{"id":600705,"date":"2019-02-07T03:21:26","date_gmt":"2019-02-07T03:21:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=600705"},"modified":"2025-12-16T21:47:01","modified_gmt":"2025-12-16T21:47:01","slug":"finmin-mulling-new-revenue-strategy-in-bid-to-cut-deficit","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-mulling-new-revenue-strategy-in-bid-to-cut-deficit\/","title":{"rendered":"FinMin mulling new revenue strategy in bid to cut deficit"},"content":{"rendered":"<section id=\"600707\" 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=\"600707\">\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\/07\/what-were-tracking-on-7-february-2019\/\">\r\n                            What we\u2019re tracking on 7 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\/07\/what-were-tracking-on-7-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(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/what-were-tracking-on-7-february-2019\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/what-were-tracking-on-7-february-2019\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=What we\u2019re tracking on 7 February 2019&url=https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/what-were-tracking-on-7-february-2019\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/what-were-tracking-on-7-february-2019\/&title=What we\u2019re tracking on 7 February 2019\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=What+we%E2%80%99re+tracking+on+7+February+2019+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F02%2F07%2Fwhat-were-tracking-on-7-february-2019%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/what-were-tracking-on-7-february-2019\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-600707\" class=\"content-area-description single-story post-600707 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-energy tag-enterpriseam tag-fintech tag-imf tag-oil-and-gas tag-opec tag-policy tag-politics tag-social-media tag-sports tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><b>** The 2019 Enterprise CEO Week wraps up this morning.<\/b> We don\u2019t drink startup Kool-Aid and we don\u2019t worship at the temple of PE. Even if you\u2019re more militant about this than we are, Tarek and Sherif are must-read interviews: You\u2019ll walk away feeling a hell of a lot more optimistic about where our community could go \u2014 and about what\u2019s possible through the power of entrepreneurship. We can think of no better note on which to end the week.<\/p><p>Today\u2019s participants are:<\/p><ul>\n<li><b>Tarek Assaad<\/b>, managing partner, Algebra Ventures<\/li>\n<li><b>Sherif El Kholy<\/b>, partner and head of Middle East &amp; North Africa, Actis<\/li>\n<\/ul><p><b>Already this week, we have heard from:<\/b><\/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<li><a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/05\/riad-armanious-chief-executive-officer-eva-pharma\/\">Riad Armanious<\/a> (CEO, EvaPharma)<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/05\/elwy-taymour-co-founder-group-chairman-and-ceo-pharos-holding\/\">Elwy Taymour<\/a> (Chairman and CEO, Pharos)<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/06\/f-john-matouk-founding-partner-matouk-bassiouny\/\">F. John Matouk<\/a> (Founding partner, Matouk Bassiouny)<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/06\/basel-el-hini-chairman-and-managing-director-misr-insurance-holding-company-mihc\/\">Basel El Hini<\/a> (Chairman and managing director, Misr Insurance Holding Company)<\/li>\n<\/ul><p>Our sincere thanks to the execs who took time out of very busy days to join us as well as all those of you who have written and called with kind words.<\/p><hr class=\"grey-line\"><p><b>In the money:<\/b> The Central Bank of Egypt has officially received the fifth USD 2 bn tranche of its IMF loan, <a href=\"https:\/\/www.reuters.com\/article\/us-egypt-economy-imf\/egypts-central-bank-has-received-2-billion-tranche-of-imf-loan-mena-idUSKCN1PV1AC\">Reuters cited MENA<\/a>. The transfer comes a day after the IMF\u2019s executive board <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/05\/the-long-awaited-fifth-tranche-of-egypts-imf-loan-is-on-its-way-finally\/\">finished the fourth review<\/a> of Egypt\u2019s reform program and signed off on the disbursement.<\/p><p><b>The Confederation of African Football is in town to inspect the country\u2019s stadiums <\/b>ahead of the 2019 African Cup of Nations,according to <a href=\"https:\/\/www.goal.com\/en\/news\/caf-team-arrives-in-egypt-for-maiden-inspection-of-2019\/myajs4hj4g4g1cyw40ezo8w3j\">Goal.com<\/a>.<\/p><p><b>The <\/b><a href=\"http:\/\/www.egyptbuildmat.com\/\"><b>Egypt Building Materials Summit<\/b><\/a><b> takes place today<\/b> at the Nile Ritz Carlton. The event brings together construction industry investors, developers, policymakers, service providers and consultants, and over a dozen <a href=\"http:\/\/www.egyptbuildmat.com\/2019-speakers\/\">keynote speakers<\/a>.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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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=\"600708\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel 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24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 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=\"600709\" 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=\"600709\">\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\/07\/egypts-ties-with-africa-reign-supreme-on-the-airwaves\/\">\r\n                            Egypt\u2019s ties with Africa reign supreme on the airwaves                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/egypts-ties-with-africa-reign-supreme-on-the-airwaves\/&title=Egypt\u2019s ties with Africa reign supreme on the airwaves\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt%E2%80%99s+ties+with+Africa+reign+supreme+on+the+airwaves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F02%2F07%2Fegypts-ties-with-africa-reign-supreme-on-the-airwaves%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/egypts-ties-with-africa-reign-supreme-on-the-airwaves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-600709\" class=\"content-area-description single-story post-600709 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-africa tag-diplomacy tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-fuel tag-hisham-tawfik wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><b>As Egypt gears up to assume its presidency of the African Union on Sunday<\/b>, our role in the organization and ties with Africa were in the spotlight on last night\u2019s talk shows.<\/p>\n<p><b>There has been a sea-change in Egypt\u2019s relationship with the rest of the continent<\/b> since Egypt\u2019s membership in the AU was suspended in 2013, Al Hayah Al Youm\u2019s Khaled Abu Bakr said (<a href=\"https:\/\/www.youtube.com\/watch?v=UDzZagE0pL0\">watch, runtime: 03:03<\/a>). Rep. Tarek Radwan chalked up the change to government-led efforts such as creating an African Affairs committee in the House (<a href=\"https:\/\/www.youtube.com\/watch?v=wf-_UcVHC5w\">watch, runtime: 05:54<\/a>). Masaa DMC\u2019s Osama Kamal also touched on the topic (<a href=\"https:\/\/www.youtube.com\/watch?v=bstphDYAsXo\">watch, runtime: 08:26<\/a>).<\/p>\n<p><b>State-owned companies delivered EGP 11 bn in profits during the last fiscal year<\/b>, and that figure should double within a year and a half, Public Enterprises Minister Hisham Tawfik said on Al Hayah Al Youm. Tawfik recapped his ministry\u2019s plans to salvage or liquidate companies currently in the red (<a href=\"https:\/\/www.youtube.com\/watch?v=zpuNY7-z7WQ\">watch, runtime: 16:26<\/a>).<\/p>\n<p><b>Cabinet Spokesman Nader Saad explained the <\/b><a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/08\/govt-to-implement-fuel-pricing-mechanism-on-95-octane-gasoline-in-2q2019\/\"><b>new fuel pricing mechanism<\/b><\/a><b> for 95 octane fuel<\/b>, which will be implemented in April. Watch his conversation with Yahduth fi Masr\u2019s Sherif Amer (<a href=\"https:\/\/www.youtube.com\/watch?v=VcltsBZOr78\">watch, runtime: 09:05<\/a>).<\/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\/africa\/\">Africa<\/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\/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\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-tawfik\/\">Hisham Tawfik<\/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=\"600710\" 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=\"600710\">\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\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/\">\r\n                            Egypt working on new revenue strategy to plug budget deficit                        <\/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\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/\" 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\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/')\">\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\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt working on new revenue strategy to plug budget deficit&url=https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/\">\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\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/&title=Egypt working on new revenue strategy to plug budget deficit\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+working+on+new+revenue+strategy+to+plug+budget+deficit+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2019%2F02%2F07%2Fegypt-working-on-new-revenue-strategy-to-plug-budget-deficit%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/2\/2118.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"600711\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/2118-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/2\/2118.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2118.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/2\/2118.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/2\/2118.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-600710\" class=\"content-area-description single-story post-600710 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-budget-watch tag-enterpriseam tag-gdp tag-informal-economy tag-speed-round tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>EXCLUSIVE- New revenue strategy to curb budget deficit could be on the way: <\/b>The government is discussing a new revenue strategy with the goal of cutting the budget deficit to 5% over the next 3-4 years, a senior government official told Enterprise. The government expects tax revenues to surpass EGP 1 tn over the coming years under the new strategy, which relies on several pillars:<\/p>\n<p><b>Improving the tax collection process:<\/b> The in-the-works strategy could include measures improve the tax collection process with the aim of raising tax receipts to 18-20% of GDP, up from a current 14.6%, the source said. <b>Amending tax legislation<\/b> <b>to fix loopholes<\/b> and have it match international standards to attract investors would be on the agenda.<\/p>\n<p><b>Convincing the informal economy to go legit <\/b>will also be part of the government\u2019s new revenue strategy, the source said. Incentives, including VAT discounts access to subsidized finance and insurance could be on offer to those who register their businesses and pay taxes. The government does not have an accurate figure of the size of the informal economy, but the source said unofficial data indicates it is at least as large as the official economy.<\/p>\n<p><b>What about non-tax revenues? <\/b>Increasing the prices of a number of services and commodities \u2014 that have stagnated for far too long \u2014 would also be on the agenda, the source said. The state\u2019s privatization program would also fall under this category, as would efforts to amend the <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/04\/mineral-resources-act-will-focus-on-value-added-minerals-2\/\">Mineral Resources Act<\/a> to make the best use of the country\u2019s natural resources. Increasing development fees and the state\u2019s allocation in <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/\">private funds<\/a> would also be part of the strategy, which would also include efforts by the government to re-prioritize its spending plans to curb expenses and balance the budget.<\/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\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/informal-economy\/\">informal economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"600719\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"600720\" 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=\"600720\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/controversial-constitutional-amendments-still-topping-foreign-coverage\/\">\r\n                            Controversial constitutional amendments still topping foreign coverage                        <\/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\/07\/controversial-constitutional-amendments-still-topping-foreign-coverage\/\" 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 self-styled \u201cunion for the defense of the constitution\u201d includes members of the Karama and Dostour parties, as well as other left-leaning groups and lawmakers. While parliament has given preliminary approval to the proposed changes, it will take a final vote on February 17, which will then be followed by a national referendum. The <a href=\"https:\/\/www.washingtonpost.com\/world\/middle_east\/egypt-opposition-rejects-move-to-extend-el-sissis-rule\/2019\/02\/06\/58856cde-29f9-11e9-906e-9d55b6451eb4_story.html?noredirect=on&utm_term=.17ac9b09eee5\">Associated Press<\/a> reports that opposition figures plan to challenge the amendments before Egypt\u2019s Supreme Constitutional Court.<\/p>\n<p>Other notable headlines include:<\/p>\n<ul>\n<li><b>Egypt\u2019s <\/b><a href=\"https:\/\/enterprise.press\/issues\/2018\/12\/03\/car-prices-interest-rate-cuts-postponed-customs-changes-mean-economy\/\"><b>clampdown<\/b><\/a><b> on tuk-tuks has had a significant impact on companies<\/b> \u2014 such as Bajaj Auto in India \u2014 that manufacture the three wheelers we import, reports Indian publication <a href=\"https:\/\/www.moneycontrol.com\/news\/eye-on-india\/videos\/reporters-take-why-egypts-new-capital-is-impacting-bajajs-three-wheelers-3486191.html\">Money Control<\/a>. <\/li>\n<li><b>The Vatican and Al-Azhar mosque and university have signed an agreement to fight extremism,<\/b> Al Arabiya TV reported. <a href=\"https:\/\/www.reuters.com\/article\/us-vatican-azhar\/vatican-and-al-azhar-sign-document-on-fighting-extremism-arabia-tv-idUSKCN1PT1J1\">Reuters<\/a> notes that the document was signed on Monday in Abu Dhabi, during the Pope\u2019s visit. <\/li>\n<li><b>A campaign to dissuade Egyptian parents from having their daughters undergo FGM <\/b>has taken off,<a href=\"https:\/\/www.voanews.com\/a\/egyptian-babies-get-blue-ribbons-as-parents-say-no-to-female-genital-mutilation\/4774734.html\">Voice of America<\/a> reports.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/art\/\">art<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-sisi\/\">El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/judiciary\/\">judiciary<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"600721\" 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=\"600721\">\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\">THE ENTERPRISE CEO POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/tarek-assaad-managing-partner-algebra-ventures\/\">\r\n                            Tarek Assaad \u2014 Managing Partner, Algebra Ventures                        <\/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\/07\/tarek-assaad-managing-partner-algebra-ventures\/\" 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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Assaad, partners Karim Hussein and Ziad Mokhtar and the team at <a href=\"https:\/\/algebraventures.com\">Algebra<\/a> embody a sunny optimism about what\u2019s possible in Egypt, the region and emerging markets at large when the entrepreneurs (both the tech-focused and the tech-enabled) get the financial and organizational backing they need. The company has become synonymous with VC and tech culture here in Egypt, having led or joined funding rounds for companies that are budding household names, among them <a href=\"https:\/\/eventtus.com\">Eventtus<\/a>, <a href=\"http:\/\/elmenus.com\">Elmenus<\/a>, <a href=\"https:\/\/www.filkhedma.com\">FilKhedma<\/a> and <a href=\"https:\/\/www.lareinagowns.com\">La Reina<\/a>. He\u2019s also opened our eyes to the immense potential of core tech in Egypt, embodied by scrappy startups such as the ridiculously cool <a href=\"https:\/\/www.si-ware.com\">Si-Ware<\/a>. Tarek is an engineer and veteran of America\u2019s West Coast tech scene, but he\u2019s not one to fetish-ize the Valley. On the eve of a recent trip to California for a high-profile industry event, we asked Assaad whether he was looking forward to rubbing shoulders with America\u2019s tech elite. \u201cNaw. You know, I go because I get to meet VCs from other emerging markets. We have so much more in common with people in Argentina or Southeast Asia \u2014 it\u2019s a totally different game here.\u201d<\/p>\n<p><b>A few years ago, friends would ask me, \u201cWhen are you going to get a real job?\u201d<\/b> The momentum that exists now at the mass market level just wasn\u2019t there even a couple of years ago \u2014 people thought the whole ecosystem was something that happens in the US, but would never be successful here. But then Uber, Careem, Facebook, and the likes entered the market. Now, people are asking me how they can become angel investors. The number of introductions I make between people from brick and mortar industries who are interested in getting their feet wet with this type of investment has increased significantly compared to a few years ago.<\/p>\n<p><b>Look, the industry is nascent \u2014 you can count the players on one hand<\/b> at the moment. But there is more than enough activity to keep us busy, and we are seeing regional investments coming in and signing agreements \u2014 like Swvl \u2014 that are increasingly becoming larger.<\/p>\n<p><b>There is a lot more capital coming into the industry.<\/b> Sawari Ventures just closed the USD 35 mn North African fund, for example. There are a couple of others who are raising capital, and there is a lot more interest from regional funds looking Egypt. There\u2019s different stages of venture investment and I think there is more money coming in.<\/p>\n<p><b>A few years back, the typical round for an Egyptian tech startup would raise USD 1-2 mn; today, you\u2019re seeing rounds of USD 5-10 mn<\/b> and, more recently, rounds raising USD 15-20 mn. We\u2019re seeing more money coming in as companies are maturing, and the sources of funding are also changing \u2014 a lot of the money has been coming in from the region or internationally, but we\u2019re starting to see more involvement from local players.<\/p>\n<p><b>It\u2019s fine to start small. There\u2019s a significant opportunity in alignment for future rounds<\/b> once the first introduction is made. Once someone gets an investment of USD 50k in the first round from a connection I made, they\u2019ll come to me in the next round when they need a USD 1 mn investment.<\/p>\n<p><b>2018? Well, it was the year of ramp up for us, for the fund. <\/b>We closed in late 2016, we had a few transactions in 2017, but the investment pace really picked up in 2018. We close the year having committed almost twice the capital to just about twice as many transactions as the year before.<\/p>\n<p><b>For Algebra, 2019 will be the year of follow-on investments<\/b>, from us and from other people \/ investors. The investments we made in 2017 and 2018 are maturing enough that these companies are going out and looking for subsequent funding. We\u2019re going to continue backing these companies, but we\u2019re also going to invite other investors to participate in subsequent funding rounds. This could mean bringing in other limited partners from outside our fund structure.<\/p>\n<p><b>Bringing the right talent to portfolio companies is going to be the biggest challenge for us this year.<\/b> We\u2019ve been focusing over the past few years on just making sure we have an engine that works and can then bring in senior and technical talent. We have senior talent, but a lot of companies are struggling to retain technical talent because so many developers are going abroad, especially to places like Germany.<\/p>\n<p><b>How can we keep people here? Give them exciting opportunities and give them ownership within the opportunities.<\/b> We\u2019ve seen companies that have very strong cultures (which can be hard to build) thrive when they can clearly describe the value of the stock options that they offer. This is a shift from the mentality, particularly among younger developers, that compensation is only calculated with salaries and bonuses, and with zero value placed on stock options because they\u2019re illiquid. Some companies are doing a better job now at explaining the value there and showing that adding stock options to the equation makes the outcome more attractive than leaving. Lifestyles abroad may be different, but there\u2019s no question that the upside potential here is different.<\/p>\n<p><b>Fintech is clearly one of the biggest opportunities in 2019, but we haven\u2019t seen the pipeline that we would have hoped for. <\/b>A lot of that is because starting a successful fintech company requires having earned some exposure to it in a previous life, as opposed to e-commerce, for example, where all you need is to be a consumer who identifies an inefficiency and tries to solve it.<\/p>\n<p><b>The chance to move the needle here in Egypt is significantly greater than in more developed markets<\/b>, because there\u2019s so much potential here in everything that hasn\u2019t been done yet. Technology can play a big role in that. Fintech is a buzzword everywhere, but Egypt\u2019s credit card penetration rate is 3% \u2014 fundamentals like that scream for more things to be done.<\/p>\n<p><b>How do I see the wider economy faring in 2019?<\/b> <b>The real answer is I don\u2019t really care<\/b>, because we went through three constitutions and just as many presidents, a huge slump in the economy \u2014 and people are still looking at tech startups. That\u2019s how it always is, unless there\u2019s a catastrophe or a huge shock. If the economy is growing at 3% or 6%, our companies are still growing 100%.<\/p>\n<p><b>Approach to compensation in 2019 budget:<\/b> We\u2019re a very small team. We select people based on their skills and the impression they make, and we want to make sure they are well-rewarded, so the compensation will reflect that. We work hard to bring in the right people, and once they\u2019re in, we\u2019ll compensate them well. We are planning on giving raises for 2018 performance.<\/p>\n<p><b>Inflation in general slows everything down and we feel that sometimes, but it\u2019s interest rates that matter to our portfolio companies.<\/b> There are a few things that come into play here: We\u2019re a USD-denominated fund, so after the devaluation, we expected inflation to keep picking up and we\u2019ve seen that happening for a while. We\u2019re keeping an eye on inflation and FX rates and how these will affect our returns. FX rates shifting within the 10% range won\u2019t really hurt us too badly, but a sharp drop like the EGP float eats out all the gains you\u2019ve made, so that\u2019s something that worries us. None of our companies will go take a bank loan, but high interest rates correlate with high inflation. With high inflation, people will spend less on fewer things, and companies will be hindered.<\/p>\n<p><b>There could be a few exits by venture capital in our industry this year, but it won\u2019t be the year of exits.<\/b> Companies are still maturing, so we\u2019re probably still two or three years away from seeing that happening in Egypt. Maybe in the rest of the region, things will start happening a bit earlier just because funds entered earlier. Systematic exits will happen when the companies that we\u2019ve been funding, as an industry, for the past few years achieve either significant traction on the user level or significant financial performance.<\/p>\n<p><b>Who will buy at exit? <\/b>If you have financial performance, you can attract the PE guys, who are looking for interesting tech plays. If you have enough of a market presence, even if you don\u2019t have the financials, you\u2019ll attract strategic players. Both these scenarios can happen but I don\u2019t see many companies ready to get to that phase this year.<\/p>\n<p><b>You\u2019re not going to see tech IPOs in Egypt anytime soon. <\/b>A lot of businesses that have been built in the past few decades have grown and become attractive, but almost none of them are tech businesses. It\u2019s almost the exact opposite in developed markets: Many of the companies that have been built in the past 20 years are in tech. International asset managers will be ready to come into Egypt, but they\u2019ll ask their local counterparts about their tech allocation, and the answer is, \u201cWe don\u2019t have any because there are no publicly traded tech companies.\u201d IPOs will eventually happen, but right now it\u2019s less risky and less of a headache for the entrepreneur to let PE or strategic investors come in and make the business more attractive, rather than go to market. I\u2019m not sure who will go the distance, but there\u2019s a hump to overcome, after which you\u2019re in a really good position where there\u2019s a lot of money chasing fewer opportunities.<\/p>\n<p><b>There will be a lot more capital coming to the market in 2019<\/b>, whether in the form of LPs supporting funds or direct investments or some organizations playing both roles. I see the IFC and EBRD both supporting funds. The EBRD is an LP currently supporting Algebra, and the IFC didn\u2019t make a direct investment in this space last year but put USD 6 mn in Nigerian logistics startup Kobo360. As the ecosystem develops and companies make more money and attract more capital, it will stop being a dual bottom-line game: The purely for-profit guys are becoming a lot more interested and are coming here because they see opportunity.<\/p>\n<p><b>Any sector driven by technology will outperform this year.<\/b> Software will eat the world.<\/p>\n<p><b>Industries that are being disrupted by technology and can\u2019t adapt fast enough will probably underperform.<\/b><\/p>\n<p><b>Regulation counts a lot, but it\u2019s more of an issue for the portfolio companies.<\/b> Transport companies will be regulated by the Ride-Hailing Apps Act, for example. Regulation for others, like fintech companies, is unclear. Regulation isn\u2019t quite breaking investments, but it\u2019s certainly an area of concern and a risk consideration. I don\u2019t care about the economy\u2019s growth rate, but I do care about regulation, and so far regulation is structured in a way that favors larger companies or stifles innovation, or requires a lot of hoop-jumping that startups aren\u2019t capable of. These are the kind of things that can scale back a lot of the momentum that\u2019s already been building up. Regulation for VCs is different, because all VC funds, including Algebra, are domiciled elsewhere because of difficult local regulations. But <b>the bottom line is that the money is still coming into Egypt, so it\u2019s not the end of the world<\/b>.<\/p>\n<p><b>Egypt stands out among its regional peers for the size of its economy and the quality of talent<\/b> that makes a tech play doable. In other countries, you\u2019ll see large markets but not enough depth of technical or commercial talent, or strong talent but a small market. If you start in one of these countries, like Jordan, you have to start locally and then try to think of how to expand to another country, like Saudi. But Saudi and Jordan are two different countries and typical consumers are dealing with different issues in each of them, so it\u2019s difficult to scale outwards. But in Egypt, the market is big enough with a strong enough talent pool to build a strong tech startup and scale inwards to the domestic market and reach a decent enough scale. That makes Egypt attractive and make the most sense for our business.<\/p>\n<p><b>Outside parties frequently ask us about the holding period and follow-on capital.<\/b> Nobody really knows how long it will take to exit tech startups in this part of the world and how much more capital you will need to deploy. You could look at other structurally similar markets like South America and South East Asia and try to guess, but we\u2019re cautious about follow-on capital and we\u2019re dedicating a very significant part of the fund for that. There\u2019s a lot of capital coming in, which is great, but we know that we will need to shoulder these investments for quite some time until someone new comes in and wants to invest in the company.<\/p>\n<p><b>It\u2019s exciting to see the quality of talent that is willing to leave or forgo very attractive opportunities and come to the world of startups.<\/b> We\u2019re seeing people leaving fast-track corporate careers that could have them in a VP position at a large multinational and instead decide to become the VP of marketing or operations at a tech startup, and that\u2019s exciting for us. Once you have USD 1 mn in funding and a strong CEO \u2014 someone who can articulate the vision and tell someone who\u2019s qualified come build this with us it works. Algebra tries to play a role in that \u2014 connecting someone who may have comfort and security but is bored and wants to be part of something different to ventures that we see potential in. The level of energy and engagement there is phenomenal, and that\u2019s something we want to double down on this year.<\/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\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-assaad\/\">Tarek Assaad<\/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=\"600725\" 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=\"600725\">\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 Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/the-market-yesterday-403\/\">\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\/07\/the-market-yesterday-403\/\" 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 0.7%. EGX30\u2019s top performing constituents were Juhayna up 4.1%, Palm Hills up 1.6%, and Madinet Nasr Housing up 1.6%. Yesterday\u2019s worst performing stocks were Ezz Steel down 3.4%, Telecom Egypt down 2.0% and Egyptian Resorts down 1.4%. The market turnover was EGP 1.2 bn, and local investors were the sole net sellers.<\/p>\n<p><b>Foreigners<\/b>: Net Long | EGP +69.8 mn<br \/>\n <b>Regional<\/b>: Net Long| EGP +21.7 mn<br \/>\n <b>Domestic<\/b>: Net Short| EGP -91.5 mn<\/p>\n<p><b>Retail<\/b>: 62.8% of total trades | 64.0% of buyers | 61.5% of sellers<br \/>\n <b>Institutions<\/b>: 37.2% of total trades | 36.0% of buyers | 38.5% of sellers<\/p>\n<p><b>WTI:<\/b> USD 53.90 (+0.24%)<br \/>\n <b>Brent:<\/b> USD 62.57 (+0.95%)<\/p>\n<p><b>Natural Gas<\/b> (Nymex, futures prices) USD 2.68 MMBtu, (+0.56%, Mar 2019)<br \/>\n <b>Gold:<\/b> USD 1,310.60 \/ troy ounce (-0.65%)<\/p>\n<p><b>TASI:<\/b> 8,633.33 (+0.11%) (YTD: +10.31%)<br \/>\n <b>ADX:<\/b> 5,143.24 (+0.12%) (YTD: +4.64%)<br \/>\n <b>DFM:<\/b> 2,557.01 (+0.56%) (YTD: +1.08%)<br \/>\n <b>KSE Premier Market:<\/b> 5,439.82 (-0.22%)<br \/>\n <b>QE:<\/b> 10,683.94 (-0.29%) (YTD: +3.74%)<br \/>\n <b>MSM:<\/b> 4,160.91 (-0.20%) (YTD: -3.77%)<br \/>\n <b>BB: <\/b>1,408.81 (+0.36%) (YTD: +5.35%)<\/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\/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=\"600726\" 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\/07\/600726\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-600726\" class=\"content-area-description single-story post-600726 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>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\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":600706,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-600705","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d1ab5bc9-bf17-43d3-b781-c1358ba5bcd8","teaser":"","photo_url":"https:\/\/ent.news\/2019\/2\/74.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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