{"id":597653,"date":"2023-08-13T00:00:00","date_gmt":"2023-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=597653"},"modified":"2025-12-16T19:59:43","modified_gmt":"2025-12-16T19:59:43","slug":"food-prices-drive-inflation-to-fresh-record-high-in-july","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/food-prices-drive-inflation-to-fresh-record-high-in-july\/","title":{"rendered":"Food prices drive inflation to fresh record high in July"},"content":{"rendered":"<section id=\"597655\" 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=\"597655\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/palestinian-jordanian-leaders-in-alamein-today-red-sea-oil-spill-averted\/\">\r\n                            Palestinian, Jordanian leaders in Alamein + Red Sea oil spill averted                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/palestinian-jordanian-leaders-in-alamein-today-red-sea-oil-spill-averted\/\" 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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Students at the British International School, Cairo, follow suit on Monday, 28 August. Other international schools go back a bit later: American International School students, for example, are due in their seats by Sunday, 3 September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Enjoy the good commute while it lasts: <\/strong>The roads will get crowded once again on Saturday, 30 September, when the new academic year gets underway at state-owned schools.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORY here at home? <\/strong>That would be the economy, where we have fresh inflation data (up on the same time last year, but down from last month) and tons of opinion from the chattering class to brighten your Sunday morning. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> BUT FIRST, some very, very good news: Red Sea oil spill averted: <\/strong> It\u2019s a wrap on the UN-led salvage operation to remove over 1 mn barrels of crude oil from a rusting supertanker off Yemen at a cost of USD 140 mn, the UN <a target=\"_blank\" href=\"https:\/\/news.un.org\/en\/story\/2023\/08\/1139687\" style=\"\" rel=\"noopener\">said<\/a> on Friday. The FSO Safer was abandoned off Yemen following the start of the country\u2019s civil war in 2015, and has been at risk of leaking, breaking apart or exploding in what the UN said would have had \u201ccatastrophic environmental and humanitarian consequences.\u201d A UN salvage team has been unloading the oil from the container since <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eab1e711-5b0f-45ff-9953-8b75edf40b4c\" style=\"\" rel=\"noopener\">late July<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Or 98% averted: <\/strong> Less than 2% remains of the 1.1 mn barrels of oil that were on the tanker. Some USD 20 mn is required to complete the operation, the UN said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> PSA- You can lower your SPF a notch this week: <\/strong>The sweltering heat is forecast to dip a bit this week, with daytime highs of around 35-37\u00b0C, according to our favorite weather app. You can expect overnight lows hovering around 23\u00b0C. The (slightly) cooler weather comes courtesy of northwest winds that are expected to sweep across northern Egypt to Greater Cairo, according to the Egyptian Meteorological Authority (<a target=\"_blank\" href=\"http:\/\/bit.ly\/3YtDd2x\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"http:\/\/bit.ly\/3OUN3ag\" style=\"\" rel=\"noopener\">here<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> HAPPENING TODAY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong> El Sisi x Abbas x King <\/strong><strong> Abdullah <\/strong><strong> : <\/strong> Palestinian President Mahmoud Abbas and Jordan\u2019s King Abdullah are in Alamein today for a three-way summit with President Abdel Fattah El Sisi, according to Palestinian news agency <a target=\"_blank\" href=\"https:\/\/english.wafa.ps\/Pages\/Details\/137128\" style=\"\" rel=\"noopener\">Wafa<\/a>. The three leaders will discuss regional and international issues, it says, without providing further details.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This is Abbas\u2019 second visit to Alamein this month: <\/strong> The head of the Palestinian Authority joined the leaders of Hamas and other Palestinian factions in the North Coast city earlier this month for a new round of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10d0761d-0704-4fa5-a551-160d72e66a56\" style=\"\" rel=\"noopener\">Egypt-sponsored reconciliation talks<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> HAPPENING THIS WEEK- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong> The National Dialogue: <\/strong> It\u2019s another week of closed-door meetings at the National Dialogue this week as the dialogue\u2019s rapporteurs work with selected pro-government and opposition figures to finalize recommendations to be presented to President Abdel Fattah El Sisi. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Investment recommendations in the bag: <\/strong>The dialogue\u2019s investment committee has finalized a number of draft recommendations that include granting more incentives to investors, improving investment legislation, boosting SMEs, and integrating the informal sector into the economy. The president will need to approve the recommendations before they\u2019re sent to the House for discussion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> CBE to hold EUR T-bill auction on Monday: <\/strong>The Central Bank of Egypt (CBE) will auction EUR 600 mn worth of one-year T-bills on 14 August with settlement scheduled for the next day, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/egypt-treasuries-idAFC6N39C020\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing the central bank. This will be the first EUR-denominated T-bill issuance since November, when the central bank sold EUR 699.2 mn worth of one-year bills at a 2.3% yield.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong> Bidding opens for new industrial land plots on <\/strong><strong> Wednesday <\/strong><strong> : <\/strong>Investors will be able to bid for industrial land from 16 August through to 27 September under a new phase of the Industrial Development Authority\u2019s (IDA) investment map, according to the <a target=\"_blank\" href=\"https:\/\/bit.ly\/47rBheW\" style=\"\" rel=\"noopener\">authority's website<\/a>. Some 1.7 mn sqm of land across 14 governorates will be offered to industrial investors in what is the authority\u2019s first land auction <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62633330-583e-48e5-aa0e-388dfee91e7d\" style=\"\" rel=\"noopener\">since December<\/a>. The entire bidding process will take place on IDA\u2019s website.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong> Export subsidy payouts this week: <\/strong> The Finance Ministry will <a target=\"_blank\" href=\"https:\/\/bit.ly\/3YvF5b4\" style=\"\" rel=\"noopener\">pay out a third batch of<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3YvF5b4\" style=\"\" rel=\"noopener\">export subsidies<\/a> under the sixth of the program on Wednesday and Thursday this week. The ministry has so far paid out EGP 8 bn to over 800 companies during the current phase.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/572.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORIES ABROAD- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The devastating wildfires in Hawaii are dominating the world\u2019s attention this <\/strong><strong> morning <\/strong><strong> : <\/strong>Some 80 people have lost their lives as a result of the wildfires that swept across Hawaii\u2019s second largest island Maui on Friday. (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/maui-hawaii-fires-lahaina-destruction-evacuation-38ec0d6a5c610035a0a72b804fcdffe0\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/maui-wildfire-death-toll-rises-55-search-victims-gears-up-2023-08-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-12\/in-search-for-cause-of-hawaii-fires-lawyers-probe-power-lines?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/hawaii-maui-fire-risks-plans-government-e883f3a3\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/nation\/2023\/08\/12\/maui-fires-historic-buildings\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/hawaii-maui-fire-risks-plans-government-e883f3a3\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/world-us-canada-66476746\" style=\"\" rel=\"noopener\">BBC<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The big business news story of the morning: SBF in chains. <\/strong> Sam Bankman-Fried, the disgraced co-founder of the collapsed crypto exchange FTX, will await his fraud trial from behind bars after a judge revoked his bail, saying that he likely tried to tamper with two witnesses. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-11\/bankman-fried-s-bail-to-be-revoked-by-us-judge?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/41daa2d8-9b9d-4214-a2ee-243ca004b74f\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/ftxs-bankman-fried-seeking-avoid-jail-due-back-court-2023-08-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/judge-sends-ftxs-sam-bankman-fried-to-jail-ahead-of-fraud-trial-79740119?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/08\/11\/technology\/sam-bankman-fried-jail.html\" style=\"\" rel=\"noopener\">New York Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> AND- \u201cThe era of cheap streaming is ending.\u201d <\/strong> So says the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/02e7e67d-8367-427e-9aa7-e66c7f7fa8a1\" style=\"\" rel=\"noopener\">Financial Times<\/a> in its headline piece this morning, which reports that American streaming services are drawing a line under years of profligate spending and hiking subscription prices to levels akin to cable TV. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n  <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/44.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Enterprise Finance Forum is taking place on 18-19 <\/strong><strong> September at the St. Regis Hotel in Cairo. <\/strong> This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/finance.enterprise.news\/\" style=\"\" rel=\"noopener\">TAP OR CLICK HERE<\/a><\/strong> if you want to express interest in attending. We\u2019ll be sending out the first batch of invitations soon. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Do you want to become a commercial partner? <\/strong> Ping a note to <a target=\"_blank\" href=\"mailto:mtaalab@inktankir.com\" style=\"\" rel=\"noopener\">Moustafa Taalab, our head of commercial<\/a>, or fill out <a target=\"_blank\" href=\"https:\/\/finance.enterprise.news\/sponsor.html\" style=\"\" rel=\"noopener\">this form<\/a> and we\u2019ll be in touch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> LISTEN TO OUR PODCAST- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> MISSED OUR PREVIOUS FORUMS? <\/strong><strong><a target=\"_blank\" href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\" style=\"\" rel=\"noopener\">The Enterprise<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\" style=\"\" rel=\"noopener\">Podcast has you covered<\/a><\/strong><strong> : <\/strong> The Enterprise Podcast\u2019s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum and Enterprise Climate Forum. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> WANT TO LISTEN? Head to: <\/strong><a target=\"_blank\" href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136?i=1000624249910\" style=\"\" rel=\"noopener\">Apple Podcast<\/a> | <a target=\"_blank\" href=\"https:\/\/open.spotify.com\/episode\/3i70JDa1bM3kGLLH2sm7a6?si=mrr995svRkK12tS_7vdufg&nd=1\" style=\"\" rel=\"noopener\">Spotify<\/a> | <a target=\"_blank\" href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2LzY4NmNmYTU5LTAwOTMtNDEyMS1hMTRjLWFlNmYwMDk3ZjEyMi81NDI0MGE5Ni04YWY5LTRkZGQtODExNi1hZTZmMDA5OTgxMzYvcG9kY2FzdC5yc3M\/episode\/YTgyM2Y1OTUtZWMxOS00YTg2LTk0MjMtYjA1YzAwZGVhN2Mx?sa=X&ved=0CAYQkfYCahcKEwjI8rf4z9eAAxUAAAAAHQAAAAAQNA\" style=\"\" rel=\"noopener\">Google Podcast<\/a> | <a target=\"_blank\" href=\"https:\/\/play.anghami.com\/episode\/1121361311?adj_t=dgl0aa8_64v1dnl&adj_campaign=ios&adj_adgroup=episode&adj_creative=126401725\" style=\"\" rel=\"noopener\">Anghami<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> IN THIS WEEK\u2019S EPISODE- It\u2019s the very first panel of the Enterprise Climate Forum: <\/strong> Egypt brought home major victories from COP27, signing framework agreements for about USD 85 bn worth of green hydrogen projects, and announcing more than USD 10 bn in funding for the Nexus for Food, Water and Energy (NWFE) program. While we have a long way to go before much of the wins from COP27 will be tangible to the private sector, the opportunities in green hydrogen and NWFE are \u201cnow.\u201d Our panelists helped explain how these two can be made actionable. We were joined by <strong> Jorgo Chatzimarkakis, <\/strong> CEO of Hydrogen Europe, <strong> Khalid Hamza, <\/strong> Director and head of Egypt at the European Bank for Reconstruction and Development, and <strong> Khaled Naguib, <\/strong> CEO of Hydrogen Egypt.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-jordan-relations\/\">Egypt-Jordan relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-palestine-relations\/\">Egypt-Palestine relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/king-abdullah-ii\/\">King Abdullah II<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mahmoud-abbas\/\">Mahmoud Abbas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"597657 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"597657\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/597657\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-597657\" class=\"content-area-description single-story post-597657 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.solasifestival.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/489.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"\">Solasi Wellbeing Festival has been lovingly created by Yes Yoga and Osana Family Wellness <\/span><span style=\"font-weight:400;\">and takes place at beautiful Somabay from 21-23 September. Solasi brings you sunrise yoga, sound healing, funky classes, morning runs, enlightening workshops, healing treatments, tai chi, meditation, kids\u2019 activities, locally sourced food, and lots of dancing.<\/span><\/p>\n<p><span>Don't miss your chance to take #ThreeDaysOff and flow with us at Solasi at Somabay. Head to solasifestival.com to find out more and book your pass today.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"597658\" 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=\"597658\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/inflation-hits-new-record-high-in-july-but-cools-slightly-month-on-month\/\">\r\n                            Egyptian inflation hits another record high in July 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/inflation-hits-new-record-high-in-july-but-cools-slightly-month-on-month\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The annual urban rate of inflation inched up to 36.5% y-o-y during the month from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/869177c8-d101-4ffe-8c4e-f1c09a8c20bc\" style=\"\" rel=\"noopener\">35.7% in June<\/a>, according to figures released on Thursday by state statistics agency Capmas. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> On a monthly basis, inflation slowed for a second consecutive month <\/strong>, coming in at 1.9% from against 2.1% in June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Food remains the pain point: <\/strong> Food and beverage prices \u2014 the largest component of the basket of goods and services used to calculate inflation \u2014 rose 68.4% y-o-y in July, faster than the 65.9% rate the month before. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Analysts predicted this: <\/strong> HC Securities\u2019 Heba Mounir had forecast inflation to rise to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37c881ba-2884-4f33-a85b-701aa5599565\" style=\"\" rel=\"noopener\">36.6%<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37c881ba-2884-4f33-a85b-701aa5599565\" style=\"\" rel=\"noopener\">y-o-y<\/a>, while Capital Economics\u2019 James Swanston was expecting inflation of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/959e81e4-92a2-4a6a-98a1-3d18292fe523\" style=\"\" rel=\"noopener\">36.7%<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Core inflation remains elevated: <\/strong>Core inflation \u2014 which strips out volatile items such as food and fuel \u2014 dipped to 40.7% y-o-y in July from June\u2019s record high of 41%, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2023\/08\/10\/12\/59\/press-release-july-2023\" style=\"\" rel=\"noopener\">central bank data<\/a>. Monthly core inflation fell to 1.3% in July from 1.7% in June. The central bank will publish its monthly note pointing at the causes behind the July inflation reading on 15 August.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A new commodities crunch? <\/strong>Hikes in the prices of commodities including tobacco and sugar were among the key drivers of inflation in July. Global factors \u2014 including the negative impact of El Ni\u00f1o\u2019s hotter weather on sugar crops \u2014 were exacerbated by ongoing import difficulties and stockpiling by some traders, economic analyst Hany Geneina told Enterprise. The end of the Black Sea grain pact between Russia and Ukraine, and India\u2019s decision to ban exports of non-basmati white rice, are expected to put pressure on local wheat and rice markets in the months to come, S&P Global\u2019s Yasmine Ghozzi said in a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/yasmine-ghozzi-29a183110_egypt-imf-gcc-activity-7096034627106025473-qdcB\/\" style=\"\" rel=\"noopener\">LinkedIn post<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> LOOKING AHEAD- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> All eyes are still on the exchange rate: <\/strong>Some analysts expect the EGP will weaken this fall \u2014 a development that could drive inflation still higher. S&P Global is predicting an FX adjustment in September or October in tandem with the delayed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ad4a99f-deb2-4803-b601-ad806b96f074\" style=\"\" rel=\"noopener\">IMF review<\/a> of our USD 3 bn loan program. The financial services firm sees the EGP ending the year at 37 to the USD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Price hikes to peak in 4Q? <\/strong>The expected further devaluation, \u201ccoupled with the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/962a68ef-c15f-4d0f-8dff-b03b9bb2e61d\" style=\"\" rel=\"noopener\">expected<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/962a68ef-c15f-4d0f-8dff-b03b9bb2e61d\" style=\"\" rel=\"noopener\">electricity tariff hikes<\/a> that the government has been pushing back,\u201d means inflation will likely \u201ccontinue its upward trajectory to peak in October,\u201d said economist Mona Bedeir. S&P Global\u2019s Ghozzi is also predicting a peak of \u201cclose to 39%\u201d y-o-y in October, \u201cending the year at close to 35% in 2023 and 20% in 2024.\u201d Geneina is forecasting price hikes to peak at around 45% annually by the end of this year, while banking veteran Hany Aboul Fotouh also thinks inflation won\u2019t start to come down until 1Q 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Pundits don\u2019t see inflation disappearing after 4Q: <\/strong>Look for it to remain north of 30% next year after averaging 24.4% in 2023, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/db88caa3-3c4b-4a6a-b81c-f91cd46d3e2c\" style=\"\" rel=\"noopener\">the IMF said<\/a> last month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Where are interest rates headed next? <\/strong> Following its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7294f380-2b22-4086-a174-42fc034b474b\" style=\"\" rel=\"noopener\">surprise 100-bps interest rate hike<\/a> last week, the central bank will hike rates by another 200 bps before the end of 2023 in a bid to curb inflation, both Ghozzi and Geneina predict. The central bank has now hiked rates by 11% since March 2022 and is still targeting inflation of 7% (+\/- 2 percentage points) on average by 4Q 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The story got international coverage: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-headline-inflation-rises-record-365-july-2023-08-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/inflation-food-prices-wheat-imports-a32a8a51485aae19c834d86ac7adca93\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-10\/record-egypt-inflation-quickens-again-as-pound-devaluation-looms?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/industry\/economy\/egypt-inflation-accelerates-again-to-another-all-time-high-at-365-in-july-on-soaring-food-prices\" style=\"\" rel=\"noopener\">Forbes<\/a> <a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/industry\/economy\/egypt-inflation-accelerates-again-to-another-all-time-high-at-365-in-july-on-soaring-food-prices\" style=\"\" rel=\"noopener\">Middle Eas<\/a> <a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/industry\/economy\/egypt-inflation-accelerates-again-to-another-all-time-high-at-365-in-july-on-soaring-food-prices\" style=\"\" rel=\"noopener\">t<\/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\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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=\"597660\" 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=\"597660\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/what-the-pundits-are-saying-about-our-economy-this-morning-from-expectations-of-devaluation-to-a-possible-moodys-downgrade\/\">\r\n                            Moody\u2019s extends review for potential downgrade of Egypt\u2019s credit rating as Bloomberg\u2019s chief economist says another devaluation is inevitable                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/what-the-pundits-are-saying-about-our-economy-this-morning-from-expectations-of-devaluation-to-a-possible-moodys-downgrade\/\" 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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We read so you don\u2019t have to:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> UP FIRST- Moody\u2019s is extending its review of a potential downgrade for our sovereign <\/strong><strong> credit <\/strong><strong> rating <\/strong> as it weighs progress on the government's reform agenda against evidence of weakening FX liquidity and the likelihood of further currency devaluation, the rating agency said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/536.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> on Thursday. The review of Egypt's B3 long-term foreign-currency and local-currency issuer ratings will continue for another three months, the Finance Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02X2fWnZcs9vhmM3cXDUoeTrdbwL7LqSo2vz6P1nSWNmYBNps3qX9vBJ2RrLEqujJQl\" style=\"\" rel=\"noopener\">said<\/a> following the announcement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> Moody\u2019s in May started a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea1f2ee0-de5d-420b-8030-37c9d8e2504c\" style=\"\" rel=\"noopener\">review to downgrade<\/a> the country\u2019s debt score, warning of growing risks to the country\u2019s liquidity and debt affordability. The agency had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6410f1ca-48c0-44a5-bb82-331386644ca4\" style=\"\" rel=\"noopener\">cut our credit score to B3<\/a> back in February. Each of the big three rating agencies have revised their stance on Egyptian debt this year: Fitch Ratings in May <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39706d92-c6c9-4a7b-97e9-d3db6864c218\" style=\"\" rel=\"noopener\">cut its rating to B<\/a> while S&P Global Ratings in April <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1180e838-be2d-4297-ac4d-4f179c21b3c1\" style=\"\" rel=\"noopener\">downgraded its outlook<\/a> to negative.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Here\u2019s what Moody\u2019s is keeping an eye on: <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Declining FX liquidity: <\/strong>A persistent decline in FX liquidity could offset the proceeds of recently announced asset sales, Moody\u2019s said, pointing to the widening deficit in net foreign assets. The deficit in net foreign assets widened to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28e8d0-c86c-456e-a6ce-f14c5833d1b1\" style=\"\" rel=\"noopener\">negative USD 27.1 bn<\/a> in June from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a8e9bae5-da94-4bfe-8b06-2e10bfc25d6f\" style=\"\" rel=\"noopener\">negative USD 24.4 bn<\/a> in May, an amount that exceeds the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">US<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">D 1.65<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">bn<\/a> in FX expected from the sale of state assets. \u201cIf sustained, continued net outflows could potentially undermine the goal to sustainably replenish the economy\u2019s FX liquidity buffers ahead of increased debt service payments in FY 2023-24 and FY 2024-25,\u201d the rating agency wrote.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> The government expects to sign the final contracts to sell the USD 1.9 bn ofstate-owned assets in September, an unnamed government official <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/951d1b5b-f0ae-4e05-94c8-2887e80e4689\" style=\"\" rel=\"noopener\">recently told CNN Arabic<\/a>. Investors are currently conducting due diligence on the assets ahead of agreeing final terms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- The threat of further devaluation: <\/strong>\u201cThe persistence of foreign exchange shortages, as reflected in a parallel exchange rate . . . increases the likelihood of renewed official currency devaluation that could further drive inflation, borrowing costs and the general government debt ratio to levels more consistent with a lower rating level,\u201d Moody\u2019s said. The parallel rate currently stands at EGP 38.00 against the USD, compared to the official rate of EGP 30.90.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #3- Progress with the IMF program: <\/strong> \u201cMoody's would consider lack of progress with the IMF review over the remaining review period as an indication of a potential weakening of external financial support, which otherwise provides a key support to Egypt's credit profile at the current rating level,\u201d according to the rating agency.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> The IMF in April <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c21c86c-40a9-40f1-8e97-0dc7f259a895\" style=\"\" rel=\"noopener\">postponed<\/a> its first review of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c374319e-e849-44f6-bf5a-8179fb41caf5\" style=\"\" rel=\"noopener\">USD 3 bn loan program<\/a> due to a lack of progress on privatization and exchange-rate flexibility. Initially scheduled for March, the review is now widely expected to take place in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ad4a99f-deb2-4803-b601-ad806b96f074\" style=\"\" rel=\"noopener\">September<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> On the bright side: <\/strong>The report acknowledges \u201csignificant progress\u201d in selling state assets and business environment reforms, including the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fcd90ef5-04cc-44fd-9806-4df86804f8b2\" style=\"\" rel=\"noopener\">removal of preferential tax breaks for state firms<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What\u2019s next? <\/strong> \u201cThe extended review period will focus on the extent to which the proceeds of the recently concluded asset sales help restore foreign currency liquidity buffers evident in foreign exchange reserves, the monetary system's net foreign asset position, FDI inflows, as well as exchange rate dynamics,\u201d Moody\u2019s said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The story was picked up by the foreign press: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-10\/egypt-review-continues-at-moody-s-amid-reforms-cash-crunch\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> CITIGROUP IS BEARISH ON OUR DEBT- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Strategists at Citigroup said they had reduced their overweight call on Egyptian debt <\/strong>because the privatization program is \u201cincreasingly falling behind targets,\u201d according to a note picked up by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-11\/citigroup-cuts-bullish-call-on-egypt-s-bonds-on-elevated-risks?srnd=premium-middle-east#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The downbeat sentiment reflects a shift from the US bank\u2019s position in June, when Luis Costa, global head of emerging-market sovereign credit at Citigroup, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23fb1cc7-c032-4061-be03-4dc646c80a35\" style=\"\" rel=\"noopener\">said<\/a> that the US bank has adopted \u201ca more positive view\u201d on the EGP and the country\u2019s USD bonds in the short-term.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What they\u2019re saying: <\/strong>\u201cIdiosyncratic risks remain elevated in Egypt,\u201d the strategists wrote in the note. \u201cThe prospect of a delayed IMF agreement is increasing as the pace of privatization appears insufficient to meet its quantitative performance criteria.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> FINMIN\u2019S REAX- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Maait responds: <\/strong>Moody\u2019s decision to extend its review \u201creflects a balanced view of the steps and reform measures\u201d taken by the government during recent months as well as an \u201cunderstanding of the external and internal difficulties\u201d facing the Egyptian economy, the ministry statement quotes Finance Minister Mohamed Maait as saying in response to the Moody\u2019s report. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Working on it: <\/strong>The government is \u201cworking on achieving more reforms and structural measures during the coming months\u201d to address the challenges outlined by Moody\u2019s as well as other economic headwinds, the minister said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> DEVAL WATCH- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Another <\/strong><strong> deval is inevitable, says Daoud: <\/strong>The country\u2019s low portfolio inflows, negative net foreign assets, and interest rates all mean that \u201canother devaluation is a matter of when and how much rather than if,\u201d Bloomberg chief EM economist Ziad Daoud said in an interview with Bloomberg TV (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2023-08-09\/bloomberg-economic-s-daoud-on-lira-saudi-outlook-video\" style=\"\" rel=\"noopener\">watch, runtime: 4:29<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Inflows: <\/strong>\u201c[Egypt] has a current account deficit of USD 10 bn. It's not getting much in terms of portfolio inflows . . . or foreign direct investment, which means you have lots of demand for external currency and that requires a weaker currency,\u201d said Daoud.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- Foreign liabilities: <\/strong> \u201cIf you look at the net foreign assets of the central bank and the banking system as a whole, it's never been so negative,\u201d said Daoud. \u201cSo all these entities are running liabilities that are much bigger than their assets, and their capacity to defend the pound going forward and keep it stable is no longer there.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #3- Interest rates: <\/strong> \u201cAnd if you look at the interest rates . . . Egypt offers a very low interest rate relative to where inflation is . . . it\u2019s deeply negative . . . much lower than its emerging market peers,\u201d said Daoud. \u201cAnd that, again, that's not attracting capital into Egypt.\"<\/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\/citigroup\/\">Citigroup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moodys\/\">Moody\u2019s<\/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=\"597662\" 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=\"597662\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/budget-deficit-unexpectedly-narrows-in-fy-2022-2023-finmin\/\">\r\n                            Egypt\u2019s budget deficit unexpectedly narrows in FY 2022-2023 - Finance Ministry                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/budget-deficit-unexpectedly-narrows-in-fy-2022-2023-finmin\/\" 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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Preliminary indicators released last month had suggested a deficit of 6.2%, while the ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3ab6ab6-4c7d-4e04-a322-4b5b202f592a\" style=\"\" rel=\"noopener\">put the figure at 6.4%<\/a> in a May estimate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: This deficit figure doesn\u2019t account for borrowing in 4Q. <\/strong> The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3ab6ab6-4c7d-4e04-a322-4b5b202f592a\" style=\"\" rel=\"noopener\">forecast in May<\/a> an \u201cadjusted budget deficit\u201d of 8.0% for the fiscal year. This figure includes the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4e851ef-ce4f-496a-9a63-3dab20ccb053\" style=\"\" rel=\"noopener\">EGP 165 bn in fresh borrowing<\/a> approved in March to cover debt service and wage and pension hikes in the final quarter of the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> An improved primary surplus: <\/strong>In line with preliminary data, the country recorded a primary surplus of 1.6% (EGP 164.3 bn) in FY 2022-2023, up from 1.3% the year before. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Higher tax revenues + higher spending: <\/strong>Tax revenues rose 27% y-o-y, while spending rose almost 19%, the ministry said, without disclosing the raw figures. Preliminary data had suggested a 23% rise in tax revenues to EGP 1.2 tn and a 16% rise in spending to EGP 2.1 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Debt \/ GDP increases: <\/strong>The weakening of the EGP against the USD and rising interest rates added another EGP 1.3 tn to the government\u2019s debt bill, or 13.1% of GDP. As a result, the debt-to-GDP ratio rose to 95.6% by the end of FY 2022-23 from 87.4% the year before, in line with expectations. <\/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\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"597664\" 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=\"597664\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gas-output-hits-three-year-low-in-2q-2023\/\">\r\n                            Egypt\u2019s gas output hits three-year low in 2Q 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gas-output-hits-three-year-low-in-2q-2023\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Output was down 9% compared with the same period a year before, and nearly 1.2 bn cf\/d below the record of 7.07 bn cf\/d in 3Q 2021 as output in offshore and onshore fields fell.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Zohr is <\/strong><strong> reportedly <\/strong><strong> producing less: <\/strong>Eni\u2019s giant Zohr field saw record output of 2.76 bn cf\/d in 3Q 2021 but output has now been effectively capped at 2.3 bn cf\/d on the back of \u201cwater infiltration issues,\u201d the industry news site says. The Italian firm\u2019s flagship field saw output <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b25814cf-b98f-47b1-b565-9ccbbd19c545\" style=\"\" rel=\"noopener\">drop by 11% y-o-y<\/a> in 2022 to 2.5 bn cfd, Mees reported earlier. The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d167cb44-a7f6-4a81-9958-8bf7efa0f0cd\" style=\"\" rel=\"noopener\">recently co<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d167cb44-a7f6-4a81-9958-8bf7efa0f0cd\" style=\"\" rel=\"noopener\">nfirmed<\/a> that the field is currently producing 2.3 bn cf\/d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>Zohr, the Mediterranean\u2019s largest-ever gas find, accounts for some 38% of Egypt\u2019s gas output. The discovery of the field in 2018 allowed the country to <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2018\/09\/30\/egypt-ends-natural-gas-imports\/\" style=\"\" rel=\"noopener\">pull the plug on gas imports<\/a> and turned it into a net natural gas exporter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Nile Delta output at its lowest in eight years: <\/strong>Gas output from onshore Nile Delta fields fell by 5% in 2Q 2023 to 485 mn cf\/d, an 18% drop y-o-y and the lowest figure since 3Q 2015. Emirati firm Dana Gas, which derives all of its local output from the area, recently <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/553.pdf\" style=\"\" rel=\"noopener\">reported (pdf)<\/a> a 14% y-o-y fall to 22.6k boe\/d during the quarter \u201cdue to natural field decline and reduced investment activity.\u201d Producers in the Nile Delta and the onshore Western Desert have \u201cslashed gas-related investment,\u201d according to Mees. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Not all is lost: <\/strong>Gas output in offshore Mediterranean projects fell by 5% q-o-q to 4.37 bn cf\/d, the lowest quarterly figure since 4Q 2020. However, there could be an uptick soon thanks to fresh <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3cd7f991-4e52-4be7-86d8-1f8415ce087b\" style=\"\" rel=\"noopener\">drilling campaigns<\/a> from companies including BP and Shell, Mees says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REMEMBER- We need more gas: <\/strong>In the immediate term, spiking demand for electricity amid a heatwave has led to shortages of gas that have forced the government to institute nationwide <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db6d0ec-6a2c-429f-b240-a34fa57dfddf\" style=\"\" rel=\"noopener\">rolling blackouts<\/a>. In the longer term, Egypt wants more gas to feed to its liquefaction facilities for re-export to Europe as it seeks to become a regional energy hub for the continent.<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zohr-field\/\">Zohr Field<\/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=\"597666\" 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=\"597666\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/egx-to-launch-islamic-index-in-4q-2023\/\">\r\n                            EGX to launch Islamic index in 4Q 2023. PLUS: Evolve Holding eyes future contracts backed by gold                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/egx-to-launch-islamic-index-in-4q-2023\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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           <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/egx-to-launch-islamic-index-in-4q-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/576.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"597667\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/egx-to-launch-islamic-index-in-4q-2023\/576-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/576.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"576.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/576.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/576.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-597666\" class=\"content-area-description single-story post-597666 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets tag-derivatives tag-egx tag-enterpriseam tag-evolve-holding tag-futures tag-ramy-el-dokany wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.0eb56486-4a16-457e-85d7-e03c60d2e001.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Islamic index + futures exchange coming <\/strong><strong> in 4Q <\/strong><strong> 2023: <\/strong>The EGX is set to launch its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bcc168f-6fd3-410b-a287-8ced932fd01f\" style=\"\" rel=\"noopener\">inaugural futures exchange<\/a> along with its maiden shariah-compliant index in 4Q 2023, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3DU7pKI\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, quoting EGX chairman Ramy El Dokany. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- The Islamic index: <\/strong> The shariah-compliant index will be launched in collaboration with Standard & Poor\u2019s between October and November, El Dokany reportedly told the newspaper. Some 20-25 preliminary stocks comply with the guidelines of the new potential index, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> The Islamic index is being launched to replace the EGX50, which was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa426561-e2ef-4cf8-8c77-c0e45cb024f7\" style=\"\" rel=\"noopener\">terminated by the bourse<\/a> last month due to inactivity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- The futures exchange: <\/strong> The country\u2019s first futures exchange is expected to go live in the final quarter of the year, El Dokany told the newspaper, without providing a more specific timeframe. Ten state-owned and private-sector banks are currently in talks with the bourse to become members of the exchange\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d618c524-4165-4e95-99f7-493fb5811d71\" style=\"\" rel=\"noopener\">clearing company<\/a>, four or five of which will be chosen initially, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> The FRA, EGX, and Misr for Central Clearing and Depository (MCDR) are working to launch the futures exchange. The plan is for the exchange to initially allow traders to buy and sell index <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/pm\/fe0f1ca7-eba3-425b-af78-a607be8fa67c\" style=\"\" rel=\"noopener\">futures contracts<\/a>, before launching stock futures and stock and index options at a later date. The EGX has been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82aa86b3-6811-401e-8ab0-2d2d528830de\" style=\"\" rel=\"noopener\">in talks with Beltone Financial<\/a> to become the market maker for the exchange since the financial services firm is currently the only licensed market maker in Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ALSO- One asset manager wants to launch gold futures on the exchange: <\/strong>Evolve Holding plans to launch gold futures contracts once the market is up and running,CEO Sameh El Torgoman reportedly told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/08\/12\/1700019\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, without providing more information. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/derivatives\/\">derivatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evolve-holding\/\">Evolve Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/futures\/\">futures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramy-el-dokany\/\">Ramy El Dokany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"597668\" 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=\"597668\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/\">\r\n                            EFG Holding reports 20% profit growth in 2Q 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=EFG Holding net income rises 20% y-o-y in 2Q 2023&url=https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/&title=EFG Holding net income rises 20% y-o-y in 2Q 2023\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EFG+Holding+net+income+rises+20%25+y-o-y+in+2Q+2023+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F08%2F13%2Fefg-holding-net-income-rises-20-y-o-y-in-2q-2023%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"597669\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/530-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"530.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-597668\" class=\"content-area-description single-story post-597668 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-banking tag-earnings-watch tag-efg-holding tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.43ee6e42-c1e4-4abe-84fa-6317e558806f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> EFG Holding\u2019s net income rose 20% y-o-y to EGP 405 mn in 2Q 2023 <\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/525.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a> on the company\u2019s latest financial results. Revenue was up 51% during the quarter to reach almost EGP 3.1 bn \u201con the back of broad-based growth across the investment bank (EFG Hermes), the commercial bank (aiBANK), and the non-bank financial institutions (NBFIs) platform (EFG Finance), the release read. On a 1H basis, EFG Holding saw both net income and revenue rise 89% y-o-y, it said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The breakdown: <\/strong><\/p>\n<ul>\n<li>Revenues at EFG Hermes\u2019 investment bank rose 61% y-o-y to EGP 1.6 bn in 2Q, driven primarily by higher brokerage and treasury revenues.<\/li>\n<li>aiBANK\u2019s revenues rose 58% y-o-y to EGP 888 mn, driven by a 43% y-o-y increase in net interest income and a 181% y-o-y increase in net fees and commission income during the quarter.<\/li>\n<li>NBFI platform EFG Finance reported revenues of EGP 620 mn in the quarter, up 23% y-o-y. This was driven by a near tripling in revenue at consumer finance arm valU to EGP 207 mn. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What they said: <\/strong> \u201cOur divisions continue to deliver on our strategies on both the buy and sell-side at EFG Hermes,\u201d group CEO Karim Awad said. \u201cMoreover, I am also thrilled with the performance of EFG Finance and aiBank as they continue to reap the rewards of increased demand for their diverse suite of financial solutions and banking services,\u201d he 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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/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=\"597670 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"597670\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/597670\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-597670\" class=\"content-area-description single-story post-597670 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/imagine.sodic.com\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/927.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"597671\" 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=\"597671\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gold-prices-soared-over-the-past-week\/\">\r\n                            Gold and cigarette prices get airtime on Egypt\u2019s talk shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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          <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Gold+prices+soared+over+the+past+week+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F08%2F13%2Fgold-prices-soared-over-the-past-week%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gold-prices-soared-over-the-past-week\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/574.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"597672\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gold-prices-soared-over-the-past-week\/574-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/574.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"574.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/574.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/574.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-597671\" class=\"content-area-description single-story post-597671 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-commodities tag-economy tag-enterpriseam tag-gold tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.9c2022cd-f56f-471f-8535-692e19baec3c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It was a quiet night for the talking heads last night. <\/strong> With Lamees El Hadidi and Sherif Amer still on their summer breaks, and Amr Adib taking the night off, Al Hayah Al Youm\u2019s Lobna Assal and Ala Mas\u2019ouleety\u2019s Ahmed Moussa provided the bulk of the coverage, covering a variety of topics including gold and food prices, the latest offering of industrial lands, and privatization. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> GOLD PRICES- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Gold prices rise 12%: <\/strong> The price of 21-carat gold has surged 12% in recent days on renewed demand for gold coins and alloys, Supply Ministry Advisor Nagy Farag told Al Hayah Al Youm\u2019s Lobna Assal (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=zCymsHVrZnQ\" style=\"\" rel=\"noopener\">watch, runtime: 3:44<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Bullion prices surged last week: <\/strong>The price of 24-carat gold rose almost 8% to <a target=\"_blank\" href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2955234\" style=\"\" rel=\"noopener\">EGP 2.65k<\/a> in the week to Saturday while 21-carat gold increased 7% to EGP 2.32k during the week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> Gold prices soared to record highs earlier this year as savers responded to the FX crunch and rising inflation by investing money in safe haven assets. Prices have dipped in recent months following efforts by the government to stabilize the market, which included <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce965eee-999a-4a74-9d01-6dade5bbbe87\" style=\"\" rel=\"noopener\">relaxing customs rules<\/a> in a bid to increase supply.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> HOLY SMOKES- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Cigarette price volatility will continue through to next month: <\/strong>Cigarette prices aren\u2019t expected to decline back to their normal prices for another 3-4 weeks, Eastern Company Managing Director and CEO Hany Aman told Akher El Nahar on Friday (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=9qW7T6ITozI\" style=\"\" rel=\"noopener\">watch, runtime: 1:13:26<\/a>), amid shortages of some types of cigarettes and recent price hikes. Aman announced last week that his company will be increasing the daily quantity of cigarettes it delivers to the market <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bededb61-5a69-425d-a25e-a9e629b1238d\" style=\"\" rel=\"noopener\">starting this week<\/a>. The Federation of Egyptian Industries\u2019 (FEI) cigarettes division head Ibrahim Embaby suggested to the Supply Minister to consider re-offering confiscated cigarettes in Wataniya gas stations at the official prices, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3OUVkeG\" style=\"\" rel=\"noopener\">Masrawy<\/a> reports, citing a federation statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ALSO ON THE AIRWAVES- <\/strong><\/p>\n<ul>\n<li><strong> Privatization: <\/strong>GAFI boss Hossam Heiba was on with Akher El Nahar\u2019s Mohamed El Baz to assure viewers about the impact of the government\u2019s privatization strategy (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=_qkXN9RlzFM\" style=\"\" rel=\"noopener\">watch, runtime: 10:40<\/a>).<\/li>\n<li><strong> Industrial land auction: <\/strong> Industrial Development Authority (IDA) Mohamed Abdel Karim appeared on Ala Mas\u2019ouleety to discuss the upcoming auction of industrial land that will launch this week. We have more on this in this morning\u2019s What We\u2019re Tracking Today, above (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=t59Ht9VvzVc\" style=\"\" rel=\"noopener\">watch, runtime: 19:34<\/a>).<\/li>\n<li><strong> Covid: <\/strong> The new sub-variant of the covid-19 virus, dubbed EG.5 \/ Eris, has not yet been detected in Egypt, Health Ministry spokesman Hossam Abdel Ghaffar told El Baz (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=eGwFYBLPqgc\" style=\"\" rel=\"noopener\">watch, ru<\/a> <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=eGwFYBLPqgc\" style=\"\" rel=\"noopener\">ntime: 1:23:00<\/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\/commodities\/\">commodities<\/a>\n     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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 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div 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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/egyptian-researchers-discover-ancient-mini-whale-in-wadi-al-hitan\/\">\r\n                            Egyptian researchers discover ancient mini whale in Wadi Al Hitan                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/egyptian-researchers-discover-ancient-mini-whale-in-wadi-al-hitan\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"597675\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/egyptian-researchers-discover-ancient-mini-whale-in-wadi-al-hitan\/558-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/558.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"558.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/558.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/558.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-597674\" class=\"content-area-description single-story post-597674 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-ancient-egypt tag-archaeology tag-egypt-us-relations tag-enterpriseam tag-politics tag-russia-ukraine-war wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.2ca637c3-7315-47cf-b7de-9ea55af47b5a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A fresh prehistoric discovery in Fayoum is dominating the conversation on Egypt <\/strong><strong> internationally this morning: <\/strong> The fossil of a miniature whale only 2.5 meters long has been unearthed by Egyptian paleontologists in Wadi Al Hitan. The fossil is \u201cnot something we usually see from that time period,\u201d said professor Hashem Sallam, founder of the <a target=\"_blank\" href=\"https:\/\/muvp.mans.edu.eg\/index.php\" style=\"\" rel=\"noopener\">Mansoura University Vertebrate Palaeontology Center<\/a>, referring to the Eocene period that lasted from about 55.8 mn to 33.9 mn years ago. The whale has been named Tutcetus rayanensis after the Egyptian pharaoh Tutankhamun. Read the researchers\u2019 study in the open-access journal Communications Biology <a target=\"_blank\" href=\"https:\/\/www.nature.com\/articles\/s42003-023-04986-w\" style=\"\" rel=\"noopener\">here<\/a>. (<a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/egypt-dig-unearths-41-million-year-old-whale-in-desert\/\" style=\"\" rel=\"noopener\">AFP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/science\/2023\/aug\/10\/fossil-of-41m-year-old-miniature-whale-discovered-in-egypt\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cbsnews.com\/news\/egypt-tiny-whale-fossil-41-million-years-old-discovered\/\" style=\"\" rel=\"noopener\">CBS News<\/a> | <a target=\"_blank\" href=\"https:\/\/abcnews.go.com\/US\/scientists-discover-new-species-miniature-ancient-whale-lived\/story?id=102130770\" style=\"\" rel=\"noopener\">ABC News<\/a> | <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/08\/10\/scientists-discover-ancient-egyptian-miniature-whale\/\" style=\"\" rel=\"noopener\">The National<\/a> | <a target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/egyptian-paleontologists-bottlenose-dolphin-mansoura-university-41-whale-king-tut-2023-8\" style=\"\" rel=\"noopener\">Business Insider<\/a> | <a target=\"_blank\" href=\"https:\/\/www.independent.co.uk\/news\/science\/egypt-ct-scans-university-of-michigan-greek-b2390969.html\" style=\"\" rel=\"noopener\">The Independent<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong> Egypt stays neutral in Russia-Ukraine war: <\/strong>Egypt is resisting requests from senior US leaders to send weapons to Ukraine, the Wall Street Journal reports, citing Egyptian and American officials. (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/egypt-resists-u-s-calls-to-arm-ukraine-5ac5d509\" style=\"\" rel=\"noopener\">WSJ<\/a>)<\/li>\n<li><strong> The Rosetta Stone returns \u2013 sort of: <\/strong> The Rosetta Stone is being \u201cdigitally repatriated\u201d to Fort Qaitbay in Rashid\u2014 the believed site of its discovery \u2014 by anti-looting arts collective <a target=\"_blank\" href=\"https:\/\/www.looty.art\/\" style=\"\" rel=\"noopener\">Looty<\/a>. Visitors will be able to see an augmented reality installation of the stone via a QR code. The stone was captured by the British in 1801 and has been displayed at the British Museum ever since. (<a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/08\/11\/arts\/looty-rosetta-stone-benin-bronzes.html\" style=\"\" rel=\"noopener\">New York Times<\/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\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-us-relations\/\">Egypt-US relations<\/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\/russia-ukraine-war\/\">Russia-Ukraine war<\/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=\"597676\" 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=\"597676\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/\">\r\n                            Egypt\u2019s investment authority is simplifying filing procedures. PLUS: News from SODIC, Compass Capital, Wizz Air                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/\">\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=GAFI is simplifying filing procedures. PLUS: News from SODIC, Compass Capital, Wizz Air&url=https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/&title=GAFI is simplifying filing procedures. PLUS: News from SODIC, Compass Capital, Wizz Air\">\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=GAFI+is+simplifying+filing+procedures.+PLUS%3A+News+from+SODIC%2C+Compass+Capital%2C+Wizz+Air+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F08%2F13%2Fgafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/562.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"597677\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/gafi-is-simplifying-filing-procedures-plus-news-from-sodic-compass-capital-wizz-air\/562-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/562.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"562.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/562.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/562.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-597676\" class=\"content-area-description single-story post-597676 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-compass-capital tag-enterpriseam tag-gafi tag-logistics tag-private-equity tag-real-estate tag-sodic tag-tourism tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.ce6e8a85-34aa-4fb9-bad2-f8550136395a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REGULATION- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> GAFI continues its war on paperwork: <\/strong> The General Authority for Investment and Freezones (GAFI) has canceled some of the documents that it requires companies to provide for a number of post-incorporation services in a bid to \u201cimprove the investment environment\u201d by simplifying procedures, it said in a <a target=\"_blank\" href=\"https:\/\/bit.ly\/3OW1wDe\" style=\"\" rel=\"noopener\">statement<\/a>. Among the papers companies no longer need to provide are those related to nominating board members, holding board meetings, appointing auditors, and reporting the death of partners or shareholders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REMEMBER- <\/strong>The authority <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/959e81e4-92a2-4a6a-98a1-3d18292fe523\" style=\"\" rel=\"noopener\">last week<\/a> began operating its new digital platform, which provides investors with services to establish companies, authenticate contracts at notary offices, and register using electronic signatures among other services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REAL ESTATE- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- SODIC is set to deliver the first units at its North Coast June project in 3Q <\/strong><strong> 2023 <\/strong>, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3DU1HZi\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, quoting the company\u2019s general manager Ayman Amer. The upmarket real estate developer sold more than half (55%) of the units in the 281-feddan project, he said. The company reported net income of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f693f60-b696-4978-afab-e990ef5e383c\" style=\"\" rel=\"noopener\">EGP 148 mn in 2Q 2023<\/a>, up 126% y-o-y. The project accounted for 15% of the company\u2019s gross contracted sales in the first six months of 2023, it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- Compass has a USD 100 mn real estate fund in the works: <\/strong>Private equity firm Compass Capital plans to set up a USD 100 mn real estate investment fund within a year, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ORK82m\" style=\"\" rel=\"noopener\">Asharq Busin<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ORK82m\" style=\"\" rel=\"noopener\">ess<\/a> reports, citing an interview with Managing Partner Tarek Abdel Rahman. The fund could invest in office and commercial projects in east and west Cairo, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> TOURISM- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> London to Cairo on a budget: <\/strong> Hungarian budget airlineWizz Air is opening a new route connecting Cairo\u2019s Sphinx International Airport to London\u2019s Luton Airport, the airline said on its <a target=\"_blank\" href=\"https:\/\/wizzair.com\/en-gb\/information-and-services\/about-us\/news\/2023\/08\/09\/wizz-air-announces-new-route-from-london-luton-to-cairo\" style=\"\" rel=\"noopener\">website<\/a>. The airline will operate three flights a week starting 30 October, with fares from GBP 53.99 (EGP 2.1k) one way. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> TRADE- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This Chinese shipping line is coming to Egypt: <\/strong> A new shipping line launched by Chinese logistics firm <a target=\"_blank\" href=\"http:\/\/www.torgmoll.com\/\" style=\"\" rel=\"noopener\">Torgmoll<\/a> linking Chinese and Russian ports has begun servicing Egypt, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3DSYx85\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, quoting Walid El Saiedy, chairman of Royal Trade Agency and a member of the Damietta Shipping Chamber. The New New Shipping line <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/projects\/bri\/rosatom-to-support-northern-sea-route-service-between-china-and-russia-bxcy4nbx\" style=\"\" rel=\"noopener\">began operating a regular container shipping service between Russia and China<\/a> via the Arctic Ocean earlier this year, and according to El Saiedy recently made its first stop at Dekheila port. The service will link Egypt\u2019s Dekheila and Damietta ports with ports in Russia and China, he 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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/compass-capital\/\">Compass Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/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\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/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=\"597678\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"597678\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/global-oil-demand-hits-record-high-in-june-plus-threats-to-global-lng-supply-and-fresh-us-inflation-data\/\">\r\n                            Global oil demand hits record high in June. PLUS: Threats to global LNG supply and fresh US inflation data.                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/global-oil-demand-hits-record-high-in-june-plus-threats-to-global-lng-supply-and-fresh-us-inflation-data\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/global-oil-demand-hits-record-high-in-june-plus-threats-to-global-lng-supply-and-fresh-us-inflation-data\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/global-oil-demand-hits-record-high-in-june-plus-threats-to-global-lng-supply-and-fresh-us-inflation-data\/\">\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=Global oil demand hits record high in June. 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Global demand reached 103 mn barrels per day for the first time ever during the month, putting upwards pressure on prices as the market tightens on the back of reduced supply by oil producers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Oil prices have been on the rise in recent weeks <\/strong>, with Brent futures up 10% since late July. The crude benchmark last week surpassed USD 88 per barrel for the first time since the end of January.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s looking like a record-breaking year, too: <\/strong> The IEA is now projecting global demand to rise to a record 102.2 mn barrels per day this year, up 2.2 mn b\/d from 2022.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Impending strikes in Australia threaten global LNG supply: <\/strong> Industrial action at three major LNG terminals in Australia is threatening to deliver a fresh shock to the energy markets, potentially removing as much as 10% of global supply from the market, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-10\/strikes-risk-10-of-global-lng-in-threat-of-new-energy-shock?srnd=markets-vp#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. Workers at Chevron and Woodside Energy Group last week voted to go on strike over pay and conditions and could begin walking out this week.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> One analyst isn\u2019t concerned: <\/strong> \u201cThis is all part of union negotiations,\u201d Credit Suisse analyst Saul Kavonic told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/australia-regulator-allows-union-conduct-protected-action-ballot-chevrons-lng-2023-08-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. \u201cWhile there will be loud rhetoric threatening large production outages as the unions and LNG companies test their positions, it is unlikely global supply will actually be impacted materially.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Europe is reckoning with a new world: <\/strong> The strike threat was enough to cause European gas prices to <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/08\/10\/european-gas-prices-expected-to-rise-amid-australia-lng-supply-fears.html\" style=\"\" rel=\"noopener\">surge almost 40% on Wednesday<\/a> in a bout of volatility that underscores the continent\u2019s continued vulnerability as it tries to move beyond its old dependency on Russian gas. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> US inflation figures unlikely to provoke another Fed hike: <\/strong> US inflation ended 12 consecutive months of declines in July, inching higher to 3.2% y-o-y from 3.0% a month earlier, according to <a target=\"_blank\" href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" style=\"\" rel=\"noopener\">figures<\/a> released Thursday. This was slightly below the expectations of analysts, who had forecast a larger increase.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What they\u2019re saying: <\/strong> \u201cI\u2019m encouraged by the data. This keeps the Fed on pause for September. The CPI, the jobs report last week and ECI data all suggest that the Fed can pause,\u201d JPMorgan\u2019s chief global strategist, David Kelly, told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6402c2dd-a806-4592-8ed9-307ed9345f60\" style=\"\" rel=\"noopener\">Financial Times<\/a>.<\/p><p><a target=\"_blank\" id=\"t.cf3195bdf7a02b6491d0cfaaa1d66bf112add35b\" rel=\"noopener\"><\/a> <a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">17,710<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +21.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD (CBE) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD at CIB <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Interest rates CBE <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Tadawul <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,424<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> ADX <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,880<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: -3.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> DFM <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,064<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +21.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> S&amp;P 500 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,464<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +6.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> FTSE 100 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,524<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.2% (YTD: +1.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,321<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.4% (YTD: +13.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Brent crude <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 86.81<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.77<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1,946.60<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> BTC <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 29,401<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +78.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE CLOSING BELL- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The EGX30 fell 0.3% at Thursday\u2019s close <\/strong> on turnover of EGP 1.73 bn (13% below the 90-day average). Foreign investors were net sellers. The index is up 21.3% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the green: <\/strong>Mopco (+1.6%), CIRA Education (+0.6%) and Elsewedy Electric (+0.5%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the red: <\/strong>Credit Agricole (-2.3%), Alexandria Container and Cargo Handling (-2.2%) and Telecom Egypt (-2.0%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-energy-agency\/\">International Energy Agency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/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=\"597680\" 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=\"597680\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/west-african-nations-to-deploy-standby-force-in-response-to-niger-coup\/\">\r\n                            West African nations to deploy \u201cstandby force\u201d in response to Niger coup                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/west-african-nations-to-deploy-standby-force-in-response-to-niger-coup\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The group had threatened to launch a military intervention to topple the junta that seized power earlier this month, and handed it a one-week ultimatum to restore President Barzoum\u2019s leadership. ECOWAS has not clarified where the standby force will be deployed or how large it will be.<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ecowas\/\">Ecowas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/niger\/\">Niger<\/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=\"597682\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/597682\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-597682\" class=\"content-area-description single-story post-597682 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">JULY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Late July-14 August: 2Q2023 earnings season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUGUST <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">August: Hassan Allam Utilities + Agility to open Yanmu East logistics park.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-17 August (Wednesday-Thursday): Finance Ministry to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02nfeV9VBL9txdJwhG63fkCJBTXcHPjFNJrzevGrfP6dLxgiBP7NdBhq2euycrQVePl\" style=\"\">pay out<\/a><\/span><span style=\"font-weight:400;\"> the third batch of the sixth phase of the export subsidies. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16 August - 27 September:<\/span><span style=\"font-weight:400;\"> The start of the bidding process for the fifth phase of the investment map offered by the Industrial Development Authority (IDA).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">22-24 August (Tuesday-Thursday): BRICS summit, Johannesburg, South Africa.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">28 August (Monday): The start of Flat6Labs\u2019 <\/span><span style=\"font-weight:400;\">inaugural 12-week contech accelerator program. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">September: Sustainable Debt Coalition Initiative agreed at COP27 to launch. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">September: IDH to open first branch in Saudi Arabia.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">September: The Egypt-Germany trade and investment joint conference in Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">September: JETRO\u2019s second delegation arrives in Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 September (Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3qvncvU\" style=\"\">Application deadline<\/a><\/span><span> for the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MZrsLT\" style=\"\">Smart Green Projects initiative<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3-5 September (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.pharmaconex-exhibition.com\/en\/home.html\" style=\"\">Pharmaconex<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Centre, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9-10 September (Saturday-Sunday): G20 summit, New Delhi, India.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10-12 September (Sunday-Tuesday): The International Agricultural Exhibition for Africa and the Middle East, Sahara.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>13-14 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypthydrogen2023.com\/\" style=\"\">Hydrogen Egypt Summit<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz Carlton, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September (Friday): IMF to review USD 3 bn program.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Friday): Deadline for FX bureaus to comply with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b6f9aa4-8ee9-4804-bc43-8e40fac6213c\" style=\"\">new capital requirements<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>17-18 September (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.arabsecurityconference.com\/\" style=\"\">Arab Security Conference and Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz Carlton, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17-19 September (Sunday-Tuesday): Sharm Rendezvous, Rixos Premium Seagate, Sharm ElSheikh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>18-19 September (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/finance.enterprise.news\/\" style=\"\">Enterprise Finance Forum<\/a><\/span><span style=\"font-weight:400;\">, St. Regis Hotel, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 September (Monday): Nasdaq deadline for Swvl Holdings Corp to increase its market value of publicly held shares to a minimum of USD 15 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25-26 September (Monday-Tuesday): Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/43zXWDg\" style=\"\">to host<\/a><\/span><span style=\"font-weight:400;\"> the Asian Infrastructure Investment Bank\u2019s annual board meeting, Sharm El Sheikh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28-29 September (Thursday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.southsinai.gov.eg\/News\/Details\/3067\" style=\"\">Medical Tourism Conference<\/a><\/span><span style=\"font-weight:400;\">, Sharm ElSheikh.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 September (Saturday): The start of the new academic year for Egyptian universities. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">30 September (Saturday): The <\/span><span style=\"font-weight:400;\">start of the new academic year for Egyptian schools. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>October: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b5%d8%af%d8%b1-%d9%82%d8%b1%d8%a7%d8%b1%d8%a7%d9%8b-%d8%a8%d8%b4%d8%a3%d9%86-%d8%a7%d9%84%d8%aa%d8%b2\/\" style=\"\">Deadline<\/a><\/span><span> for ins. providers to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/e4d8d8da-b406-4776-ab2a-fa796e247eab\" style=\"\">link their databases<\/a><\/span><span style=\"font-weight:400;\"> with the FRA.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">October: Egyptian-Jordanian Business Council, Amman, Jordan.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-4 October (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/sharmrendezvous.ifegypt.net\/\" style=\"\">Sharm Rendezvous<\/a><\/span><span style=\"font-weight:400;\"> - Ins. Market, Rixos Premium Seagate, Sharm ElSheikh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 October (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adipec.com\/\" style=\"\">ADIPEC 2023<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi National Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Friday): Armed Forces Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9 October (Monday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/narrativesummit.com\/\" style=\"\">Narrative PR Summit<\/a><\/span><span style=\"font-weight:400;\">, Somabay Red Sea.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9-11 October (Monday-Wednesday): Arabs Savings and Financial Literacy Conference, Four Seasons Hotel.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF). <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Late October-14 November: 3Q2023 earnings season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 October (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\" style=\"\">Egypt Automotive Aftermarket Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Convention Center. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 October (Thursday): Daylight saving time ends.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29-31 October (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\" style=\"\">Egypt Energy<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29 October - 2 November (Sunday- Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cairowaterweek.eg\/register\/\" style=\"\">Cairo Water Week<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30-31 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/platforms-root-technologies.com\/icec-2023\/.\" style=\"\">Intelligent Cities Exhibition and Conference<\/a><\/span><span style=\"font-weight:400;\">, Dusit Thani LakeView, Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30-31 October (Monday-Tuesday): Global Business School Network (GBSN), American University of Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">31 October - 1 November (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-15 November (Thursday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.intrafricantradefair.com\/en%3Futm_source%3DIATF%252027%252F02&utm_campaign%3D226fc251f7-EMAIL_CAMPAIGN_2023_05_30_12_03&utm_medium%3Demail&utm_term%3D0_-226fc251f7-%255BLIST_EMAIL_ID%255D\" style=\"\">Intra-African Trade Fair<\/a><\/span><span style=\"font-weight:400;\">, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-15 November (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/destination-africa.org\" style=\"\">Destination Africa<\/a><\/span><span style=\"font-weight:400;\">, Royal Maxim Palace Kempinski Hotel. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-24 November (Wednesday-Friday): Cairo International Film Festival, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19-22 November (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cairoict.com\/\" style=\"\">Cairo ICT<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 November (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldviewevents.com\/signup\" style=\"\">Worldview Education Fair<\/a><\/span><span>, Cairo. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldviewevents.com\/signup\" style=\"\">Register here<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 November-12 December (Thursday-Tuesday): COP28, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-11 December (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.eglobexpo.com\/\" style=\"\">eGlobe Expo<\/a><\/span><span>, St. Regis Almasa Hotel, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-14 December (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/foodafrica-expo.com\/\" style=\"\">Food Africa Expo<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2023: The inauguration of the Grand Egyptian Museum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Summer 2023: EGX to launch a shariah-compliant index.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2023: GAFI roadshow set to launch to drum up foreign investment for golden licenses <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2023: Abu Dhabi Islamic Bank intends to launch a digital consumer finance company<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3Q 2023: E-Finance <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MhzDCI\" style=\"\">to launch in Saudi Arabia<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2023: EGX to launch its new futures exchange.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2023: A Developments\u2019 first phase of the Lazoghly development completed.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2024: Standard Chartered Bank to open a branch in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> the 12th session of the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2Q 2025: Safaga Terminal 2 to initiate operations.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":597654,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-597653","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d074deb5-840e-4ba5-bbf6-3b577e77aaec","teaser":"","photo_url":"https:\/\/ent.news\/2023\/8\/578.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Food prices drive inflation to fresh record high in July - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/food-prices-drive-inflation-to-fresh-record-high-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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