{"id":607335,"date":"2023-10-02T00:00:00","date_gmt":"2023-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=607335"},"modified":"2025-12-17T01:00:04","modified_gmt":"2025-12-17T01:00:04","slug":"a-look-at-the-debt-well-need-to-manage-in-2024","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/a-look-at-the-debt-well-need-to-manage-in-2024\/","title":{"rendered":"A look at the debt we\u2019ll need to manage in 2024"},"content":{"rendered":"<section id=\"607337\" 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=\"607337\">\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\/10\/02\/social-support-measures-vote-incoming\/\">\r\n                            MPs could vote this week on El Sisi\u2019s package of social support measures                        <\/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\/10\/02\/social-support-measures-vote-incoming\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/social-support-measures-vote-incoming\/108-jpg-27\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/108.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"108.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/108.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/108.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607337\" class=\"content-area-description single-story post-607337 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-house-of-representatives tag-income-tax tag-legislation-watch tag-tax tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.3480f596-92eb-42f4-ac1a-cff1a663aa53.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Good morning, friends. It\u2019s particularly busy for a Monday morning <\/strong>with plenty of news on everything from our potential debt repayment schedule in 2024, to corporate expansion beyond our borders (Valu and Edita), and how schools are trying to retain foreign teachers in a high-inflation environment in which FX is rare as hen\u2019s teeth.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> BREAKING NEWS- A massive fire swept through multiple floors of the Ismailia Security <\/strong><strong> Directorate headquarters <\/strong> in the early hours of this morning, with <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ROAiQq\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> reporting that eyewitnesses saw casualties on the scene. Social media accounts carried videos and photos of what appear to be the fire in real time. No information was available at dispatch time this morning on the cause of the blaze, nor was there confirmation on casualty figures.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THIS WEEK IN THE HOUSE- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a><strong> It\u2019s parliamentary committee election day: <\/strong>After reconvening for the new legislative cycle yesterday, MPs in all of the House\u2019s 25 committees will today elect a chairman, two deputies and a secretary general. Results will be released tomorrow. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We\u2019ve already got an idea about what will be at the top of the priority list in the opening <\/strong><strong> weeks of the cycle: <\/strong>The government has sent 11 bills and eight agreements to the House for discussion in the coming days and weeks. These include:<\/p><ul>\n<li>the recently-announced <strong> tax changes <\/strong> that will raise the income tax exemption threshold;<\/li>\n<li>a bill that would allow the government to re-open its <strong> expat car import initiative <\/strong> for three months to raise FX; <\/li>\n<li>changes to law regulating the <strong> importers registry <\/strong>; <\/li>\n<li>legislation allowing Safaga Company to manage, operate and maintain a terminal at <strong> Safaga port <\/strong>; and<\/li>\n<li>several <strong> oil and gas exploration agreements <\/strong> with international energy companies.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> Social support measures could go to a vote on Tuesday: <\/strong>There is speculation that the income tax change and exceptional bonuses for public-sector workers and pensioners announced by the president last month could be put up for a vote as soon as Tuesday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong> ALSO- Sisi wants the old rent law higher on the agenda: <\/strong> The president yesterday <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1235\/509399\/Egypt\/Urban--Transport\/Sisi-urges-parliament-and-media-to-discuss-old-ren.aspx\" style=\"\" rel=\"noopener\">urged<\/a> <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1235\/509399\/Egypt\/Urban--Transport\/Sisi-urges-parliament-and-media-to-discuss-old-ren.aspx\" style=\"\" rel=\"noopener\">lawmakers<\/a> to address the old rent law, telling a conference in the new capital that it is \u201cunacceptable\u201d that property owners are unable to take economic advantage of what he said amount to 2 mn housing units across the country.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> A <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dc8e1dc6-4c6c-43bb-bd43-46f34c419ee2\" style=\"\" rel=\"noopener\">draft law<\/a> that would allow landlords to evict organizations, government agencies, public and private companies, and embassies (among other entities) from their properties has been in limbo for the past 18 months after it received preliminary approval in the House last year<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a><strong> The Senate will also be joining their colleagues back at work on Tuesday: <\/strong>The upper house will be back in session after the summer recess with a vote on whether to accept the resignation of Hazem Omar so he can run as the leader of the People\u2019s Republican Party in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bbf8160c-c395-4e7a-87ab-8d1e5ae2d9e1\" style=\"\" rel=\"noopener\">December\u2019s presidential election<\/a>. Senators are also set to declare their intention to run for leading posts in parliamentary committees.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ALSO THIS WEEK- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a><strong> OPEC+ meeting on Wednesday: <\/strong> The alliance of oil producers are unlikely to make any changes to output when they meet in Vienna this week, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/opec-panel-unlikely-tweak-oil-policy-weds-meeting-sources-2023-09-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Oil prices have surged to new 10-month highs in recent weeks on the back of Saudi Arabia and Russia\u2019s decision to extend voluntary supply cuts until the end of the year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> PSA- We have another long weekend ahead of us: <\/strong> The government is giving the public and private sectors the day off on Thursday to observe Armed Forces Day, which falls on Friday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/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> WATCH THIS SPACE- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Extend food export restrictions, say local importers: <\/strong> Local importers are calling for tighter and wider ranging restrictions on food export bans following the Trade Ministry\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f2c4f74-5f2a-4a89-a86c-d7a5826b6755\" style=\"\" rel=\"noopener\">three-month ban<\/a> on the export of onions went into effect yesterday in an attempt to contain soaring local prices, reports <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/News\/509388.aspx\" style=\"\" rel=\"noopener\">Ahram Online<\/a>. \u201cThe decision is good for the market and should be applied to other goods like tomatoes, potatoes, and beans to control prices that skyrocketed,\u201d said Ahmed Sheha, a member of the importer's division at the Cairo Chamber of Commerce. \u201cThere is still a risk as some vendors may hoard stockpiles. The government should consider extending the ban\u2019s term and crack down on any unethical practices in the market,\u201d he added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> PSA- <\/strong><strong> ENR <\/strong><strong> full steam ahead on student discounts: <\/strong>Egyptian National Railways will allow Egyptian school and university students to purchase train tickets with discounts ranging from 90-98% for Tahya Misr, dynamic ventilation and third class air-conditioned trains, ENR <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/782097330627356\" style=\"\" rel=\"noopener\">said<\/a> yesterday. The cut-price tickets come in time for the new academic year and aim to make public transport affordable for all students. Students can apply for subscriptions subject to conditions via an EGP 5 application form at their nearest train station. Forms must be officially stamped by the student\u2019s school, institute or university.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s the beginning of a new month- <\/strong>Among the customary news triggers to watch out for in the coming weeks:<\/p><ul>\n<li><strong> PMI: <\/strong> S&amp;P Global will publish Egypt\u2019s PMI figures for September this Tuesday, 3 October.<\/li>\n<li><strong> Foreign reserves: <\/strong> The central bank will release September\u2019s foreign reserves figures next week.<\/li>\n<li><strong> Inflation: <\/strong> Capmas and the CBE will publish the latest inflation data on Tuesday, 10 October.<\/li>\n<li><strong> Interest rates: <\/strong> The Central Bank of Egypt will meet for its penultimate policy meeting of 2023 on 2 November.<\/li>\n<\/ul><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\/2023\/10\/102.JPG?ssl=1\"><\/p><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> Republican civil war brewing in the House of Representatives: <\/strong> Rep. Matt Gaetz said Sunday that he will push to remove fellow Republican House Speaker Kevin McCarthy from his position after he briefly allied with the Democratic side of the House to pass legislation preventing a government shutdown. There was also disquiet from the Democrats, with President Joe Biden urging Republican lawmakers to back a separate bill to secure Ukraine aid after it was dropped from Saturday\u2019s bill before being voted through. The reaction from Wall Street meanwhile has been one of relief, following a volatile week that saw many bracing for a prolonged government shutdown. (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/mccarthy-gaetz-house-republicans-speaker-remove-shutdown-aa4efca3c68895283b4219ed3e8064ff\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/biden-suggests-democrats-have-new-deal-with-republicans-ukraine-aid-2023-10-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-01\/traders-win-reprieve-after-political-circus-of-shutdown-fight?srnd=premium\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/9f6a2eff-fe6c-49c5-bf40-eba30b36c64c\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/01\/us\/politics\/mccarthy-shutdown-turnabout.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/10\/01\/kevin-mccarthy-matt-gaetz-house-speaker\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/kevin-mccarthy-matt-gaetz-government-shutdown-1e838cda\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Ackman wants to SPARC with X: <\/strong> US b\u2019naire investor Bill Ackman has secured regulatory approval to target privately-held firms through a new type of SPAC known as a special purpose acquisition rights company (SPARC), which have seen little market interest since their <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3894b30f-35e6-43f5-9ddf-bd3ee9243712\" style=\"\" rel=\"noopener\">2021 peak<\/a>. A deal with X could be on the cards, with Ackman telling the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/bill-ackman-tweets-a-lot-of-big-ideas-his-biggest-might-be-combining-with-twitter-itself-f2cb53af\" style=\"\" rel=\"noopener\">WSJ<\/a> that he is \u201cabsolutely\u201d interested in the company formerly known as Twitter. Ackman\u2019s SPARC is also set to target private companies trying to drum up USD 1.5 bn, writes <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-01\/ackman-considers-musk-s-x-for-new-investment-vehicle-wsj-says?leadSource=uverify%20wall\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Grain ships sail for Ukrainian ports, defying Russia: <\/strong>Five Ukraine ships are heading to Black Sea ports to be loaded with 120k tons of grain destined for Africa and Europe, while three have left loaded with cargo, in defiance of a Russian blockade of Ukrainian commodity exports, reports <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-01\/ukraine-ready-to-load-five-grain-ships-despite-russian-threats?srnd=premium-middle-east&amp;leadSource=uverify%20wall\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Kyiv has had to consider alternative shipping routes as Moscow has threatened to attack vessels after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53cbe83b-71ec-402a-8eee-5479c5ad2bc8\" style=\"\" rel=\"noopener\">pulling out of the grain export pact<\/a> with Ukraine in July. <\/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> ENERGY UPDATE- Egypt and Saudi\u2019s electricity grids are set to link up by May 2025<\/strong>. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79e8bb5d-d4df-4aef-9d3e-914e95be9d1c\" style=\"\" rel=\"noopener\">The project<\/a> will start trial operations in May 2025 and officially start operating the first 1.5 GW phase in June 2025, followed by the second 1.5 GW phase the following November, government sources told <a target=\"_blank\" href=\"https:\/\/shorturl.at\/lmB14\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The two countries will export any surplus electrical capacity from the project, the sources added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ICYMI- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we did a deep-dive into the challenges and potential of our budding local <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4129e6c4-2d20-4675-a15a-b6363978a9dc\" style=\"\" rel=\"noopener\">smartphone industry<\/a> and got an inside look from industry leaders.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> *** It\u2019s Blackboard day: <\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In today\u2019s issue: <\/strong> How are Egypt\u2019s private and international schools managing to retain expat teachers?<\/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\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/income-tax\/\">income tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"607339 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=\"607339\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/607339\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607339\" class=\"content-area-description single-story post-607339 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=\"\">Together<\/a><\/span><span style=\"\">: Three days of music set against the stunning backdrop of Somabay by the Red Sea. <\/span><span>From 5-7 October, two events organizers at the forefront of Egyptian nightlife, ByGanz and Nacelle, 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=\"607340\" 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=\"607340\">\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\/10\/02\/whats-a-bank-anyway\/\">\r\n                            Enterprise Finance Forum: Understanding the characteristics of digital banks + how they measure up against fintechs and NBFIs                        <\/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\/10\/02\/whats-a-bank-anyway\/\" 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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Digital banks are all about digitalizing the banking experience \u2014 but they go far beyond banks simply having digital or online banking services. These institutions go hand-in-hand with themes of financial inclusion, but have vastly different roles from NBFIs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> On the second day of the Enterprise Finance Forum<\/strong>, we brought together leaders from the firm that\u2019s set to launch Egypt\u2019s first digital bank and a regional powerhouse that\u2019s already launched a neobanking proposition in the GCC + Pakistan: Group Head of Mashreq\u2019s retail banking <strong> Fernando Morillo<\/strong>, and <strong> Sherif El Behery<\/strong>, CEO of Misr Digital Innovation (MDI). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> So\u2026 what exactly is a digital bank? <\/strong>Digital banks globally have lower capital requirements than conventional banks, in return for their tech-driven contribution to the national strategies of financial inclusion, said Morillo. \u201cThey are characterized by their high percentage of digital interactions and a reduced reliance on physical branches,\u201d said Morillo. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A core characteristic is simply that digital solutions are the foundation of operations: <\/strong> Digital banks \u201cinvolve being agile and focusing on solving problems with digital-first approaches,\u201d Morillo said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> They\u2019re digital, but they\u2019re more banks than they are NBFIs: <\/strong>Oftentimes, digital banks have distinctive capabilities by virtue of their regulatory environment, allowing them to provide services such as taking deposits, providing loans and facilitating sizable transactions, while non-bank financial institutions (NBFIs) are not allowed to accept deposits, Morillo added. Digital banks are meant to provide a comprehensive suite of services and compete with traditional financial institutions, while fintech firms typically concentrate on specialized market niches, Morillo explained. \u201cWe\u2019re not inventing banking products \u2014 we\u2019re just packaging banking products and inventing a new way of delivering them,\u201d El Behery said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And \u201cwho\u201d is a digital bank? <\/strong>Some grow out of existing banks. That\u2019s the case with the brand MDI will launch \u2014 MDI is owned by Banque Misr, even though it is set up as a separate company. MDI was the first bank in Egypt to <a target=\"_blank\" href=\"https:\/\/www.mdi.com.eg\/pages\/news_detail.php?k=10\" style=\"\" rel=\"noopener\">apply for a digital banking license<\/a>. It\u2019s also the case with Mashreq\u2019s various Neo propositions, all of which are brands owned by Mashreq and operated under the bank\u2019s existing licenses. Other times, they\u2019re fintech players or NBFIs that look to bulk up their range of what they can do by starting to take deposits.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Corporate parentage makes a difference: <\/strong> Morillo pointed out that setting up a digital bank as a fresh entity represents a substantial financial commitment that could go up to USD 150 mn, while \u201cestablished banks can make use of their existing infrastructure and accumulated expertise,\u201d said El Behery. The approach taken by banks varies: While some favor distinct brands operating under the same corporate umbrella, others choose partnerships or establish entirely new digital bank entities. The choice depends on market conditions and specific objectives, said El Behery, noting that MDI is taking the latter strategy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Personalization + customization are key features of digital banks: <\/strong>Digital banks emphasize the fulfillment of customer requirements over the promotion of particular products, looking to craft a frictionless user journey by customizing their offerings according to individual customer needs, said El Behery. \u201cThe essential products are those that address customer needs, including receiving money, making payments, and lending,\u201d El Behery added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And the regulatory differences between digital banks and NBFIs has a massive impact on <\/strong><strong> the potential growth of each: <\/strong> \u201cIn reality, what you see is that digital banks are born without limits, and therefore are born within a scope where the sky\u2019s the limit. When you set up a digital bank, you\u2019re going for all the businesses [as clients] eventually,\u201d Morillo said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Quality over quantity: <\/strong>Digital banks don\u2019t need to start with a large offering of products, but rather a few that are very well thought-out and seamless in terms of user interface and user experience, said Morillo.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> That forward-looking view also factors into the underlying infrastructure for digital <\/strong><strong> banks: <\/strong> Digital banks deliver personalization for users \u2014 effectively infinite \u201ctiers\u201d and personal offerings \u2014 using advanced technology and data-driven solutions, El Behery said. The tech stack behind MDI\u2019s planned digital bank, for example, is a \u201crefreshed\u201d take on the tech stack already used for Banque Misr, El Behery said. \u201cWe redesigned the whole backend system to cater for the needs of the customers for the digital bank,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Digital banks are first a retail solution, but they can also serve the smaller end of the SME <\/strong><strong> scale very nicely: <\/strong>Sole proprietors are a hybrid of SME and retail clients: \u201cThey behave like individuals, but they have a company of their own. Digital banking provides the solutions for this type of client,\u201d Morillo said. These clients lack the time needed to spend a full or half business day at the bank to complete a transaction, he noted. \u201cThat\u2019s where there\u2019s a big network to tap into. There\u2019s several hundreds of thousands of individuals that can be served from a digital platform.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Corporate clients will eventually come along: <\/strong>When it comes to digitization, corporate clients are on their own path, especially given the complexity of their transactions, El Behery said. While they do have distinct needs, the essential shift towards digital banking primarily impacts the retail sector, he said The digitization process in corporate banking frequently revolves around enhancing procedures and managing data efficiently. Corporate banking won\u2019t see in the near term the type of profound tech- and methodology-driven changes that we\u2019re about to see in the retail segment, according to Morillo.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What do digital banks need to truly take off? It\u2019s primarily about the right country, with <\/strong><strong> the right mindset. <\/strong> \u201cYou need a country with a regulator that wants a clear and bold agenda of financial inclusion. A country with a young population that is hungry for these types of solutions. A country that is willing to embrace technology. It\u2019s not just about being young \u2014 it\u2019s a mindset and it\u2019s about wanting to leapfrog, which we can see in Egypt all over the place,\u201d Morillo said. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-finance-forum\/\">Enterprise Finance Forum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fernando-morillo\/\">Fernando Morillo<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mashreq-bank\/\">Mashreq Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/misr-digital-innovation\/\">Misr Digital Innovation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sherif-el-behery\/\">Sherif El Behery<\/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=\"607342\" 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=\"607342\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/snackmaker-edita-lands-usd-45-mn-loan-from-the-ifc-to-fuel-growth\/\">\r\n                            Snackmaker Edita lands USD 45 mn loan from the International Finance Corporation                        <\/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\/10\/02\/snackmaker-edita-lands-usd-45-mn-loan-from-the-ifc-to-fuel-growth\/\" 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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Edita will use the proceeds to support working capital, fund expansion, and finance debt repayments, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/86.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a> yesterday. The facility will have a tenor of eight years with a two-year grace period, Edita said, without disclosing the rate of interest.<\/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 Edita and the IFC have hooked up: <\/strong>The international lender lent the baked goods producer <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/74aff7c5-5dad-4230-b916-9c3e8d36e5e0\" style=\"\" rel=\"noopener\">USD 20 mn<\/a> in 2019, helping propel Edita into Morocco two years later. Half of this will be refinanced by the new loan, Edita said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/88.pdf\" style=\"\" rel=\"noopener\">an EGX disclosure (pdf)<\/a> yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Where\u2019s the growth going to come from? <\/strong>Edita noted that the funding will \u201callow the company to capitalize on emerging opportunities in new markets\u201d while growing at home both organically and through acquisition.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Edita is borrowing to grow: <\/strong> The new loan will be used in part to fund fresh capex, which the company wants to more than <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0db0ce3-a740-4609-a221-c941b2164883\" style=\"\" rel=\"noopener\">double to EGP 800 mn<\/a> this year. Those spending plans don\u2019t include the EGP 400 mn it plans to inject into Edita Frozen Food Industries \u2014 previously Fancy Foods \u2014 which it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e180ead-2cd4-4dd4-8f3a-c3c4ac70467e\" style=\"\" rel=\"noopener\">acquired in May<\/a>. The transaction is being partly funded by <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/122d49be-b6bf-472e-9226-c278c615e93f\" style=\"\" rel=\"noopener\">loans worth<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/122d49be-b6bf-472e-9226-c278c615e93f\" style=\"\" rel=\"noopener\">EGP 390 mn<\/a> from the National Bank of Kuwait.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> FX + jobs: <\/strong> The funding from the IMF will \u201cbuild Edita\u2019s capacity to withstand shocks and stresses from forex shortage and inflation\u201d and support jobs, according to <a target=\"_blank\" href=\"https:\/\/disclosures.ifc.org\/project-detail\/SII\/47950\/edita-ii\" style=\"\" rel=\"noopener\">a disclosure<\/a> on the IFC\u2019s website. The lender said the finance will protect more than 7k jobs in Egypt and allow the creation of 400 new jobs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Edita loan comes less than a week after the lender agreed to lend <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b810cee1-da35-48f4-aeb0-566eed36788d\" style=\"\" rel=\"noopener\">USD 25 mn<\/a><\/strong><strong> to Kandil Steel <\/strong> to \u201csupport the company\u2019s operational and financial resilience\u201d amid the FX crunch and soaring input costs.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edita\/\">Edita<\/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\/international-finance-corporation\/\">International Finance Corporation<\/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\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607344\" 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=\"607344\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/nearly-a-fifth-of-our-external-debt-is-due-next-year\/\">\r\n                            Egypt faces more than USD 29 bn in debt repayments in 2024, CBE data suggest                        <\/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\/10\/02\/nearly-a-fifth-of-our-external-debt-is-due-next-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n       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data-attachment-id=\"607345\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/nearly-a-fifth-of-our-external-debt-is-due-next-year\/54-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/54.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"54.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/54.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/54.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607344\" class=\"content-area-description single-story post-607344 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-debt-watch tag-economy tag-enterpriseam tag-imf 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\/10\/.36e28595-4ede-4d18-b1ef-e595466045a0.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> 2024 is going to be an expensive year: <\/strong> New central bank projections out last week estimate that we\u2019re going to have to repay almost a fifth of our total external debt obligations in 2024 alone. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> How do we manage it all? <\/strong> Economist Hany Geneina floats the possibility of the IMF more than doubling our USD 3 bn assistance program should we deliver on our commitments, providing a vital line of FX that would enable us to narrow our significant external financing gap.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Here\u2019s how it could all play out: <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A big year of repayments ahead: <\/strong> Egypt will likely have to spend USD 29.2 bn on debt repayments in 2024, according to updated <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/47.pdf\" style=\"\" rel=\"noopener\">central bank estimates (pdf)<\/a> published last week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The need-to-knows: <\/strong><\/p>\n<ul>\n<li><strong> It\u2019s significantly more than we\u2019re paying this year: <\/strong> This is USD 10 bn more than our expected debt servicing bill for this year, which the central bank now puts at USD 19.3 bn, and is almost a fifth of our total external debt.<\/li>\n<li><strong> It\u2019s more than USD 1 bn more than we had previously expected: <\/strong> The central bank in Juneestimated that we will repay around USD 28 bn over the 12-month period.<\/li>\n<li><strong> It\u2019s mostly due to higher interest rates: <\/strong> The central bank now projects Egypt will have to repay USD 6.3 bn in interest next year, USD 841 mn more than its previous estimate in June.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> Egypt\u2019s external debt has quadrupled over the past decade, reaching a record high of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/450c2cb7-4819-4598-a61f-cb17259fbe7b\" style=\"\" rel=\"noopener\">USD<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/450c2cb7-4819-4598-a61f-cb17259fbe7b\" style=\"\" rel=\"noopener\">165.4<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/450c2cb7-4819-4598-a61f-cb17259fbe7b\" style=\"\" rel=\"noopener\">bn<\/a> at the end of March due to increased borrowing from multilateral lenders and international debt markets. This equates to around 38.5% of GDP, below the IMF\u2019s 50% threshold for manageable debt levels, according to the report. More than two-thirds of the country\u2019s external debt is denominated in USD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We\u2019ll be paying significantly more over the longer term, too: <\/strong> Egypt\u2019s debt repayments between 2024 and 2027 now stand at USD 83.7 bn, according to the central bank. That\u2019s USD 6.4 bn more than it had estimated in June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Background: <\/strong> Our external position has come under pressure in recent months on the back of higher interest rates, turmoil in the financial markets, and a shortage of foreign currency. The EGP has lost more than half of its value against the USD since March 2022 in a series of devaluations aimed at easing FX liquidity stress.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The financing gap: <\/strong>Goldman Sachs estimates that Egypt is facing a financing gap of more than USD 11 bn over the next five years, which it is trying to fill via a mixture of state asset sales, new concessional financing from multilateral lenders, higher tourism and export revenues, and most recently via <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33abb6a6-8746-4e6a-b1d3-45d924437ae7\" style=\"\" rel=\"noopener\">currency swap agreements<\/a>. Authorities are also in negotiations with the IMF regarding the completion of the first and second reviews of the USD 3 bn assistance program, which should release almost USD 700 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> How we could potentially fund it: <\/strong> \u201cIt\u2019s expected that we receive debt inflows totalling USD 6-7 bn, proceeds from the potential panda and samurai bond sales worth a combined USD 1 bn, the second and third tranches of the IMF loan along with USD 1.2 bn under the IMF\u2019s <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Sheets\/2023\/Resilience-Sustainability-Facility-RSF\" style=\"\" rel=\"noopener\">Resilience and Sustainability Facility<\/a>, as well as more than USD 5 bn from state asset sales,\u201d economic analyst Hany Geneina told Enterprise yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The IMF could bump up our loan if we deliver:<\/strong>&nbsp;\u201cIt\u2019s expected that the IMF loan gets upsized to USD 6-8 bn, up from USD 3 bn, following the much expected front-loaded reforms early next year \u2014 including lifting energy subsidies, an aggressive rate hike that could exceed 300 bps, and a decision to float the EGP,\u201d Geneina told us. The potential bump would also be in line with the fact that we have a debt repayment worth USD 5.1 bn to the IMF next year, surpassing the amount of the current USD 3 bn arrangement, Geneina added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/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\/imf\/\">IMF<\/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=\"607346\" 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=\"607346\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/whats-happening-with-midar\/\">\r\n                            Rumor has it: Midar will IPO on the EGX next year + is looking to sell land to Gulf investors to raise FX                        <\/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\/10\/02\/whats-happening-with-midar\/\" 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\/10\/02\/whats-happening-with-midar\/')\">\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\/10\/02\/whats-happening-with-midar\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=What\u2019s happening with Midar?&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/whats-happening-with-midar\/\">\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\/10\/02\/whats-happening-with-midar\/&title=What\u2019s happening with Midar?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=What%E2%80%99s+happening+with+Midar%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F02%2Fwhats-happening-with-midar%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\/10\/02\/whats-happening-with-midar\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/109.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607347\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/whats-happening-with-midar\/109-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/109.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"109.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/109.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/109.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607346\" class=\"content-area-description single-story post-607346 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-egx tag-enterpriseam tag-ma-watch tag-midar tag-privatization-watch tag-real-estate tag-sovereign-fund-of-egypt tag-state-privatization-watch 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\/10\/.35d928b3-4cb2-475b-9e84-4b10a225527a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> It\u2019s Midar\u2019s turn to be front and center of privatization chatter in the local press: <\/strong>Midar \u2014 FKA El Mostakbal Urban Development and one of the four state-owned real estate firms to be included in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">the privatization program<\/a> \u2014 is the subject of several unconfirmed reports that surfaced in the local press yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- <\/strong><strong> SFE lining Midar up for the EGX? <\/strong>The Sovereign Fund of Egypt (SFE) is preparing to list the state-owned real estate firm on the EGX in 1H 2024, according to <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/01\/1718881\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, which cites sources it says are familiar with the matter. Earlier this year, the SFE <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14127d68-b28c-4df3-975c-65c3346d35d8\" style=\"\" rel=\"noopener\">added<\/a> Midar to its pre-IPO fund, which looks to bring strategics onboard to invest and help restructure state-owned firms before they go public.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s not clear what could be on offer: <\/strong>Al Borsa did not include any comment on the percentage stake that could be offered in a potential IPO. It was reported in July that the SFE could offer 25-30% of the company to a strategic investor before later taking it public on the EGX. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The potential sellers: <\/strong> The newspaper says that Banque Misr and the National Investment Bank \u2014 which together own almost 75% of the company \u2014 intend to fully exit the company. The remaining shareholders are Banque Misr\u2019s investment arm Misr Capital (5.65%), the National Bank of Egypt (8.9%) and Arab Contractors (10.94%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- Midar in talks to sell land to GCC investors? <\/strong><a target=\"_blank\" href=\"https:\/\/bit.ly\/3t6DpsL\" style=\"\" rel=\"noopener\">As<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3t6DpsL\" style=\"\" rel=\"noopener\">harq Busine<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3t6DpsL\" style=\"\" rel=\"noopener\">ss<\/a> reported yesterday that the company is negotiating with GCC investors to sell off some of its land in exchange for greenbacks, citing two sources it says have knowledge of the matter. The company is also reportedly negotiating to enter development partnerships with the unnamed GCC investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> Midar was established in 2006 to develop the 11k-feddan Mostakbal City project between New Cairo and the new capital.<\/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\/egx\/\">EGX<\/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\/midar\/\">Midar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/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\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-watch\/\">state privatization watch<\/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=\"607348\" 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=\"607348\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/al-ahly-tamkeen-microfinance-closes-egp-707-mn-bond-issuance\/\">\r\n                            NBE\u2019s Al Ahly Tamkeen Microfinance closes EGP 707 mn bond issuance                        <\/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\/10\/02\/al-ahly-tamkeen-microfinance-closes-egp-707-mn-bond-issuance\/\" 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\/10\/02\/al-ahly-tamkeen-microfinance-closes-egp-707-mn-bond-issuance\/')\">\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\/10\/02\/al-ahly-tamkeen-microfinance-closes-egp-707-mn-bond-issuance\/\">\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=Al Ahly Tamkeen Microfinance closes EGP 707 mn bond issuance&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/al-ahly-tamkeen-microfinance-closes-egp-707-mn-bond-issuance\/\">\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\/10\/02\/al-ahly-tamkeen-microfinance-closes-egp-707-mn-bond-issuance\/&title=Al Ahly Tamkeen Microfinance closes EGP 707 mn bond issuance\">\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=Al+Ahly+Tamkeen+Microfinance+closes+EGP+707+mn+bond+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F02%2Fal-ahly-tamkeen-microfinance-closes-egp-707-mn-bond-issuance%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\/10\/02\/al-ahly-tamkeen-microfinance-closes-egp-707-mn-bond-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/67.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607349\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/al-ahly-tamkeen-microfinance-closes-egp-707-mn-bond-issuance\/67-jpg-30\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/67.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"67.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/67.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/67.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607348\" class=\"content-area-description single-story post-607348 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-al-ahly-capital-holding tag-al-ahly-pharos tag-al-ahly-tamkeen-for-microfinance tag-arab-african-international-bank tag-attijariwafa-bank tag-bank-abc tag-bonds tag-capital-markets tag-debt-watch tag-dreny-partners tag-enterpriseam tag-microfinance tag-national-bank-of-egypt tag-securitization 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\/10\/.f5273aa8-6426-42ac-9f51-46a714feebf7.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Al Ahly Capital Holding\u2019s microfinance arm has raised EGP 707 mn in a <\/strong><strong> securitized bond issuance<\/strong>,the transaction\u2019s financial advisor Al Ahly Pharos said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/82.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a> yesterday. Al Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt\u2019s Al Ahly Capital Holding, said that the bond was backed by a EGP 787 mn portfolio from <a target=\"_blank\" href=\"https:\/\/alahlycapital.com\/nbfs\/\" style=\"\" rel=\"noopener\">Al Ahly Tamkeen Microfinance<\/a> and issued by Al Ahly Securitization Company.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The details: <\/strong> The bond was split into three tranches rated P1, P1, and A by the Middle East Rating Services (MERIS). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Regional and local banks got involved: <\/strong>The issuance was fully subscribed, with the National Bank of Egypt, AAIB, Attijariwafa Bank Egypt, Bank ABC, and Al Ahly Pharos each buying a piece.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Advisors: <\/strong>Al Ahly Pharos acted as the financial advisor and as one the transaction\u2019s underwriters alongside AAIB and the National Bank of Egypt. AAIB also acted as the custodian and the placement agent, while Dreny & Partners was the legal advisor and KPMG acted as the auditor of the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> DATA POINT- Egyptian companies have issued more than EGP 55.2 bn of securitized <\/strong><strong> bonds so <\/strong><strong> far this year<\/strong>, according to data tracked by Enterprise \u2014 almost 22% more than what was taken to market across the whole of 2022 and more than three times the volumes in 2021. Al Ahly Pharos is claiming a market share of north of 44% this year, saying it has taken to market nine transactions worth EGP 24.4 bn so far this year. <\/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\/al-ahly-capital-holding\/\">Al Ahly Capital Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-pharos\/\">Al Ahly Pharos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-tamkeen-for-microfinance\/\">Al Ahly Tamkeen for Microfinance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/attijariwafa-bank\/\">Attijariwafa Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bank-abc\/\">Bank ABC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dreny-partners\/\">Dreny &amp; Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microfinance\/\">microfinance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/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=\"607350\" 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=\"607350\">\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\">Fintech<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/valu-to-expand-into-jordan-puts-saudi-on-hold-for-now\/\">\r\n                            Egyptian fintech player Valu announces Jordan expansion, puts Saudi venture on hold for now                        <\/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\/10\/02\/valu-to-expand-into-jordan-puts-saudi-on-hold-for-now\/\" 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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Valu is currently in the process of applying for a license from the Central Bank of Jordan and expects to reach profitability within the first two years of launching.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The details: <\/strong>Valu will invest USD 10 mn into expanding into Jordan, around USD 7 mn (JOR 5 mn) of which will go towards capitalizing its local unit, CEO Walid Hassouna told <a target=\"_blank\" href=\"https:\/\/bit.ly\/3thhfUX\" style=\"\" rel=\"noopener\">CNBC Arabia<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Hello Jordan, goodbye Saudi: <\/strong>Valu has excluded Saudi Arabia from its regional expansion plans due to market conditions and doubts over profitability, it said in the statement. Market conditions will not allow the company to \u201cflexibly\u201d roll out its financial services while the profitability projections fall outside of its strategy, it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Regional growth is a priority for Valu<\/strong>, the Valu statement said, flagging that it is actively looking at markets in North Africa. The company is looking at markets \u201cwith favorable dynamics that allow for the implementation of its full product and services \u2026 flexibly.\u201d Valu is looking to reach profitability in expansion markets \u201cwithin 12-24 months of launching.\u201d<\/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\/consumer-finance\/\">consumer finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"607352 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=\"607352\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/607352\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607352\" class=\"content-area-description single-story post-607352 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=\"607353\" 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=\"607353\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/talk-shows-continue-wall-to-wall-coverage-of-homeland-conference\/\">\r\n                            The Homeland conference, elections are all Egypt\u2019s talking heads can talk about right now                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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     <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/99.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607354\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/talk-shows-continue-wall-to-wall-coverage-of-homeland-conference\/99-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/99.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"99.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/99.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/99.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607353\" class=\"content-area-description single-story post-607353 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-election-2023 tag-enterpriseam tag-last-nights-talk-shows tag-military tag-national-election-authority tag-railways tag-transport 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\/10\/.b588ffef-73b3-4bc4-b72e-0cb1bf8e2460.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The \u201cSt <\/strong><strong> ory of a Homeland <\/strong><strong> \u201d forum once again dominated last night\u2019s talk shows. <\/strong> El Hekaya\u2019s Amr Adib (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=704861561055813\" style=\"\" rel=\"noopener\">watch, runtime: 4:39<\/a>) and Masaa DMC\u2019s Osama Kamal (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=693202019037895\" style=\"\" rel=\"noopener\">watch, runtime: 13:04<\/a>) gave time to President Abdel Fattah El Sisi\u2019s directive to the Transport and Housing ministries to complete national projects \u201cwith me or someone else.\u201d Pundits also dedicated time to other presentations including from Housing Minister Assem El Gazzar and Transport Minister Kamal El Wazir. Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=1368535050399533\" style=\"\" rel=\"noopener\">watch, runtime: 17:38<\/a>) and Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=693202019037895\" style=\"\" rel=\"noopener\">watch, runtime: 1:00<\/a>) had coverage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> New gateway to Upper Egypt: <\/strong> The new Bashteel railway station in Giza will open this month in time for Armed Forces Day celebrations, El Wazir said during the conference (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=685980730249104\" style=\"\" rel=\"noopener\">watch, runtime: 2:36<\/a>). The station was originally intended to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8811c4e8-2fd9-4109-bc2e-bb8285e75200\" style=\"\" rel=\"noopener\">open its doors in March<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Is Amr Adib telegraphing a post-election cabinet shuffle? <\/strong> We need to consider our current members of government, evaluate their efficiency, and the speed at which they have completed government plans and projects, particularly when it comes to housing, infrastructure and transportation, said Adib (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=2541305269378054\" style=\"\" rel=\"noopener\">watch, runtime: 3:45<\/a>). Whatever comes next demands competent ministers equipped with the skills to handle global crises with limited resources, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Cr <\/strong><strong> owding, technical issues at notary offices: <\/strong> The National Election Authority has stepped in to reduce crowding and fix technical errors at notary offices providing candidate endorsement forms, reported El Hekaya (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Elhekayashow\/videos\/1783848112073413\" style=\"\" rel=\"noopener\">watch, runtime: 6:51<\/a>). Ala Masouleety\u2019s Moussa also covered the issues facing notary offices, and mentioned the <a target=\"_blank\" href=\"https:\/\/bit.ly\/3rIbtuV\" style=\"\" rel=\"noopener\">NEA\u2019s statement<\/a> accusing people of spreading rumors about the election (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=8VmX2tMa8Mo&ab_channel=SadaElbalad-%D8%B5%D8%AF%D9%89%D8%A7%D9%84%D8%A8%D9%84%D8%AF\" style=\"\" rel=\"noopener\">watch, runtime: 3:13<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Historical m <\/strong><strong> ilitary documents could be made public: <\/strong>An armed forces committee is studying the possibility of releasing several documents from the October War, Maj. Gen. Samir Faraj, a member of the committee, said on Ala Masouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=uvE67JkuVDk&ab_channel=SadaElbalad-%D8%B5%D8%AF%D9%89%D8%A7%D9%84%D8%A8%D9%84%D8%AF\" style=\"\" rel=\"noopener\">watch, runtime: 4:07<\/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\/election-2023\/\">Election 2023<\/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\/military\/\">military<\/a>\n         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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/nyt-spotlights-wael-hana-the-egyptian-american-businessman-tied-up-in-the-bob-menendez-corruption-scandal\/\">\r\n                            NYT spotlights Wael Hana, the Egyptian-American businessman tied up in the Bob Menendez corruption scandal                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/nyt-spotlights-wael-hana-the-egyptian-american-businessman-tied-up-in-the-bob-menendez-corruption-scandal\/93-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/93.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"93.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/93.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/93.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607356\" class=\"content-area-description single-story post-607356 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-ancient-egypt tag-diplomacy tag-egypt-us-relations tag-enterpriseam 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\/10\/.b5c484e3-1ef8-4124-a2ef-320280dad036.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> There isn\u2019t much being written about Egypt internationally this morning: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/01\/nyregion\/menendez-egypt-bribe-hana.html\" style=\"\" rel=\"noopener\">New York<\/a> <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/01\/nyregion\/menendez-egypt-bribe-hana.html\" style=\"\" rel=\"noopener\">Times<\/a> is out with a piece detailing the rise and fall of the co-defendant in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc488899-5fab-4a67-85c4-217db4f0c82e\" style=\"\" rel=\"noopener\">US Senator Robert Menendez\u2019s case<\/a>, the Egyptian halal meat importer Wael Hana. Meanwhile, the <a target=\"_blank\" href=\"https:\/\/www.dailymail.co.uk\/sciencetech\/article-12571265\/Sahuras-Pyramids-secret-rooms-revealed-Scientists-uncover-mysterious-chambers-Egypts-4-400-year-old-monument-reveal-ancient-secrets.html\" style=\"\" rel=\"noopener\">Daily Mail<\/a> reports that eight storage chambers have been uncovered by an Egyptian, German archeological mission within Sahura\u2019s Pyramid in the Abusir Necropolis. <\/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\/ancient-egypt\/\">Ancient Egypt<\/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-us-relations\/\">Egypt-US relations<\/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=\"607358\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607359\" 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=\"607359\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/japanese-firms-talk-renewables-green-fuel-investments-with-sczone-plus-gafis-plans-for-silver-licenses-sfe-interest-in-egycop\/\">\r\n                            Japanese firms talk renewables, green fuel investments with SCZone. PLUS: GAFI\u2019s plans for silver licenses + SFE interest in EgyCOP                        <\/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\/10\/02\/japanese-firms-talk-renewables-green-fuel-investments-with-sczone-plus-gafis-plans-for-silver-licenses-sfe-interest-in-egycop\/\" 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\/10\/02\/japanese-firms-talk-renewables-green-fuel-investments-with-sczone-plus-gafis-plans-for-silver-licenses-sfe-interest-in-egycop\/')\">\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\/10\/02\/japanese-firms-talk-renewables-green-fuel-investments-with-sczone-plus-gafis-plans-for-silver-licenses-sfe-interest-in-egycop\/\">\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=Japanese firms talk renewables, green fuel investments with SCZone. PLUS: GAFI\u2019s plans for silver licenses + SFE interest in EgyCOP&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/japanese-firms-talk-renewables-green-fuel-investments-with-sczone-plus-gafis-plans-for-silver-licenses-sfe-interest-in-egycop\/\">\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\/10\/02\/japanese-firms-talk-renewables-green-fuel-investments-with-sczone-plus-gafis-plans-for-silver-licenses-sfe-interest-in-egycop\/&title=Japanese firms talk renewables, green fuel investments with SCZone. PLUS: GAFI\u2019s plans for silver licenses + SFE interest in EgyCOP\">\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=Japanese+firms+talk+renewables%2C+green+fuel+investments+with+SCZone.+PLUS%3A+GAFI%E2%80%99s+plans+for+silver+licenses+%2B+SFE+interest+in+EgyCOP+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F02%2Fjapanese-firms-talk-renewables-green-fuel-investments-with-sczone-plus-gafis-plans-for-silver-licenses-sfe-interest-in-egycop%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\/10\/02\/japanese-firms-talk-renewables-green-fuel-investments-with-sczone-plus-gafis-plans-for-silver-licenses-sfe-interest-in-egycop\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/105.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607360\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/japanese-firms-talk-renewables-green-fuel-investments-with-sczone-plus-gafis-plans-for-silver-licenses-sfe-interest-in-egycop\/105-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/105.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"105.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/105.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/105.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607359\" class=\"content-area-description single-story post-607359 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-avanz-capital-management tag-carbon-credits tag-climate tag-egycop tag-egypt-japan-relations tag-enterpriseam tag-gafi tag-investment-watch tag-japan tag-sovereign-fund-of-egypt tag-startups tag-suez-canal-economic-zone 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\/10\/.a32ea8ae-3db4-4860-a41a-8da177d1b62d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> INVESTMENT- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> More Japanese investments incoming? <\/strong>The General Authority of the Suez Canal Economic Zone (SCZone) met with representatives from 24 Japanese companies interested in investing in the zone, it said in <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ZBO3nu\" style=\"\" rel=\"noopener\">a<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ZBO3nu\" style=\"\" rel=\"noopener\">statem<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ZBO3nu\" style=\"\" rel=\"noopener\">ent<\/a> yesterday. The meeting focused on promoting investments in green fuels and renewable energy, and included representatives from local and international energy companies already operating in the country.<\/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> GAFI could debut silver licenses this year: <\/strong>The General Authority for Investment and Freezones (GAFI) could start to issue silver licenses for local startups in 4Q 2023 to help ease administrative hurdles, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PwxSDu\" style=\"\" rel=\"noopener\">A<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PwxSDu\" style=\"\" rel=\"noopener\">sharq Busines<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PwxSDu\" style=\"\" rel=\"noopener\">s<\/a> reports, citing GAFI head Hossam Heiba. GAFI is set to submit the details of the proposed new license to the cabinet for approval within two months, Heiba added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What\u2019s a silver license? <\/strong>The silver license will provide incentives and ease the process for startups to register their companies onshore and establish their headquarters in Egypt, Heiba said, without providing further details. GAFI last year launched <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d03b6507-b649-4f52-9d7b-1c4bdf41420a\" style=\"\" rel=\"noopener\">golden licenses<\/a>, which aim to accelerate projects by requiring companies to receive only one approval before starting work.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> CLIMATE- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> SFE, local banks eye EgyCOP: <\/strong>The Sovereign Fund of Egypt (SFE) and a number of local banks are considering investing in carbon credit fund EgyCOP, writes <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/01\/1718883\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, citing a cabinet-issued document. Al Borsa did not name the local banks interested in the Avanz Capital-managed fund. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ICYMI- <\/strong> EgyCOP is set to invest in low-carbon projects that issue carbon credits with an initial <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/facb23b0-ce8f-482b-98b6-c5ded1a74b26\" style=\"\" rel=\"noopener\">EGP 1 bn<\/a> in funding and will complement the EGX\u2019s planned <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/68268b61-5682-45af-a907-019ac3373c6a\" style=\"\" rel=\"noopener\">voluntary carbon market<\/a>, which policymakers are working to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/580daa31-f377-4bba-9c75-7c5a009380c2\" style=\"\" rel=\"noopener\">get off the ground<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> EgyCOP could launch by December or January next year<\/strong>, Avanz Capital\u2019s managing director Haytham Wagih <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad403632-3faf-439d-a471-1a12127aa34a\" style=\"\" rel=\"noopener\">told Enterprise<\/a> last week, adding that the firm wants to partner up with international institutions to set up EgyCOP and is in advanced talks with potential investors and institutions that can provide technical assistance, consulting firms, auditors, and verifiers.<\/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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/avanz-capital-management\/\">Avanz Capital Management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carbon-credits\/\">carbon credits<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egycop\/\">EgyCop<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-japan-relations\/\">Egypt-Japan relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/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\/japan\/\">Japan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/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=\"607361\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"607361\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/dont-be-the-next-instacart-vcs-tell-startups-as-nasdaq-newbies-tread-water\/\">\r\n                            Don\u2019t be the next Instacart, VCs tell startups as Nasdaq newbies tread water                        <\/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\/10\/02\/dont-be-the-next-instacart-vcs-tell-startups-as-nasdaq-newbies-tread-water\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/91.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607362\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/dont-be-the-next-instacart-vcs-tell-startups-as-nasdaq-newbies-tread-water\/91-jpg-30\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/91.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"91.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/91.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/91.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607361\" class=\"content-area-description single-story post-607361 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-arm tag-enterpriseam tag-european-central-bank tag-eurozone tag-financial-markets tag-inflation tag-instacart tag-planet-finance tag-startups tag-venture-capital 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\/10\/.972b5d00-4859-4afc-81ad-0b4022018fb5.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Market unease about interest rates has soured the mood on the US IPO <\/strong><strong> market<\/strong>, prompting VCs to advise startups to postpone plans to go public despite recent optimism following a spate of tech listings, reports the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/2b8f723d-52b0-4ea5-9703-7c65e3c6bd35\" style=\"\" rel=\"noopener\">Financial Times<\/a>. Tech startups Arm, Instacart and Klaviyo were all met with strong investor demand during their recent IPOs but their start to life on the Nasdaq has been mixed, with investor interest waning following hawkish signals from the Federal Reserve.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26cbb58e-2d70-4f3b-83c8-77a3dff8f3f9\" style=\"\" rel=\"noopener\">Arm<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26cbb58e-2d70-4f3b-83c8-77a3dff8f3f9\" style=\"\" rel=\"noopener\">Instacart<\/a> both made their debuts on the Nasdaq last month in what were widely seen as bellwether listings that could potentially reinvigorate the stalled US IPO market. Arm shares have spent the past two weeks treading water (though remain up 5% from the USD 51 IPO price), while Instacart has fallen below its USD 30 listing price.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What VCs are saying: <\/strong> Many startups had delayed their plans for initial public offerings over 18 months ago in 2021, but VCs advise waiting another year. \u201cIn our portfolio we would advise: unless you really need to, hold back,\u201d said Mike Volpi, general partner at European VC Index Ventures. \u201cThe market has been rough in the past few weeks . . . Unless you need to go out, I\u2019d wait until the second half of next year.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ALSO- Pressure eases on ECB as euro inflation hits new low: <\/strong> Annual inflation in the eurozone slowed to its lowest level in almost two years in September as energy prices continued to fall, according to <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/eurostat\/documents\/2995521\/17599940\/2-29092023-AP-EN.pdf\" style=\"\" rel=\"noopener\">flash figures (pdf)<\/a> out Friday. Consumer prices grew at a 4.3% clip during the month, down from 5.2% in August, the weakest rate since October 2021. This comes a few weeks after the European Central Bank raised interest rates to record highs in a bid to curb inflation.<\/p><p><a target=\"_blank\" id=\"t.8c4f49b45bedcc6674bfe2b329216f6f33c97cfa\" 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-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> 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\">20,055<\/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: +37.4%)<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Tadawul <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,040<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +5.4%)<\/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\">9,785<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: -4.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> DFM <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,164<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +24.8%)<\/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> 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\">4,288<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> 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\">7,608<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> 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\">4,175<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +10.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> 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 92.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.93<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5%<\/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 1,866.10<\/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%<\/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> 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 27,132<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +64.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE CLOSING BELL- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The EGX30 fell 0.6% at yesterday\u2019s close <\/strong> on turnover of EGP 1.9 bn (11.9% below the 90-day average). Foreign investors were net sellers. The index is up 37.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the green: <\/strong>Orascom Construction (+20.0%), Abu Dhabi Islamic Bank (+4.4%) and Eastern Company (+3.6%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the red: <\/strong>Fawry (-7.2%), Mopco (-3.8%) and Ezz Steel (-3.8%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Asian markets are in the green this morning <\/strong>as we hit dispatch time, with the Hang Seng and Nikkei leading the gainers. Both Korea\u2019s Kospi and Shanghai Composite are also in the green. Traders are reaching positively to news that <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/10\/02\/asia-pacific-stocks-china-pmi-japan-tankan.html\" style=\"\" rel=\"noopener\">Chinese factory activity expanded<\/a> for the first time in six months. Futures hint suggest markets in Europe and the United States will start the day in positive territory, with only Toronto looking at red when the opening bell sounds.<\/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\/arm\/\">Arm<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/european-central-bank\/\">European Central Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eurozone\/\">eurozone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/instacart\/\">Instacart<\/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\/startups\/\">startups<\/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=\"607363\" 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=\"607363\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/kurdish-militants-target-turkish-parliament-in-bomb-attack\/\">\r\n                            Kurdish militants target Turkish parliament in bomb attack                        <\/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\/10\/02\/kurdish-militants-target-turkish-parliament-in-bomb-attack\/\" 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\/10\/02\/kurdish-militants-target-turkish-parliament-in-bomb-attack\/')\">\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\/10\/02\/kurdish-militants-target-turkish-parliament-in-bomb-attack\/\">\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=Kurdish militants target Turkish parliament in bomb attack&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/kurdish-militants-target-turkish-parliament-in-bomb-attack\/\">\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\/10\/02\/kurdish-militants-target-turkish-parliament-in-bomb-attack\/&title=Kurdish militants target Turkish parliament in bomb attack\">\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=Kurdish+militants+target+Turkish+parliament+in+bomb+attack+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F02%2Fkurdish-militants-target-turkish-parliament-in-bomb-attack%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\/10\/02\/kurdish-militants-target-turkish-parliament-in-bomb-attack\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/89.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607364\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/kurdish-militants-target-turkish-parliament-in-bomb-attack\/89-jpg-27\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/89.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"89.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/89.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/89.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607363\" class=\"content-area-description single-story post-607363 post type-post status-publish format-standard has-post-thumbnail hentry category-around-the-world tag-around-the-world tag-egypt-turkey-relations tag-enterpriseam tag-turkey 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\/10\/.eae2b33e-eb8d-4563-b0d6-7818131641fe.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Two Kurdish militants detonated a bomb close to the Turkish parliament <\/strong><strong> building in Ankara <\/strong> yesterday, the same day that MPs returned from recess for the new legislative year. The Kurdistan Workers\u2019 Party (PKK) has claimed responsibility for the apparent suicide attack. \u201cOne of the terrorists detonated himself, while the other was neutralized by security forces,\u201d the country\u2019s interior minister <a target=\"_blank\" href=\"https:\/\/twitter.com\/AliYerlikaya\/status\/1708379773032972410?s=20\" style=\"\" rel=\"noopener\">wrote on X<\/a>(formerly known as Twitter). The Turkish military has carried out retaliatory airstrikes on suspected Kurdish militant targets in northern Iraq. (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/turkey-ankara-explosion-dfdbae1c7cd90f7e0a48b029c866b561\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/explosion-heard-turkish-capital-media-report-2023-10-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt condemned the attack: <\/strong>The Foreign Ministry <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ZFg1ih\" style=\"\" rel=\"noopener\">con<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ZFg1ih\" style=\"\" rel=\"noopener\">demned<\/a> the attack \u201cin the strongest terms\u201d and expressed its \u201cfull solidarity\u201d with Turkey. The message of solidarity comes a few months after Egypt and Turkey <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d19a0038-ec2d-47de-8d69-f56ea5ccec7f\" style=\"\" rel=\"noopener\">restored diplomatic ties<\/a> and reappointed ambassadors in July, bringing to an end a decade of tensions.<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-turkey-relations\/\">Egypt-Turkey relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"607365\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">13<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/are-we-about-to-see-an-exodus-of-foreign-teachers-from-egypts-international-schools\/\">\r\n                            Are we about to see an exodus of foreign teachers from Egypt\u2019s international schools?<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/are-we-about-to-see-an-exodus-of-foreign-teachers-from-egypts-international-schools\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Schools have been struggling to mitigate the effects of the EGP devaluation this year and are bracing for potential further weakening of the currency in the near term, several school officials told Enterprise. Given that private international schools compensate expat teachers using a blend of FX and local currency, schools have been reconsidering the intricacies and potential consequences of this <a target=\"_blank\" href=\"https:\/\/enterprise.press\/blackboards\/teachers-arent-happy-with-their-shrinking-salaries\/\" style=\"\" rel=\"noopener\">compensation structure<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Going local: <\/strong>In an attempt to tackle the difficulties brought by the present financial constraints, several schools are currently considering both \u201clocal international\u201d hires \u2014 ie foreigners already residing in Egypt \u2014 and local hires for their staffing requirements. Schools are pouring in more money into the development of local hires and the development of their accreditation to maintain their quality standards. Schools have also increased teacher salaries this year\u2014giving Egyptian teachers priority. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Some private + international schools are feeling the pinch more than others: <\/strong> While some schools exclusively hire expats, others have a combination of locally hired staff and expats, and others generally staff only a few expats. Those who are experiencing the highest turnover rate in expats are the third category because they\u2019re unable to offer attractive packages in hard currency, El Alsson Executive Director Karim Rogers told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Schools that have a combination of foreign and local hires have been feeling the hit as <\/strong><strong> well: <\/strong> Schools should ideally maintain a staff requirement of 20% consisting of foreign hires, but the weakening currency has made it difficult to do so. \u201cNo international school reached the quota this year,\u201d Rogers tells us. International schools opt for foreign teachers because international certification requirements obligate them to hire a certain number of foreign teachers every year and failing to do so could put these schools\u2019 certifications in jeopardy, CIRA Education CEO Mohamed El Kalla <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8ed6a11-5515-48cd-b9fc-8837ad313209\" style=\"\" rel=\"noopener\">previously told us<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Some expats found themselves getting paid less: <\/strong> At many international schools, foreign teachers have their salaries set in foreign currency, with a portion paid out in FX and the rest in EGP equivalent. After the EGP devaluation, some expats found themselves receiving reduced salaries due to the terms of their contracts. \u201cWhen I accepted the offer, I hadn\u2019t realized how much I would have been affected by the currency drop because I was originally being paid in EGP and 75% of it would be converted to GBP and I would keep 25% as EGP,\u201d according to a former English teacher at an International school, who relocated to Saudi Arabia due to the devaluation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Recruitment this year was especially difficult with more expats opting for other markets: <\/strong>Although contracts are finalized now that the academic year is underway, some expats opted to exit Egypt at the end of the last academic year as they were uncomfortable with the current conditions. \u201cAfter the school year, some expats decided to explore jobs in the Asian, South American, Saudi, and UAE markets, opting to avoid European and American markets because they\u2019re also going through their own cost of living crisis,\u201d said Rogers. Chinese schools attracted significant talent at teacher recruitment fairs earlier this year due to their offer of salaries that Egyptian international schools simply couldn\u2019t match, Sherine Galal, chairman of the Consultancy Group for International Education, told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And there\u2019s a problem with the caliber we\u2019re left with: <\/strong> Given the FX crunch, it is becoming increasingly expensive to hire expats of very high credentials, our sources agreed. \u201cA lot of schools can\u2019t afford to hire the higher calibers of foreign expats, who demand higher salaries in USD, which severely impacts learning at the end of the day,\u201d Galal tells us. Some schools\u2019 decision to hire expatriates with lower qualifications can lead to a decrease in the overall teaching quality, she said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Old habits die hard: <\/strong>Schools who want to maintain their reputation would try \u201cmaking a balance of hiring expats, certified local foreign hires, and internationally certified local teachers, is the solution for such an impediment. In doing so, schools would be able to spend the extra fees on technology, educational resources, and professional development for local teachers,\u201d said Galal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Altogether, schools are getting more creative in where to direct their FX resources: <\/strong> Some are opting to channel their FX towards expats in administrative roles, such as principals or academic coordinators, who are then responsible for recruiting and training local teachers. Other institutions chose to invest in expats who teach base years to maintain the quality of foundation years. Meanwhile, some are opting for more \u201clocal foreign\u201d hires \u2014 which are less expensive than hiring foreigners from abroad \u2014 and then financing their accreditation or helping them get certified abroad, Galal told us. \u201cThis year there was a war of who could attract more from the local market,\u201d Rogers told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What have schools done to retain teachers? <\/strong>There was a typical salary increase of 15-20% but \u201cwe increased the salaries of the Egyptians more than the expats because they were severely affected by the devaluation, and we had to show them our appreciation given that they\u2019re the backbone of our school,\u201d Rogers tells us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The upshot: The tides are shifting in favor of the local market: <\/strong> As more and more expats have been leaving Egypt since the pandemic hit and the FX crisis has worsened, the realization gradually dawned that there is \u201csignificant potential in highly educated and proficient Egyptian teachers readily available locally and open to employment at much cheaper rates,\u201d an anonymous source from SABIS told us. There\u2019s a current \u201cyouthfulization of schools,\u201d with many schools showing a growing inclination to hire highly qualified local Egyptians, a significant portion of whom hold a PGCE (Postgraduate Certificate in Education), our source said. This has led teachers to invest in their own professional development, according to our SABIS source.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Your top education stories for the week: <\/strong><\/p>\n<ul>\n<li><strong> Egypt x UNESCO: <\/strong>The cabinet approved Egypt's participation in an amended <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c008c9f0-9557-4edd-8b7a-afa4c8878638\" style=\"\" rel=\"noopener\">UNESCO<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c008c9f0-9557-4edd-8b7a-afa4c8878638\" style=\"\" rel=\"noopener\">agreement<\/a> focused on recognizing higher education qualifications in Arab countries. <\/li>\n<li><strong> EdMin welcomes new teachers: <\/strong>Those who have passed the \u201c30k teachers\u201d competition will be joining work in the coming days. (<a target=\"_blank\" href=\"https:\/\/bit.ly\/48AK12L\" style=\"\" rel=\"noopener\">Education Ministry statement<\/a>)<\/li>\n<li><strong> A national dialogue conference for education: <\/strong>The Education Ministry plans to launch a national dialogue conference to discuss the development of the public secondary education system. (<a target=\"_blank\" href=\"https:\/\/bit.ly\/48AK12L\" style=\"\" rel=\"noopener\">Education Ministry statement<\/a>) <\/li>\n<li><strong> UK trade envoy to Egypt in town to promote collaboration in higher education: <\/strong>UK Trade Envoy to Egypt Jeffrey Donaldson and representatives from 10 British universities met with PM Madbouly to discuss furthering educational partnerships between the two countries. (<a target=\"_blank\" href=\"https:\/\/bit.ly\/3RHM7rY\" style=\"\" rel=\"noopener\">Cabinet<\/a> | <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/87.pdf\" style=\"\" rel=\"noopener\">British Embassy Cairo, pdf<\/a>)                                        . <\/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\/blackboard\/\">Blackboard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"607367\" 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\/10\/02\/607367\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607367\" class=\"content-area-description single-story post-607367 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\">OCTOBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1-3 October (Sunday-Tuesday) International Expotec for water economics management, Egypt International Exhibition Center, Fifth Settlement, Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 October (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adipec.com\/\" style=\"\">ADIPEC 2023<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi National Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2 October (Monday): Government meeting with investors to look into liberalizing electricity grid. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4 October (Wednesday): OPEC+ 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;\">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;\">12 October (Thursday): Egyptian-Italian Business Forum.<\/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>Saudi and Egyptian officials will meet to follow up on the project to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79e8bb5d-d4df-4aef-9d3e-914e95be9d1c\" style=\"\">connect the national power grids of Egypt and Saudi Arabia<\/a><\/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>Edita gets IFC loan | It\u2019s Jordan > KSA for Valu | Neobanks at the Enterprise Finance Forum<\/p>\n","protected":false},"featured_media":607336,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-607335","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6e1de968-b481-447b-aa01-b372a97851c2","teaser":"Edita gets IFC loan | It\u2019s Jordan > KSA for Valu | Neobanks at the Enterprise Finance Forum","photo_url":"https:\/\/ent.news\/2023\/10\/111.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>A look at the debt we\u2019ll need to manage in 2024 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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