashion\/thanks-to-j-lo-this-egyptian-designer-is-going-global-and-its-not-the-only-one\">Grazia Middle East<\/a>, Zahran was previously well known in the region, but not beyond...until J-Lo\u2019s performance.<\/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\/fashion\/\">fashion<\/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=\"596284\" 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=\"596284\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/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\/08\/22\/the-market-yesterday-314\/\">\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 class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/the-market-yesterday-314\/\" 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\/08\/22\/the-market-yesterday-314\/')\">\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\/08\/22\/the-market-yesterday-314\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The Market Yesterday&url=https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/the-market-yesterday-314\/\">\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\/08\/22\/the-market-yesterday-314\/&title=The Market Yesterday\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+Market+Yesterday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F08%2F22%2Fthe-market-yesterday-314%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\/08\/22\/the-market-yesterday-314\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596284\" class=\"content-area-description single-story post-596284 post type-post status-publish format-standard hentry category-the-market-yesterday 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><b>EGP \/ USD CBE market average: <\/b>Buy 16.53 | Sell 16.66<b><\/p>\n<p> EGP \/ USD at CIB:<\/b> Buy 16.55 | Sell 16.65<\/p>\n<p> <b>EGP \/ USD at NBE: <\/b>Buy 16.52 | Sell 16.62<\/p>\n<p><b>EGX30<\/b> (Wednesday): 14,357 (-0.5%)<\/p>\n<p> <b>Turnover:<\/b> EGP 926 mn (57% above the 90-day average)<\/p>\n<p> <b>EGX 30 year-to-date<\/b>: +10.1%<\/p>\n<p><b>THE MARKET ON WEDNESDAY:<\/b> The EGX30 ended Wednesday\u2019s session down 0.5%. CIB, the index\u2019s heaviest constituent, ended down 0.6%. EGX30\u2019s top performing constituents were Egyptian Resorts up 5.2%, Qalaa Holdings up 2.2%, and Ibnsina Pharma up 2.2%. Yesterday\u2019s worst performing stocks were Emaar Misr down 4.2%, TMG Holding down 2.1% and Elsewedy Electric down 1.6%. The market turnover was EGP 926 mn, and local investors were the sole net buyers.<\/p>\n<p><b>Foreigners<\/b>: Net short | EGP -51.3 mn<\/p>\n<p> <b>Regional<\/b>: Net short | EGP -42.9 mn<\/p>\n<p> <b>Domestic<\/b>: Net long | EGP +94.1 mn<\/p>\n<p><b>Retail<\/b>: 60.8% of total trades | 65.6% of buyers | 56.0% of sellers<\/p>\n<p> <b>Institutions<\/b>: 39.2% of total trades | 34.4% of buyers | 44.0% of sellers<\/p>\n<p><b>WTI:<\/b> USD 56.01 (0.59%)<\/p>\n<p> <b>Brent:<\/b> USD 60.30 (+0.45%)<\/p>\n<p><b>Natural Gas<\/b> (Nymex, futures prices) USD 2.17 MMBtu, (0.00%, September 2019 contract)<\/p>\n<p> <b>Gold:<\/b> USD 1,512.10 \/ troy ounce (-0.24%)<\/p>\n<p><b>TASI:<\/b> 8,508.93 (-0.94%) (YTD: +8.72%)<\/p>\n<p> <b>ADX:<\/b> 5,040.62 (-0.56%) (YTD: +2.55%)<\/p>\n<p> <b>DFM:<\/b> 2,790.84 (+0.07%) (YTD: +\/10.32%)<\/p>\n<p> <b>KSE Premier Market:<\/b> 6,610.69 (-0.48%)<\/p>\n<p> <b>QE:<\/b> 9,877.10 (-0.18%) (YTD: -4.10%)<\/p>\n<p> <b>MSM:<\/b> 3,929.36 (+1.02%) (YTD: -9.12%)<\/p>\n<p> <b>BB: <\/b>1,532.21 (-0.16%) (YTD: +14.58%)<\/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=\"596285\" 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\/08\/22\/596285\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-596285\" class=\"content-area-description single-story post-596285 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>August: Meetings of the Egyptian-Belarussian Committee for trade, economic, scientific and technical cooperation, Minsk.<\/p>\n<p>August: The National Railway Authority is <a href=\"https:\/\/almalnews.com\/%D8%A7%D9%84%D8%B3%D9%83%D8%A9-%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AF-%D8%AA%D9%88%D9%82%D8%B9-%D8%A7%D9%84%D8%B9%D9%82%D9%88%D8%AF-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84%D9%8A%D8%A9-%D9%84%D8%B4\/\">expected to sign<\/a> a 15-year maintenance agreement for 1,300 railcars it had agreed to purchase from Russia\u2019s Transmashholding under a EGP 22 bn contract.<\/p>\n<p>22 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 August (Saturday): The Supreme Administrative Court will <a href=\"https:\/\/almalnews.com\/%d8%aa%d9%86%d8%ad%d9%8a-%d8%b1%d8%a6%d9%8a%d8%b3-%d8%a7%d9%84%d9%85%d8%ad%d9%83%d9%85%d8%a9-%d8%a7%d9%84%d8%a7%d8%af%d8%a7%d8%b1%d9%8a%d8%a9-%d8%a7%d9%84%d8%b9%d9%84%d9%8a%d8%a7-%d9%88%d8%a3%d8%ad\/\">hear appeals<\/a> filed by the State Lawsuits Authority and a number of iron and steel companies to bring back the Trade Ministry decision to impose 15% import duty on iron billets. The was postponed from 17 August.<\/p>\n<p>25-27 August (Sunday-Tuesday): <a href=\"https:\/\/www.elysee.fr\/en\/g7\">G7 Summit<\/a>, Biarritz, France.<\/p>\n<p>28-30 August (Wednesday-Friday): <a href=\"https:\/\/ticad7.city.yokohama.lg.jp\/about\/en\/\">Tokyo International Conference on African Development<\/a> (TICAD), Yokohama, Japan.<\/p>\n<p>September: Cairo will host an Egypt-Hungary business forum, according to a <a href=\"https:\/\/ent.news\/2019\/6\/390.pdf\">Trade Ministry statement (pdf)<\/a><\/p>\n<p>1 September (Sunday): Islamic New Year (TBC), national holiday.<\/p>\n<p>2-4 September (Monday-Wednesday): <a href=\"https:\/\/www.thebig5constructegypt.com\/\">The Big 5 Construct Egypt<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>3-4 September (Tuesday-Wednesday): <a href=\"https:\/\/www.ssonetwork.com\/events-sharedservicesegypt\">Shared Services and Outsourcing Forum Middle East<\/a>, Nile Ritz Carlton, Cairo.<\/p>\n<p>8-11 September (Sunday-Wednesday): <a href=\"https:\/\/www.saharaexpo.com\/en\/home.html\">Sahara Expo<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>9-12 September (Monday-Thursday): The<a href=\"https:\/\/9londonconference.efghermes.com\/pages\/home.aspx\">9th Annual EFG Hermes London Conference<\/a>, Arsenal Emirates Stadium, London.<\/p>\n<p>9-10 September (Monday-Tuesday): <a href=\"https:\/\/www.euromoneyconferences.com\/event\/a011t00000FMpvZAAT\/the-euromoney-egypt-conference-2019#agenda\">The Euromoney Egypt Conference 2019<\/a>, Cairo.<\/p>\n<p>15 September (Sunday): Elections to the board of the Financial Regulatory Authority\u2019s Capital Markets Federation will be held, <a href=\"https:\/\/almalnews.com\/%d8%a7%d9%86%d8%aa%d8%ae%d8%a7%d8%a8-%d8%a3%d9%88%d9%84-%d9%85%d8%ac%d9%84%d8%b3-%d8%a5%d8%af%d8%a7%d8%b1%d8%a9-%d9%84%d8%a7%d8%aa%d8%ad%d8%a7%d8%af-%d8%b3%d9%88%d9%82-%d8%a7%d9%84%d9%85%d8%a7%d9%84-1\/\">according to Al Mal<\/a>.<\/p>\n<p>17-18 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>18 September (Wednesday): <a href=\"https:\/\/ecommsummit.co\/\">E-Commerce Summit 2019<\/a>, Nile Ritz Carlton, Cairo.<\/p>\n<p>21 September (Saturday): Cairo\u2019s streets get really, really crowded as students at the nation\u2019s public schools go back to class.<\/p>\n<p>22 September (Sunday): The Justice Ministry\u2019s dispute resolution committee will <a href=\"https:\/\/almalnews.com\/%d9%81%d8%b6-%d9%85%d9%86%d8%a7%d8%b2%d8%b9%d8%a7%d8%aa-%d8%aa%d8%a4%d8%ac%d9%84-%d9%86%d8%b8%d8%b1-%d9%86%d8%b2%d8%a7%d8%b9-%d8%b1%d8%a7%d9%8a%d8%a9-%d8%a7%d9%84%d8%b1%d9%82%d8%a7\/\">look into a case<\/a> filed by Raya Holding\u2019s Chairman Medhat Khalil against the Financial Regulatory Authority (FRA).<\/p>\n<p>26 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>October: <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1405897\">A forum<\/a> will be organized by Russia\u2019s Rosatom and the Nuclear Power Plants Authority to introduce local suppliers and contractors to the Dabaa nuclear plant.<\/p>\n<p>6 October (Sunday): Armed Forces Day, national holiday.<\/p>\n<p>10-13 October (Tuesday-Sunday): <a href=\"http:\/\/biwarabia.com\/en\/\">Big Industrial Week Arabia 2019<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>22 October (Tuesday): <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1420541\">Innovative Finance: A New Vision to Support Investment forum<\/a>, venue TBD, Cairo.<\/p>\n<p>23-24 October (Wednesday-Thursday): <a href=\"http:\/\/platforms-root-technologies.com\/icec-2019\/\">Intelligent Cities Exhibition & Conference<\/a>, Hilton Heliopolis, Cairo.<\/p>\n<p>23 October-1 November (Wednesday-Friday): CIB PSA Women\u2019s World Championship, Great Pyramid of Giza, Cairo.<\/p>\n<p>24 October (Thursday): <a href=\"http:\/\/en.kremlin.ru\/events\/president\/news\/60592\">Russia-Africa Summit<\/a> to take place in Sochi, co-chaired by Vladimir Putin and President Abdel Fattah El Sisi.<\/p>\n<p>28 October-22 November (Monday-Friday): <a href=\"https:\/\/www.itu.int\/en\/ITU-R\/conferences\/wrc\/2019\/Pages\/default.aspx\">World Radiocommunication Conference 2019<\/a>, Sharm El Sheikh, Egypt.<\/p>\n<p>28 October-31 October (Monday-Thursday): A Cairo court <a href=\"https:\/\/alborsaanews.com\/2019\/08\/06\/1233322\">will rule<\/a> into the stock manipulation case, in which Gamal and Alaa Mubarak are involved in along with seven other defendants.<\/p>\n<p>29-30 October (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>31 October-2 November (Thursday-Saturday): Angel Oasis 2019, organized by the <a href=\"http:\/\/www.mainmena.com\/\">Middle East Angel Investment Network (MAIN)<\/a>, El Gouna, Egypt.<\/p>\n<p>3-5 November (Sunday-Tuesday): <a href=\"https:\/\/www.electricxegypt.com\/en\/Homepage.html\">Electrix 2019<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>7-9 November (Thursday-Saturday): <a href=\"https:\/\/www.facebook.com\/vestedsummit\/\">Vested Summit<\/a>, Sahl Hasheesh, Red Sea.<\/p>\n<p>9 November (Saturday): Prophet Mohammed's birthday, national holiday.<\/p>\n<p>10-14 November (Sunday-Thursday): <a href=\"https:\/\/geomeast.org\/\">GeoMEast International Congress and Exhibition<\/a>, Marriott, Cairo.<\/p>\n<p>11-13 November (Monday-Wednesday): <a href=\"https:\/\/africainvestmentforum.com\/\">Africa Investment Forum<\/a>, Gauteng, South Africa.<\/p>\n<p>14-17 November (Thursday-Sunday): <a href=\"http:\/\/www.mactech.com.eg\/\">Machtech Expo<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>14-17 November (Thursday-Sunday): <a href=\"http:\/\/www.transpotech-eg.com\/\">Transpotech Expo<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>14-17 November (Thursday-Sunday): <a href=\"http:\/\/www.airtech-eg.com\/\">Airtech Expo<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>November: Suez Canal Conference for Investment, organized in cooperation with the <a href=\"https:\/\/www.youm7.com\/story\/2019\/5\/21\/%D8%B3%D9%81%D9%8A%D8%B1-%D8%A7%D9%84%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF-%D8%A7%D9%84%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D9%89-%D9%86%D9%86%D8%B8%D9%85-%D9%85%D8%B9-%D9%85%D8%B5%D8%B1-%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D9%82%D9%86%D8%A7%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3-%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1\/4251626\">European Union<\/a><\/p>\n<p>December: Egypt <a href=\"https:\/\/www.almalnews.com\/Story\/402348\/14\/-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D9%85%D8%B9%D8%B1%D8%B6--%D8%A8%D8%A7%D9%83-%D8%A8%D8%B1%D9%88%D8%B3%D9%8A%D8%B3--%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84-\">will host for the first time<\/a> the Pack Process trade expo for the Middle East and African region.<\/p>\n<p>3-6 December (Tuesday-Friday): <a href=\"http:\/\/www.cairowoodshow.com\/\">Cairo WoodShow<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>9-11 December (Monday-Wednesday): <a href=\"http:\/\/www.pacprocess-mea.com\/\">Pacprocess Middle East Africa<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>9-11 December (Monday-Wednesday): <a href=\"http:\/\/www.foodafrica-expo.com\/\">Food Africa 2019 Expo<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>10-11 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/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>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>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>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>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>5-7 May 2020 (Tuesday-Thursday): <a href=\"https:\/\/www.afsic.net\/\">AFSIC - Investing in Africa<\/a>, London, United Kingdom.<\/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":596254,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-596253","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"5d41f716-8ffd-48ba-9bf1-639784d6d2bc","teaser":"","photo_url":"https:\/\/ent.news\/2021\/6\/321.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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