{"id":606079,"date":"2023-09-11T00:00:00","date_gmt":"2023-09-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=606079"},"modified":"2025-12-17T00:32:45","modified_gmt":"2025-12-17T00:32:45","slug":"inflation-hits-fresh-all-time-high-in-august","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-fresh-all-time-high-in-august\/","title":{"rendered":"Inflation hits fresh all-time high in August"},"content":{"rendered":"<section id=\"606081\" 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=\"606081\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/more-israeli-gas\/\">\r\n                            Egypt increased Israeli gas imports during the first six months of 2023 -Asharq                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/more-israeli-gas\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We\u2019ll be talking about everything from AI and digital banks to fintech, the outlook on 2024, and why nobody seems to want to be a banker anymore. If you\u2019ve received an invitation, please make sure to RSVP right away \u2014 space is strictly limited. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong> ONE WEEK TO GO- There are just seven days <\/strong><strong> until the Enterprise <\/strong><strong> Finance Forum, which takes <\/strong><strong> place 18-19 September <\/strong>(Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech \u2014 and of their clients.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What to expect <\/strong><strong> : <\/strong> Join <strong> Amr Allam <\/strong>(co-CEO, Hassan Allam Holding), <strong> Pakinam Kafafi <\/strong>(CEO, Taqa Arabia), <strong> Sherif El Kholy <\/strong> (partner and head of MENA, Actis), <strong> Tarek Abdel Rahman <\/strong> (managing partner, Compass Capital), <strong> Tarek Assaad <\/strong> (managing partner, Algebra Ventures), <strong> Ahmed Sobhy <\/strong> (chief investment officer, Banque Misr), and many others for talks on everything from how PE and VC players are tackling fundraising in a challenging climate to what major corporate customers of banking and finance need to see from their institutions. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/finance.enterprise.news\/index.html#agenda\" style=\"\" rel=\"noopener\">Tap or click here to view the FULL AGENDA with<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/finance.enterprise.news\/index.html#agenda\" style=\"\" rel=\"noopener\">SPEAKERS<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/finance.enterprise.news\/index.html#agenda\" style=\"\" rel=\"noopener\">.<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/finance.enterprise.news\/\" style=\"\" rel=\"noopener\"><\/a><\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We are honored to count some of the region\u2019s most important financial institutions as <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> our partners for this special event. <\/strong>The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/finance.enterprise.news\/index.html#agenda\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/737.jpg?ssl=1\"><\/a> <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> MORNING MUST-READ- Can we pitch ourselves to Chinese companies as the lynchpin in their China +1 strategy? <\/strong>That\u2019s the suggestion in this morning\u2019s fortnightly column from HSBC (below), wherein Egypt CEO Todd Wilcox reports on investor interest after a spell on the road in Asia. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> DATA POINT- More gas from Israel: <\/strong>Egypt\u2019s gas imports from Israel rose 21.5% y-o-y to 903 mn cubic feet per day (cf\/d) on average in 1H 2023, <a target=\"_blank\" href=\"https:\/\/bit.ly\/4649ShB\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing an unnamed official source. Gas imports from Israel are not only used to meet local demand but also to supply our two LNG plants, where gas is liquefied for re-export to Europe. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Expect another increase starting October: <\/strong>Israel gas imports could rise as high as 1.05 bn cf\/d starting October due to falling seasonal demand in Israel, <a target=\"_blank\" href=\"https:\/\/bit.ly\/45cSGqd\" style=\"\" rel=\"noopener\">A<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/45cSGqd\" style=\"\" rel=\"noopener\">sharq report<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/45cSGqd\" style=\"\" rel=\"noopener\">ed<\/a> previously. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REMEMBER- More Israeli gas could help us restart exports: <\/strong>Soaring domestic energy demand and falling domestic gas production have caused rolling blackouts across the country this summer, leading to an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db6d0ec-6a2c-429f-b240-a34fa57dfddf\" style=\"\" rel=\"noopener\">effective pause<\/a> on our LNG exports since June. Israel has long-term plans to significantly boost its gas exports to Egypt over the next 11 years, following a landmark gas agreement the two countries signed with the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\" style=\"\" rel=\"noopener\">EU last year<\/a> to ramp up exports to the bloc as it looks to phase out reliance on Russian fossil fuels.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> HAPPENING TODAY- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong> Sahara expo: <\/strong> The <a target=\"_blank\" href=\"https:\/\/www.saharaexpo.com\/en\/home.html\" style=\"\" rel=\"noopener\">Sahara agriculture exhibition<\/a> continues today at the Egypt International Exhibition Center (EIEC), showcasing agricultural machinery, water management systems, and post-harvest technologies. The event runs through to tomorrow.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> HAPPENING THIS WEEK- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> #1- DEBT WATCH- Fresh securitizations from EFG Corp Solutions and Al Ahly <\/strong><strong> Tamkeen this <\/strong><strong> week? <\/strong> That\u2019s according to an unconfirmed report from <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/09\/10\/1711187\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, which said yesterday that:<\/p><ul>\n<li>The <strong> EFG Finance unit <\/strong> will sell about <strong> EGP 800 mn <\/strong> worth of bonds;<\/li>\n<li><strong> Al Ahly Tamkeen, <\/strong> the microlending unit of the National Bank of Egypt, will take about <strong> EGP 700 mn <\/strong> of bonds to market.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Advisors: <\/strong> Both parent companies are running financial advisory services on the issuances, with EFG Hermes working for EFG Corp-Solutions and Al Ahly Pharos helming the Al Ahly Tamkeen sale, according to Al Borsa. Dreny &amp; Partners will reportedly act as the legal counsel.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> COMING SOON- Another huge issuance from NUCA: <\/strong> The New Urban Communities Authority (NUCA) will issue EGP 15 bn in securitized bonds in November, completing its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fddb4ae-27db-4608-b1bf-49d937457a59\" style=\"\" rel=\"noopener\">EGP 30 bn program started in July<\/a>, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/09\/10\/1711181\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reported separately.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> NUCA is by far the biggest player in the local securitization market: <\/strong> NUCA has securitized EGP 55 bn of its portfolio over the past five years, accounting for more than a third of total securitization volumes during the period, according to data tracked by Enterprise. <strong> The total value of securitized bonds taken to market this year is up almost 12% <\/strong>on 2022 as of this week at EGP 50.8 bn. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong> #2- <\/strong><strong> The National Dialogue: <\/strong> The National Dialogue will hold a new round of closed-door meetings this week to draft a new batch of recommendations, said Mahmoud Fawzi, the secretary-general of the Dialogue\u2019s board of trustees. The group sent its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1df1c4a-b573-4fb1-881d-1fe4843f7657\" style=\"\" rel=\"noopener\">first batch of recommendations<\/a> to the president for approval last month.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #3- US to make decision on military aid by Thursday: <\/strong>The US State Department is set to decide whether to withhold a portion of Egypt\u2019s annual USD 1.3 bn of military aid on human rights grounds by 14 September. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> A number of Democratic lawmakers in the House and the Senate have called on the Biden administration in recent weeks to withhold a quarter of the USD 1.3 bn. This would be the third consecutive year that Egypt has had some of its military aid withheld: the Biden administration blocked Egypt from receiving <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79ce7f1b-589c-431f-9ed7-47f9a283f787\" style=\"\" rel=\"noopener\">USD 130 mn of aid in 2021<\/a>, a figure that rose to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c733ad3a-76a6-47ff-8ae3-9c556e2214b0\" style=\"\" rel=\"noopener\">USD 205 mn<\/a> last year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong> #4- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.hydrogenegypt.com\/\" style=\"\" rel=\"noopener\">Hydrogen Egypt Summit<\/a><\/strong> opens its doors at the Nile Ritz Carlton on Wednesday and Thursday. Industry leaders at local and global energy players will discuss how to realize Egypt\u2019s potential to become a regional green hydrogen hub. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> TECH TUESDAY- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We\u2019ll get our first look at the new-look iPhone tomorrow <\/strong> when Apple holds its annual product event. Expect updated iPhones, two refreshed watches, and a switch away Lightning ports to USB-C (thanks, European Union, for making all of our cables redundant). You can watch the event here at 8pm CLT on <a target=\"_blank\" href=\"https:\/\/www.apple.com\/apple-events\/\" style=\"\" rel=\"noopener\">Apple\u2019s website<\/a> or its <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ZiP1l7jlIIA\" style=\"\" rel=\"noopener\">Youtube channel<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Other tech unveilings this fall: <\/strong><a target=\"_blank\" href=\"https:\/\/www.microsoft.com\/en-us\/event\" style=\"\" rel=\"noopener\">Microsoft<\/a> will show off new hardware on Thursday, 21 September and Google will formally announce <a target=\"_blank\" href=\"https:\/\/www.androidpolice.com\/pixel-8-pixel-watch-2-made-by-google-tease-b\/\" style=\"\" rel=\"noopener\">the Pixel 8 and an updated watch<\/a> on Wednesday, 4 October.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n  <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/p><\/div>\n<\/div>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORIES ABROAD- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The devastating earthquake in Morocco is still dominating the global front pages <\/strong><strong> this morning: <\/strong>The death toll from Saturday\u2019s disaster has now risen to more than 2.1k while more than 2.4k have been injured. The number of dead is expected to rise further in the coming days as rescuers continue to search collapsed buildings in mountain villages. (<a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2023\/09\/10\/world\/earthquake-morocco-marrakesh-news\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2023\/09\/10\/morocco-earthquake-rescue-aid-marrakesh\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/africa\/morocco-earthquake-rescue-efforts-intensify-as-death-toll-passes-2-000-ebb20299\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The closing day of the G20 summit is still getting a lot of attention in the Western media<\/strong>, which is still focusing on the Ukraine-lite joint declaration as well as Biden\u2019s meeting with Chinese premier Li Qiang yesterday (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/biden-holds-highest-level-talks-with-chinese-leadership-months-2023-09-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-10\/biden-doubts-china-capacity-to-invade-taiwan-amid-economic-woes?srnd=premium\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/7fe3cc8c-6e58-4c6c-a3d5-ed3593d07d3f\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/09\/10\/imfs-georgieva-biden-backed-economic-corridor-should-not-exclude-anyone.html\" style=\"\" rel=\"noopener\">CNBC<\/a>).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What you need to know from the final day: <\/strong><\/p><ul>\n<li><strong> Empowered MDBs? <\/strong> The role of multilateral development banks in helping to restructure debt and finance the climate transition was a key point of discussion during the summit, with India\u2019s prime minister Narandra Modi calling for increasing the mandates of banks. Separately, the EU backed handing low- and middle-income countries more power over decision-making at the World Bank, an idea unlikely to go down well in Washington, should it give China more power in the institution. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/13a8bf37-29ba-4894-a0eb-401e4b42c725\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/li>\n<li><strong> Fresh climate pledges. Sort of. <\/strong> Leaders pledged to triple global renewable energy usage by 2030 and work to phase out the use of coal but did not agree to any new targets to make it happen. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/key-takeaways-2023-g20-summit-new-delhi-2023-09-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li><strong> Day 1 recap: <\/strong> The African Union now has permanent representation at the G20 + the US and EU want to help fund new trade links between the Middle East and India. Read more <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6adf5f64-2d21-4ea9-b697-6da9ec43f889\" style=\"\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ** The G20 presidency is heading to Brazil in 2024<\/strong>, where world leaders will convene in Rio de Janeiro on 18\u201319 November.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> *** It\u2019s Blackboard day: <\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In today\u2019s issue: <\/strong> The government just introduced new caps on education tuition fees, and school operators aren\u2019t happy.<\/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\/egypt-israel-relations\/\">Egypt-Israel relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"606083 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"606083\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/606083\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-606083\" class=\"content-area-description single-story post-606083 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/511.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"\">We are proud to present Somabay's latest lifestyle app, powered by Quintessentially &mdash; bringing <\/span><span style=\"\">you a new era of ultimate luxury where you receive elevated access to a world of exclusive services and perks. All our homeowners now have the privilege of enjoying access to booking local and international restaurants, events, hospitality, and so much more, at the touch of a button no matter where they may be. Download our New Lifestyle App powered by Quintessentially <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apps.apple.com\/eg\/app\/somabay-lifestyle\/id6457160123\" style=\"\">now in the App Store for iOS<\/a><\/span><span style=\"\">. <\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"606084\" 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=\"606084\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/august-was-a-record-breaking-month-and-not-the-good-kind\/\">\r\n                            Egypt inflation hits fresh all-time high in August                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/august-was-a-record-breaking-month-and-not-the-good-kind\/\" 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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Inflation has been running above 30% since February as prices soar on the back of a series of currency devaluations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Price hikes came in hotter than expected: <\/strong>While most analysts had expected inflation to continue to accelerate, the 37.4% headline rate was a bit higher than many expected. The median forecast predicted by analysts in a <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/idUSKBN30C1CV\" style=\"\" rel=\"noopener\">Reuters poll<\/a> last week was for 37.1%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Food prices once again to blame: <\/strong>Food and beverage prices \u2014 the largest component of the basket of goods and services used to calculate inflation \u2014 hit a record high of 71.4% y-o-y, with meat and poultry prices almost doubling from August 2022 and vegetables surging 92.5%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Monthly inflation offers some hope: <\/strong>Monthly inflation came in at 1.6%, down from 1.9% in July, marking the third consecutive month in which month-on-month price increases slowed. The cooling monthly figure is \u201ctentatively a sign that prices are consolidating at these levels,\u201d Naeem Brokerage\u2019s Allen Sandeep told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-august-headline-inflation-jumps-record-374-2023-09-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Core inflation slows (but maybe not for long?): <\/strong>Core inflation \u2014 which strips out volatile items such as food and fuel \u2014 recorded 40.4% y-o-y in August, down marginally from 40.7% the month prior, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2023\/09\/10\/09\/44\/cpi-press-release-august-2023\" style=\"\" rel=\"noopener\">central bank data<\/a>. Economist Mona Bedeir told Enterprise that core inflation is likely to increase in the coming months due to seasonal factors like the back-to-school period, as well as a boom in tourism. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> LOOKING AHEAD- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Where does inflation go from here? It depends on the currency: <\/strong>In a note yesterday Al Ahy Pharos said that inflation will \u201clikely remain elevated\u201d until the end of the year. It could start to temper in 2024 due to the favorable base effect though this will depend on how far the EGP falls against the greenback in a devaluation anticipated to occur before the end of the year. Meanwhile, Goldman Sachs is predicting inflation will remain above 30% through to the end of this year before going into \u201ca sharp decline through 2024\u201d \u2014 assuming that the EGP doesn\u2019t weaken further against the USD, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-10\/egypt-inflation-soars-as-higher-food-costs-add-to-currency-angst?srnd=premium-middle-east&leadSource=uverify%20wall#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. An <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/ae34e176-7e90-4f25-98d9-681ae64852c7\" style=\"\" rel=\"noopener\">earlier Reuters poll<\/a> had EFG Hermes and Standard Chartered suggesting that there are signs inflation could be slowing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The target: <\/strong>The CBE is still targeting inflation of 7% on average \u2014 plus or minus two percentage points \u2014 by 4Q 2024 and 5% by 4Q 2026. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What does this mean for interest rates? <\/strong>Analysts are skeptical that August\u2019s inflation figures will persuade the central bank to raise interest rates when it meets on 21 September, saying movement on the USD-EGP exchange rate is likely to come ahead of any rate rise. \u201cWe don\u2019t expect there will be another hike, unless we see some progress on the issue of the exchange rate,\u201d economist Mona Bedeir told Enterprise. \u201cMonetary policy will not anchor inflation expectations without first anchoring expectations of an exchange devaluation,\u201d she said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong><strong> The CBE made a surprise <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7294f380-2b22-4086-a174-42fc034b474b\" style=\"\" rel=\"noopener\">100-bps rate hike<\/a><\/strong><strong> at its last meeting in August <\/strong>in an effort to curb inflation, raising its benchmark rate to 19.25%. The central bank has hiked rates by 1.1k bps since March 2022.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> All eyes on the EGP: <\/strong> \u201cWe\u2019re still expecting a fourth round of devaluation,\u201d Bedeir told us. \u201cWe don\u2019t expect the year to end without seeing another devaluation; the lack of one has been amplifying the crisis and feeding inflation,\u201d she said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Pundits remain pessimistic on our carry trade: <\/strong>\u201cEgypt\u2019s interest rates are too low to attract foreign capital, despite a surprise hike in August,\u201d said Bloomberg economist Ziad Daoud. \u201cHigh inflation has pushed Egypt's real rates to be among the lowest in emerging markets. And the risk of devaluation could wipe out interest-rate gains.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The international p <\/strong><strong> ress also has the story: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-10\/egypt-inflation-soars-as-higher-food-costs-add-to-currency-angst?srnd=premium-middle-east&leadSource=uverify%20wall#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-august-headline-inflation-jumps-record-374-2023-09-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20230910-egypt-inflation-hits-record-high-of-nearly-40\" style=\"\" rel=\"noopener\">AFP<\/a> | <a target=\"_blank\" href=\"https:\/\/english.news.cn\/20230910\/131f6c85ea9e4a1b9c70a3ee0af28781\/c.html\" style=\"\" rel=\"noopener\">Xinhua<\/a> | <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2023\/09\/10\/egypts-annual-inflation-soars-to-record-374-in-august-due-to-higher-food-prices\/\" style=\"\" rel=\"noopener\">The National<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/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=\"606086\" 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=\"606086\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/ades-eyes-usd-1-2-bn-from-saudi-ipo\/\">\r\n                            Egypt-born ADES eyes USD 1.2 bn from Saudi IPO                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/ades-eyes-usd-1-2-bn-from-saudi-ipo\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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href=\"https:\/\/api.whatsapp.com\/send?text=ADES+eyes+USD+1.2+bn+from+Saudi+IPO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F09%2F11%2Fades-eyes-usd-1-2-bn-from-saudi-ipo%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/ades-eyes-usd-1-2-bn-from-saudi-ipo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/742.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"606087\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/ades-eyes-usd-1-2-bn-from-saudi-ipo\/742-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/742.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"742.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/742.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/742.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-606086\" class=\"content-area-description single-story post-606086 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-ades-international tag-al-rajhi-capital tag-efg-hermes tag-energy tag-enterpriseam tag-gib-capital tag-goldman-sachs tag-hsbc tag-ipo-watch tag-jpmorgan tag-oil-and-gas tag-saudi-arabia tag-saudi-fransi-capital tag-snb-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.1abcdd4d-3214-4339-a793-7dec524bbd3d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> ADES sees strong demand from investors for landmark IPO: <\/strong>Egypt-born regional oil and gas services driller <a target=\"_blank\" href=\"https:\/\/bit.ly\/3EAb294\" style=\"\" rel=\"noopener\">ADES Holding\u2019<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3EAb294\" style=\"\" rel=\"noopener\">s<\/a> initial public offering (IPO) on the Saudi stock exchange was oversubscribed within hours of the company releasing pricing on its shares, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-10\/pif-backed-driller-holders-seek-up-to-1-2-billion-in-saudi-ipo\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing a terms sheet it has seen. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> KSA\u2019s biggest debut so far this year: <\/strong>The company set the price range for the offering at between SAR 12.50 - 13.50 (USD 3.33- 3.60) per share, ADES said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/750.pdf\" style=\"\" rel=\"noopener\">a<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/750.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> yesterday, valuing the company at as much as SAR 15.2 bn (USD 4.05 bn) by our math. This would see the oil and gas driller raise up to SAR 4.5 bn (USD 1.2 bn) from the offering, which is expected to be the largest on the Saudi stock exchange this year. The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fd0c3ecd-9776-45bb-a7fe-bce74d9b6adc\" style=\"\" rel=\"noopener\">is selling a 30% stake<\/a>(c. 338.7 mn shares) on the Saudi Tadawul, nearly one-third of which will be sold by existing investors, while the remainder are freshly issued shares. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: ADES finally pulled the trigger on the Riyadh listing last month<\/strong>, which has been in the works since at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab20176a-b10b-49e2-b6b1-be853d6fcaa8\" style=\"\" rel=\"noopener\">least last year<\/a> but <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/427545e7-284a-41cb-bf21-73142d7fc7f2\" style=\"\" rel=\"noopener\">reportedly stalled<\/a> due to unfavorable market conditions. The oil and gas driller was previously listed on the London Exchange but delisted following a PIF-backed takeover in 2021. ADES is one of Egypt\u2019s largest off-shore gas and oil drillers and was established in Egypt before listing on the London Exchange in 2017.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Book-building underway: <\/strong> The institutional book-building process kicked off yesterday and will continue until Thursday 14 September, while the final pricing will be revealed on 20 September. The retail offering will now start six days later than planned and will now take place on 26-28 September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Advisors: <\/strong>EFG Hermes, Goldman Sachs, JPMorgan and SNB Capital will act as the financial advisors, global coordinators, bookrunners, and underwriters on the transaction. SNB Capital will also act as the lead manager. HSBC, GIB Capital, Al Rajhi Capital, and Saudi Fransi Capital were appointed as bookrunners and underwriters to the offering. Lazard Financial Advisory is ADES\u2019s independent financial advisor.<\/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\/ades-international\/\">Ades International<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-rajhi-capital\/\">Al Rajhi Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gib-capital\/\">GIB Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jpmorgan\/\">JPMorgan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-fransi-capital\/\">Saudi Fransi Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/snb-capital\/\">SNB Capital<\/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=\"606088\" 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=\"606088\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/a-landmark-meeting\/\">\r\n                            Egypt\u2019s El Sisi, Turkey\u2019s Erdogan hold first-ever bilateral talks at G20                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/a-landmark-meeting\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/a-landmark-meeting\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/a-landmark-meeting\/\">\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=A landmark meeting&url=https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/a-landmark-meeting\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/a-landmark-meeting\/&title=A landmark meeting\">\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=A+landmark+meeting+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F09%2F11%2Fa-landmark-meeting%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/a-landmark-meeting\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/754.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"606089\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/a-landmark-meeting\/754-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/754.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"754.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/754.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/754.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-606088\" class=\"content-area-description single-story post-606088 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-egypt-germany-relations tag-egypt-turkey-relations tag-enterpriseam tag-g20 tag-middle-east-politics tag-olaf-scholz tag-recep-tayyip-erdogan wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.1abcdd4d-3214-4339-a793-7dec524bbd3d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> A first face-to-face round of talks for El Sisi, Erdogan: <\/strong>Turkish President Tayyip Erdogan hailed \u201ca new era\u201d for relations between Egypt and Turkey in his first-ever meeting with President Abdel Fattah El Sisi following the decision to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/467e7c7c-3c5e-45ce-bc81-70050a95fabf\" style=\"\" rel=\"noopener\">restore diplomatic ties<\/a> in July, according to a Turkish <a target=\"_blank\" href=\"https:\/\/twitter.com\/Communications\/status\/1700778110445072530\" style=\"\" rel=\"noopener\">statement on X<\/a>, formerly known as Twitter. Meeting on the sidelines of the G20 summit in New Delhi, the pair agreed to work to restore bilateral ties and strengthen regional cooperation \u201cbased on respect, common interests, and sincere intentions,\u201d Ittihadiya said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0SFWNfawx8QtZt2T52TMRGAvpub5SpaH2wbhvRuARC8Vn78e5ubGK6rwx1fFy5DvEl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>The two countries <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/467e7c7c-3c5e-45ce-bc81-70050a95fabf\" style=\"\" rel=\"noopener\">restored<\/a> diplomatic ties and reappointed ambassadors in July, bringing to an end a decade of tensions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Turkey wants to do business with us \u2014 especially on energy: <\/strong>Erdogan\u2019 emphasized the importance of the \u201cEgyptian administration's support to Turkish investors and companies,\u201d adding that Turkey is eyeing cooperation on LNG, nuclear energy, culture, and education.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The meeting received attention in the global press: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/idUSKBN30G049\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/09\/10\/el-sisi-and-erdogan-meet-on-sidelines-of-g20-summit-in-new-delhi\/\" style=\"\" rel=\"noopener\">The National<\/a> | <a target=\"_blank\" href=\"https:\/\/english.alarabiya.net\/News\/world\/2023\/09\/10\/Turkey-s-Erdogan-Egypt-s-Sisi-discuss-energy-regional-cooperation-at-G20-Ankara\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ALSO FROM THE G20- <\/strong>El Sisi met with German Chancellor <strong> Olaf Scholz <\/strong> during the summit, according to a separate Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0oMeF648ePDgsr2B6o6nBWEgahMQBi8z4cUzis7H7tRnVvkKsJzsprf8xDLypj3c5l\" style=\"\" rel=\"noopener\">statement<\/a>. The two discussed how to boost German investment in Egypt as well as ongoing cooperation in transport, manufacturing, and energy projects. They also touched on efforts to combat illegal immigration, as well as the latest from Sudan and the war in Russia-Ukraine. <\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-germany-relations\/\">Egypt-Germany relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-turkey-relations\/\">Egypt-Turkey relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/g20\/\">G20<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/olaf-scholz\/\">Olaf Scholz<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/recep-tayyip-erdogan\/\">Recep Tayyip Erdogan<\/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=\"606090\" 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=\"606090\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/the-dam-is-full\/\">\r\n                            Ethiopia completes final stage of filling the GERD                        <\/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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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"606091\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/the-dam-is-full\/756-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/756.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"756.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/756.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/756.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-606090\" class=\"content-area-description single-story post-606090 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-abiy-ahmed tag-diplomacy tag-egypt-ethiopia-relations tag-enterpriseam tag-foreign-ministry tag-gerd tag-middle-east-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.1abcdd4d-3214-4339-a793-7dec524bbd3d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> GERD is full: <\/strong>Ethiopia has completed the fourth and final phase of filling the reservoir of the Grand Ethiopian Renaissance Dam (GERD), Ethiopian Prime Minister Abiy Ahmed <a target=\"_blank\" href=\"https:\/\/twitter.com\/AbiyAhmedAli\/status\/1700756136519999509\" style=\"\" rel=\"noopener\">said<\/a> in a social media post yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Refresher: <\/strong> The country started work on the USD 4 bn hydropower dam in 2011 and began unilaterally filling its reservoir three years ago, causing consternation with its downstream neighbors Egypt and Sudan, who have said the dam could endanger their water supply.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Unsurprisingly, Egypt wasn\u2019t pleased with yesterday\u2019s news: <\/strong> In <a target=\"_blank\" href=\"https:\/\/bit.ly\/3sWka4Y\" style=\"\" rel=\"noopener\">a statement<\/a>, the Foreign Ministry accused Addis Ababa of breaching international law and ignoring Egypt and Sudan\u2019s rights to water security.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> There had been modest signs of progress <\/strong><strong> in recent months: <\/strong> The leaders of Egypt and Ethiopia <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ec19832-2530-4f99-be06-2aae1cd3cd21\" style=\"\" rel=\"noopener\">agreed in July<\/a> to finalize an agreement within four months on the filling and operation of the dam, leading to a round of talks in Cairo last week \u2014 the first to take place on GERD in two years. The meeting yielded no breakthrough, but officials agreed to gather in the Ethiopian capital for a new round of talks this month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The filling could make an agreement harder, Foreign Ministry suggests: <\/strong> \u201c[The filling process] places a burden on the course of the resumed negotiations,\u201d the ministry said, expressing hope that this month\u2019s talks will produce a \u201ctangible and real breakthrough.\u201d Dates for the next round of talks have not yet been announced.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The news is getting coverage in the foreign press: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-10\/ethiopia-completes-filling-of-controversial-nile-dam-pm-says\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/ethiopia-says-it-has-completed-filling-disputed-dam-projects-reservoir-2023-09-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.voanews.com\/a\/ethiopia-completes-filling-of-nile-renaissance-mega-dam\/7261828.html\" style=\"\" rel=\"noopener\">AFP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/09\/10\/ethiopia-completes-final-filling-of-gerd-dam-after-failed-cairo-talks\/\" style=\"\" rel=\"noopener\">The National<\/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\/abiy-ahmed\/\">Abiy Ahmed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-ethiopia-relations\/\">Egypt-Ethiopia relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"606092\" 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=\"606092\">\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\">A MESSAGE FROM HSBC<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/egypt-remains-attractive-to-foreign-investors\/\">\r\n                            Egypt remains the destination of future opportunities                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/egypt-remains-attractive-to-foreign-investors\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/egypt-remains-attractive-to-foreign-investors\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            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<div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/egypt-remains-attractive-to-foreign-investors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/629.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"606093\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/egypt-remains-attractive-to-foreign-investors\/629-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/629.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"629.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/629.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/629.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-606092\" class=\"content-area-description single-story post-606092 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-hsbc tag-a-message-from-hsbc tag-enterpriseam tag-hsbc tag-todd-wilcox wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.d4ece42e-e6bb-4b76-be7a-a9bde6583bc1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A series of roadshows that we have helped organize for clients in Asia this year have <\/strong><strong> underscored how highly investors regard <\/strong><strong> the futur<\/strong><strong>e that exists for them in Egypt<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The most recent saw HSBC team up with the Egyptian General Authority for Investment (GAFI) to connect with investors, clients and government stakeholders in Singapore and China. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The mission showcased Egypt\u2019s Vision 2030 sustainable development strategy at the Africa Singapore Business Forum and also at an event HSBC hosted in partnership with the Singapore Business Federation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">From Singapore, we headed to Beijing to meet with Chinese investors and corporates, working with our HSBC China colleagues at our China-Middle East Summit: Unlocking New Growth.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Building ties between Asia and MENA: <\/strong>This visit is one of a series being undertaken to drive and facilitate the very substantial business potential that exists in the trade and investment that flows between the two regions \u2014 and how our unique heritage at both ends of this business corridor gives our clients the most advantageous way to realize that potential.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The conversations we\u2019ve had with colleagues and potential customers during these events highlights for me <strong> how important it is to have face-to-face discussions<\/strong>, presenting Egypt\u2019s economic outlook, and showcasing the country\u2019s potential in a wide range of sectors \u2014 be it mega projects and infrastructure, manufacturing, digital or sustainable and green technology.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">GAFI CEO Hossam Heiba made clear to us that <strong> Egypt can be a magnet for Asian trade and <\/strong><strong> investment<\/strong>, and we\u2019ve already been witnessing this in our ports, railways, energy, power, and automotive sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Stimulating investment: <\/strong>Egypt\u2019s diversified economy, strategic location as a global gateway for trade for thousands of years, its large consumer market, and numerous national projects including the Suez Canal Economic Zone are stimulating investment, which underpins our belief in the country\u2019s long-term potential.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">These are exciting times on both sides as rapid transformation, energy transition and consumer spending drive tremendous growth. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt has a strong track record of delivering on its commitments<\/strong>, including the economic reform program that started in 2016. The government\u2019s program that targets a doubling of the private sector\u2019s share in the economy over the next four years, while attracting bns of USD in investment, is indicative of the country\u2019s continued ambitions for growth and development. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The Egyptian government\u2019s reform package to boost investment on top of May's decisions by the Supreme Investment Council to boost direct investment in Egypt are commendable steps to improve the business environment and increase the country\u2019s export growth. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> With the right policies and investments in place, Egypt can become an even more attractive <\/strong><strong> destination for foreign investment <\/strong> and a hub for regional trade and commerce.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Todd Wilcox (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/todd-wilcox-32a1b24\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) is HSBC Egypt\u2019s deputy chairman and chief executive officer. HSBC\u2019s column in Enterprise appears every second Monday.<\/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\/a-message-from-hsbc\/\">A MESSAGE FROM HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/todd-wilcox\/\">Todd Wilcox<\/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=\"606094\" 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=\"606094\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/sodic-gets-two-new-board-members\/\">\r\n                            Egyptian developer SODIC gets two new board members                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/sodic-gets-two-new-board-members\/\" 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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Roque Solabarrieta (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/roquesolabarrieta\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and Khalifa Albloushi (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/khalifa-albaloushi-18b6b031\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) will replace Omar Mehanna and Amer Al Ameri as the two representatives of the Abu Dhabi sovereign wealth fund. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>ADQ has had two seats on the board since it, together with Emirati real estate developer Aldar, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be2aa5c9-5fd7-4c4a-b65a-2d70a469a9b3\" style=\"\" rel=\"noopener\">acquired an 85.5% stake<\/a> in the company in 2021.Aldar holds another five seats on the board. <\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"606096 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"606096\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/606096\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-606096\" class=\"content-area-description single-story post-606096 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/imagine.sodic.com\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/927.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"606097\" 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=\"606097\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/should-we-be-gerding-ourselves-for-more\/\">\r\n                            GERD, the G20 and the Morocco earthquake dominate the conversation on Egypt's talk shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/should-we-be-gerding-ourselves-for-more\/\" 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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El Hekaya\u2019s Amr Adib, still broadcasting from London, got the reaction of Cairo University water resources professor Abbas Sharaky (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=s8qTIquezmw%5C\" style=\"\" rel=\"noopener\">3:11<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=CcA-1APJCeA\" style=\"\" rel=\"noopener\">23:39<\/a>) while Ala Mas\u2019ouleety dedicated a shorter segment to the news (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=DK_N8EJyM_Y\" style=\"\" rel=\"noopener\">watch, runtime: 3:28<\/a>). We have more details on the story in this morning\u2019s news well, above. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Does final really mean final? <\/strong>Sharaky cast doubt on the language used by the Ethiopian government, suggesting that it could continue to fill the reservoir in the coming years and further jeopardize Egypt and Sudan\u2019s water security. The dam was constructed to hold around 74 bn cubic meters of water but currently Ethiopia has stored only 41 bn cbm. \u201cIf this was indeed the final filling, then it\u2019s good news,\u201d he said. \u201cA half bomb is better than a full 74-bn cubic-meter bomb.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A call for international help: <\/strong>Sharaky argued that more international parties must have an active role at the negotiating table, a suggestion frequently rejected by Ethiopia. Egypt has repeatedly called for new mediators to join the African Union in leading the talks, and has lobbied the UN Security Council to pressure Addis Ababa to come to the table.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Suez Canal threatened by proposed India-MENA trade link? Not a chance<\/strong>, Ala Mas\u2019ouleety host Ahmed Moussa confidently told his audience last night, while listing a host of other potential problems with the project including the price and the length of time it\u2019ll take to get up and running (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=AgIJKFecpHw\" style=\"\" rel=\"noopener\">watch, runtime 17:05<\/a>). In what is being seen as the West\u2019s answer to China\u2019s Belt and Road Initiative, the proposed project, unveiled at the G20 summit this weekend, would see US and EU funding help finance the construction of new rail networks in the Middle East and port infrastructure in India to boost trade links between South Asia, the Gulf and Europe.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ALSO GETTING AIRTIME LAST NIGHT- <\/strong><\/p>\n<ul>\n<li><strong> G20: <\/strong>There was more comment on President Abdel Fattah El Sisi\u2019s trip to India for the G20 summit, courtesy of journalist Bilal El Dawi who appeared on Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=qla5GAdzzW0\" style=\"\" rel=\"noopener\">watch, runtime: 18:37<\/a>).<\/li>\n<li><strong> Morocco earthquake: <\/strong>The deadly earthquake that struck Morocco on Saturday continued getting attention on the airwaves, with Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=iqMmXRxKq8w\" style=\"\" rel=\"noopener\">watch, runtime: 2:09<\/a>) and Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=cPL96iFKRHU\" style=\"\" rel=\"noopener\">watch, runtime: 3:59<\/a>) both covering the latest updates. <\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-ethiopia-relations\/\">Egypt-Ethiopia relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/g20\/\">G20<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"606100\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/some-investors-are-interested-in-state-owned-sinai-manganese-plus-al-habtoor-likes-the-sfe-and-news-from-suez-cement-tmg-russian-wheat\/\">\r\n                            Some investors are interested in state-owned Sinai Manganese. PLUS: Al Habtoor likes the SFE, Suez Cement is now Heidelberg Materials, Russian wheat doesn\u2019t have to be Russian + TMG goes to Riyadh                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/some-investors-are-interested-in-state-owned-sinai-manganese-plus-al-habtoor-likes-the-sfe-and-news-from-suez-cement-tmg-russian-wheat\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/some-investors-are-interested-in-state-owned-sinai-manganese-plus-al-habtoor-likes-the-sfe-and-news-from-suez-cement-tmg-russian-wheat\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/some-investors-are-interested-in-state-owned-sinai-manganese-plus-al-habtoor-likes-the-sfe-and-news-from-suez-cement-tmg-russian-wheat\/\">\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=Some investors are interested in state-owned Sinai Manganese. 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       \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/some-investors-are-interested-in-state-owned-sinai-manganese-plus-al-habtoor-likes-the-sfe-and-news-from-suez-cement-tmg-russian-wheat\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/752.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"606101\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/some-investors-are-interested-in-state-owned-sinai-manganese-plus-al-habtoor-likes-the-sfe-and-news-from-suez-cement-tmg-russian-wheat\/752-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/752.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"752.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/752.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/752.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-606100\" class=\"content-area-description single-story post-606100 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-al-habtoor-group tag-also-on-our-radar tag-awlad-ragab tag-cement tag-chemical-industries-holding-company tag-commodities tag-enterpriseam tag-financial-regulatory-authority tag-food tag-heidelberg-materials tag-industry tag-khalaf-al-habtoor tag-logistics tag-microfinance tag-privatization-watch tag-real-estate tag-regulation tag-retail tag-sinai-manganese-company tag-smes tag-sovereign-fund-of-egypt tag-state-privatization-program tag-suez-cement tag-talaat-moustafa-group tag-wheat 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_408146\"\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\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.3bc4bf64-edf9-465a-ab69-850beec659cb.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> PRIVATIZATION WATCH- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Investors want a slice of Sinai Manganese: <\/strong> Several local and international investors are eyeing a stake in state-owned manganese producer <a target=\"_blank\" href=\"https:\/\/www.smc-eg.com\/\" style=\"\" rel=\"noopener\">Sinai Manganese<\/a>, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3Zb6XS0\" style=\"\" rel=\"noopener\">A<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3Zb6XS0\" style=\"\" rel=\"noopener\">l<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3Zb6XS0\" style=\"\" rel=\"noopener\">Ma<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3Zb6XS0\" style=\"\" rel=\"noopener\">l<\/a> reports, citing sources it says have knowledge of the matter. Authorities are reportedly still studying the offers. The company is being shopped around by the Sovereign Fund of Egypt (SFE), whose <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39b38d90-ccca-4a8f-8625-6aa2e0185967\" style=\"\" rel=\"noopener\">pre-IPO fund<\/a> has been restructuring some companies ahead of share sales, according to Al Mal\u2019s sources.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Overhaul under way: <\/strong> Parent firm Chemical Industries Holding Company is reportedly preparing a study to help Sinai Manganese better utilize its mines and raise production capacity to increase its market value.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> The company is on the government\u2019s list of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">35 companies<\/a> up for stake sales to strategic investors, via the EGX, or a mix of both. The state aims to raise USD 5 bn from asset sales between October 2023 and June 2024.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> INVESTMENT- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Al Habtoor eyes investments in SFE projects: <\/strong> Emirati business leader Khalaf Al Habtoor, founder and chairman of conglomerate <a target=\"_blank\" href=\"https:\/\/www.habtoor.com\/en\/\" style=\"\" rel=\"noopener\">Al Habtoor Group<\/a>, is interested in investing in projects offered by the Sovereign Fund of Egypt (SFE), he told the local press (<a target=\"_blank\" href=\"https:\/\/bit.ly\/3PdLJhP\" style=\"\" rel=\"noopener\">Al M<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PdLJhP\" style=\"\" rel=\"noopener\">al<\/a> | <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/09\/09\/1710774\" style=\"\" rel=\"noopener\">Al Borsa<\/a>). Al Habtoor said the group has not held any direct talks with the SFE, and did not disclose any specific investment plans, saying only that the North Coast has potential. Al Habtoor was speaking on the sidelines of the <a target=\"_blank\" href=\"https:\/\/www.habtoorresearch.com\/\" style=\"\" rel=\"noopener\">Habtoor Research Center\u2019s<\/a> opening in Cairo on Saturday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Habtoor Research: <\/strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/HabtoorResearch\" style=\"\" rel=\"noopener\">Founded in 2022<\/a>, the Habtoor Research Center is a think tank for political studies, economics, and risk in the region and worldwide. The institution seeks to cater to Arab culture, Al Habtoor said, adding that it chose Egypt as its destination because of its academic landscape.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> RETAIL- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Local banks throw Awlad Ragab a lifeline? <\/strong>Indebted supermarket chain Awlad Ragab has reportedly reached preliminary agreements with four unnamed local lenders \u2014 including one state-owned bank \u2014 to reschedule EGP 400-mn worth of loan payments, <a target=\"_blank\" href=\"http:\/\/bit.ly\/3Z8qzX7\" style=\"\" rel=\"noopener\">Al Shorouk<\/a> reports, citing an unnamed source. The chain has managed to pay some EGP 300 mn of outstanding debts since March, reducing its outstanding debt to EGP 1.3 bn, according to the local news outlet. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Awlad Ragab is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9fffbaed-e66f-493c-b4a4-47ea9bde8a87\" style=\"\" rel=\"noopener\">liquidating some EGP 850 mn worth<\/a><\/strong><strong> of assets this year: <\/strong>The company is reportedly selling eight branches, a factory, and a warehouse to repay part of its dues to banks, leasing companies, and suppliers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> INDUSTRY <\/strong><strong> - <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Suez Cement <\/strong><strong> is now Heidelberg Materials: <\/strong><a target=\"_blank\" href=\"https:\/\/www.heidelbergmaterials.eg\/en\/company#:~:text=Suez%20Cement%20is%20the%20largest,to%20Egyptian%20and%20export%20markets.\" style=\"\" rel=\"noopener\">Suez Cement<\/a> has rebranded under the name of its global parent company <a target=\"_blank\" href=\"https:\/\/www.heidelbergmaterials.com\/en\/egypt\" style=\"\" rel=\"noopener\">Heidelberg Materials<\/a>, it <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/suez-cement-group\/?miniCompanyUrn=urn%3Ali%3Afs_miniCompany%3A799642\" style=\"\" rel=\"noopener\">announced<\/a> yesterday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> COMMODITIES- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Our Russian wheat doesn\u2019t have to come from Russia: <\/strong>The Supply Ministry will allow Russian crop trader Solaris to source the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc24a4db-347e-4888-b4d6-4b3c0d2547fd\" style=\"\" rel=\"noopener\">480k tons of wheat it sold<\/a> to Egypt last week from any origin, Supply Minister Ali El Moselhy said in an interview with <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-10\/egypt-allows-recent-wheat-deal-to-be-supplied-from-any-origin#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Solaris will still need to inform state grains buyer GASC of the origin of the grain, which must meet the standards agreed in the purchase contract. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REAL ESTATE- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Talaat Moustafa Group to work on USD 11 bn housing development in Riyadh: <\/strong>Talaat Moustafa Group (TMG) and Saudi-based National Housing Company (NHC) have signed an agreement to build a mixed-use development in Riyadh, according to <a target=\"_blank\" href=\"https:\/\/nhc.sa\/ar\/news\/47747\" style=\"\" rel=\"noopener\">NHC website<\/a>. The 10-mn square-meter project will include some 28k housing units, commercial services, and health and education facilities. The cost of the project is around SAR 40 bn (USD 11 bn), according to TMG CEO and Managing Director Hisham Talaat Moustafa, <a target=\"_blank\" href=\"https:\/\/bit.ly\/461T8rm\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REGULATION- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> FRA introduces new pricing index for MSMEs finance: <\/strong>The Financial Regulatory Authority (FRA) yesterday launched a pricing index for MSME financing products designed to give small business owners clearer information about the loan market, it said in <a target=\"_blank\" href=\"https:\/\/bit.ly\/3qY6czi\" style=\"\" rel=\"noopener\">a statement<\/a> yesterday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What\u2019s it for? <\/strong>The index will give MSMEs access to standardized information about loans being offered by various financial institutions, helping them to compare between different financing products and lowering the cost of borrowing.<\/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\/al-habtoor-group\/\">Al Habtoor Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/awlad-ragab\/\">Awlad Ragab<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-cement\/\">Suez Cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talaat-moustafa-group\/\">Talaat Moustafa Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/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=\"606102\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"606102\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/fed-to-hold-interest-rates-next-week-says-wsj\/\">\r\n                            Federal Reserve to hold interest rates at September meeting -WSJ                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/fed-to-hold-interest-rates-next-week-says-wsj\/\" 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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data-image-title=\"760.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/760.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/760.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-606102\" class=\"content-area-description single-story post-606102 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-federal-reserve tag-financial-markets tag-planet-finance 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_408150\"\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\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.f464be13-f621-48d1-b04b-32d27765924a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Another Fed hold next week? <\/strong>Slowing inflation and signs of weakness in the labor market will likely see the US Federal Reserve leave rates on hold for a second consecutive meeting next week, according to the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/central-banking\/an-important-shift-in-fed-officials-rate-stance-is-under-way-70a91f8a\" style=\"\" rel=\"noopener\">Wall Street Journal\u2019s<\/a> Nick Timiraos.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Times are changing: <\/strong>The Journal reports that there are now two camps on the Fed board: one that favors further hikes in anticipation of a potential rise in inflation in the coming months, and another that is calling for a pause on tightening and holding rates higher for longer. Which one of these camps will swing the vote at the central bank\u2019s November and December meetings remains to be seen.<\/p><p><a target=\"_blank\" id=\"t.a109a61162aa53f107fea850c2914ae8d689e0b9\" rel=\"noopener\"><\/a> <a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19,578<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +34.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD (CBE) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD at CIB <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Interest rates CBE <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Ta <\/strong><strong> d <\/strong><strong> awul <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,154<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: +6.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> ADX <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,691<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: -5.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> DFM <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,067<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +21.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> S&amp;P 500 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,457<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +16.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> FTSE 100 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,478<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +0.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,237<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Brent crude <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 90.65<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.61<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1,942.70<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> BTC <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 25,814<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +56.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE CLOSING BELL- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The EGX30 rose 1.0% at yesterday\u2019s close <\/strong> on turnover of EGP 1.9 bn (9.6% below the 90-day average). Foreign investors were net sellers. The index is up 34.1% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the green: <\/strong>Abu Qir Fertilizers (+6.2%), Eastern Company (+4.7%) and Telecom Egypt (+4.3%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the red: <\/strong>Oriental Weavers (-1.5%), Edita (-1.1%) and Sidi Kerir Petrochemicals (-1.1%).<\/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\/federal-reserve\/\">Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"606104\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/govt-imposed-cap-on-tuition-fee-hikes-limits-growth-and-profit-potential-for-private-schools\/\">\r\n                            Gov\u2019t imposed cap on tuition fee hikes limits growth and profit potential for private schools<\/a>\r\n                        <\/h3>\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\/blackboards\/govt-imposed-cap-on-tuition-fee-hikes-limits-growth-and-profit-potential-for-private-schools\/\" 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 execs were reacting to an Education Ministry decree that sharply caps tuition rises at higher-end schools. The result: Already-struggling private-sector school operators will be less profitable, less able to hire foreign staff, and less likely to invest in growth in a climate that is marketed by high inflation, poor availability of FX, and a divergence between the official and parallel market value of the EGP against foreign currencies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Essential background: <\/strong>Last week, the Education Ministry issued a decree <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2de40628-d658-4201-8dcb-37aaf20fc6f0\" style=\"\" rel=\"noopener\">introducing a new tiered system<\/a> of caps on annual hikes of tuition fees at privately owned schools teaching both local and international curriculums. Under the new system, schools that charge tuition fees of EGP 35k and above will not be allowed to hike fees by more than 6% for this academic year, down from the previous 7% cap. The decision does not impact schools that fall outside of the ministry\u2019s purview, among them institutions owned by associations and other bodies. (Thing: CAC, MBIS, BISC.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> International and private schools have been lobbying the Education Ministry to <\/strong><strong> allow them to raise their tuition fees beyond the 7% threshold <\/strong> to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65679922-bbb3-492c-9b49-6f8a2ee8243c\" style=\"\" rel=\"noopener\">be able to cover rising costs<\/a> on the back of soaring inflation and a weakening local currency, a government source told Enterprise on condition of anonymity. The ministry introduced the tiered system after mulling how much of an increase to allow; that process involved listening to operators and to parents\u2019 demands to keep price hikes under control, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REFRESHER- <\/strong>Since 2017, international and private schools have faced a cap on tuition fee hikes after parents lobbied the ministry to put a stop to what they said were \u201cunfair\u201d increases. Private providers were <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2017\/05\/23\/education-minister-caps-private-school-tuition-increases-at-14-next-year-7-every-year-after-that\/\" style=\"\" rel=\"noopener\">allowed to raise prices by as little as 7% each year<\/a> on their <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65679922-bbb3-492c-9b49-6f8a2ee8243c\" style=\"\" rel=\"noopener\">2015-2016 fees<\/a>, which the government deemed their baseline year, meaning the actual increase increment has remained steady each year. Private schools with tuition fees below EGP 10k per year had a 10-25% cap on their annual tuition fee increases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A brief reprieve: <\/strong> Last year, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ad62540-4d27-421f-86fc-bde7d0543f41\" style=\"\" rel=\"noopener\">Education Ministry agreed<\/a> to allow schools to calculate the annual increase based on the previous academic year rather than the 2015-2016 fees, providing some breathing room.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The EGP deval is a continuous pain point for int\u2019l schools: <\/strong>The devaluation of the EGP poses a significant challenge for international schools, most of which have contracts with their international staff committing to paying a significant portion of their salaries in foreign currencies. This practice has been straining the schools\u2019 financial resources, particularly in the face of recent currency devaluations, CIRA Education CEO Mohamed El Kalla told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Will we see fewer foreign teachers in Egypt as a result? <\/strong>The tightened cap has prompted some schools to modify their agreements with their international staff by offering a larger portion of their salaries in EGP rather than hard currency, considering the current difficulties in sourcing FX, El Alsson Executive Director Karim Rogers told Enterprise. This kind of contractual adjustment is often met with resistance by foreign teachers, some of whom end up quitting, said Rogers. \u201cThey want to get paid in hard currency so they can save and have the benefit of some that money when they return home,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Not all schools can afford to cut int\u2019l staff: <\/strong> \u201cLabor costs in international schools account for up to 60% of expenditures, and the schools are constrained from reducing the share of foreign staff within their workforce, as international agreements mandate maintaining a specific level of foreign staffing,\u201d El Kalla told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And it\u2019s leading to some business going on pause: <\/strong> CIRA Education is freezing projects with a high composition of foreign staff, El Kalla said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ANOTHER LIMITATION- New regs on school uniforms: <\/strong> Education Minister Reda Hegazy issued a decision to standardize school uniform specifications for all students in Egypt, including those in public, private, and international schools, aiming to reduce financial burdens on families. The decision bans schools from mandating parents to buy uniforms from specific sources, cutting schools off another possible source of revenues for schools that sell uniforms in-house. The decision also called on schools to avoid complex uniform requirements and encouraged the use of standard colors and logos. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What industry players wanted to see: <\/strong> Schools would have been better able to maneuver the new caps if the ministry\u2019s decision had accounted for the percentage of foreign staff members on schools\u2019 payrolls and set the fee increases accordingly, El Kalla suggested. Alternatively, it would have also been favorable if the ministry were to consider the cap on a case-by-case basis, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Some room to push the cap \u2014 if you can convince the ministry you\u2019re making a loss. <\/strong>\u201cSchools that can provide proof of incurring losses can apply to the Education Ministry for exemptions from the current caps and in some cases the requests came back with approvals for increases of between 15-60%,\u201d Karim Mostafa, CEO of education management company Eduhive, told us. However, \u201cthe application process for such exemptions is time-consuming and in some cases takes more than four months,\u201d said Rogers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> One industry association exec thinks the 7% price hike will still allow most schools to live to see next year. <\/strong>\u201cThe adjustments are still far from covering the extra costs incurred by the schools due to inflation hovering near 40%, but it\u2019s a good improvement that will allow schools to survive this school year, given they can make another raise next year,\u201d Private Schools Owners Association Chairman Badawy Allam told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Your top education stories for the week <\/strong><strong> : <\/strong><\/p>\n<ul>\n<li><strong> AfricInvest buys into BUE: <\/strong> Pan-African private equity firm AfricInvest is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76bd2a60-24c4-4435-b4f0-af43d3930ad5\" style=\"\" rel=\"noopener\">investing USD<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76bd2a60-24c4-4435-b4f0-af43d3930ad5\" style=\"\" rel=\"noopener\">40 mn<\/a>(EGP 1.2 bn) in British University in Egypt (BUE) to boost the university\u2019s growth plans.<\/li>\n<li><strong> CIRA bonds and buyouts: <\/strong> CIRA Education is set <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36d32185-6742-4458-b5cc-c1f462796f23\" style=\"\" rel=\"noopener\">to securitize future cashflows<\/a> worth EGP 700 mn before the end of the month.<\/li>\n<li><strong> Egypt x Japan x Jordan: <\/strong> Foreign Minister Sameh Shoukry discussed introducing an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2f0cf0d-7a41-4acf-bd8b-0833fd44a23a\" style=\"\" rel=\"noopener\">Egyptian-Japanese school model<\/a> in Lebanon with his Japanese and Jordanian counterparts during a three-way meeting last week.<\/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\/blackboard\/\">Blackboard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"606106\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/606106\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-606106\" class=\"content-area-description single-story post-606106 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SEPTEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-12 September (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saharaexpo.com\/en\/home.html\" style=\"\">Sahara agriculture exhibition<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>13-14 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypthydrogen2023.com\/\" style=\"\">Hydrogen Egypt Summit<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz Carlton, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">13 September (Wednesday): Deadline for settling outstanding military service in FX.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/ultraibex\/\" style=\"\">Ultraibex<\/a><\/span><span style=\"font-weight:400;\"> Wadi Degla Protectorate clean-up event.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September (Friday): IMF to review USD 3 bn program.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Friday): Deadline for applications to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3EdKj1A\" style=\"\">EGYAID scholarship program<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Friday): Deadline for FX bureaus to comply with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b6f9aa4-8ee9-4804-bc43-8e40fac6213c\" style=\"\">new capital requirements<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>17-18 September (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.arabsecurityconference.com\/\" style=\"\">Arab Security Conference and Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz Carlton, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17-19 September (Sunday-Tuesday): Sharm Rendezvous (insurance conference), Rixos Premium Seagate, Sharm ElSheikh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>18-19 September (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/finance.enterprise.news\/\" style=\"\">Enterprise Finance Forum<\/a><\/span><span style=\"font-weight:400;\">, St. Regis Hotel, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20-23 September (Wednesday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cityscapeegypt.com\/en\/home.html\" style=\"\">Cityscape Egypt<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 September (Monday): Nasdaq deadline for Swvl Holdings Corp to increase its market value of publicly held shares to a minimum of USD 15 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25-26 September (Monday-Tuesday): Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/43zXWDg\" style=\"\">to host<\/a><\/span><span style=\"font-weight:400;\"> the Asian Infrastructure Investment Bank\u2019s annual board meeting, Sharm El Sheikh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 September (Tuesday): Taqa Arabia\u2019s ordinary general assembly meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27 September (Wednesday): Deadline for bidding in the fifth phase of the investment map offered by the Industrial Development Authority (IDA).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27 September (Wednesday): Deadline for bidding in tender for five solar plants on north coast.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 September (Thursday): Eastern Company will hold an ordinary general assembly meeting to approve the company\u2019s financials for the 2022-2023 FY.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28-29 September (Thursday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.southsinai.gov.eg\/News\/Details\/3067\" style=\"\">Medical Tourism Conference<\/a><\/span><span style=\"font-weight:400;\">, Sharm El Sheikh.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 September (Saturday): The start of the new academic year for Egyptian universities. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">30 September (Saturday): The <\/span><span style=\"font-weight:400;\">start of the new academic year for Egyptian schools. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in September:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Sustainable Debt Coalition Initiative agreed at COP27 to launch <\/span><\/li>\n<li><span style=\"font-weight:400;\">IDH to open first branch in Saudi Arabia<\/span><\/li>\n<li><span style=\"font-weight:400;\">The Egypt-Germany trade and investment joint conference in Cairo<\/span><\/li>\n<li><span>ADQ to acquire stakes in Elab, Ethydco and EDC by end of month<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">OCTOBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1-3 October (Sunday-Tuesday) International Expotec for water economics management, Egypt International Exhibition Center, Fifth Settlement, Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 October (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adipec.com\/\" style=\"\">ADIPEC 2023<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi National Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2 October (Monday): Government meeting with investors to look into liberalizing electricity grid. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Friday): Armed Forces Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9 October (Monday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/narrativesummit.com\/\" style=\"\">Narrative PR Summit<\/a><\/span><span style=\"font-weight:400;\">, Somabay Red Sea.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9-11 October (Monday-Wednesday): Arabs Savings and Financial Literacy Conference, Four Seasons Hotel.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-12 October ( Tuesday-Thursday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/eaba-com.com\/ceramica-expo\/\" style=\"\">Ceramica Expo<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Convention Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF). <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Late October-14 November: 3Q2023 earnings season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 October (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\" style=\"\">Egypt Automotive Aftermarket Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Convention Center. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 October (Thursday): Daylight saving time ends.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29-31 October (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\" style=\"\">Egypt Energy<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29 October - 2 November (Sunday- Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cairowaterweek.eg\/register\/\" style=\"\">Cairo Water Week<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30-31 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/platforms-root-technologies.com\/icec-2023\/.\" style=\"\">Intelligent Cities Exhibition and Conference<\/a><\/span><span style=\"font-weight:400;\">, Dusit Thani LakeView, Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30-31 October (Monday-Tuesday): Global Business School Network (GBSN), American University of Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">31 October - 1 November (Tuesday-Wednesday): Federal Reserve interest rate meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Signposted to happen some time in October:<\/span><\/p>\n<ul>\n<li><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b5%d8%af%d8%b1-%d9%82%d8%b1%d8%a7%d8%b1%d8%a7%d9%8b-%d8%a8%d8%b4%d8%a3%d9%86-%d8%a7%d9%84%d8%aa%d8%b2\/\" style=\"\">Deadline<\/a><\/span><span> for ins. providers to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/e4d8d8da-b406-4776-ab2a-fa796e247eab\" style=\"\">link their databases<\/a><\/span><span style=\"font-weight:400;\"> with the FRA<\/span><\/li>\n<li><span style=\"font-weight:400;\">Egyptian-Jordanian Business Council, Amman, Jordan<\/span><\/li>\n<li><span style=\"font-weight:400;\">Gov\u2019t expects to finalize sale of Gabal El Zeit wind plant<\/span><\/li>\n<li><span>October or November: Gov\u2019t expects to finalize <\/span><span style=\"\">stake sale<\/span><span style=\"font-weight:400;\"> for military-owned fuel retailer Wataniya<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-15 November (Thursday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.intrafricantradefair.com\/en%3Futm_source%3DIATF%252027%252F02&utm_campaign%3D226fc251f7-EMAIL_CAMPAIGN_2023_05_30_12_03&utm_medium%3Demail&utm_term%3D0_-226fc251f7-%255BLIST_EMAIL_ID%255D\" style=\"\">Intra-African Trade Fair<\/a><\/span><span style=\"font-weight:400;\">, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-15 November (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/destination-africa.org\" style=\"\">Destination Africa<\/a><\/span><span style=\"font-weight:400;\">, Royal Maxim Palace Kempinski Hotel. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-24 November (Wednesday-Friday): Cairo International Film Festival, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19-22 November (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cairoict.com\/\" style=\"\">Cairo ICT<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">22 November (Wednesday): Deadline to apply to FRA for credit rating license.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 November (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldviewevents.com\/signup\" style=\"\">Worldview Education Fair<\/a><\/span><span>, Cairo. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldviewevents.com\/signup\" style=\"\">Register here<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 November-12 December (Thursday-Tuesday): COP28, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-11 December (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.eglobexpo.com\/\" style=\"\">eGlobe Expo<\/a><\/span><span>, St. Regis Almasa Hotel, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-14 December (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/foodafrica-expo.com\/\" style=\"\">Food Africa Expo<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in December:<\/span><\/p>\n<ul>\n<li><span>Gov\u2019t expects to finalize sale of a <\/span><span style=\"\">stake in<\/span><span style=\"font-weight:400;\"> military-owned bottled drinks company Safi<\/span><\/li>\n<li><span>Gov\u2019t expects to finalize sale of Zafarana wind farm<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2023: The inauguration of the Grand Egyptian Museum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3Q 2023: E-Finance <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MhzDCI\" style=\"\">to launch in Saudi Arabia<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2023: EGX to launch its new futures exchange.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2023: EGX to launch a shariah-compliant index.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2023: A Developments\u2019 first phase of the Lazoghly development completed.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2024: Standard Chartered Bank to open a branch in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">June 2024: Gov\u2019t expects to finalize sale of Beni Suef combined-cycle power plant.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2024: Gov\u2019t expects to finalize sale of four water desalination plants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> the 12th session of the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2Q 2025: Safaga Terminal 2 to start operations.<\/span><\/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":"<p>El Sisi meets Erdogan | Is the GERD full? | Enterprise Finance Forum: 1 week to 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