{"id":607137,"date":"2023-09-27T00:00:00","date_gmt":"2023-09-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=607137"},"modified":"2025-12-17T00:55:48","modified_gmt":"2025-12-17T00:55:48","slug":"imf-gives-madbouly-govt-props-on-privatization-but-wants-to-see-progress-on-the-pound","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-gives-madbouly-govt-props-on-privatization-but-wants-to-see-progress-on-the-pound\/","title":{"rendered":"IMF gives Madbouly gov\u2019t props on privatization, but wants to see progress on the pound"},"content":{"rendered":"<section id=\"607139\" 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=\"607139\">\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\/27\/maait-confirms-oil-hedge\/\">\r\n                            Egypt finance minister confirms oil hedge                        <\/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\/27\/maait-confirms-oil-hedge\/\" 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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It\u2019s the last day of the workweek (and last workday of <\/strong><strong> September) for all of us here in Egypt<\/strong>, and a three-day break couldn\u2019t have come soon enough. We hope you\u2019re looking forward to unwinding as much as we are.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORY THIS MORNING is word that the IMF is happy with the Madbouly <\/strong><strong> government\u2019s progress on privatization <\/strong>(though it\u2019s eager we don\u2019t take our foot off the accelerator) \u2014 and that there is a world in which we could unlock two tranches of USD from the lender ahead of a full float of the EGP late this year or early next. That would give Hassan Abdalla and the team at the central bank more liquidity with which to fight a potential overshoot when they go for a float. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have the full rundown on the story, reported by Mirette Magdy for Bloomberg, in this morning\u2019s news well, below. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a>  <strong> WATCH THIS SPACE- We could have power 24\/7 next month: <\/strong> That\u2019s according to <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/09\/26\/1717274\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, which reports that the Electricity Ministry could bring an end to the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db6d0ec-6a2c-429f-b240-a34fa57dfddf\" style=\"\" rel=\"noopener\">rolling<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db6d0ec-6a2c-429f-b240-a34fa57dfddf\" style=\"\" rel=\"noopener\">blackouts<\/a> in the middle of October as temperatures dip. The news outlet cites anonymous sources at the ministry as saying that the government will bring an end to the load reductions which have been in place since mid-July.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>The ministry was forced into a program of rolling daily blackouts across most of the country in July as a prolonged heatwave combined with lower fuel supplies to put pressure on the electricity grid. Previous pledges to restore full power service (ranging from the end of July to the middle of September) have failed to transpire, with the country still suffering daily blackouts of at least an hour.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong> PSA #1- The country will be off tomorrow <\/strong> in observance of Prophet Mohammed\u2019s birthday, which falls today. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00af1c09-5e0b-4993-8d1a-fbdd2cf7c070\" style=\"\" rel=\"noopener\">cabinet<\/a>, the <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ZtZGx0\" style=\"\" rel=\"noopener\">Central Bank of Egypt<\/a>, and the <a target=\"_blank\" href=\"https:\/\/www.egx.com.eg\/ar\/NewsDetails.aspx?NewsID=243201\" style=\"\" rel=\"noopener\">EGX<\/a> have confirmed that private and public sectors, the banking sector, and stock exchange will be taking tomorrow off.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> That means us, too: <\/strong>EnterpriseAM and EnterprisePM are off tomorrow and will be back in your inboxes at our customary times on Sunday, 1 October. Our regional publications (Enterprise Climate and Enterprise Logistics) will still publish tomorrow, as will Enterprise Weekend.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Next week may also see us gifted a three-day weekend <\/strong>in observance of Armed Forces Day, which falls on Friday. The government typically declares a replacement day for national holidays that fall on Fridays.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong> PSA #2- Enjoy your commute today, friend: <\/strong>It\u2019s only going to get gnarlier out there after the long weekend, new bridges and highways and tunnels or not. The new academic year kicks off for Egypt\u2019s universities and government schools on Saturday. Most private and international schools have been back for 1-6 weeks. With the back-to-school rush jumping into high gear, be sure to leave for work a little earlier next week to beat the traffic. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> PSA #2- <\/strong><strong> Summer retail hours are out. Winter hours are in. <\/strong>Shops and malls will close an hour earlier at 10pm on Saturday through Wednesday (11pm on Thursdays, Fridays, and national holidays) starting <strong> 28 September <\/strong> as winter trading hours come into effect. Cafes and restaurants will close at midnight. The government first introduced <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3019f4c-6803-4c38-a95f-5dfdeaf7a35b\" style=\"\" rel=\"noopener\">seasonal retail opening hours<\/a> in 2020.<\/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> HAPPENING TODAY- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong> Deadline day <\/strong><strong> for those interested in the fifth phase of the IDA's investment map: <\/strong>The Industrial Development Authority (IDA) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ef157ed-bbdb-410d-946e-1cace2150fb8\" style=\"\" rel=\"noopener\">earlier this year<\/a> started offering 790 new industrial land plots and 152 potential investments under the fifth phase of its investment map. The new offerings come as the ministry is attempting to reduce the country\u2019s import bill by localizing industries.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ENERGY WATCH- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Maait confirms new hedging contracts: <\/strong>Egypt has bought new hedging contracts to protect itself from rising oil prices, Finance Minister Mohamed Maait said in a chat with reporters on the sidelines of the AIIB meeting in Sharm El Sheikh, confirming <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5509f320-a92c-4c1c-a7a4-fffcfdbb7302\" style=\"\" rel=\"noopener\">a report by Asharq Business<\/a> earlier this month. The derivatives will remain in place until the end of the current fiscal year in June, he said, without providing further information. Asharq\u2019s source said the contracts lock in crude purchases at around USD 75-80 per barrel, below the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13f3c00c-17fb-4318-aa0e-219d887c5eca\" style=\"\" rel=\"noopener\">USD 85 price<\/a> assumed in the FY 2023-2024 budget.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt\u2019s oil needs: <\/strong> The country will need to import around 150 mn barrels of oil, the minister said. This is higher than the 100 mn figure recently reported in the press.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Why this is important: <\/strong> Oil prices have surged to their highest levels since November in recent days, fuelled by Saudi Arabia\u2019s and Russia\u2019s supply cuts and rising demand in Asia. The price of Brent has risen almost 30% over the past three months, closing at USD 92.51 yesterday, squeezing the finances of oil importers such as Egypt.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have additional coverage of AIIB\u2019s Sharm meeting in this morning\u2019s Hard Hat, below.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n  <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/p><\/div>\n<\/div>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORIES ABROAD- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> There are two stories dominating the global front pages this morning: <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Amazon hit with major antitrust lawsuit: <\/strong> The US government took aim at Amazon\u2019s alleged anticompetitive practices yesterday, with the Federal Trade Commission (FTC) and 17 states filing a lawsuit, accusing the e-commerce giant of abusing its dominance to overcharge its clients and hurt its competitors. (Everyone from <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/amazon-ftc-lawsuit-antitrust-1b91bf8026cc3edf81e817cf8596c4bf\" style=\"\" rel=\"noopener\">Associated Press<\/a> and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/us-sues-amazoncom-breaking-antitrust-law-harming-consumers-2023-09-26\/\" style=\"\" rel=\"noopener\">Reuters<\/a> to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2023-09-26\/ftc-chair-lina-khan-isn-t-wrong-about-amazon-s-market-dominance?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5b27f142-613f-437c-890d-7abe1be6d819\" style=\"\" rel=\"noopener\">Financial Times<\/a> and <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/09\/26\/ftc-files-lawsuit-against-amazon-heres-how-to-play-the-stock.html\" style=\"\" rel=\"noopener\">CNBC<\/a> has this one)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- US gov\u2019t shutdown looms: <\/strong> The US government is on a course to shut down on Sunday, 1 October shutdown, as lawmakers struggle to agree on even a short-term funding extension. (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/kevin-mccarthy-vote-government-shutdown-cf1d41fc\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/09\/26\/us\/politics\/senate-bill-government-shutdown.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/09\/26\/senate-announces-short-term-deal-avert-government-shutdown-future-house-unclear\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/09\/26\/federal-government-could-shut-down-as-student-loan-payments-restart.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Moody\u2019s is taking a dim view of the recurring gridlock on Capitol Hill: <\/strong> The rating agency warned that a government shutdown could force it to follow Fitch and downgrade the country\u2019s credit rating. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6dafa393-fdb0-447c-9d22-b530bfa2ba17\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607141 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=\"607141\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/607141\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607141\" class=\"content-area-description single-story post-607141 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.together-experience.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/61.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.together-experience.com\/\" style=\"\">To<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.together-experience.com\/\" style=\"\">geth<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.together-experience.com\/\" style=\"\">er<\/a><\/span><span style=\"\">: Three days of music set against the stunning backdrop of Somabay by the Red Sea<\/span><span style=\"\">.<\/span><span>From 5-7 October, two events organizers at the forefront of Egyptian nightlife, ByGanz and Nacelle, <\/span><span>will bring together world-famous electronic music DJs such as Birds of Mind, Richy Ahmed, Henrik <\/span><span>Schwartz<\/span><span>, Hunee, and Guti, as well as regional and local artists. Together is a full three-day experience with beach activities from sunset to sunrise.<\/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=\"607142\" 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=\"607142\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">ENTERPRISE FINANCE FORUM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/surviving-nuclear-winter-whats-the-state-of-funding-in-egypt\/\">\r\n                            Surviving Nuclear Winter: What\u2019s the state of funding in Egypt?                        <\/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\/27\/surviving-nuclear-winter-whats-the-state-of-funding-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The FX crunch, meanwhile, has strategics and private equity players alike looking to keep their dry powder \u2026 dry. Who wants to invest today if they think it likely they will tell their investment committee one later that they\u2019re going to have to take a charge post devaluation? <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Securing financing and deploying capital are now more difficult \u2014 and delicate \u2014 for those on all sides of the table. <\/strong> But there continues to be cautious optimism that capital is still out there \u2014 and that Egypt could attract a good chunk of it. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We brought together a panel that spoke to the different sides of the coin during the first <\/strong><strong> day of the Enterprise Finance Forum. <\/strong> Joining us were <strong> Tarek Assaad<\/strong>, managing partner at Algebra Ventures; <strong> Sherif El Kholy<\/strong>, both partner and head of Middle East and Africa Infrastructure and of private equity in MENA at Actis; and <strong> Dalia Wahba<\/strong>, CEO of Hassan Allam Utilities (HAU), Hassan Allam Holding\u2019s investment and development arm. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Let\u2019s get one thing clear: There are funding challenges \u2014 and conditions out there are <\/strong><strong> tough: <\/strong>\u201cWe are in the middle of the worst drought we\u2019ve seen,\u201d said Assaad. \u201cVenture capital firms that once invested in emerging markets have gone away, GCC-based funds have embraced a \u2018wait and see position\u2019 and while Egypt-focused funds are still investing, there are fewer funds.\u201d Wahba agreed, noting that, while it\u2019s a natural and common cycle to go through a dip in activity, the current situation \u201cis moving faster than previous cycles.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A toxic soup of rising interest rates, the FX crunch + a weakened EGP has made it <\/strong><strong> difficult to do business: <\/strong> HAU has seen its engineering and construction projects\u2019 day-to-day costs impacted significantly by the FX crunch, which has affected the availability and cost of imported materials, while the recent devaluations have reduced the number of projects that HAU can undertake outside of Egypt, said Wahba. The economics on projects has changed over the past several months in tandem with the Central Bank of Egypt\u2019s monetary tightening cycle: Interest rates that stood at 11-12% when HAU broke ground on development projects have shot up to north of 20%, Wahba added. \u201cGrowth in business has slowed, but the volume of business has not shrunk,\u201d she said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s not just Egypt \u2014 macro trends are diminishing risk appetite for emerging markets: <\/strong> Some investors still have appetite for emerging markets, but there\u2019s a lot happening in the macro backdrop that has made risk aversion has been the name of the game for the last 18-24 months, El Kholy said, pointing to the impact of high interest rates in the US (and other developed economies) in the post-covid era alongside Russia\u2019s war in Ukraine. \u201cAdditional returns have been overshadowed by the need for averting risk \u2026 you\u2019ve seen that manifest itself by the drop in the volume of capital coming into emerging markets.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> There\u2019s still a case for Egypt, but\u2026 <\/strong>\u201cEgypt has deep enough fundamentals that there\u2019s still a cast to be made through the cycle to long-term investors, but the operating challenges \u2014 and the economic overhang \u2014 are chipping away at those fundamentals very strongly,\u201d said El Kholy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Capital is also still being deployed \u2014 in the right niches and at a price. <\/strong>Before writing a ticket, \u201ca sector needs to make sense and there has to be [market] demand. Then you need to look at the capacity of the sector to adjust its pricing and its revenues [in response to market and macro changes],\u201d Wahba said. \u201cThere is money in the market but the issue with FX is overpricing and no one wants to overpay,\u201d said Wahba. \u201cThe lack of visibility means it is becoming very hard to make decisions. This is the most challenging bit \u2014 when the project is there, but you need to find the right price\u201d at which to transact.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The way around the pricing assets conundrum: growth. <\/strong> One of the ways Actis mitigates risk right now is by looking for businesses that are market leaders in defensive sectors, with secular growth trends meaning that they can grow independent of the wider economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What do our panelists like? <\/strong>That means physical or social infrastructure projects from water, roads and power to healthcare and education, El Kholy said. Wahba, meanwhile, likes logistics, while Assaad points to agriculture and fintech. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Algebra is actively investing: <\/strong>Algebra has already drawn down from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad572a18-1de9-48e8-9fee-0f6063379974\" style=\"\" rel=\"noopener\">its second fund<\/a> \u2014 which was backed by LPs that include leading development finance institutions (DPIs) \u2014 to make five investments, with another two expected to close in the next few weeks and a third in advanced discussions, Assaad said. Algebra is typically interested in later stage companies to allow ticket price growth that attracts investors. \u201cWe\u2019ve been through some of these cycles before, so we do see the long term potential,\u201d Assaad said, \u201cbut there aren\u2019t very many other investors who are shouldering that sort of a burden.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> At the base of it, taking a long-term approach is key<\/strong>, said Assaad. At some level, pricing doesn\u2019t really matter: As an early stage investor, Algebra could get the pricing wrong, but if the product fit is there, the investing adventure can be forgiven, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> So, where\u2019s the capital coming from? <\/strong> Actis counts among its limited partners a range of sovereign wealth funds, public pension retirement systems from the US and Europe, and large family offices, El Kholy said, while adding that there are few challenges to obtain debt financing. Both Actis and HAU look to DFIs for support. Actis also likes DFIs, saying they provide long-term USD debt at the most competitive pricing and tenors, crucial for Actis to continue investing in transactions and providing the capital that\u2019s needed, said El Kholy. DFIs are also comfortable with emerging-market and macro risk, added Wahba, and HAU looks to them to act as a partner for growth capital at a project level. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> \u201cThere is still a very decent quantum of funding that\u2019s working in Africa,\u201d <\/strong> said Wahba. HAU targets private equity firms to fund its large-scale projects, while for local construction projects in the local market it focuses on debt financing from local banks, she added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And for startups, the funding crunch is pushing them to show signs of dynamism: <\/strong> The mentality of growth at any cost has disappeared, and that\u2019s yielding a more prudent approach, Assaad said. A small handful of local startups have taken securitization issuances to market, he said. While we\u2019re unlikely to see a huge uptick in the number of startup securitizations, \u201cwhen that dynamism starts to happen \u2026 that also encourages foreign investors to come in and look at companies with a strong local footprint. We\u2019re hoping that this will happen in Egypt. It will take time and there is a gradual experimentation aspect to it.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Looking forward, investors need to be disciplined and nimble to shift capital allocation <\/strong> in line with today\u2019s difficult idiosyncratic conditions in the market and prepare for future interest in high risk markets, El Kholy said. Egypt may have a slowing pipeline of projects, but investors need to undertake asset selection with care as the pipeline will continue, Wahba agreed. Long-term value must be at the forefront of investors' minds, said Assaad, adding that founders who receive capital now, will not only face less competition in the market, but are likely the most resilient.<\/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\/actis\/\">Actis<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dalia-wahba\/\">Dalia Wahba<\/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\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-utilities\/\">Hassan Allam Utilities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/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\/sherif-el-kholy\/\">Sherif El Kholy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-assaad\/\">Tarek Assaad<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607144\" 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=\"607144\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/the-road-to-the-imf-review\/\">\r\n                            IMF happy with Egypt\u2019s privatization progress \u2014 but sticking points on EGP, spending remain                        <\/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\/27\/the-road-to-the-imf-review\/\" 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\/27\/the-road-to-the-imf-review\/')\">\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\/27\/the-road-to-the-imf-review\/\">\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=The road to the IMF review&url=https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/the-road-to-the-imf-review\/\">\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\/27\/the-road-to-the-imf-review\/&title=The road to the IMF review\">\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=The+road+to+the+IMF+review+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F09%2F27%2Fthe-road-to-the-imf-review%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\/27\/the-road-to-the-imf-review\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1609.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607145\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/the-road-to-the-imf-review\/1609-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1609.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1609.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1609.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1609.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607144\" class=\"content-area-description single-story post-607144 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-foreign-exchange tag-imf tag-state-privatization-program 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\/.5d061d81-0615-4b6f-8d20-69040910760c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> One thing off the IMF\u2019s checklist? <\/strong> The IMF is starting to believe the government is serious about its ambitions to sell down state assets, a change in sentiment that it says could ease the path towards the all-important review of our USD 3 bn loan program. That\u2019s according to an important piece by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-26\/egypt-s-election-race-adds-to-drama-around-imf-deal-devaluation?srnd=middle-east-politics\" style=\"\" rel=\"noopener\">Bloomberg<\/a> \u2019s Mirette Magdy, who reported yesterday that a number of recent agreements with Gulf and local investors have been met with a positive response from the Fund.<\/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 postponed the first and second reviews of the reform program (originally scheduled for March and September) after we fell short of complying with key conditions of the loan, including an acceleration of the government\u2019s privatization plans as well as properly floating the EGP. Passing these two reviews would unlock almost USD 700 mn in fresh financing \u2014 and, perhaps most critically, provide a confidence-booster to investors that we\u2019re on the right track to exit the current economic crisis.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Cabinet has made important progress: <\/strong> The Madbouly government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1f59098e-47ac-42cc-964c-b84096549959\" style=\"\" rel=\"noopener\">announced in July<\/a> that it had agreed to sell a number of state-owned assets for USD 1.9 bn, some USD 1.6 bn of which would be paid for in foreign currency. Folks in government are confident that USD 800 mn of that will be received any day now when ADQ is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4915563f-21b9-4a89-8e3e-3ebe64b766ad\" style=\"\" rel=\"noopener\">expected to sign<\/a> final contracts to acquire stakes in three oil and chemical firms. More asset sales are expected in the coming weeks and months, with the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c50d8f15-1833-4d4d-8efa-15a7b5ced8bc\" style=\"\" rel=\"noopener\">Gabal El Zeit<\/a> and Zafarana wind farms, the military\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9326a491-9645-49df-b489-e36f40100021\" style=\"\" rel=\"noopener\">Wataniya and Safi<\/a>, and one of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cfdc99d8-291f-4b7c-8af8-8e1cccc74de5\" style=\"\" rel=\"noopener\">Siemens combined-cycle power plants<\/a> all the subject of ongoing talks with prospective buyers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Yes, but\u2026 <\/strong> In its ongoing talks with the government, the IMF is now focusing on what will happen with the currency and is trying to obtain more information about the government\u2019s expenditure on infrastructure projects. Under the program, the government committed to transitioning to a fully flexible exchange rate as well as slow infrastructure spending, which has been blamed on raising inflation, using up FX resources, and increasing national debt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The election is a complicating factor: <\/strong> Authorities are unlikely to move to devalue the currency before the presidential vote, and even though this has been brought forward to December, there remains little time for the IMF to complete the review this year, Bloomberg says. Government officials have reportedly expressed confidence to the news outlet that a breakthrough can be made this year, though they didn\u2019t disclose any information about a potential devaluation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A potential way forward: <\/strong> The two sides are reportedly discussing the idea of first signing off on a staff-level agreement and then devaluing the currency. That would allow the IMF\u2019s board to release USD that Hassan Abdalla and his team at the central bank would need to have on hand (alongside plenty more) to fight a potential overshoot during the float.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The caveat: <\/strong> The IMF is taking a harder line on FX flexibility this time around and is pushing officials to avoid a managed devaluation, according to Bloomberg\u2019s sources. <\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607146\" 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=\"607146\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/saudi-wealth-fund-wants-minority-stake-in-palm-hills\/\">\r\n                            Saudi wealth fund wants minority stake in Palm Hills                        <\/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\/27\/saudi-wealth-fund-wants-minority-stake-in-palm-hills\/\" 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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Talks between began about a month ago and are expected to wrap by the end of the year, the sources said, adding that the transaction will be executed in USD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> PHD denies knowledge: <\/strong> The company <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1561.pdf\" style=\"\" rel=\"noopener\">said (pdf)<\/a> yesterday it had not received any notification regarding a potential exit of one of its major shareholders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This isn\u2019t the first time we\u2019ve heard about Saudi interest in Palm Hills: <\/strong>Reports circulated that unnamed Saudi investors were trying to buy out <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/277d84ee-7fda-4e14-8cb6-de2762503f61\" style=\"\" rel=\"noopener\">AAIB\u2019s entire stake<\/a> in the property developer In March. Prior to this, Emirati investment company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c82e370c-e6dc-4a51-8571-3cfb8589854d\" style=\"\" rel=\"noopener\">Al Ain Holding<\/a> was reported to be interested.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Who owns what of Palm <\/strong><strong> Hills <\/strong><strong> ? <\/strong>Mansour-Maghraby Investment and Development Company (MMID) is the single-largest shareholder with 41.9%, followed by the AAIB with a 13% stake. Palm Hills chairman and group CEO Yassin Mansour has a 7.3% stake in the company and the rest of the company distributed between other minority shareholders and freefloat shares on the EGX.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Why would AAIB exit? <\/strong>The bank hasn\u2019t publicly confirmed it wants to sell its stake in PHD, but a sale makes sense when you consider its presence on the state\u2019s list of 35 companies earmarked for privatization. The bank, one of three on the sale list, is owned by the Central Bank of Egypt and the Kuwaiti sovereign wealth fund.<\/p>\n<p><strong> Market reax: <\/strong>Palm Hills Development Company shares closed 3.2% lower yesterday at EGP 2.09 per share.<\/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\/arab-african-international-bank\/\">Arab African International Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-saudi-relations\/\">Egypt-Saudi relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-investment-fund\/\">Public Investment Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/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=\"607148\" 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=\"607148\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/four-international-companies-awarded-oil-and-gas-exploration-blocks\/\">\r\n                            Egypt awards four oil and gas exploration blocks to int\u2019l firms                        <\/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\/27\/four-international-companies-awarded-oil-and-gas-exploration-blocks\/\" 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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href=\"https:\/\/api.whatsapp.com\/send?text=Four+international+companies+awarded+oil+and+gas+exploration+blocks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F09%2F27%2Ffour-international-companies-awarded-oil-and-gas-exploration-blocks%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\/27\/four-international-companies-awarded-oil-and-gas-exploration-blocks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1599.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607149\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/four-international-companies-awarded-oil-and-gas-exploration-blocks\/1599-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1599.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1599.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1599.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1599.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607148\" class=\"content-area-description single-story post-607148 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-bp tag-egas tag-energy tag-eni tag-enterpriseam tag-investment-watch tag-oil-and-gas tag-oil-ministry tag-qatar-energy tag-zarubezhneft 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\/.652176ab-f57d-4675-af27-7a8151ef4f3e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> As <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec344c3-9e08-4b6a-9656-143e62bbf536\" style=\"\" rel=\"noopener\">one bid round begins<\/a><\/strong><strong> , another one ends: <\/strong> Four international oil and gas firms have received exploration blocks via the bid round launched by the state-owned Egyptian Natural Gas Holding Company last year, the Oil Ministry said in <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LCojSe\" style=\"\" rel=\"noopener\">a<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LCojSe\" style=\"\" rel=\"noopener\">statem<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LCojSe\" style=\"\" rel=\"noopener\">ent<\/a> on Tuesday.<\/p>\n<p style=\"padding-top:-1pt;margin:0;padding-left:0;padding-bottom:-1pt;line-height:1.15;orphans:2;widows:2;text-align:left;padding-right:0\"><strong> Who gets what: <\/strong> Eni will receive two blocks in the Mediterranean, a consortium of Eni, BP and Qatar Energy will receive one concession in the Mediterranean, and Russian firm Zarubezhneft will receive one in the Nile Delta, according to the statement. <\/p>\n<p style=\"padding-top:-1pt;margin:0;padding-left:0;padding-bottom:-1pt;line-height:1.15;orphans:2;widows:2;text-align:left;padding-right:0\"><strong> The companies will be required to invest a minimum of USD 281 mn<\/strong>,along with a USD 7.5 mn signing fee in the exploration period, the ministry said. They will also need to drill at least 12 wells in each block.<\/p>\n<p style=\"padding-top:-1pt;margin:0;padding-left:0;padding-bottom:-1pt;line-height:1.15;orphans:2;widows:2;text-align:left;padding-right:0\"><strong> What happened to the rest of the blocks? <\/strong>The international bid round <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de5005a5-7fcf-4e4a-a5e6-027585c0a5d7\" style=\"\" rel=\"noopener\">launched in<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de5005a5-7fcf-4e4a-a5e6-027585c0a5d7\" style=\"\" rel=\"noopener\">Decem<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de5005a5-7fcf-4e4a-a5e6-027585c0a5d7\" style=\"\" rel=\"noopener\">ber<\/a> included eight other exploration blocks in the Mediterranean and Nile Delta. Eni, BP, Chevron, Shell, Energean, and Cheiron Petroleum all submitted bids for the tender, <a target=\"_blank\" href=\"https:\/\/t.ly\/62kqz\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported yesterday, citing a government official. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A long time coming: <\/strong> EGAS launched the four-month bid round in December but later extended it <a target=\"_blank\" href=\"https:\/\/t.ly\/7KUBG\" style=\"\" rel=\"noopener\">until July<\/a> to give companies more time to submit offers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The government has been ramping up exploration efforts: <\/strong>The Oil Ministry this week put <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec344c3-9e08-4b6a-9656-143e62bbf536\" style=\"\" rel=\"noopener\">another 23 exploration blocks up for auction<\/a> as it tries to reverse declining production and draw new investment. The measures come following a decline in gas output, 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, contributing to the ongoing electricity shortages.<\/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\/bp\/\">BP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egas\/\">EGAS<\/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\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/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\/qatar-energy\/\">Qatar Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zarubezhneft\/\">Zarubezhneft<\/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=\"607150\" 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=\"607150\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/big-russia-wheat-buy\/\">\r\n                            Egypt in talks to buy 1 mn tons of Russian wheat                        <\/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\/27\/big-russia-wheat-buy\/\" 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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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/big-russia-wheat-buy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/113.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607151\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/big-russia-wheat-buy\/113-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/113.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"113.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/113.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/113.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607150\" class=\"content-area-description single-story post-607150 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-egypt-russia-relations tag-enterpriseam tag-food tag-food-prices tag-food-security tag-gasc tag-wheat 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\/.ad5159f5-687f-465b-b176-22aa155a3c41.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> We could be getting 1 mn tons of Russian wheat: <\/strong> Egypt is reportedly in talks with the Russian government to purchase 1 mn tons of wheat for delivery this season, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-26\/egypt-is-in-talks-to-buy-1-million-tons-of-wheat-from-russia?srnd=premium-middle-east#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing sources its says have knowledge of the matter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Russia has been our biggest supplier this year: <\/strong> Egypt has imported close to 2 mn tons of Russian wheat so far in 2023, according to our math. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Moscow blocked a big order this month: <\/strong> Egypt has had to source <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc24a4db-347e-4888-b4d6-4b3c0d2547fd\" style=\"\" rel=\"noopener\">480k tons<\/a> of wheat from Bulgaria and France after Russia <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947809e6-17d4-440a-aea1-3c60de7c3753\" style=\"\" rel=\"noopener\">blocked an order<\/a> because the price was below the unofficial price floor it is currently enforcing, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-20\/egypt-swaps-out-russian-wheat-after-moscow-objects-to-pricing\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported earlier this month. Egypt has been in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c5e01b8-3515-463b-9eda-a17f38fc6288\" style=\"\" rel=\"noopener\">talks with Abu Dhabi Commercial Bank (ADCB)<\/a> to finance wheat purchases from Kazakhstan, and is also importing grain from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5a7202e-a9e1-4837-85eb-15b1f118cb08\" style=\"\" rel=\"noopener\">Ukraine<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947809e6-17d4-440a-aea1-3c60de7c3753\" style=\"\" rel=\"noopener\">Romania<\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-russia-relations\/\">Egypt-Russia relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-prices\/\">food prices<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607152 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=\"607152\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/607152\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607152\" class=\"content-area-description single-story post-607152 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=\"607153\" 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=\"607153\">\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\/27\/el-sisi-and-the-election-dominate-the-airwaves\/\">\r\n                            El Sisi dominates Egypt\u2019s talk shows as election buildup intensifies                        <\/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\/27\/el-sisi-and-the-election-dominate-the-airwaves\/\" target=\"_blank\">\n                    Open in new tab                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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/el-sisi-and-the-election-dominate-the-airwaves\/1605-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1605.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1605.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1605.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1605.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607153\" class=\"content-area-description single-story post-607153 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-economy tag-election-2023 tag-enterpriseam tag-food-prices tag-last-nights-talk-shows 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\/.922c6211-18c9-4b6b-91d6-5de5f13b3615.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Did someone say there\u2019s an election on? <\/strong> Last night\u2019s talk shows featured wall-to-wall coverage of President Abdel Fattah El Sisi\u2019s schedule yesterday, with Al Hayah Al Youm (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ZUPF7k_AVoU\" style=\"\" rel=\"noopener\">2:5<\/a> <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ZUPF7k_AVoU\" style=\"\" rel=\"noopener\">8<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=QmkwPSJGMjk\" style=\"\" rel=\"noopener\">3:15<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VCK1Sal4Ih4\" style=\"\" rel=\"noopener\">3:01<\/a>), Ala Mas\u2019ouleety (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=jNfDZXEi75M\" style=\"\" rel=\"noopener\">2:48<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VJ2akaf_lSM\" style=\"\" rel=\"noopener\">2:32<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=JDNyld1dTww\" style=\"\" rel=\"noopener\">4:14<\/a>) and Masaa DMC (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=UCBmWo0_ZYU\" style=\"\" rel=\"noopener\">3:03<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=WhMhxlzzghs\" style=\"\" rel=\"noopener\">4:15<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=vTVXm33lvQI\" style=\"\" rel=\"noopener\">17:37<\/a>) dedicating hours to discussing all the details of his trip to Ismailia, where he attended an event recognizing high-achieving university graduates. Meanwhile, Ahmed Moussa criticized Egyptians calling to boycott the presidential election on social media (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=jNfDZXEi75M\" style=\"\" rel=\"noopener\">2:48<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=cg80mLBXeGY\" style=\"\" rel=\"noopener\">3:21<\/a>), and Al Hayah Al Youm host Lobna Assal (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=29ixcMi5YRU\" style=\"\" rel=\"noopener\">watch, runtime: 4:42<\/a>) questioned complaints in some circles that the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bbf8160c-c395-4e7a-87ab-8d1e5ae2d9e1\" style=\"\" rel=\"noopener\">election rules<\/a> don\u2019t leave enough time for candidates to gather endorsements.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> El Sisi is yet to officially announce his candidacy but he is widely expected to seek a third term in office.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Soaring food prices was a topic of conversation: <\/strong>Masaa DMC\u2019s Osama Kamal interviewed Farmers' Syndicate head Hussein Abu Saddam to discuss soaring vegetable prices (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=OCS6w4-gCtc\" style=\"\" rel=\"noopener\">watch, runtime: 4:43<\/a>). \u201cFarmers are innocent,\u201d he told Kamal, attributing the high prices to economic strains, middlemen, and shrinking farmland. Kamal also interviewed Matta Bishay, the head of the Internal Trade Committee of the Importers Division of the Federation of Chambers of Commerce, who said that the FX shortage, rising input costs and other issues have combined to send commodity prices 100-200% higher (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-g21lYQCB4E\" style=\"\" rel=\"noopener\">watch, runtime: 5:02<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Sugar is trading at as much as EGP 40 a kilo<\/strong>, double the price subsidized by the government. That\u2019s according to Hisham El Degwy of the food division at the Federation of Chambers of Commerce, who said on Yahduth fi Masr that higher input costs, rising energy bills, and higher seasonal demand are causing prices to rise (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=hF5RrLinjLU\" style=\"\" rel=\"noopener\">watch runtime: 5:29<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> The government has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4915563f-21b9-4a89-8e3e-3ebe64b766ad\" style=\"\" rel=\"noopener\">banned the export of sugar and onions<\/a> in a bid to put a lid over soaring local prices. The onion ban will come into force on 1 October.<\/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\/economy\/\">economy<\/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\/food-prices\/\">food prices<\/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\/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=\"607155\" 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 svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div 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stk-rbx1xia-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" 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33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607156\" 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=\"607156\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/us-senator-menendez-corruption-scandal-continues-to-dominate-the-international-headlines\/\">\r\n                            US senator Menendez corruption scandal continues to dominate the international headlines                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/us-senator-menendez-corruption-scandal-continues-to-dominate-the-international-headlines\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/us-senator-menendez-corruption-scandal-continues-to-dominate-the-international-headlines\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1474.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607157\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/us-senator-menendez-corruption-scandal-continues-to-dominate-the-international-headlines\/1474-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1474.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1474.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1474.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1474.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607156\" class=\"content-area-description single-story post-607156 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-diplomacy tag-egypt-us-relations tag-enterpriseam tag-gerd 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\/.84e8b897-5237-41e2-8809-5f6ad6d5bcea.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Fallout from <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0408796-ba39-4391-b6b5-add713a7a4fa\" style=\"\" rel=\"noopener\">the indictment of US Senator Robert Menendez<\/a><\/strong><strong> continues to lead <\/strong><strong> the conversation on Egypt in the international press this morning. <\/strong> The New Jersey Democratic senator, who has been accused of covertly aiding Egypt and taking bribes from US businessmen, is resisting mounting calls from within his own party to resign his seat in the senate. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Menendez says his record on Egypt is public and consistent with his role in the senate<\/strong>, and several US-based NGOs are calling on the Biden administration to withhold more military aid to Egypt. (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/senator-bob-menendez-indictment-bribery-f0bce07879c45fb8783f1e61f6d867a3\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/09\/23\/world\/middleeast\/egypt-robert-menendez-indictment.html%20\/\/%20https:\/\/www.ft.com\/content\/b95f03ef-f7cb-4392-a6a5-e37027a631ea\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/sen-bob-menendez-says-he-wont-quit-senate-creating-headaches-for-democrats-511bf08c\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> and many others)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ALSO- <\/strong> The NYT has more on the infrastructure work cutting through the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/09\/25\/opinion\/egypt-cairo-sisi-development.html\" style=\"\" rel=\"noopener\">City of the Dead<\/a> as well as last month\u2019s discovery a new species of <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/09\/25\/science\/archaeology-whales-egypt.html\" style=\"\" rel=\"noopener\">prehistoric whale<\/a> and the National writes that Iraq wants us to <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/iraq\/2023\/09\/26\/iraq-asks-egypt-to-extradite-officials-convicted-on-corruption-charges\/\" style=\"\" rel=\"noopener\">extradite former Iraqi officials<\/a> wanted on corruption charges.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-us-relations\/\">Egypt-US relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/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=\"607158\" 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=\"607158\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/\">\r\n                            Orascom, Metito reach financial close for Abu Dhabi desalination project. PLUS news from Dar and Acacia, Banque Misr, Alameda, Siemens Healthineers                        <\/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\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/\" 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\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/')\">\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\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/\">\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=Orascom, Metito reach financial close for Abu Dhabi desalination project. PLUS news from Dar and Acacia, Banque Misr, Alameda, Siemens Healthineers&url=https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/\">\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\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/&title=Orascom, Metito reach financial close for Abu Dhabi desalination project. PLUS news from Dar and Acacia, Banque Misr, Alameda, Siemens Healthineers\">\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=Orascom%2C+Metito+reach+financial+close+for+Abu+Dhabi+desalination+project.+PLUS+news+from+Dar+and+Acacia%2C+Banque+Misr%2C+Alameda%2C+Siemens+Healthineers+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F09%2F27%2Forascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers%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\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1602.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607159\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/1602-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1602.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1602.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1602.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1602.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607158\" class=\"content-area-description single-story post-607158 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-abu-dhabi-islamic-bank tag-acacia-group tag-acwa-power tag-al-nowais tag-alameda-healthcare tag-also-on-our-radar tag-amea-power tag-banque-misr tag-capital-markets tag-construction tag-dar-ventures tag-egyptian-electricity-holding-company tag-electricity-ministry tag-energy tag-enterpriseam tag-esg tag-financial-regulatory-authority tag-green-economy tag-hassan-allam-holding tag-hassan-allam-utilities tag-healthcare tag-infinity tag-infrastructure tag-madkour-group tag-metito tag-orascom-construction tag-real-estate tag-redcon-construction tag-renewables tag-scatec tag-siemens tag-smart-engineering-solutions tag-startups tag-sukuk tag-toyota tag-venture-capital tag-water 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\/.b2f526f7-0a2e-409e-874b-0adce015b2f1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> INFRASTRUCTURE- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> OC + Metito have the money for their Abu Dhabi desal project: <\/strong>Orascom Construction and Metito have reached financial close for their USD 2.2 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c0602e81-881f-449a-b99c-445e2deb2fb4\" style=\"\" rel=\"noopener\">water treatment project<\/a> in Abu Dhabi, the consortium said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1549.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a> Tuesday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The project: <\/strong> The two contractors will establish a desalination plant with a capacity to treat more than 500k cubic meters per day and a 75-km water transmission pipeline. The project will be developed under a 30-year build-own-operate-transfer (BOOT) concession agreement in collaboration with the Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa). Commercial operations are set to commence in June 2026. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Where the money\u2019s coming from: <\/strong> The consortium secured the funding for the project through a combination of debt and equity, the statement read. A syndicate of eight Gulf lenders and French bank Natixis is providing non-recourse financing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> STARTUPS- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Dar Ventures + Acacia Group launch new incubator: <\/strong>Dar Ventures, the VC arm of Dar Al Handasah, launched a six-month incubator dubbed DarE that will provide construction startups with up to USD 50k in equity-free funding, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1507.pdf\" style=\"\" rel=\"noopener\">a joint press release (pdf)<\/a>. The program will be operated by Acasia Group. Incubator perks include mentorship, training, networking opportunities, and equity-free grant funding. Interested entrepreneurs can apply <a target=\"_blank\" href=\"https:\/\/dare.untapcompete.com\/\" style=\"\" rel=\"noopener\">here<\/a>, and applications will close on 20 October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> GREEN ECONOMY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Banque Misr <\/strong><strong> plans to establish an ESG green index fund in 1Q 2024 <\/strong>based on S&P\u2019s sustainability index, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/09\/23\/1716132\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed sources. The state-owned lender will start by investing in EGX-listed companies that report on their ESG commitments and later expand to unlisted companies, according to the news outlet. It is still waiting to receive the necessary approvals, including from the Central Bank of Egypt (CBE). Information about the size of the fund wasn\u2019t disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Also in Banque Misr listing news: <\/strong>The bank is also considering the listing of its Misr Real Estate Investment 1 fund launched in 2022, which reached <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62c151a1-c9ba-47ae-938c-70760dc846fe\" style=\"\" rel=\"noopener\">EGP 360 mn<\/a> first close and has a target capital of EGP 500 mn. This coincides with news on Thursday that the General Authority for Investment and Freezones (GAFI) and the Financial Regulatory Authority (FRA) are reportedly mulling changes to the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947809e6-17d4-440a-aea1-3c60de7c3753\" style=\"\" rel=\"noopener\">real estate fund law<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ENERGY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> EEHC <\/strong><strong> extends solar tender deadline: <\/strong>The Egyptian Electricity Holding Company (EEHC) has extended the bidding deadline for the tender for five <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a423c134-0e3b-40af-9bc1-7ab40b8dd0d4\" style=\"\" rel=\"noopener\">north coast solar plants<\/a> to 27 October, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3t6uSpN\" style=\"\" rel=\"noopener\">Al<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3t6uSpN\" style=\"\" rel=\"noopener\">Ma<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3t6uSpN\" style=\"\" rel=\"noopener\">l<\/a> reports, citing an unnamed source in the Electricity Ministry. The bidding period for the 25-year build-own-operate contracts was set to end <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2b85b33-08f0-40af-995f-f72ff64b189b\" style=\"\" rel=\"noopener\">this week<\/a> but was pushed back upon the request of the bidding companies, according to the news outlet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Seven consortiums are reportedly interested: <\/strong>Saudi Arabia\u2019s Acwa Power, Al Nowais\u2019 AMEA Power, Norwegian renewables producer Scatec, Japan\u2019s Toyota, and two unnamed Spanish and German companies have shown interest, according to Al Mal. Hassan Allam Utilities, Madkour Group, Infinity and Smart Engineering Solutions (SES) were named as the local partners that will be competing in the tender.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> HEALTHCARE- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Alameda x Siemens Healthineers: <\/strong> Alameda Healthcare has <a target=\"_blank\" href=\"https:\/\/www.alameda-hc.com\/news-details-16.html\" style=\"\" rel=\"noopener\">announced<\/a> signing a strategic partnership agreement with Siemens Healthineers that will see the Germany firm upgrade and maintain the private sector player\u2019s medical tech for seven years.<\/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\/abu-dhabi-islamic-bank\/\">Abu Dhabi Islamic Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/acacia-group\/\">Acacia Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/acwa-power\/\">ACWA Power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-nowais\/\">Al Nowais<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alameda-healthcare\/\">Alameda Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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wp-post-image\" alt=\"\" data-attachment-id=\"607161\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/global-trade-suffers-biggest-slump-since-covid-as-rate-hikes-bite\/1607-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1607.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1607.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1607.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1607.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607160\" class=\"content-area-description single-story post-607160 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-global-economy tag-interest-rates tag-planet-finance tag-trade 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\/.cff4ff81-9413-46f1-aead-cfb8c6d9c660.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Global trade <\/strong><strong> takes biggest <\/strong><strong> hit since the pandemic: <\/strong> Global trade contracted at its quickest rate since 2020 in July, according to figures picked by the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/36982601-b799-4166-9e6b-39533efbdfdf\" style=\"\" rel=\"noopener\">Financial Times<\/a>. The World Trade Monitor, published by the Netherlands Bureau for Economic Policy Analysis, shows that volumes declined 3.2% y-o-y during the month, accelerating from June when trade fell 2.4%. This is the most severe fall since mid-2020 when global supply chains were suffering through the wave of covid-19 lockdowns across the world.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Driving the trend: <\/strong> Sharply higher interest rates across the world, higher inflation, and increased domestic spending on services post-lockdown.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A gloomier forecast: <\/strong> The figures are likely to add to the concerns that a slowdown in global growth could accelerate in the coming months. Industry experts anticipate trade volumes to continue to weaken: S&amp;P Global\u2019s PMIs for the US, the eurozone and the UK have all signaled a sharp contraction in August and September.<\/p><p><a target=\"_blank\" id=\"t.1faba284483e790a473fbeb25991c3f183a1c3cd\" rel=\"noopener\"><\/a> <a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20,355<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +39.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD (CBE) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD at CIB <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Interest rates CBE <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Tadawul <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,918<\/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: +4.2%)<\/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\">9,813<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: -3.9%)<\/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> 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\">4,154<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% (YTD: +24.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> S&amp;P 500 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,274<\/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\">-1.5% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> 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\">7,626<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (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\">4,129<\/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\">-0.9% (YTD: +8.9%)<\/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 94.06<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.66<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 1,918.70<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.9%<\/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 26,156<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: +58.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE CLOSING BELL- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The EGX30 rose 0.2% at yesterday\u2019s close <\/strong> on turnover of EGP 3.0 bn (39.8% above the 90-day average). Local investors were net sellers. The index is up 39.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the green: <\/strong>Mopco (+6.4%), Abu Dhabi Islamic Bank (+3.4%), and Orascom Construction (+3.1%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the red: <\/strong>Palm Hills Development (-3.2%), Heliopolis Housing (-2.9%) and Qalaa Holdings, (-2.7%).<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-economy\/\">global economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"607162\" 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=\"607162\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/egypt-talks-industry-funding-with-hong-kong-finance-chief\/\">\r\n                            Egypt talks industry + funding with Hong Kong finance chief                        <\/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\/27\/egypt-talks-industry-funding-with-hong-kong-finance-chief\/\" 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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Egypt is eager for Hong Kong and Chinese companies to increase local investment, Esmat told Hong Kong Financial Services and Treasury Secretary Christopher Hui, emphasizing the government\u2019s ambitions to accelerate industrialization and increase localization.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt and China are looking to strengthen economic ties: <\/strong> Both sides have sent several delegations to each other's countries this year to discuss investment opportunities and areas for economic cooperation. The Suez Canal Economic Zone, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21ad0383-4345-4a2f-8f06-ca2c3a7c7c6d\" style=\"\" rel=\"noopener\">GAFI<\/a> and International Cooperation Minister <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1c547e5-b294-46e7-987c-6ecde018c876\" style=\"\" rel=\"noopener\">Rania Al Mashat<\/a> have all visited China and Hong Kong this year, while a Chinese delegation <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/588d6792-4d02-4261-8b61-afbf3a5412f2\" style=\"\" rel=\"noopener\">held talks<\/a> with President Abdel Fattah El Sisi this week about economic and trade relations. A slew of Chinese companies have recently pledged to increase their manufacturing footprints in the SCZone, while the developer behind the TEDA industrial area in Ain Sokhna is reportedly considering a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8341f69-c9f5-4504-8470-e5d109f40c83\" style=\"\" rel=\"noopener\">significant expansion<\/a> of the zone.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt <\/strong><strong> -Iran economic rapprochement? <\/strong>Finance Minister Mohamed Maait discussed expanding bilateral economic cooperation with his Iranian counterpart Ehsan Khandouzi on the sidelines of the Asian International Infrastructure Bank\u2019s (AIIB) annual meeting in Sharm El Sheikh on Monday, the ministry <a target=\"_blank\" href=\"https:\/\/t.ly\/BMSwO\" style=\"\" rel=\"noopener\">said<\/a> yesterday. The two ministers agreed to set up a committee for joint economic projects between the two states, Khandouzi said in a <a target=\"_blank\" href=\"https:\/\/x.com\/Khandoozi_se\/status\/1706199758446965086?s=20\" style=\"\" rel=\"noopener\">post<\/a> on X (formerly Twitter). They also agreed to increase the capital of MIDBank, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7439170-07df-4efc-93f6-8552ee1cd142\" style=\"\" rel=\"noopener\">formerly known as the Misr Iran Development Bank<\/a>, which is jointly owned by the governments of the two countries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ICYMI- Iran is reviving relations with <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2baaf6a5-9014-4282-a16b-2877d72238cf\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> , and Egypt could be next: <\/strong>The two countries have reportedly been in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06e7e381-df4d-4d89-94c7-428dba34d5a3\" style=\"\" rel=\"noopener\">months of negotiations<\/a> on normalizing ties and reopening embassies. Foreign Minister Sameh Shoukry met with his Iranian counterpart <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79bf72fb-3dea-42bd-8f35-9f5b65ac6c81\" style=\"\" rel=\"noopener\">last Wednesday<\/a> on the sidelines of the UN General Assembly to discuss mending bilateral ties.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-china-relations\/\">Egypt-China relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-iran-relations\/\">Egypt-Iran relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hong-kong\/\">Hong Kong<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mahmoud-esmat\/\">Mahmoud Esmat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/midbank\/\">MIDBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-enterprises-ministry\/\">Public Enterprises 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<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"607164\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        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         <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1541.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"607165\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/sustainability-connectivity-and-multilateral-cooperation-dominated-the-discussions-at-aiibs-annual-meeting-in-sharm-el-sheikh\/1541-jpg-10\/\" 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                        \n<article id=\"post-607164\" class=\"content-area-description post-607164 hardhat type-hardhat status-publish has-post-thumbnail hentry category-hardhat tag-ahmed-kouchouk tag-asian-infrastructure-investment-bank tag-climate-action-plan tag-enterprise-hardhat tag-enterpriseam tag-hardhat tag-infrastructure tag-jin-liqun tag-mohamed-maait 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> It\u2019s a wrap on the AIIB\u2019s annual meeting: <\/strong>The Asian Infrastructure Investment Bank\u2019s (AIIB) annual meeting \u2014 which wrapped in Sharm El Sheikh yesterday \u2014 took place this year under the theme \u201csustainable growth in a challenging world.\u201d The meeting, which Enterprise attended, brought together global leaders, members of the business community, players in the finance industry, and policymakers to discuss pressing issues related to infrastructure finance and development. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The big takeaway: There\u2019s a global infrastructure financing gap, and we\u2019re going to need <\/strong><strong> to get creative with funding solutions. <\/strong>Leaders and experts acknowledged the challenges of the current global landscape and reiterated their commitment to bridging the infrastructure financing gap. They stressed the importance of collaboration between the public and private sectors and the need to be innovative on financing solutions. In speaking about infrastructure financing and the openings available for private sector players about emerging markets, the discussions underscored sustainability, connectivity, and multilateral cooperation as underlying themes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong><strong> AIIB <\/strong><strong> is providing some USD 1 bn of financing to Egypt <\/strong><strong> : <\/strong>The multilateral development lender has officially announced its plan to invest USD 1 bn in Egypt, reflecting AIIB\u2019s commitment to advancing economic development here, Vice Minister of Finance Minister <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6459246-e267-4100-8f16-9fbcf01109ba\" style=\"\" rel=\"noopener\">Ahmed Kouchouk told us last week<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Where the money is <\/strong><strong> going? <\/strong>This funding includes a USD 200 mn guarantee for our maiden USD 500 mn CNY-denominated panda bond issuance, Kouchouk told us last week. The bank is also look at as much as USD 140 mn in financing for the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a969191-b464-4752-a16c-fb7eeb90c798\" style=\"\" rel=\"noopener\">Damietta Port<\/a> and a non-sovereign financing agreement with Banque Misr worth USD 300 mn to back sustainable infrastructure projects, according to <a target=\"_blank\" href=\"https:\/\/gate.ahram.org.eg\/daily\/News\/204623\/1175\/915271\/%D9%85%D9%84%D9%81-%D8%AE%D8%A7%D8%B5\/%D8%A7%D9%86%D8%B7%D9%84%D8%A7%D9%82-%D8%A7%D9%84%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9-%D8%A7%D9%84%D8%B3%D9%86%D9%88%D9%89-%D9%84%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%A3%D8%B3%D9%8A%D9%88%D9%89-%D9%84%D9%84%D8%A8%D9%86%D9%8A%D8%A9-%D8%A7%D9%84%D8%AA%D8%AD%D8%AA%D9%8A.aspx\" style=\"\" rel=\"noopener\">Al Ahram<\/a>. AIIB <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1f0b52f-70b7-4ca8-9f7a-3adce86af2e0\" style=\"\" rel=\"noopener\">had also previously said<\/a> it would provide EUR 250 mn in financing for the redevelopment of the Abu Qir railway in Alexandria.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> There\u2019s also growing potential here for c <\/strong><strong> ross-border infrastructure projects: <\/strong>Egypt enjoys a strategic location as a hub for trade, giving it significant potential for cross-border infrastructure projects, Finance Minister Mohamed Maait said in Sharm. Maait was speaking on a panel that explored the potential of cross-border infrastructure as a catalyst for economic growth, particularly as drivers of job creation and export. Maait also stressed how important multilateral development banks are in helping the private sector capital access the capital it needs to grow.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Private-sector participation in the economy was a big topic <\/strong><strong> , <\/strong> with participants on another panel hearing that governments and multilateral organizations need to help create an environment that allows private businesses to flourish. Business leaders also want access to affordable finance. But for all of that to happen, governments and business need to align on risks and build mutual trust.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What will unlock the potential of the private sector? <\/strong> Private sector involvement in infrastructure development projects requires, first and foremost, a favorable policy environment in which governments provide both a degree of certainty and adequate incentives for participation, Afreximbank Director of Guarantees and Specialized Finance Kofi Asumadu (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/kofi-asumadu-addo-5b260156\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Linkedin<\/a>) said. Governments need to work with financial institutions to facilitate this participation, Asumadu said. This favorable environment also creates trust, which further encourages private sector investments, International Finance Corporation Director Ousseynou Nakoulima (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ousseynou-nakoulima-4b6a951\/\" style=\"\" rel=\"noopener\">Linkedin<\/a>) said. Risk alignment is also a priority for the private sector, said Joachim von Amsberg (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/joachim-von-amsberg-0b53a318\/?originalSubdomain=cn\" style=\"\" rel=\"noopener\">Linkedin<\/a>), a special advisor to AIIB\u2019s president. Von Amsberg stressed the importance of making the economics make sense on private sector players\u2019 return on risk. Nakoulima also touched on how providing clear guidelines and predictable regulations can unlock more financing and debt instruments, such as green bonds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> All of this growth needs to be sustainable. <\/strong><strong> Blended finance can help with that: <\/strong>International Cooperation Minister Rania Al Mashat emphasized the importance of <a target=\"_blank\" href=\"https:\/\/www.oecd.org\/dac\/financing-sustainable-development\/blended-finance-principles\/#:~:text=Blended%20finance%20is%20the%20strategic,providing%20financial%20returns%20to%20investors.\" style=\"\" rel=\"noopener\">blended<\/a> <a target=\"_blank\" href=\"https:\/\/www.oecd.org\/dac\/financing-sustainable-development\/blended-finance-principles\/#:~:text=Blended%20finance%20is%20the%20strategic,providing%20financial%20returns%20to%20investors.\" style=\"\" rel=\"noopener\">finance<\/a> \u2014 development-speak for using money from a multilateral development-focused financial institution to attract private capital for a project or investment by effectively de-risking it \u2014 to ensure sustainable growth and help bridge financing gaps. Al Mashat stressed that quality and quantity of finance are essential for climate agendas in particular and called for coordinated efforts between financial institutions to secure concessional finance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ALSO FROM THE MEETINGS- AIIB launches its climate action plan: <\/strong> The MDB unveiled its <a target=\"_blank\" href=\"https:\/\/www.aiib.org\/en\/news-events\/news\/2023\/AIIB-Unveils-Climate-Action-Plan-Reinforces-Commitment-to-Tackle-Climate-Change.html\" style=\"\" rel=\"noopener\">climate action plan (CAP)<\/a> which is set to guide AIIB's climate initiatives from 2024 to 2030, and consolidate the lender\u2019s climate financing principles while identifying critical areas of action that will shape its investments in support of its member countries.\u201dThe CAP demonstrates AIIB's ambition to mobilize our capital, capacity, and convening power to help our members in their efforts to address climate change,\u201d said AIIB President and Chair of the Board, Jin Liqun.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> AND- AIIB welcomed three new member countries <\/strong> as its board approved applications from El Salvador, Tanzania, and Solomon Islands. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Your top infrastructure stories for the week: <\/strong><\/p>\n<ul>\n<li><strong> The race for the contract to build the Cairo-Alex freight rail link: <\/strong>The Transport Ministry is gearing up to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8243a2e2-f40c-48bb-91de-febc261405d3\" style=\"\" rel=\"noopener\">launch a tender<\/a> for the planned Cairo-Alex andria freight railway bypass in 1Q 2024.<\/li>\n<li><strong> IFC funding for the Damietta cargo terminal: <\/strong> The International Finance Corporation is considering <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a969191-b464-4752-a16c-fb7eeb90c798\/\" style=\"\" rel=\"noopener\">extending a USD 125 mn loan<\/a> to fund the construction of Damietta Port\u2019s second container terminal.<\/li>\n<li><strong> Adnoc in Egypt: <\/strong> The distribution arm of the Abu Dhabi National Oil Company (Adnoc) has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad403632-3faf-439d-a471-1a12127aa34a\" style=\"\" rel=\"noopener\">opened three service stations<\/a> in Egypt.<\/li>\n<li><strong> West Cairo BRT? <\/strong> The Institute for Transportation and Development Policy has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947809e6-17d4-440a-aea1-3c60de7c3753\" style=\"\" rel=\"noopener\">signed a consultancy agreement<\/a> with the New Urban Communities Authority to advise on implementing a bus rapid transit (BRT) system between Sixth of October City and parts of Giza governorate.<\/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\/ahmed-kouchouk\/\">Ahmed Kouchouk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/climate-action-plan\/\">Climate Action Plan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jin-liqun\/\">Jin Liqun<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\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=\"607166\" 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\/27\/607166\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607166\" class=\"content-area-description single-story post-607166 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;\">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>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;\">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 September (Thursday): Winter trading hours in effect.<\/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 style=\"font-weight:400;\">20 October (Friday): 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 style=\"font-weight:400;\">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 style=\"font-weight:400;\">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 style=\"font-weight:400;\">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":"<p>PIF eyeing Palm Hills | End of the age of blackouts? | Oil and gas blocks awarded | Big Russian wheat buy?<\/p>\n","protected":false},"featured_media":607138,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-607137","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c127c09d-7f9b-48aa-a64d-e809bbbf28fe","teaser":"PIF eyeing Palm Hills | End of the age of blackouts? | Oil and gas blocks awarded | Big Russian wheat buy?","photo_url":"https:\/\/ent.news\/2023\/9\/1611.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>IMF gives Madbouly gov\u2019t props on privatization, but wants to see progress on the pound - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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