{"id":607056,"date":"2023-09-26T00:00:00","date_gmt":"2023-09-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=607056"},"modified":"2025-12-17T00:53:53","modified_gmt":"2025-12-17T00:53:53","slug":"enterprise-finance-forum-the-seven-themes-keeping-the-finance-industry-up-at-night","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/enterprise-finance-forum-the-seven-themes-keeping-the-finance-industry-up-at-night\/","title":{"rendered":"Enterprise Finance Forum: The seven themes keeping the finance industry up at night"},"content":{"rendered":"<section id=\"607058\" 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=\"607058\">\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\/26\/its-day-two-of-the-asian-infrastructure-investment-banks-annual-board-meeting-in-sharm\/\">\r\n                            It\u2019s day two of the Asian Infrastructure Investment Bank\u2019s annual board meeting in Sharm                        <\/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 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1541.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1541.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1541.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1541.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607058\" class=\"content-area-description single-story post-607058 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-asian-infrastructure-investment-bank tag-development-finance tag-egypt-china-relations tag-enterpriseam tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.9b87726a-38e3-4abd-b18d-7fd0bc31469a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Good morning, friends, and happy Tuesday. <\/strong>We have a lot of stuff to get through this morning, so we\u2019re going to jump straight in:<\/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=\"wwtt1\"><\/a> <strong> #1- AIIB meeting wraps: <\/strong> It\u2019s the second and final day of the Asian Infrastructure Investment Bank\u2019s (AIIB) annual board meeting in Sharm El Sheikh.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Look for <\/strong><strong> AIIB <\/strong><strong> to unveil a new climate action plan that could triple lending tied to climate <\/strong><strong> targets: <\/strong>The China-led bank will launch its climate action plan during the meeting, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/127e92aa-b247-4e6d-9dff-3e8dd642ae62\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports, citing AIIB Vice President for Policy and Strategy Danny Alexander. The lender aims to increase climate financing to USD 7-8 bn from USD 2.6 bn to account for more than half of its lending portfolio by 2030. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- <\/strong><strong> The Green Talent Forum is kicking off today at 11am Cairo time: <\/strong>On the <a target=\"_blank\" href=\"https:\/\/bit.ly\/3Zez3vT\" style=\"\" rel=\"noopener\">agenda<\/a> of the <a target=\"_blank\" href=\"http:\/\/www.greentalentforum.com\/\" style=\"\" rel=\"noopener\">online virtual summit<\/a> is the CEO of Enterprise\u2019s favorite productivity app Slack, USAID\u2019s chief climate officer, and other climate and business leaders, who are set to discuss everything from green tech to climate finance and everything in between. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #3- <\/strong><strong> It\u2019s the last day of the UN General Assembly: <\/strong>Foreign Minister Sameh Shoukry has had a busy schedule in New York over the past week, filling in for President El Sisi to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77cff701-1ebe-4d5b-a3fc-43ddc012dfec\" style=\"\" rel=\"noopener\">address the UN General Assembly<\/a>, attending a multitude of summits and forums, and sitting down with world diplomats, including <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79bf72fb-3dea-42bd-8f35-9f5b65ac6c81\" style=\"\" rel=\"noopener\">the Iranian foreign minister<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> #4- <\/strong><strong> Taqa <\/strong><strong> shareholders meet today to vote on board shake-up following <\/strong><strong> stake sale: <\/strong>Taqa Arabia shareholders will convene for a general assembly meeting today to vote on restructuring the board and appointing new members. The meeting comes two months after the military\u2019s National Service Projects Organization <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08d5f7ed-6d80-4f83-a036-5d906b919741\" style=\"\" rel=\"noopener\">acquired 20%<\/a> of the firm.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #5- The judges here at Enterprise World Headquarters hereby declare that it was the <\/strong><strong> Cairo American College Class of 2025 <\/strong>that was the rightful victor of pop culture day at CAC\u2019s spirit week, with the entire class having shown outstanding creativity in showing up as characters from Subway Surfer.<\/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\"><strong> Will ADQ\u2019s acquisitions close this week <\/strong><strong> ? <\/strong> We\u2019re on the lookout to see if the government meets its original target to sign final contracts with ADQ <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">before the end of this week<\/a> for the sale of shares in Egyptian Ethylene and Derivatives Company (Ethydco), Egyptian Linear Alkyl Benzene (Elab), and Egyptian Drilling Company (EDC). It came to an initial agreement with the Abu Dhabi wealth fund earlier this year <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1f59098e-47ac-42cc-964c-b84096549959\" style=\"\" rel=\"noopener\">to sell 25-30% stakes<\/a> in the three companies for USD 800 mn.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Saudi <\/strong><strong> delegation heads to the West Bank amid reports of potential normalization with <\/strong><strong> Israel: <\/strong>A group led by the non-resident Saudi envoy to Palestine will visit the Palestinian President Mahmoud Abbas in Ramallah this week, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-delegation-expected-visit-west-bank-2023-09-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> writes.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In context: <\/strong> The trip comes amid increasing chatter about the prospect of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df9dd9e1-ec49-4f65-8bc6-d81337755903\" style=\"\" rel=\"noopener\">US-sponsored<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df9dd9e1-ec49-4f65-8bc6-d81337755903\" style=\"\" rel=\"noopener\">normalization agreement<\/a> between Saudi Arabia and Israel, which could involve concessions for the Palestinians.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> DELISTING WATCH- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong> Al Ezz Dekheila buys back almost 36% of its shares: <\/strong> Al Ezz Dekheila Steel has bought back almost all of the shares it didn\u2019t own as it prepares to delist from the EGX. The company repurchased almost 7 mn shares, equal to almost 36% of its share capital, according to our math. This gives it control over more than 99.9% of its shares.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ICYMI- <\/strong>The company had given shareholders until yesterday to decide whether to sell their shares back to the company for EGP 1,250 apiece ahead of the delisting. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> Al Ezz Dekheila <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ace4d4a-08f1-4f2e-bc12-15379d392de7\" style=\"\" rel=\"noopener\">in July announced its intention<\/a> to delist from the exchange in the wake of its agreement to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d82f1f7-7449-4dbd-a811-8a61f731bbf2\" style=\"\" rel=\"noopener\">buy back the government\u2019s 31% stake<\/a> in the company.<\/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> THE BIG STORY ABROAD- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> There\u2019s no single story capturing the world\u2019s attention this morning: <\/strong> The US media are focused on the increasingly likely eventuality of a government shutdown (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/government-shutdown-congress-biden-trump-mccarthy-f1b06964cf549b09977677e5f70bf9ff\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/09\/25\/us\/politics\/senate-shutdown-ukraine.html\" style=\"\" rel=\"noopener\">NYT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/09\/25\/government-shutdown-congress-agreement-impasse\/\" style=\"\" rel=\"noopener\">Washington Post<\/a>), <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-says-russian-black-sea-fleet-commander-killed-no-comment-by-moscow-2023-09-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> has the latest from Ukraine, and the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/media\/hollywood-writers-reach-agreement-with-studios-streamers-to-end-strike-57fb5dd\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> is leading with yesterday\u2019s breakthrough on the Hollywood writers\u2019 strike. <\/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> CLARIFICATION- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> The secondary t-bill market is changing: <\/strong> In <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a5aedff1-4111-49bc-a6b5-99c5058eb17c\" style=\"\" rel=\"noopener\">our coverage<\/a> of Sunday\u2019s changes to the way that EGP t-bills are traded, we got a few things skewed. Here\u2019s what\u2019s happening.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt already had a secondary market for t-bills: <\/strong>Prior to Sunday, the Central Bank of Egypt administered a secondary market for t-bills and was responsible for clearing and settling trades.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> That market has now change venue: <\/strong> Per the <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1472.pdf\" style=\"\" rel=\"noopener\">CBE\u2019s statement (pdf)<\/a> on Sunday,the Egyptian Central Securities Depository (ECSD) \u2014 the government\u2019s arm for the depository, settlement and clearing of sovereign debt \u2014 has taken on the responsibility for managing the secondary market for t-bills, allowing them to be traded on the EGX. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The rationale: <\/strong> The move aims to make the secondary market for t-bills more accessible to investors, boosting trading volumes and lowering yields, ECSD head of operations Tarek Khorshid told Enterprise yesterday. The change has almost doubled the number of banks able to participate directly in the market to 31, he said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Aligning with Euroclear and the IMF: <\/strong>Establishing a standardized settlement mechanism and a single depository for government debt was among the IMF\u2019s recommendations to Egypt\u2019s USD 3 bn IMF loan. It also aligns with international standards necessary to make EGP debt \u201c <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75e6d59d-9599-46cf-bf42-b6c1637c4954\" style=\"\" rel=\"noopener\">Euroclearable<\/a>,\u201d a process the Finance Ministry has been working towards since 2019.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This follows a similar change for treasury bonds: <\/strong> The ECSD began managing t-bond trades on 14 May, Khorshid said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Next up: <\/strong>Sovereign sukuk, he told us.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> MARKET WATCH- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong> Greenback hits fresh nine-month highs: <\/strong>Bloomberg\u2019s USD spot index climbed 0.4% to hit its highest level since December. Since mid-July, the USD has climbed more than 6% against major currencies as markets react to the prospect of US interest rates remaining higher for longer. The stronger USD could put pressure on emerging and developing economies such as Egypt by making imports more expensive and raising debt servicing costs. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-24\/asian-stocks-set-for-cautious-open-dollar-mixed-markets-wrap?srnd=premium-middle-east#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/futures-edge-lower-persistent-worries-over-higher-rates-2023-09-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> US treasuries sink amid rate <\/strong><strong> uncertainty: <\/strong>Government bonds extended their selloff on Monday, while USD stocks snapped a four-day losing streak, as investors weighed the potential for the US Federal Reserve to continue raising interest rates. The yield on the benchmark 10-year treasury notes <strong> climbed to its highest level since 2007<\/strong>, rising 11 bps to over 4.54%, weighing on bond prices for the fourth consecutive week. Stocks rebounded following their steepest weekly drop since March, with the S&amp;P 500 rising 0.4% and the Nasdaq closing almost 0.5% higher. <\/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\/2021\/03\/INFINITY-Top-banner-EN-1600x675-v2-02.png\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> *** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt: <\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In today\u2019s issue: <\/strong> We look at the potential and the challenges facing private sector players in Egypt\u2019s clean energy landscape, from the perspective of France\u2019s Engie. <\/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\/asian-infrastructure-investment-bank\/\">Asian Infrastructure Investment Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-china-relations\/\">Egypt-China relations<\/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=\"607060 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=\"607060\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/607060\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607060\" class=\"content-area-description single-story post-607060 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:\/\/apps.apple.com\/sa\/app\/somabay-lifestyle\/id6457160123\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/56.png?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span>We are proud to present Somabay's latest lifestyle app, powered by Quintessentially \u2014 bringing 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 Somabay Lifestyle app <\/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=\"\">at the App Store for iOS<\/a><\/span><span style=\"font-weight:400;\">.<\/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=\"607061\" 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=\"607061\">\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\">FINANCE FORUM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/the-seven-themes-keeping-the-finance-industry-up-at-night\/\">\r\n                            Enterprise Finance Forum: The seven themes keeping the finance industry up at night                        <\/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\/26\/the-seven-themes-keeping-the-finance-industry-up-at-night\/\" 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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Whether you\u2019re evaluating a potential new venture or trying to solve an issue, you ask: How much will it cost? Where\u2019s the money coming from? How much does the money itself cost? Does the return on the investment make sense? Is this the best use of our money?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Questions about finance are fundamental to business <\/strong> and the answers decide who we hire, what markets we expand into, and the products we create. Money helps determine how we're regulated \u2014 and how we're taxed. It makes the world go round.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We identified seven themes <\/strong><strong> while preparing <\/strong><strong> our first Enterprise Finance Forum \u2014 <\/strong><strong> themes that set the tone for us all every workday and every quarter of 2023. <\/strong> Most of those themes look set to persist well into 2024. It\u2019s simple really, we\u2019ve never gathered as a community at a time that is so simultaneously challenging and replete with avenues through which to grow our businesses.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We had nearly three dozen brand-name CEOs and C-suite execs on stage over two days. <\/strong>These are the themes that they discussed, as framed by Patrick, our editor-in-chief, in his opening remarks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> 1- UNCERTAINTY IS EVERYWHERE <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> None of us have ever managed businesses through such a prolonged period of <\/strong><strong> uncertainty<\/strong>, from the aftermath of 25 January, the 2013 revolution, and the currency crunch of 2016 to covid, the end of an era of cheap money, and now a fresh storm characterized by an FX crunch and runaway inflation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The FX crisis is particularly caustic: <\/strong>How do you transact when you can\u2019t know what the value of an asset will be the day after you acquire it? How do you find the hard currency you need to keep your business running \u2014 let alone grow? How do you invest when access to finance means paying what we used to consider \u201ccredit-card interest rates\u201d for a new factory line? How do you retain talent when staff are being offered hard currency salaries \u2014 and their purchasing power at home is being steadily squeezed by high inflation? <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> 2- A NEW COMPETITIVE LANDSCAPE <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We face a once-in-a-generation challenge from Saudi Arabia and the United Arab <\/strong><strong> Emirates. <\/strong> Where 20 years ago we talked about a \u201cbrain drain\u201d to the \u201cWest,\u201d today we face massive competition for talent, for capital, and for opportunities across our own region. We\u2019re not only competing with Saudi companies \u2014 we're competing with an entire world that wants to go to Saudi Arabia and that still sees solid prospects in the United Arab Emirates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This raises big questions: <\/strong>How do we find and retain talent when the best and the brightest are being lured to Riyadh, Abu Dhabi, and Dubai? What is the Egyptian finance industry\u2019s role in the wider region when there\u2019s not just the DIFC, but a rival emerging in KSA? <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> But our exports are (at last) globally competitive. <\/strong>Successive rounds of devaluation have seen us become a lower-cost base destination than India for everything from call centers to coding and manufacturing. We have the right people in the right geographical location and time zone to sell into Europe, the GCC, and Africa \u2014 to say nothing of a big domestic market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And in the background, there\u2019s a massive realignment happening. <\/strong>\u201cChina +1\u201d is now a major theme for manufacturers \u2014 are we the +1? Saudi Arabia is making friends with old enemies. Cairo and Ankara are patching things up. Europe\u2019s energy crunch is not going away anytime soon, thanks to Mr. Putin. And the climate revolution is (too slowly) changing the face of business and finance alike.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> 3- NO MORE CHEAP MONEY <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The age of cheap money has come to an end <\/strong> as interest rates rise everywhere in the world. The result has been a drying up of funding for venture capital and even private equity. VCs no longer have an endless line of limited partners asking them to take their money. Startup fundraising in Egypt and the wider region is down massively year-on-year. PE dealflow is flat this year compared to last around the world. Corporates are thinking twice about offshore investment, particularly when they can\u2019t afford to borrow at local-currency interest rates \u2014 and when there\u2019s a yawning gap between the parallel and official market rates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This has massive implications<\/strong>, from the startups that have and will go belly-up to the value we ascribe to both private equity players and development finance institutions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> 4- A TURNING POINT FOR FINANCIAL INCLUSION <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Mns <\/strong><strong> of people have been brought into the financial system \u2014 transforming their lives <\/strong><strong> and opening new doors for entrepreneurs. <\/strong>You can thank good policy from the government and the central bank, a non-bank financial services boom triggered by entrepreneurs and investment banks alike, and a good measure of help from development finance institutions and big, state-owned banks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> But what is financial inclusion, really? <\/strong>Is a wallet sufficient? Is it the ability to transact seamlessly, digitally, everywhere? Is it access to credit? A formal bank account? <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What will get the next 20 mn people not just into the financial system, but <\/strong><strong> transacting? <\/strong> How do we define success?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> 5- TECHNOLOGY IS CHANGING THE WORLD <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> \u2026and nowhere is that as evident as it is in Egypt<\/strong>, where two generations have leapfrogged landlines, wired internet, and bank accounts and moved straight to always-on pocket computers, messaging (everything from chat to generative AI), and having an app for everything. We all overuse the word \u201cdisrupt\u201d \u2014 to the point that it has become virtually meaningless. But the simple fact is that technology has, in our part of the world, been a net creator of businesses and of meaningful jobs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We\u2019re now seeing the other side of the coin: <\/strong>Some businesses will be snuffed out by tech. Jobs will be destroyed, not just created, and nobody knows whether the balance will be net positive or negative for those of us who run on \u201cwetware.\u201d <strong> Artificial intelligence and the digitalization of all of our businesses are changing the competitive landscape<\/strong>, and we\u2019re only now starting to get our heads around what it means for our businesses and our industries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> 6- NEW OWNERS = NEW IDEAS <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The ownership structure of our industry is changing. <\/strong> The drying up of venture capital is going to force some startups to pivot, some to shut their doors, and others to look at acquisition offers in a brand new light. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We have too many banks<\/strong>, but we're about to have challenger banks. State institutions have bought heavily into non-bank financial services (of all forms) in the past five years. Government institutions invest in or run VC firms. And yet the state is telling us it will be selling stakes in some financial institutions. An app can make its mark on the retail brokerage industry \u2014 but that doesn\u2019t change the fact that we have far too many licenses in circulation. From CIB, Beltone Holding, and e-Finance to Fawry and fresh startups, Gulf investors (most of them sovereign activities) are in town, committing capital, and demanding they be shown the best assets we have. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> 7- WE\u2019RE ALL REALLY GRUMPY <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Our community is unhappy. <\/strong>We have gone through denial, anger, bargaining, and depression \u2014 four of the five stages of grief. Only in recent weeks has there emerged a sense that we may just now be getting to acceptance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We all <\/strong><strong> grumped <\/strong><strong> and complained the first six months of this year, but the leaders of the <\/strong><strong> finance industry (and, increasingly, of other businesses) have accepted that there is no deus ex machina <\/strong>that\u2019s going to come down from the sky tomorrow and make everything better. We need to take action today not just to preserve our businesses and keep teams together in challenging times, but to write the next chapters of our growth stories. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> None of us labor under the illusion that the road ahead is easy. <\/strong>Even if there were policy changes tomorrow, it\u2019s not going to magically transform our reality. We have two to three years of tough sledding ahead.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Against that backdrop, we are showing signs of acceptance. <\/strong>Acceptance that some levers are in our hands. Acceptance that we need to sell into other countries. Acceptance that we need to be sure we\u2019re getting the most out of every pound we spend at home. Acceptance that many of us may be looking at a period of margin compression. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> But what\u2019s the alternative? <\/strong>To pack up and call it a day? To retire in Somabay? We\u2019re not ready for that, and judging from the mood of more than 30 leaders who agreed to join us on stage over two days, neither are you. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The consensus among our guests <\/strong> is that while we do indeed have 2-3 years of adjustment (once the word \u201cgo\u201d is uttered at the macro level), <strong> there are immense opportunities on the other side of the hill. <\/strong>Many of those who joined us on stage in Egypt are looking to expand outside the nation\u2019s borders \u2014 but Egypt will remain their centers of gravity. Others are moving production lines, back-office jobs, and other functions here. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We\u2019ll dive deeper into each of these themes over the coming weeks as we unpack the <\/strong><strong> Enterprise Finance Forum <\/strong>one panel at a time. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/44.jpg?ssl=1\"\/><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-finance-forum\/\">Enterprise Finance Forum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-forum\/\">FINANCE FORUM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607063\" 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=\"607063\">\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\">ELECTION 2023<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/presidential-election-to-be-held-in-december\/\">\r\n                            Egypt presidential election to be held in December                        <\/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\/26\/presidential-election-to-be-held-in-december\/\" 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\/26\/presidential-election-to-be-held-in-december\/')\">\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\/26\/presidential-election-to-be-held-in-december\/\">\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=Presidential election to be held in December&url=https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/presidential-election-to-be-held-in-december\/\">\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\/26\/presidential-election-to-be-held-in-december\/&title=Presidential election to be held in December\">\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=Presidential+election+to+be+held+in+December+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F09%2F26%2Fpresidential-election-to-be-held-in-december%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\/26\/presidential-election-to-be-held-in-december\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1533.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607064\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/presidential-election-to-be-held-in-december\/1533-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1533.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1533.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1533.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1533.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607063\" class=\"content-area-description single-story post-607063 post type-post status-publish format-standard has-post-thumbnail hentry category-election-2023 tag-abdel-fattah-el-sisi tag-election-2023 tag-enterpriseam tag-national-elections-authority 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\/.958f9e41-4609-4bcd-be49-6d97560c7d86.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> It\u2019s official: We\u2019re heading to polls in December. <\/strong>The National Elections Authority (NEA) announced yesterday at a press conference the timetable for the upcoming presidential election, confirming that the voting process will start as early as the first of December (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=uzStYd5mhyk\" style=\"\" rel=\"noopener\">watch, runtime: 7:40<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The vote: <\/strong>Egyptian expats will be able to cast their votes on <strong> 1-3 December<\/strong>. For the rest of us, polling booths will be open on <strong> 10-12 December<\/strong>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The result is set to be announced on 18 December. <\/strong> In the event that no candidate wins with a majority in the first round, a runoff vote will take place on <strong> 5-7 January <\/strong> abroad and <strong> 8-10 January <\/strong>in Egypt. The results of the run-off would be announced on <strong> 16 January<\/strong>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE POTENTIAL CANDIDATE <\/strong><strong> S- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The incumbent: <\/strong>President Abdel Fattah El Sisi is yet to officially announce his candidacy though he is widely expected to seek a third term in office, with a raft of pro-government political parties and syndicates having declared their support in recent days. His term expires in April 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> El Sisi was first elected in 2014 and won a second four-year term in 2018. <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2019\/04\/17\/mps-vote-overwhelmingly-in-favor-of-constitutional-amendments\/\" style=\"\" rel=\"noopener\">Constitutional amendments<\/a> passed in 2019 extended presidential terms to six years and permitted El Sisi to run for a third term. Victory at the polls in December would see him remain in office until 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Who else might be running? <\/strong><a target=\"_blank\" href=\"https:\/\/t.ly\/xG5bb\" style=\"\" rel=\"noopener\">Seven politicians<\/a> have so far expressed their intention to mount a bid for the presidency. The list of potential candidates (in alphabetical order) includes:<\/p>\n<ul>\n<li>Former MP and member of the Wafd Party <strong> Fouad Badrawi <\/strong>;<\/li>\n<li>Chair of the Democratic Peace Party <strong> Ahmed El Fadaly <\/strong>;<\/li>\n<li>Chair of the Dostour Party <strong> Gameela Ismail <\/strong>;<\/li>\n<li>Head of the People's Republican Party <strong> Hazem Omar <\/strong>;<\/li>\n<li>Former MP and former head of the leftist Karama Party<strong> Ahmed Tantawi <\/strong>;<\/li>\n<li>Head of the Wafd Party <strong> Abdel Sanad Yamama <\/strong>;<\/li>\n<li>Head of the Egyptian Social Democratic Party <strong> Farid Zahran<\/strong>.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Candidates need to file their running papers between 5-14 October<\/strong>. The preliminary list of candidates will be made public on <strong> 16 October<\/strong>, and the final list will be announced on<strong> 9 November<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> How to get on the list: <\/strong> Under the election law, candidates need to receive nominations from at least 20 MPs, or endorsements from 25k citizens from at least 15 governorates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BACKDROP- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The vote is taking place earlier than expected: <\/strong> Up until this month the NEA was widely expected to schedule the vote in 2024, though in recent days media <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/912e18fd-82fc-4963-9567-e5d4fd030216\" style=\"\" rel=\"noopener\">at home<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26cbb58e-2d70-4f3b-83c8-77a3dff8f3f9\" style=\"\" rel=\"noopener\">abroad<\/a> indicated that it could instead hold it in December.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> No IMF review or action on the EGP until the poll is over: <\/strong>Analysts don\u2019t expect accelerated action on economic reforms (particularly the float of the EGP) tied to the IMF program until after the poll: \u201cAny substantial reforms, including another meaningful EGP devaluation, would likely occur only after the presidential elections,\u201d Monica Malik, chief economist at Abu Dhabi Commercial Bank, told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-25\/egypt-to-hold-presidential-vote-in-december-as-devaluation-looms\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> The IMF has twice delayed reviews of our assistance program (and, with it, approval of the second and third tranches of the USD 3 bn loan) due in large part to our failure to make the exchange rate fully flexible. A fourth devaluation is widely expected to occur ahead of a review.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> INT\u2019L REACTION- The international press expects El Sisi to win the poll: <\/strong><a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/egypt-elections-president-elsissi-d362a1e8a03671a975534df8146d5cb5\" style=\"\" rel=\"noopener\">Associated<\/a> <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/egypt-elections-president-elsissi-d362a1e8a03671a975534df8146d5cb5\" style=\"\" rel=\"noopener\">Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-hold-presidential-election-dec-10-12-2023-09-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20230925-egypt-to-hold-presidential-vote-on-december-10-12\" style=\"\" rel=\"noopener\">AFP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-25\/egypt-to-hold-presidential-vote-in-december-as-devaluation-looms\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/09\/25\/egypts-presidential-elections-to-be-held-in-december-election-commission-says\/\" style=\"\" rel=\"noopener\">The National<\/a>. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/election-2023\/\">Election 2023<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-elections-authority\/\">National Elections Authority<\/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=\"607065\" 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=\"607065\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/\">\r\n                            Egypt steps up search for oil and gas with new bid round                        <\/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\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/\" 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\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/')\">\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\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/\">\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=Oil Ministry offers new oil and gas exploration blocks to international firms&url=https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/\">\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\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/&title=Oil Ministry offers new oil and gas exploration blocks to international firms\">\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=Oil+Ministry+offers+new+oil+and+gas+exploration+blocks+to+international+firms+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F09%2F26%2Foil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms%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\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1524.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607066\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/oil-ministry-offers-new-oil-and-gas-exploration-blocks-to-international-firms\/1524-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1524.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1524.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1524.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1524.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607065\" class=\"content-area-description single-story post-607065 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-egyptian-general-petroleum-corporation tag-energy tag-enterpriseam tag-ganope tag-oil-and-gas tag-oil-ministry tag-tarek-el-molla 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\/.2f05e260-9da6-4782-9d25-88f0a1d46b96.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> New oil and gas bid round launched: <\/strong> International energy companies are being invited to search for new oil and gas fields in Egypt as the Madbouly government looks to reverse declining production and draw new investment into the sector. <strong> The Oil Ministry is offering 23 blocks in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/eug.petroleum.gov.eg\/dp\/jsp\/GANOPE.jsp\" style=\"\" rel=\"noopener\">an international bid round<\/a><\/strong> launched yesterday that will see foreign companies work with the state-owned Egyptian South Valley Petroleum Holding Company (Ganope) and the Egyptian General Petroleum Corporation to explore for new hydrocarbons, it said in <a target=\"_blank\" href=\"https:\/\/bit.ly\/46mxxKm\" style=\"\" rel=\"noopener\">a statement<\/a>. Companies have until 25 February 2024 to submit offers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What\u2019s up for grabs: <\/strong> The ministry is offering 10 blocks in the Western Desert, seven in the Gulf of Suez, four in the Red Sea, and two in the Eastern Desert. Thirteen of the zones are under the control of Ganope and the other 10 are managed by EGPC. Firms can bid for exploration licenses of up to seven years and will be granted 20-year extendable development leases if they make a discovery, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1532.pdf\" style=\"\" rel=\"noopener\">the term sheet (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt needs new discoveries: <\/strong> Falling domestic oil and gas production is increasing Egypt\u2019s reliance on imported energy and putting pressure on supply. Lower gas output \u2014 which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/846ecdd4-0a16-40f5-8c1e-ef52f3265a06\" style=\"\" rel=\"noopener\">fell to a three-year low<\/a> in 2Q 2023 \u2014 has contributed to the ongoing electricity shortages, which have caused rolling blackouts across the country since July. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Key int\u2019l partners have pledged bns of USD of new investment: <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f34df404-4426-4113-9e2d-987c4b9a44db\" style=\"\" rel=\"noopener\">BP<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c54cb0e-a38c-4252-89ff-6511440baa27\" style=\"\" rel=\"noopener\">Chevron<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f843071-dfad-4c1a-b639-6a083b287bcd\" style=\"\" rel=\"noopener\">Eni<\/a> have recently pledged to invest a combined USD 14.2 bn in exploration and production operations in Egypt in the coming years. The ministry recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad403632-3faf-439d-a471-1a12127aa34a\" style=\"\" rel=\"noopener\">raised its investment forecast<\/a> to USD 8.5-9 bn this fiscal year, up from USD 7.7-8 bn previously. Foreign oil and gas companies invested USD 5.7 bn in the sector in FY 2022-2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Radio silence on the other bid rounds: <\/strong> EGPC and EGAS are yet to announce the results of the brownfield and exploration bid rounds that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40e1c661-f9fb-43fa-9f17-4a3b55368ef6\" style=\"\" rel=\"noopener\">closed a bit more than two months ago<\/a>. The ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7270639a-278f-4c1c-9f11-4bde8b4c147b\" style=\"\" rel=\"noopener\">launched an international bid round<\/a> to develop eight mature oil fields in the Gulf of Suez and Eastern Desert in March, and later extended the deadline by a month to mid-July citing the Eid Al Adha holiday.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-general-petroleum-corporation\/\">Egyptian General Petroleum Corporation<\/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\/ganope\/\">Ganope<\/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\/oil-ministry\/\">Oil Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-el-molla\/\">Tarek El Molla<\/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=\"607067\" 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=\"607067\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/\">\r\n                            Kandil Steel borrows USD 25 mn from IFC amid industry headwinds                        <\/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\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/\" 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\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/')\">\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\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/\">\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=Kandil Steel borrows USD 25 mn from IFC amid industry headwinds&url=https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/\">\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\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/&title=Kandil Steel borrows USD 25 mn from IFC amid industry headwinds\">\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=Kandil+Steel+borrows+USD+25+mn+from+IFC+amid+industry+headwinds+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F09%2F26%2Fkandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds%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\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1530.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607068\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/1530-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1530.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1530.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1530.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1530.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607067\" class=\"content-area-description single-story post-607067 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-development-finance tag-enterpriseam tag-industry tag-international-finance-corporation tag-kandil-steel tag-manufacturing 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\/.62607701-b5f7-407d-a87e-432b0a0552b5.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> The International Finance Corporation (IFC) has signed off on a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/111c81df-5763-4a53-a749-ca3d23692f76\" style=\"\" rel=\"noopener\">U<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/111c81df-5763-4a53-a749-ca3d23692f76\" style=\"\" rel=\"noopener\">SD<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/111c81df-5763-4a53-a749-ca3d23692f76\" style=\"\" rel=\"noopener\">25 mn loan<\/a><\/strong><strong> to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.kandil.com\/index.html\" style=\"\" rel=\"noopener\">Kandil Steel<\/a><\/strong>. The funding will be used to support the company\u2019s expansion plans amid ongoing economic headwinds. The loan, approved earlier this year, will \u201csupport the company\u2019s operational and financial resilience\u201d by funding working capital and enabling it to continue purchasing raw materials, the multilateral lender said in <a target=\"_blank\" href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=27771\" style=\"\" rel=\"noopener\">a s<\/a> <a target=\"_blank\" href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=27771\" style=\"\" rel=\"noopener\">tate<\/a> <a target=\"_blank\" href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=27771\" style=\"\" rel=\"noopener\">ment<\/a> yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Kandil needs the greenbacks: <\/strong> The ongoing economic crisis is weighing on the local steel industry, with soaring inflation, a weaker EGP and a prolonged shortage of foreign currency squeezing margins and curbing access to key production inputs. In <a target=\"_blank\" href=\"https:\/\/disclosures.ifc.org\/project-detail\/ESRS\/47399\/kandil-steel\" style=\"\" rel=\"noopener\">its disclosure<\/a>, the IFC said that Kandil\u2019s working capital requirements have risen on the back of rising raw material costs and reduced access to USD. The proceeds will be primarily go towards paying for raw materials and \u201coptimizing production\u201d at its plants, it said<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Supporting expansion: <\/strong> The company wants to increase annual production by 60% to 800k tons by the end of 2024, said CEO Amr Kandil. \u201cIFC's financing, provided amid a very challenging local and global environment, will help us sustain a growing presence in our export markets while continuing to fulfill our home market needs,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Kandil is a key player in the local steel industry: <\/strong> Kandil Steel ranks among Egypt\u2019s 10 largest steel exporters, currently shipping to more than 40 countries across the world. The company\u2019s factories in Tenth of Ramadan City and Obour City have the capacity to produce 708k tons of steel a year, and it dominates the local market for galvanized steel products.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A climate add-on: <\/strong> The IFC will also help the company develop a decarbonization program to reduce its carbon emissions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> BACKGROUND- The sands are shifting (somewhat) in the industry. <\/strong>Beshay Steel, one of the region\u2019s largest private-sector steel firms, this month <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f6e6630c-be4e-4f18-8241-74ef52ccbe82\" style=\"\" rel=\"noopener\">sold significant minority stakes<\/a> in three of its subsidiaries to the military\u2019s National Service Projects Organization reportedly in order to fund debt repayments. Reports in the local press have also suggested that state-owned <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/123c668b-41e9-4f72-a7eb-46cef7541a55\" style=\"\" rel=\"noopener\">Delta Steel may be up for sale<\/a>, with a number of local private companies reportedly considering making bids. Ezz Steel, meanwhile, believes enough in the future of the industry that it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ace4d4a-08f1-4f2e-bc12-15379d392de7\" style=\"\" rel=\"noopener\">committed to a USD 241 mn buyout<\/a> of the government\u2019s 31% stake in its subsidiary Al Ezz Dekheila.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kandil-steel\/\">Kandil Steel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/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=\"607069 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=\"607069\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/607069\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607069\" class=\"content-area-description single-story post-607069 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607070\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"607070\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/the-ida-has-a-new-temporary-head\/\">\r\n                            IDA deputy Nahed Abdou made interim head of the authority                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/the-ida-has-a-new-temporary-head\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Abdou will head up the authority for at least one month while a successor is found.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industrial-development-authority\/\">Industrial Development Authority<\/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\/trade-and-industry-ministry\/\">Trade and Industry Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607072 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=\"607072\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/607072\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607072\" class=\"content-area-description single-story post-607072 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/imagine.sodic.com\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/927.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607073\" 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=\"607073\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/it-was-all-about-the-election-and-the-aiib-on-the-talk-shows\/\">\r\n                            Presidential elections and the AIIB meeting dominate 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\/26\/it-was-all-about-the-election-and-the-aiib-on-the-talk-shows\/\" 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\/26\/it-was-all-about-the-election-and-the-aiib-on-the-talk-shows\/')\">\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\/26\/it-was-all-about-the-election-and-the-aiib-on-the-talk-shows\/\">\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=It was all about the election and the AIIB on the talk shows&url=https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/it-was-all-about-the-election-and-the-aiib-on-the-talk-shows\/\">\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\/26\/it-was-all-about-the-election-and-the-aiib-on-the-talk-shows\/&title=It was all about the election and the AIIB on the talk shows\">\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=It+was+all+about+the+election+and+the+AIIB+on+the+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F09%2F26%2Fit-was-all-about-the-election-and-the-aiib-on-the-talk-shows%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\/26\/it-was-all-about-the-election-and-the-aiib-on-the-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1540.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607074\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/it-was-all-about-the-election-and-the-aiib-on-the-talk-shows\/1540-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1540.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1540.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1540.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1540.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607073\" class=\"content-area-description single-story post-607073 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-asian-infrastructure-investment-bank tag-election-2023 tag-enterpriseam tag-farid-zahran tag-last-nights-talk-shows tag-national-election-authority tag-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\/.ee8b8b9d-62f9-4c5a-a588-fa64b5d1b8a9.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Everyone and their mother was talking about the presidential election on the talk shows <\/strong><strong> last night <\/strong> following the National Election Authority\u2019s press conference yesterday, at which it announced Egyptians will head to the polls in December, with runoff in early 2024 if necessary. Discussions about the election rules, coverage of yet more endorsements for President El Sisi\u2019s expected candidacy, and an extended interview with one of his potential challengers, Farid Zahran, all featured on the airwaves. We have full coverage of the press conference 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> #1- Election 2023: <\/strong>Kelma Akhira host Lamees El Hadidi walked the audience through the election timetable (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=5WWfyfvtyCg\" style=\"\" rel=\"noopener\">watch, runtime: 14:39<\/a>), Al Hayah Al Youm\u2019s Lobna Asal dedicated airtime to the press conference (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=RMNn1SjkEdc\" style=\"\" rel=\"noopener\">watch, runtime: 4:13<\/a>), while Ala Masouleety's Ahmed Moussa spent most of the night lavishing praise on the president and speculating about his potential candidacy (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=MXO6DMuCJlg\" style=\"\" rel=\"noopener\">7:27<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=s_xJPoOZZk4\" style=\"\" rel=\"noopener\">7:36<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=un5mjOmnekc\" style=\"\" rel=\"noopener\">5:22<\/a>). Meanwhile, Masaa DMC's Osama Kamal interviewed National Elections Authority (NEA) head Ahmed Bendari, who walked the audience through the conditions for filing candidacy documents (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=dsx0dLaGlMY\" style=\"\" rel=\"noopener\">2:52<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=UNnnQRiHg7g\" style=\"\" rel=\"noopener\">3:11<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Interview with a prospective presidential candidate: <\/strong>Masaa DMC\u2019s Osama Kamal interviewed Farid Zahran, the head of the Egyptian Social Democratic Party who announced his intention last week to run in the election (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=FyZItioTXgU\" style=\"\" rel=\"noopener\">watch, runtime: 3:15<\/a>). Zahran said he is looking to put forward a \u201cdemocratic civil alternative\u201d in the presidential race, and though he stressed that he isn\u2019t looking to represent the political opposition, he said that he has backing of some of their circles. (<a target=\"_blank\" href=\"https:\/\/www.cairo24.com\/1873088\" style=\"\" rel=\"noopener\">Cairo 24<\/a> | <a target=\"_blank\" href=\"https:\/\/bit.ly\/46s7UHV\" style=\"\" rel=\"noopener\">Youm7<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Zahran also got a mention on El Hekaya: <\/strong>Maha Abdel Nasser, deputy head of the Egyptian Social Democratic Party, phoned in to El Hekaya (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=W8xgBNqwkHM\" style=\"\" rel=\"noopener\">watch runtime: 7:29<\/a>) and provided Amr Adib with a recent criminal background check disproving a document circulating on social media claiming to show Zahran has a criminal history. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- AIIB meeting kicks off in Sharm: <\/strong> Following the opening day of the Asian Infrastructure Investment Bank\u2019s (AIIB) annual meeting in Sharm El Sheikh, Al Hayah Al Youm featured for the second night in a row an interview with an economist singing the praises of the China-led lender\u2019s approach to financing (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=fp-kI1brAc0\" style=\"\" rel=\"noopener\">watch, runtime: 3:07<\/a>). El Hadidi dedicated some airtime to El Sisi\u2019s speech at the meeting, which he used to highlight Egypt\u2019s infrastructure funding gap, his government\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">state ownership policy<\/a>, and the recent <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\" rel=\"noopener\">package of economic reforms<\/a> aimed at improving the business environment (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ArS8UigXwII\" style=\"\" rel=\"noopener\">watch, runtime: 5:02<\/a>). Ahmed Moussa squeezed-in some time on his show to cover yesterday\u2019s meeting between El Sisi and the bank\u2019s chairman, Jin Liqun (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=1beIFh9XzRY\" style=\"\" rel=\"noopener\">watch, runtime: 1:49<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/asian-infrastructure-investment-bank\/\">Asian Infrastructure Investment Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/election-2023\/\">Election 2023<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/farid-zahran\/\">Farid Zahran<\/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\/national-election-authority\/\">National Election Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607075\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button 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   <div class=\"index-number\">8<\/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\/26\/ezdehar-to-expand-zahran-footprint-by-acquiring-alfa-market-stores\/\">\r\n                            Ezdehar to expand Zahran footprint by acquiring Alfa Market stores                        <\/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 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                   <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1535.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607077\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/ezdehar-to-expand-zahran-footprint-by-acquiring-alfa-market-stores\/1535-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1535.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1535.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1535.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1535.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607076\" class=\"content-area-description single-story post-607076 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-alfa-market tag-also-on-our-radar tag-emad-barsoum tag-enterpriseam tag-ezdehar tag-private-equity tag-retail tag-zahran-market 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\/.c3235b21-c087-4907-9161-984eb93e664f.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Ezdehar to acquire Alfa Market stores: <\/strong> Local private equity firm Ezdehar plans to purchase up to four of Alfa Market\u2019s stores in Cairo to expand the presence of Zahran Market, one of its portfolio companies, Managing Director Emad Barsoum told Enterprise. The firm expects to wrap up the purchase in the coming weeks, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>Alfa Market was reported in June to be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c07ca60-f4ed-4c49-bc69-f7f48f1dd3bb\" style=\"\" rel=\"noopener\">preparing to sell off some of its stores<\/a> in a bid to repay mounting debts. Ezdehar moved into the retail sphere last year when it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af3d3887-1c69-4d79-a0d6-09cf199ff825\" style=\"\" rel=\"noopener\">acquired a 60% stake<\/a> in retail supermarket chain Zahran Market through its Mid-Cap Fund II (EMF II).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Fact check: <\/strong> Barsoum denied a report in <a target=\"_blank\" href=\"https:\/\/bit.ly\/3RAARNQ\" style=\"\" rel=\"noopener\">Al Mal<\/a> which claimed the firm wants to acquire an equity stake in the troubled retailer, citing anonymous sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> SME fund <\/strong><strong> still in the works: <\/strong> Ezdehar is preparing to launch its planned <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d3f6d81-3ea0-4eeb-bfcd-b4ec27edcac3\" style=\"\" rel=\"noopener\">EGP 1 bn fund<\/a> targeting medium-sized businesses that are struggling to secure funding in 4Q 2023 or 1Q 2024, Barsoum told us. The firm is looking into potential companies to invest in and is still in talks with investors. The company is targeting three or four investors, mostly local banks, he added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alfa-market\/\">Alfa Market<\/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\/emad-barsoum\/\">Emad Barsoum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ezdehar\/\">Ezdehar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zahran-market\/\">Zahran Market<\/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=\"607078\" 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=\"607078\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/lumi-shares-rise-30-on-saudi-stock-market-debut\/\">\r\n                            Lumi shares rise 30% on Saudi stock market debut                        <\/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 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1537.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607079\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/lumi-shares-rise-30-on-saudi-stock-market-debut\/1537-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1537.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1537.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1537.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1537.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607078\" class=\"content-area-description single-story post-607078 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-efg-hermes tag-enterpriseam tag-financial-markets tag-lumi tag-planet-finance tag-saudi-arabia tag-spinneys-2 tag-uae 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\/.456436cd-dbff-412c-98de-c53e820e5a66.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> IPO WATCH- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> #1- Lumi shares pop in Saudi debut: <\/strong> Shares in Saudi car rental firm Lumi rose as much as 30% in their Tadawul debut in Riyadh yesterday following the company\u2019s USD 290 mn IPO. Shares opened above the company\u2019s IPO SAR 66 IPO price at SAR 72.6 and jumped to a high of SAR 85.8. The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1af21586-f378-48a0-a4f9-44de27af8669\" style=\"\" rel=\"noopener\">floated 30% of its shares<\/a> on the exchange in a sale that was almost 95x oversubscribed, with orders worth SAR 102.9 bn. Our friends at EFG Hermes were joint bookrunners on the transaction, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1492.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a> yesterday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- Spinneys Dubai could IPO in 2024: <\/strong> Spinneys Dubai \u2014 the franchisee of the supermarket chain in the UAE and Oman \u2014 could offer 30% of its shares in an IPO in Dubai in 2Q 2024, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/supermarket-franchisee-spinneys-dubai-plans-ipo-2024-2023-09-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing three people with knowledge of the matter.<\/p><p><a target=\"_blank\" id=\"t.e5beca89d13972330e31d30d9d126c41291f08ed\" 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<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\">20,321<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +39.2%)<\/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> Tadawul <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,878<\/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\">-0.7% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> 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\">9,837<\/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: -3.7%)<\/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> 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\">4,182<\/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: +25.4%)<\/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> 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\">4,337<\/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: +13.0%)<\/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> 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\">7,624<\/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% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> 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\">4,167<\/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: +9.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Brent crude <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 93.35<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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> 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 2.64<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1,934.80<\/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%<\/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 26,295<\/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\">-0.7% (YTD: +59.8%)<\/p>\n<\/td>\n<\/tr>\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 0.5% at yesterday\u2019s close <\/strong> on turnover of EGP 2.5 bn (16.9% above the 90-day average). Foreign investors were net buyers. The index is up 39.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the green: <\/strong>Palm Hills Development (+6.9%), Abu Dhabi Islamic Bank (+6.7%) and Ezz Steel (+5.8%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the red: <\/strong>E-Finance (-2.1%), Fawry (-1.8%) and Telecom Egypt (-1.1%).<\/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\/efg-hermes\/\">EFG Hermes<\/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       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                     \n<article id=\"post-607080\" class=\"content-area-description post-607080 goinggreen type-goinggreen status-publish has-post-thumbnail hentry category-going-green tag-energy tag-engie tag-enterprise-going-green tag-enterpriseam tag-going-green tag-loic-jaegert-huber tag-renewables tag-water wpautop entry\">\n\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\"> <strong> France\u2019s Engie has appetite to invest more in Egypt as rolling blackouts put a greater emphasis on renewables: <\/strong>Egypt is currently grappling with a system of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10d0761d-0704-4fa5-a551-160d72e66a56\" style=\"\" rel=\"noopener\">rolling blackouts<\/a> to manage a lack of electricity supply, which is increasingly becoming a source of concern for both citizens and the government. The blackouts are a pressing issue that highlights the importance of the country\u2019s push for clean energy solutions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We sat down with Engie\u2019s North Africa regional director Lo\u00efc Jaegert-Huber to discuss our clean energy landscape o <\/strong>n the sidelines of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4b0d3f20-2d64-422f-947a-06c529e19e20\" style=\"\" rel=\"noopener\">Hydrogen Egypt Summit<\/a> last week. Lo\u00efc Jaegert-Huber(<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/loicjaegert\/?originalSubdomain=ma\" style=\"\" rel=\"noopener\">Linkedin<\/a>) discussed the French renewables player\u2019s appetite to invest here, the industry incentives he wants to see, and the challenges Egypt needs to address. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt currently constitutes 60% of Engie\u2019s investments in the North Africa region<\/strong>, Jaegert-Huber told Enterprise. Engie in partnership with Orascom Construction\u2019s (OC) and Toyota Tsusho signed a land allocation agreement <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ebf21fb-3f6b-40ff-8ee9-c3971b02df93\" style=\"\" rel=\"noopener\">in August<\/a> with the Electricity Ministry for a 852 sq-km plot in Sohag for a planned <a target=\"_blank\" href=\"https:\/\/enterprise.news\/news\/story#ce29a6e4-8653-4954-b817-c38ac8a69aa8]\" style=\"\" rel=\"noopener\">3 GW wind farm<\/a>. The consortium also recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/448f4089-1c32-47d2-b37e-2ab97142d101\" style=\"\" rel=\"noopener\">broke ground<\/a> on their 500 MW wind project in Ras Ghareb and are currently operating a 262.5 MW wind farm in Ras Ghareb that went live <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2019\/02\/24\/oc-consortium-to-complete-250-mw-wind-farm-in-ras-gharib-two-months-ahead-of-schedule\/\" style=\"\" rel=\"noopener\">in 2019<\/a>. Engie have also partnered with Hassan Allam Holding and are among the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f776d860-3854-414f-b89b-c8755dae0862\" style=\"\" rel=\"noopener\">prequalified 17 consortiums<\/a> that will bid for renewables-powered desalination projects offered up by the Sovereign Fund of Egypt\u2019s (SFE). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> But Jaegert-Huber told us that they\u2019re only getting starte <\/strong><strong> d: <\/strong>Engie has so far invested USD 1 bn in various renewable projects in Egypt and they are <strong> considering another USD 3-5 bn of investments in renewables and desalination projects<\/strong>. Engie is also eyeing up the possibility of pushing into hydrogen here, Jaegert-Huber told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Medium projects for Egypt, large projects for Morocco and Oman: <\/strong> \u201cOur partners Hassan Allam, Masdar, and Infinity have signed agreements for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/94907692-1f6c-406b-b77a-59a627889e6e\" style=\"\" rel=\"noopener\">10 GW of renewables<\/a> with the Egyptian government,\u201d said Jaegert-Huber. However, Engie\u2019s strategy primarily revolves around investing in smaller medium-sized projects here and larger scale projects in Morocco and Oman, Jaegert-Huber added. As an example, Jaegert-Huber explained that in Morocco the emphasis shifts towards more substantial projects centered around ammonia and hydrogen exports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We asked Jaegert-Huber to tell us about some of the incentives that Engie would like to see <\/strong>to push our green energy ecosystem forward:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Regulatory frameworks: <\/strong>A regulatory framework with specific regulations for hydrogen, said Jaegert-Huber, adding that creating certificates for green hydrogen is particularly important for exporting.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- Prompt approvals: <\/strong> \u201cIt\u2019s also important to accelerate the issuance of approvals for key agreements like land allocations required for renewables and desalination projects,\u201d said Jaegert-Huber<strong> . <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #3- Local Industrial ecosystems <\/strong><strong> : <\/strong> Jaegert-Huber emphasized the need to build industrial ecosystems locally, which not only help with component availability, but also reduce our dependence on imports. He also advocated for the localization of skills for technicians and engineers as well as localizing the production of equipment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #4- Financial incentives from the government to encourage greater participation by the private sector in the transition to clean energy<\/strong>, said Jaegert-Huber, adding that they could be used for conducting feasibility and pre-feasibility studies. Tax incentives are also a good incentive for companies engaged in renewables because they not only accelerate private sector investment, but also the adoption of clean energy solutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> But Jaegert-Huber seems to think that things have been going in the right direction recently <\/strong><strong> : <\/strong><strong> \u201c <\/strong>We are particularly excited about the new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f955b5d-40c5-4b38-b1d9-4cffe953f653\" style=\"\" rel=\"noopener\">industrial incentives<\/a> introduced last August to stimulate foreign direct investment. It is thanks to this type of measure that a more stable and transparent business environment will be created, which will accelerate the development of the Egyptian economy,\u201d Jaegert-Huber told us<strong> . <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> As ambitious as the clean energy industry is in its pursuit of a more sustainable future, it is not without its challenges. <\/strong>The transition from fossil fuels to renewable sources involves complex technological advancements, substantial financial investments, infrastructure upgrades, and regulatory adjustments, which can pose significant obstacles. Jaegert-Huber talked to us about some of these challenges from a local market perspective.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Jaegert-Huber highlighted to us the issue of administrative delays complicating our green energy industry: <\/strong>The involvement of multiple ministries at different stages of projects from bidding all the way to execution can sometimes lead to detrimental delays, according to Jaegert-Huber. \u201cWe are engaging with several governmental entities including the ministries of electricity, housing, and finance for the desalination projects we are bidding for. These consultations require time and commitment, but I am confident that the collective work will bear great results,\u201d Jaegert-Huber explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Payment delays stemming from the FX crisis also pose a serious challenge to our clean energy industry: <\/strong> \u201cDelays in payments from the Egyptian Electricity Transmission Company (EETC), one of Engie\u2019s clients, have also been a concern,\u201d said Jaegert-Huber, highlighting the importance of financial stability for the company's operations. Such delays are attributed to the ongoing FX crunch the country has been experiencing, he explained, adding that \u201cwe hope it's exceptional because it's a question of financial stability for the company.\u201d<\/p>\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 green economy stories for the week: <\/strong><\/p>\n<ul>\n<li><strong> A 50% expansion at Benban + a new wind farm<\/strong>: Ministers <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3941e2bc-9adc-4b5b-ac90-b32fdd29478d\" style=\"\" rel=\"noopener\">approved<\/a> an offer submitted by UAE-based AMEA Power to expand the production capacity of the solar park in Aswan by 1 GW and to set up a new 500-MW wind farm in Ras Ghareb.<\/li>\n<li><strong> IFC is helping BdC go green with the support of the German gov\u2019t<\/strong>:The International Finance Corporation (IFC) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad403632-3faf-439d-a471-1a12127aa34a\" style=\"\" rel=\"noopener\">will partner<\/a> with Banque du Caire (BdC) to develop a climate finance strategy to invest in green projects.<\/li>\n<li><strong> Infinity to charge BMW EVs locally<\/strong>: Global Auto Group, BMW\u2019s agent and importer in Egypt, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947809e6-17d4-440a-aea1-3c60de7c3753\" style=\"\" rel=\"noopener\">signed<\/a> an agreement with our friends at Infinity to charge electric BMWs at its charging stations.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/engie\/\">Engie<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/loic-jaegert-huber\/\">Lo\u00efc Jaegert-Huber<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"607082\" 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\/26\/607082\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607082\" class=\"content-area-description single-story post-607082 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 style=\"font-weight:400;\">19-26 September (Tuesday-Tuesday): UN General Assembly, New York.<\/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;\">23-29 September (Saturday-Friday): Engineering Export Council of Egypt Iraqi trade mission.<\/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>25-29 September (Monday-Friday): The IPPC <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ippc.int\/en\/news\/coming-up-train-the-trainer-workshop-for-africa-phytosanitary-programme-1\/\" style=\"\">to host<\/a><\/span><span style=\"font-weight:400;\"> plant health workshops in Cairo as part of the pilot phase of its Africa Phytosanitary Program. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight: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): Prophet Muhammad\u2019s birthday.<\/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;\">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>1 October (Sunday): Public-sector <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b182e4c-7409-4375-b92f-82f32198f67c\" style=\"\">minimum wage hike<\/a><\/span><span style=\"font-weight:400;\">, other financial support measures come into effect.<\/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 October (Sunday): Onion export ban goes into effect.<\/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 style=\"font-weight:400;\">7 October (Saturday): HHD shareholders to consider NOSI\u2019s offer to acquire Heliopark land.<\/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>20 October (Friday): <\/span><span style=\"font-weight:400;\">Deadline for applying for Dar Venture\u2019s Dare incubator.<\/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 style=\"font-weight:400;\">27 October (Friday): 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>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<li><span style=\"font-weight:400;\">Egyptian-Italian Business Council, Egypt<\/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 style=\"font-weight:400;\">8 November (Wednesday): Turkish-Arab Economic Forum 2023, Istanbul.<\/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>1-3 December (Friday-Sunday): Egyptian expats vote in the presidential election.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-15 December (Saturday-Friday) :The Engineering Export Council of Egypt\u2019s<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3RcDzJg\" style=\"\">trade mission<\/a><\/span><span style=\"font-weight:400;\"> to Saudi Arabia.<\/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 style=\"font-weight:400;\">, 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>10-12 December (Sunday-Tuesday): Voting in presidential election takes place 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;\">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;\">20 December (Wednesday): End of sugar export ban.<\/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>25 February 2024 (Sunday): Deadline for bidders for oil and gas expansion in the 23 new regions.<\/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 style=\"font-weight:400;\">2Q 2025: Safaga Terminal 2 to start operations.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":607057,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-607056","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"be8e9295-96b0-41a7-bba1-6c55a7e6578d","teaser":"","photo_url":"https:\/\/ent.news\/2023\/9\/1542.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Enterprise Finance Forum: The seven themes keeping the finance industry up at night - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/enterprise-finance-forum-the-seven-themes-keeping-the-finance-industry-up-at-night\/\" \/>\n<meta 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