{"id":600625,"date":"2019-02-05T04:35:05","date_gmt":"2019-02-05T04:35:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=600625"},"modified":"2025-12-16T21:44:21","modified_gmt":"2025-12-16T21:44:21","slug":"egypt-gets-fifth-imf-tranche","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypt-gets-fifth-imf-tranche\/","title":{"rendered":"Egypt gets fifth IMF tranche"},"content":{"rendered":"<section id=\"600627\" 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=\"600627\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/what-were-tracking-on-5-february-2019\/\">\r\n                            What we\u2019re tracking on 5 February 2019                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/what-were-tracking-on-5-february-2019\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The conversations replace our industry news roundups, which will return next week.<\/p><p><b>The format:<\/b> Each CEO answered roughly the same set of questions, tailored only for their industry. The interviews have been condensed and edited for clarity and are presented in \u201cas told to\u201d format \u2014 that\u2019s journalism speak for \u201cin their own words.\u201d<\/p><p>Today\u2019s participants are:<\/p><ul>\n<li><b>Elwy Taymour<\/b>, co-founder, group chairman and CEO, Pharos Holding<\/li>\n<li><b>Riad Armanious<\/b>, CEO, Eva Pharma<\/li>\n<\/ul><p>So far this week, we have heard from:<\/p><ul>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/03\/osama-bishai-ceo-orascom-construction\/\">Osama Bishai<\/a> (CEO, Orascom Construction)<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/03\/dr-hend-el-sherbini-ceo-idh\/\">Hend El Sherbini<\/a> (CEO, IDH)<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/04\/amr-allam-co-ceo-hassan-allam-holding\/\">Amr Allam<\/a> (Co-CEO, Hassan Allam Holding)<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/04\/mohamed-el-kalla-ceo-cira\/\">Mohamed El Kalla<\/a> (CEO, CIRA)<\/li>\n<\/ul><p><b>It\u2019s PMI Day: <\/b>The Markit \/ Emirates NBD purchasing managers\u2019 index for January is due out at 6:15am CLT. You can <a href=\"https:\/\/www.markiteconomics.com\/Survey\/Page.mvc\/PressReleases\">download the summary report here<\/a> when it arrives. The indicator, which measures non-oil business activity in Egypt, was stuck in contraction territory for the fourth month in a row in <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/13\/non-oil-business-activity-in-egypt-contracts-for-fourth-consecutive-month-but-at-a-slower-pace\/\">the December survey<\/a>.<\/p><p><b>El Tayeb preaches inclusion, tolerance at interfaith summit:<\/b> Al Azhar Grand Imam Sheikh Ahmed El Tayeb called on the Middle East\u2019s Muslim population to \u201c<b>embrace your brothers the Christian citizens<\/b>,\u201d <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL5N1ZZ4OX\">Reuters reports<\/a>. Speaking at an interfaith summit in Abu Dhabi alongside Pope Francis, El Tayeb stressed that Christians are \u201ccitizens with full rights and responsibilities,\u201d and are not a marginalized minority.<\/p><hr class=\"grey-line\"><p><b>Don\u2019t be too optimistic about the emerging market rally continuing throughout 2019, <\/b>Satoru Matsumoto, fund manager at Japan\u2019s Asset Management One, tells <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-02-03\/don-t-be-fooled-by-emerging-market-comeback-says-this-japan-fund\">Bloomberg<\/a>. Despite a dovish Federal Reserve spurring a recovery in EM stocks and currencies, Matsumoto warns that 2019 will not see the bullishness of 2017.<\/p><p><b>JP Morgan thinks the Fed\u2019s new tone may push back the next recession a bit<\/b>, suggesting that the Fed pulling back from rate hikes means \u201c2020 might not be a year to think about recession,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-02-03\/jpmorgan-says-2020-might-not-be-year-to-think-about-recession\">Bloomberg<\/a> notes.<\/p><hr class=\"grey-line\"><p><b>It\u2019s going to be all KSA, all the time ahead of its upgrade to emerging market status: <\/b>Forget about the backlash that followed the killing of columnist Jamal Khashoggi: Global and GCC-based investors bought Saudi stocks at record levels in January, snapping up shares worth c. USD 1.2 bn, Bloomberg reports. And everyone wants a piece of the action: Nasdaq Dubai will launch futures on the FTSE Saudi Arabia Index later this month under a licensing agreement with FTSE Russell to launch derivatives on FTSE Russell\u2019s Saudi Arabia equity indexes, <a href=\"https:\/\/ent.news\/2019\/2\/2443.pdf\">the exchange said in an emailed statement (pdf)<\/a>.<\/p><p><b>But is it really the time to buy Saudi ahead of its upgrade later this year? <\/b>\u201cInvestors jumping at Saudi stocks now are finding high prices and an economic scenario that doesn\u2019t corroborate expensive valuations,\u201d the top dogs at FIS Group write in a report cited by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-02-04\/foreigners-make-record-saudi-purchases-as-khashoggi-worries-fade\">Bloomberg<\/a>. \u201c<b>Speculation around huge foreign inflows are based on naive assumptions<\/b> about how index providers and ETF issuers trade through such events, and we believe those waiting for \u2018dumb passive money\u2019 in Saudi will be kept waiting come fall 2019. <b>Following index inclusion, we expect to see a fair degree of selling pressure<\/b> as state affiliated Saudi investors use the inclusion as a liquidity event for chunks of their Saudi equity portfolio.\u201d<\/p><p><b>All of this is coming as Saudi Crown Prince MbS is running into resistance from his own bureaucrats<\/b>, the <a href=\"https:\/\/www.wsj.com\/articles\/saudi-crown-prince-meets-resistance-on-economic-overhaulfrom-his-own-bureaucrats-11549295905?mod=hp_lead_pos5\">Wall Street Journal<\/a> claims. Pushback caused MbS to postpone the IPO of oil giant Aramco, to delay privatization plans, to slow the pace of investment in tech companies, and to scale back plans to build the world\u2019s largest solar-generation hub.<\/p><hr class=\"grey-line\"><p><b>Miscellany worth knowing about this morning:<\/b><\/p><ul>\n<li><b>Something is missing here: <\/b>An <a href=\"https:\/\/www.ft.com\/content\/2b8c50ee-1f3b-11e9-b126-46fc3ad87c65\">opinion piece in the FT<\/a> gives Egypt only a passing mention as it looks at what Turkey needs to do to become a regional gas hub.<\/li>\n<li><b>Shares of Google\u2019s parent company were hammered <\/b>overnight after the company reported declining advertising prices and rising costs. (<a href=\"https:\/\/www.cnbc.com\/2019\/02\/04\/alphabet-earnings-q4-2018.html\">CNBC<\/a>)<\/li>\n<li><b>Analysts are slashing their forecasts for US corporate earnings <\/b>as companies succumb to pressure on margins. (<a href=\"https:\/\/www.ft.com\/content\/2e9e148a-27f0-11e9-a5ab-ff8ef2b976c7\">FT<\/a>)<\/li>\n<li><b>Bernie and Chuck want to curb share buybacks<\/b>, writing in an opinion piece for the <a href=\"https:\/\/www.nytimes.com\/2019\/02\/03\/opinion\/chuck-schumer-bernie-sanders.html\">New York Times<\/a> that \u201ccorporate self-indulgence has become an enormous problem for workers and for the long-term strength of the economy.\u201d<\/li>\n<li><b>Slack has filed to go public with a direct listing<\/b>, meaning the workplace messaging company won\u2019t raise new money, but will make it possible for investors to trade shares on the public market. The move was successfully used by Spotify last year. (<a href=\"https:\/\/www.wsj.com\/articles\/slack-files-confidentially-to-go-public-with-direct-listing-11549301336?mod=hp_lista_pos5\">WSJ<\/a>)<\/li>\n<\/ul><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/2\/3025.jpg?ssl=1\"><\/p><p><b>Another year, another Super Bowl, another ad show:<\/b> Halftime ads have as usual occupied the attention of the US journosphere. If you\u2019re feeling bored and want something to buy, the Washington Post has given its rundown of the <a href=\"https:\/\/www.washingtonpost.com\/arts-entertainment\/2019\/02\/04\/best-super-bowl-commercials-pepsis-self-own-one-good-bud-light-ad\/?utm_term=.ca3554423ec3\">top 10 ads<\/a>.<\/p><p><b>PSA- Break out your summer clothing this morning?<\/b> Look for the mercury to be in the 30-31\u00b0C range in the capital city today \u2014 and it may be accompanied by sandy winds, according to the Egyptian Meteorological Authority. Expect the temp to plunge to a daytime high of 18\u00b0C tomorrow with a chance of rain, our favorite weather app warns.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development\/\">development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ibrd\/\">IBRD<\/a>\n                <!-- <span 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33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"600629\" 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=\"600629\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/imf-signs-off-on-egypts-fifth-usd-2-bn-tranche-parliament-discusses-constitutional-amendments\/\">\r\n                            IMF signs off on Egypt\u2019s fifth USD 2 bn tranche, parliament discusses constitutional amendments                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/imf-signs-off-on-egypts-fifth-usd-2-bn-tranche-parliament-discusses-constitutional-amendments\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/imf-signs-off-on-egypts-fifth-usd-2-bn-tranche-parliament-discusses-constitutional-amendments\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/imf-signs-off-on-egypts-fifth-usd-2-bn-tranche-parliament-discusses-constitutional-amendments\/\">\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=IMF signs off on Egypt\u2019s fifth USD 2 bn tranche, parliament discusses constitutional amendments&url=https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/imf-signs-off-on-egypts-fifth-usd-2-bn-tranche-parliament-discusses-constitutional-amendments\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/imf-signs-off-on-egypts-fifth-usd-2-bn-tranche-parliament-discusses-constitutional-amendments\/&title=IMF signs off on Egypt\u2019s fifth USD 2 bn tranche, parliament discusses constitutional amendments\">\n                    LinkedIn                    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href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/imf-signs-off-on-egypts-fifth-usd-2-bn-tranche-parliament-discusses-constitutional-amendments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-600629\" class=\"content-area-description single-story post-600629 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-automotive tag-debt tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-imf tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><b>The airwaves gave us a mixed bag of nuts last night<\/b>, with the talking heads touching on several topics without offering much by way of analysis.<\/p>\n<p><b>The IMF signing off on the disbursal of Egypt\u2019s fifth USD 2 bn loan tranche<\/b> (the details of which we have in Speed Round, below) came up on Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=RC7I_OS1nms\">watch, runtime: 03:43<\/a>) and Hona Al Asema (<a href=\"https:\/\/www.youtube.com\/watch?v=Mldrbl0k03U\">watch, runtime: 01:58<\/a>) but did not inspire much discussion or analysis.<\/p>\n<p><b>The talking heads\u2019 analysis of the proposed constitutional amendments didn\u2019t inspire insightful discussion<\/b>, either. El Hekaya\u2019s Amr Adib listed the proposed amendment of constitutional articles (<a href=\"https:\/\/www.youtube.com\/watch?v=7K2GJknwymk\">watch, runtime: 09:14<\/a>), while Rep. Dalia Youssef explained to Masaa DMC\u2019s Eman El Hosary the process of pushing the amendments through (<a href=\"https:\/\/www.youtube.com\/watch?v=jswXexntdHA\">watch, runtime: 07:59<\/a>).<\/p>\n<p><b>Tax collections during 1H2018-19 hit 107% of the Tax Authority\u2019s targets<\/b>, authority head Abdel Azim Hussein said on Hona Al Asema (<a href=\"https:\/\/www.youtube.com\/watch?v=qRCuP82lkQk\">watch, runtime: 04:22<\/a>).<\/p>\n<p><b>Would importing a car yourself be cheaper than buying through distributors?<\/b> Self-styled automotive industry expert Mohamed Hassan claimed that going rogue and importing a car on your own would help you save EGP 50k (<a href=\"https:\/\/www.youtube.com\/watch?v=D4pPKFe7iWY\">watch, runtime: 10:26<\/a>), while industry veteran Alaa El Sabaa (who runs the eponymous distributor and is a member of the Federation of Egyptian Chamber of Commerce\u2019s auto division) says doing so would see you pay higher fees than distributors do (<a href=\"https:\/\/www.youtube.com\/watch?v=H2m4Bc_aT_E\">watch, runtime: 06:17<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"600630\" 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=\"600630\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Speed Round<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/the-long-awaited-fifth-tranche-of-egypts-imf-loan-is-on-its-way-finally\/\">\r\n                            The long-awaited fifth tranche of Egypt\u2019s IMF loan is on its way, finally                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/the-long-awaited-fifth-tranche-of-egypts-imf-loan-is-on-its-way-finally\/\" 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 tranche, which <a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2019\/02\/Untitled-document-1.pdf\">the Finance Ministry said<\/a> will arrive \u201cwithin the coming days,\u201d will bring the total Egypt has received to USD 10 bn.<\/p>\n<p><b>Background: <\/b>The IMF\u2019s approval came a little over a week after IMF Managing Director Christine Lagarde <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/27\/egypt-on-imf-boards-agenda-in-coming-weeks-lagarde-says\/\">sang our praises<\/a>, but the decision was reportedly <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/26\/release-of-imf-funding-held-up-over-oil-pricing-mechanism-cost-of-insuring-egyptian-debt-inches-up\/\">delayed<\/a> amid concerns from the IMF on how Egypt would implement a new fuel pricing strategy. The government <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/08\/govt-to-implement-fuel-pricing-mechanism-on-95-octane-gasoline-in-2q2019\/\">announced last month<\/a> it would bring the mechanism into effect in April. The mechanism will first apply to 95 Octane fuel and then be rolled out to other, more popular grades. The formula will see prices fluctuate within 10% of international averages.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"600645\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"600646\" 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=\"600646\">\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\">Up Next<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/what-were-tracking-this-week-and-beyond-17\/\">\r\n                            What we\u2019re tracking this week and beyond                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/what-were-tracking-this-week-and-beyond-17\/\" 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 event brings together construction industry investors, developers, policymakers, service providers and consultants, and over a dozen of <a href=\"http:\/\/www.egyptbuildmat.com\/2019-speakers\/\">keynote speakers<\/a>.<\/p>\n<p><b>Egypt will assume the presidency of the African Union on 10 February<\/b>, <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/photos\/a.153526355166753\/551673138685404\/?type=3&theater\">according to an Ittihadiya statement<\/a>.<\/p>\n<p><b>This year\u2019s <\/b><a href=\"https:\/\/www.egyps.com\/\"><b>Egypt Petroleum Show<\/b><\/a><b> (EGYPS) will kick off on Monday, 11 February<\/b> at the Egyptian International Exhibition Center. Senior executives from global oil majors, alongside high-ranked energy government officials, will be in town for the three-day exhibition \u2014 which will see international pavilions from <a href=\"https:\/\/www.egyps.com\/exhibition\/2019-international-pavilions\/\">13 exhibiting countries<\/a>.<\/p>\n<p><b>The Central Bank\u2019s Monetary Policy Committee <\/b>will meet to decide on interest rates on Thursday, 14 February.<\/p>\n<p><b>Suez Canal Authority boss Mohab Mamish will be in Moscow on 17 February<\/b> to complete some of the legal procedures relating to the USD 7 bn Russian Industrial Zone (RIZ), <a href=\"https:\/\/www.almalnews.com\/Story\/409617\/15\/-%D9%85%D9%85%D9%8A%D8%B4-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D9%84%D8%B1%D9%88%D8%B3%D9%8A%D8%A7-%D9%84%D8%A7%D8%B3%D8%AA%D9%83%D9%85%D8%A7%D9%84-%D9%85%D9%81%D8%A7%D9%88%D8%B6%D8%A7%D8%AA-%D8%A5%D9%86%D8%B4%D8%A7%D8%A1-%D9%83%D9%8A%D8%A7%D9%86-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D9%86%D8%B7%D9%82%D8%A9-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%B9%D9%8A%D8%A9\">Al Mal reports<\/a>. President Abdel Fattah El Sisi has <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/03\/el-sisi-ratifies-usd-7-bn-riz-agreement-with-russia\/\">ratified the agreement<\/a> that was signed in <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/24\/egypt-and-russia-finally-sign-contracts-for-usd-7-bn-riz\/\">May last year<\/a>.<\/p>\n<p><b>A Russian expert committee will visit Sharm El Sheikh and Hurghada airports<\/b> in the second half of February to run a final security sweep ahead of a decision on flight resumption, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1366800\">AMAY reports<\/a>.<\/p>\n<p><b>FinMin to present debt control strategy to El Sisi in March: <\/b>The Finance Ministry will present the final, reviewed version of its comprehensive public <a href=\"https:\/\/enterpriseold.staging.wpengine.com\/stories\/2019\/01\/10\/finance-ministry-drafts-more-realistic-comprehensive-debt-strategy-raises-egypts-public-debt-targets\/\">debt control strategy<\/a> to President Abdel Fattah El Sisi in March, <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/release-a-3-2-2019.aspx\">Finance Minister Mohamed Maait said<\/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\/african-union\/\">African Union<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russian-industrial-zone\/\">Russian Industrial Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/up-next\/\">Up Next<\/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=\"600647\" 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=\"600647\">\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\">ON THE FRONT PAGES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/el-sisi-administrations-efforts-to-reduce-unemployment-tops-headlines\/\">\r\n                            El Sisi administration\u2019s efforts to reduce unemployment tops headlines                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/el-sisi-administrations-efforts-to-reduce-unemployment-tops-headlines\/\" 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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Al Ahram <a href=\"http:\/\/www.ahram.org.eg\/News\/202915\/136\/694708\/%D9%85%D8%AA%D8%A7%D8%A8%D8%B9%D8%A7%D8%AA\/%D9%88%D9%82%D8%B9%D9%87%D8%A7-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D9%85-%D8%A7%D9%84%D8%A3%D9%83%D8%A8%D8%B1-%D9%88%D8%A8%D8%A7%D8%A8%D8%A7-%D8%A7%D9%84%D9%81%D8%A7%D8%AA%D9%8A%D9%83%D8%A7%D9%86-%D9%81%D9%89-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%89-%D8%A5%D8%B7%D9%84%D8%A7.aspx\">also takes note<\/a> of Al Azhar Grand Imam Sheikh Ahmed El Tayeb\u2019s attendance of an interfaith summit in Abu Dhabi with Pope Francis.<\/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\/employment\/\">employment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/on-the-front-pages\/\">On The Front Pages<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sheikh-ahmed-el-tayeb\/\">Sheikh Ahmed El Tayeb<\/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=\"600648\" 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=\"600648\">\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\">THE ENTERPRISE CEO POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/riad-armanious-chief-executive-officer-eva-pharma\/\">\r\n                            Riad Armanious \u2014 chief executive officer, Eva Pharma                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/riad-armanious-chief-executive-officer-eva-pharma\/\" 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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Armanious (<a href=\"https:\/\/www.linkedin.com\/in\/riad-armanious-3834993\/?originalSubdomain=eg\">LinkedIn<\/a>) also serves the industry as a whole on trade associations and export councils and was the only Egyptian on the <a href=\"https:\/\/widgets.weforum.org\/ygl-2018\/middle-east-north-africa\/riad-armanious\/\">World's Economic Forum's 2018 list of 100 global leaders under 40<\/a>.<\/p>\n<p><b>For the company, 2018 was the year of research and development.<\/b> It\u2019s the year we launched our research and development institute, the Mounir Armanious Research Center (MARC). We\u2019re very proud of MARC because it reflects our vision for the future.<\/p>\n<p><b>It was a tough year for the industry<\/b>, but it was a year of change for the better.<\/p>\n<p><b>2019 will be the year we focus our effort on international expansion.<\/b> Eva Pharma is trying to move towards becoming a more specialty-based and innovative company. We signed a lot of international agreements in 2018, which we will see come into effect as part of our global expansion plan in 2019. We currently operate in 41 countries, but we\u2019re looking to expand \u2014 with a big focus on Africa, where we see a lot of potential for a company like ours.<\/p>\n<p><b>We signed a few out-licensing agreements with global organizations to take some of our products to Europe.<\/b> We already have reach in Eastern Europe, so we\u2019re focusing now on Western European countries. We have approval to export to the European Union \u2014 which isn\u2019t to be taken lightly \u2014 but we\u2019re now also looking to move into commercializing and registering products in the EU.<\/p>\n<p><b>In terms of turnover, we\u2019re talking about 25% growth in 2019.<\/b> We plan to increase that to 50% by the end of 2021 by focusing on respiratory, inhalation and utilization products as well as specialized dosage forms that are currently not produced in Egypt.<\/p>\n<p><b>The biggest challenge this year will be the global climate. <\/b>The US-China trade war complicates the scene very much. Brexit complicates things for us, too, because while there is one agency that regulates our industry across 28 states in the bloc, now nobody understands how the UK will be regulated if Brexit happens. This is just an example of how we\u2019re seeing further fragmentation of regulation, which goes against globalization \u2014 <b>we\u2019re actually seeing deglobalization through inefficient regulations<\/b>. The more regulations you have to maneuver, the more time the process takes and the more costly it all becomes, leaving less space for innovation. Deglobalization is one thing that\u2019s very painful for someone who\u2019s passionate about bringing innovation to patients.<\/p>\n<p><b>Egypt so far has been doing well, but is our competitiveness increasing?<\/b> Are we developing in terms of manufacturing, efficiency, and logistics competency? We\u2019ve done a lot in terms of political stability and in security, but we need to see more on manufacturing and logistics if we want to increase our exports as a country. We would need logistics routes to transport products, and strategic and easily-accessed maritime and air links, for example.<\/p>\n<p><b>We need lower interest rates this year.<\/b> I\u2019m sure many other people have already said that, but we need lower interest rates for innovation \u2014 not just to protect smaller companies. I\u2019m all for helping SMEs because that\u2019s definitely proved effective in terms of economic development. But you also need to finance, give tax breaks or offer financial incentives for innovation-based projects taken on by companies outside of the SME scope.<\/p>\n<p><b>Innovation doesn\u2019t happen because of goodwill or good intentions \u2014 it happens because of good economics<\/b> as well as the right ecosystem factors. We need economic incentives for innovation because it\u2019s important, not just for prestige, but as a competitive driving force of growth. You can grow in two ways: Either due to the ability to grow your size in the market or due to competitiveness in innovation.<\/p>\n<p><b>Our industry also needs dynamic pricing<\/b> to match the dynamic or liberalized exchange rate.<\/p>\n<p><b>Biologics (therapeutics or diagnostics) will be among the biggest opportunities in the industry.<\/b> One of the areas we\u2019re currently investing in is vaccines. Viruses mutate based on local conditions, so the more specific your vaccines are to local viruses, the more effective they are. We\u2019re investing in vaccines, and avian flu vaccines in particular. We\u2019re also working on getting one of our facilities FDA-approved, which would be the first one of its kind in the country. It\u2019s not easy, but it comes with its rewards, so, that\u2019s something we\u2019re looking to complete in 2019.<\/p>\n<p><b>We\u2019re also investing in manufacturing facilities in Africa<\/b> as part of our plans to become a more active African player as opposed to just national.<\/p>\n<p><b>There\u2019s also major potential in the universal health coverage campaign that Egypt is rolling out.<\/b> It\u2019s an ambitious plan to ensure that 100% of Egyptians are eventually covered, starting with the governorate of Port Said in July 2019. We understand, of course, that it will take a number of years for the program to cover the country in its entirety, but we expect it to significantly change the dynamics of the market as it expands access to healthcare and increases market shares. That\u2019s why we\u2019re all investing in it: When you have more patients covered, you need much bigger volumes and lower prices, which is good for the country and, most importantly, patients.<\/p>\n<p><b>On the compensation front, we will see an average increase of over 20%.<\/b> We\u2019re trying to reverse Egypt\u2019s brain drain by ramping up salaries so that they\u2019re more globally competitive. If we want to become a global company, we have to be globally competitive as well. In general, we have a big increase coming up, as well as promotions. We also have a lot of positions being opened to serve our innovation and globalization plans.<\/p>\n<p><b>Our business has absolutely been constrained by high interest rates.<\/b> I\u2019m not an economist, but I expect and hope they will come down a little. We\u2019re investing a lot in our development to expand our presence globally and adding more manufacturing lines.<\/p>\n<p><b>Inflation was a huge issue for us. <\/b>Inflation affects you on the cost base because we\u2019ve been increasing salaries over 20% over the past two years and will be doing the same for this year. Inflation affects morale and variety \u2014 humans like choice, and inflation curbs choice, which decreases quality of life.<\/p>\n<p><b>I expect tourism to outperform this year, while real estate will underperform<\/b>. We\u2019ve been inflating the bubble for some time now. I think the lower end of the real estate market will be resilient and the upper end is usually more resilient, too.<\/p>\n<p><b>We\u2019re mostly investing in Egypt <\/b>\u2014 in getting our facility to be FDA ready, and we\u2019re investing in innovative products. We\u2019re also investing in companies to become part of our group; for example we have a subsidiary in Hamburg, Germany. We\u2019re also investing in an acquisition in Germany, and we\u2019re investing in Sudan and Ethiopia.<\/p>\n<p><b>If I were to start a new business today<\/b>, it would be in artificial intelligence in genomics.<\/p>\n<p><b>The most common question is get from outside parties is: \u201cAre you optimistic?\u201d <\/b>As a person, I am, but I hope to see us make decisions based on data rather than emotions. But I\u2019m optimistic about the economic reforms, which speak loudly of better times to come in Egypt. We have a lot of the pillars needed for a competitive manufacturing base or an export base \u2014 we just need coordination on a national level. Coordinating what needs to be done through national policy and stringing the parts into long-term vision can bring about positive outcomes, but the components are already there. The fundamentals are there.<\/p>\n<p><b>What question will we be asking at the end of next year?<\/b> I hope we\u2019ll be asking ourselves: Are we more innovative as a country? That\u2019s an important question because it\u2019s future-looking and that\u2019s what we should be focused on.<\/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\/the-enterprise-ceo-poll\/\">The Enterprise CEO Poll<\/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=\"600652\" 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=\"600652\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/the-market-yesterday-401\/\">\r\n                            The Market Yesterday                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/the-market-yesterday-401\/\" 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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CIB, the index heaviest constituent ended up 2.7%. EGX30\u2019s top performing constituents were Arab Cotton Ginning up 5.2%, Juhayna up 4.3%, and Heliopolis Housing up 4.1%. Yesterday\u2019s worst performing stocks were Ezz Steel down 2.7%, Egyptian Resorts down 2.4% and Telecom Egypt down 2.2%. The market turnover was EGP 1.0 bn, and local investors were the sole net buyers.<\/p>\n<p><b>Foreigners<\/b>: Net Short | EGP -61.9 mn<\/p>\n<p> <b>Regional<\/b>: Net Short | EGP -11.5 mn<\/p>\n<p> <b>Domestic<\/b>: Net Long | EGP +73.5 mn<\/p>\n<p><b>Retail<\/b>: 69.1% of total trades | 60.1% of buyers | 63.7% of sellers<\/p>\n<p> <b>Institutions<\/b>: 38.1% of total trades | 39.9% of buyers | 36.3% of sellers<\/p>\n<p><b>WTI:<\/b> USD 54.27 (-1.79%)<\/p>\n<p> <b>Brent:<\/b> USD 62.35 (-0.64%)<\/p>\n<p><b>Natural Gas<\/b> (Nymex, futures prices) USD 2.67 MMBtu, (-2.23%, Mar 2019)<\/p>\n<p> <b>Gold:<\/b> USD 1,319.10 \/ troy ounce (-0.23%)<\/p>\n<p><b>TASI:<\/b> 8,520.64 (-0.07%) (YTD: +8.87%)<\/p>\n<p> <b>ADX:<\/b> 5,128.09 (+1.03%) (YTD: +4.33%)<\/p>\n<p> <b>DFM:<\/b> 2,529.18 (-0.44%) (YTD: -0.02%)<\/p>\n<p> <b>KSE Premier Market:<\/b> 5,426.45 (+0.38%)<\/p>\n<p> <b>QE:<\/b> 10,727.53 (+0.36%) (YTD: +4.16%)<\/p>\n<p> <b>MSM:<\/b> 4,166.30 (+0.46%) (YTD: -3.64%)<\/p>\n<p> <b>BB: <\/b>1,397.55 (+0.10%) (YTD: +4.51%)<\/p><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-market-yesterday\/\">The Market Yesterday<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"600653\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/600653\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-600653\" class=\"content-area-description single-story post-600653 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>05 February (Tuesday): Egypt\u2019s Emirates NBD PMI for January released.<\/p>\n<p>07 February (Thursday): <a href=\"http:\/\/www.egyptbuildmat.com\/\">Egypt Building Materials Summit<\/a>, Nile Ritz Carlton, Cairo, Egypt<\/p>\n<p>11-13 February (Monday-Wednesday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egyptian International Exhibition Center, Cairo.<\/p>\n<p>14 February (Thursday): Central Bank of Egypt\u2019s monetary policy committee meets to review interest rate.<\/p>\n<p>19 February (Tuesday): The Cairo Economic Court to deliver decision on pharma distributors appeal, Egypt.<\/p>\n<p>19-20 February (Tuesday-Wednesday): The <a href=\"https:\/\/www.terrapinn.com\/exhibition\/solar-show-mena\/index.stm\">Solar Show MENA 2019<\/a>, Nile Ritz Carlton Hotel, Cairo, Egypt.<\/p>\n<p>23 February (Saturday): The Supreme Administrative Court <a href=\"https:\/\/almalnews.com\/Story\/408525\/17\/%D8%AA%D8%A3%D8%AC%D9%8A%D9%84-%D8%A7%D9%84%D8%AD%D9%83%D9%85-%D9%81%D9%8A-%D8%B7%D8%B9%D9%86-%D8%A3%D9%88%D8%A8%D8%B1-%D9%88%D9%83%D8%B1%D9%8A%D9%85-%D8%A5%D9%84%D9%89-23-%D9%81%D8%A8%D8%B1%D8%A7%D9%8A%D8%B1\">will rule<\/a> in an appeal <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/28\/uber-careem-appeal-administrative-court-ruling-ordering-their-closure\/\">by Uber and its competitor Careem<\/a> against a lower court ruling ordering the suspension of their operations.<\/p>\n<p>24-25 February (Sunday-Monday): EU-Arab League summit, Sharm El-Sheikh, Egypt<\/p>\n<p>26-28 February (Tuesday-Thursday): 22nd International Conference on Petroleum Mineral<\/p>\n<p>Resources and Development, Egyptian Petroleum Research Institute, Nasr City, Cairo, Egypt.<\/p>\n<p>03-06 March (Sunday-Wednesday): EFG Hermes One-on-One Conference, Dubai.<\/p>\n<p>March (date TBD): <a href=\"https:\/\/egypt.tradersfair.com\/\">Traders Fair<\/a>, Nile Ritz Carlton, Cairo, Egypt.<\/p>\n<p>17 March (Sunday): A court <a href=\"https:\/\/alborsaanews.com\/2019\/02\/04\/1174960\">will look into<\/a> a lawsuit by a subsidiary of Arabian Investments, Development and Financial Investment Holding Co. (AIND) against Peugeot Citroen, seeking EUR 150 mn in damages.<\/p>\n<p>17-18 March (Sunday-Monday): OPEC Joint Ministerial Monitoring Committee meeting, Baku (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-01-14\/opec-leaves-market-guessing-as-it-struggles-to-set-meeting-date\">Bloomberg<\/a>)<\/p>\n<p>18-19 March (Monday-Tuesday): US Federal Open Market Committee holds two-day policy meeting to review the interest rate.<\/p>\n<p>27-30 March (Wednesday-Saturday): <a href=\"https:\/\/www.cityscapeegypt.com\/en\/Home.html\">Cityscape Egypt 2019<\/a>, Egypt International Exhibition Center, Nasr City Cairo.<\/p>\n<p>28 March (Thursday): Central Bank of Egypt\u2019s monetary policy committee meets to review interest rate.<\/p>\n<p>April: The African Tripartite Trade Area (<a href=\"https:\/\/en.wikipedia.org\/wiki\/Tripartite_Free_Trade_Area\">TFTA<\/a>) agreement is set to take effect in April after a majority from the participating governments ratified it, COMESA Secretary General Chileshe Kapwepwe <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=12122018&id=fa6e13de-e3be-48fc-a76d-b65af91f3545\">according to Al Shorouk<\/a>.<\/p>\n<p>17-18 April (Wednesday-Thursday): OPEC+ meeting, Vienna (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-01-14\/opec-leaves-market-guessing-as-it-struggles-to-set-meeting-date\">Bloomberg<\/a>)<\/p>\n<p>20-22 April (Friday-Sunday): Spring meetings of the World Bank and International Monetary Fund, Washington, DC.<\/p>\n<p>25 April (Thursday): Sinai Liberation day, national holiday.<\/p>\n<p>28 April (Sunday): Easter Sunday, national holiday.<\/p>\n<p>29 April (Monday): Easter Monday, national holiday.<\/p>\n<p>30 April-1 March (Tuesday-Wednesday): US Federal Open Market Committee holds two-day policy meeting to review the interest rate.<\/p>\n<p>01 May (Wednesday): Labor Day, national holiday.<\/p>\n<p>06 May (Monday): First day of Ramadan (TBC).<\/p>\n<p>23 May (Thursday): Central Bank of Egypt\u2019s monetary policy committee meets to review interest rate.<\/p>\n<p>June: International Forum for small and medium enterprises (SMEs).<\/p>\n<p>05-06 June (Wednesday-Thursday): Eid El Fitr (TBC).<\/p>\n<p>18-19 June (Tuesday-Wednesday): US Federal Open Market Committee holds two-day policy meeting to review the interest rate.<\/p>\n<p>30 June (Sunday): June 2013 protests, national holiday.<\/p>\n<p>11 July (Thursday): Central Bank of Egypt\u2019s monetary policy committee meets to review interest rate.<\/p>\n<p>23 July (Tuesday): 23 July revolution, national holiday.<\/p>\n<p>30-31 July (Tuesday-Wednesday): US Federal Open Market Committee holds two-day policy meeting to review the interest rate.<\/p>\n<p>7-11 August (Wednesday-Sunday) Eid El Adha (TBC).<\/p>\n<p>22 August (Thursday): Central Bank of Egypt\u2019s monetary policy committee meets to review interest rate.<\/p>\n<p>29 August (Thursday): Islamic New Year (TBC), national holiday.<\/p>\n<p>17-18 September (Tuesday-Wednesday): US Federal Open Market Committee holds two-day policy meeting to review the interest rate.<\/p>\n<p>26 September (Thursday): Central Bank of Egypt\u2019s monetary policy committee meets to review interest rate.<\/p>\n<p>6 October (Sunday): Armed Forces Day, national holiday.<\/p>\n<p>10-13 October (Tuesday-Sunday): <a href=\"http:\/\/biwarabia.com\/en\/\">Big Industrial Week Arabia 2019<\/a>, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>29-30 October (Tuesday-Wednesday): US Federal Open Market Committee holds two-day policy meeting to review the interest rate.<\/p>\n<p>9 November (Saturday): Prophet Mohammed's birthday, national holiday.<\/p>\n<p>December: Egypt <a href=\"https:\/\/www.almalnews.com\/Story\/402348\/14\/-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D9%85%D8%B9%D8%B1%D8%B6--%D8%A8%D8%A7%D9%83-%D8%A8%D8%B1%D9%88%D8%B3%D9%8A%D8%B3--%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84-\">will host for the first time<\/a> the Pack Process trade expo for the Middle East and African region.<\/p>\n<p>10-11 December (Tuesday-Wednesday): US Federal Open Market Committee holds two-day policy meeting to review the interest rate.<\/p>\n<p>26 December (Thursday): Central Bank of Egypt\u2019s monetary policy committee meets to review interest rate.<\/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":600626,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-600625","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"bcd0e258-91a9-4dc9-b7b8-d7b4ea32b80a","teaser":"","photo_url":"https:\/\/ent.news\/2019\/2\/2360.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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