{"id":607804,"date":"2023-10-10T00:00:00","date_gmt":"2023-10-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=607804"},"modified":"2025-12-17T01:10:15","modified_gmt":"2025-12-17T01:10:15","slug":"govt-announces-price-deal-with-business-groups-as-nation-braces-for-september-inflation-figures","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/govt-announces-price-deal-with-business-groups-as-nation-braces-for-september-inflation-figures\/","title":{"rendered":"Gov\u2019t announces price deal with business groups as nation braces for September inflation figures"},"content":{"rendered":"<section id=\"607806\" 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=\"607806\">\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\/10\/more-banks-have-stopped-the-use-of-egp-debit-cards-outside-the-country\/\">\r\n                            More banks have stopped the use of EGP debit cards outside Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/more-banks-have-stopped-the-use-of-egp-debit-cards-outside-the-country\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/503.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607807\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/more-banks-have-stopped-the-use-of-egp-debit-cards-outside-the-country\/503-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/503.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"503.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/503.jpg?fit=300%2C300&amp;ssl=1\" 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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\/.4e079539-4be4-4918-acc8-27b4d80488c7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Good morning, friends, and welcome to hump day. <\/strong>The torrent of news shows no signs of abating, but a flurry of M&amp;A and startup news has added welcome spice to a cycle that has been otherwise dominated by talk of the Three Horsemen of war, inflation, and devaluation. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s not that the Three Horsemen are absent from the headlines: <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> FX WATCH- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong> More banks have stopped the use of EGP debit <\/strong><strong> cards <\/strong><strong> outside the <\/strong><strong> country<\/strong>, with the National Bank of Egypt, Arab Bank, Banque Misr, Emirates NBD, and National Bank of Kuwait in Egypt having followed yesterday in the footsteps of other major lenders including AAIB, CIB and Arab International Bank. The banks are acting in concert with the CBE, according to a report by <a target=\"_blank\" href=\"https:\/\/bit.ly\/46ywffC\" style=\"\" rel=\"noopener\">Asharq Business<\/a> citing what it says are unnamed bank CEOs. A senior banker with first hand knowledge of the situation confirmed the report when we reached out yesterday.<strong> Look for more banks to follow suit this week. <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-09\/major-egypt-banks-suspend-debit-card-use-in-foreign-currency?sref=mmeFTDW1#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> has also picked up the story. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong> MEANWHILE- HSBC doesn\u2019t see any movement on devaluation until next <\/strong><strong> year: <\/strong> The bank expects authorities to wait until 1Q 2024 before pulling the trigger on the widely anticipated currency devaluation, according to a report picked up by <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/09\/1721561\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. Most observers don\u2019t expect the government to devalue the currency before the presidential election in December; some see the decision to bring the poll forward from 2024 as a move aimed at accelerating the reform process.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The damage? <\/strong> HSBC is forecasting the EGP to fall another 25% against the greenback to 37.50 by the end of the quarter and 40.00 by the close of 2Q. The fall is going to require the central bank to hike interest rates by another 350 bps, taking its benchmark rate to 22.75% \u2014 its highest level since the early 1990s.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Why the wait? <\/strong> Authorities will want to give themselves as much time as possible to build up a war chest of foreign currency via finalizing asset sales ahead of the devaluation, the bank said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We\u2019re still waiting to see when the IMF will kick into that war chest: <\/strong>The Fund has delayed the first two reviews of the USD 3 bn program due to a lack of movement on the currency reform front, and last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34d82cce-f4dd-436a-b2d7-ef783c0903de\" style=\"\" rel=\"noopener\">spelled out in stark terms<\/a> that Egypt is going to need to weaken lest we keep \u201cbleeding reserves.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> INFLATION WATCH- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> Inflation figures due out today \u2014 the expectation is that it reached <\/strong><strong> another all-time high in September. <\/strong> That\u2019s according to a <a target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/poll-egypt-inflation-seen-climbing-to-record-37.6-in-september\" style=\"\" rel=\"noopener\">Reuters<\/a> poll of analysts, which forecasts urban consumer prices to have inched up to 37.6% y-o-y last month from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4679aee6-2384-41d3-b930-cb4678b4e942\" style=\"\" rel=\"noopener\">37.4%<\/a> in August.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> Inflation has soared to record highs for the past three months on the back of the FX crunch, devaluation, and fuel price hikes. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong> ON THAT NOTE- Businesses, gov\u2019t to deliver 15-25% price cuts on key food <\/strong><strong> staples: <\/strong>Business leadershave agreed with the government to reduce the prices of key food items starting next Saturday. At a press conference yesterday, Prime Minister Moustafa Madbouly said that the government and private-sector food producers and traders will both reduce prices of 10 food items by 15-25% following an agreement with key business groups (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=4BBkMhocL_o\" style=\"\" rel=\"noopener\">watch, runtime: 21:23<\/a>). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> On the list: <\/strong> Beans, lentils, dairy, white cheese, pasta, sugar, cooking oil, poultry, eggs, and rice. The government will expand the list to cover other goods at a later stage, Madbouly said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Yes, but: <\/strong> It\u2019s unclear how many businesses will start lowering prices from Saturday. The move has the backing of the <strong> Federation of Egyptian Industries<\/strong>, the Federation of Egyptian Chambers of Commerce (<strong> Fedcoc <\/strong>) and the <strong> Poultry Producers Union<\/strong>. Supply Minister Ali El Moselhy said that the government will monitor the implementation, but did not say how.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Customs breaks: <\/strong>The government has also handed producers and retailers a six-month customs break in an attempt to keep prices low. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> Food has been one of the key drivers behind the soaring headline inflation rate. Prices accelerated by a record 71.4% y-o-y in August. Rising prices of staple commodities have pushed the government to intervene in recent days by <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4915563f-21b9-4a89-8e3e-3ebe64b766ad\" style=\"\" rel=\"noopener\">banning onion exports<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f714182-db6b-4d89-a164-7abfd4781572\" style=\"\" rel=\"noopener\">preventing traders from purchasing sugar<\/a>.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> HAPPENING TODAY- It\u2019s World Economic Outlook day. <\/strong>The last of 2024\u2019s updates to the IMF\u2019s widely read <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/Publications\/WEO\" style=\"\" rel=\"noopener\">World Economic Outlook<\/a> is due out today. The IMF and World Bank are holding their annual meeting this week in Morocco. <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/News\/Seminars\/Conferences\/2023\/10\/09\/IMF-Today#Tuesday\" style=\"\" rel=\"noopener\">You can check in on the proceedings here.<\/a> <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ELECTION 2023- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A third candidate joins the presidential race: <\/strong>The Wafd Party\u2019s Abdel <strong> Sanad Yamama <\/strong>has filed paperwork with the National Elections Authority to run in the upcoming presidential election, <a target=\"_blank\" href=\"https:\/\/shorturl.at\/hjA78\" style=\"\" rel=\"noopener\">Masrawy<\/a> reports. He joins <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f9bed9d-2a82-46b4-a735-2811be58785c\" style=\"\" rel=\"noopener\">President Abdel Fattah El Sisi<\/a> and the head of the Egyptian Social Democratic Party, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f7ae373-cd49-4ec4-90e9-f2f3a4fa9625\" style=\"\" rel=\"noopener\">Farid Zahran<\/a>. The Republican People\u2019s Party Hazem Omar is also expected to join the race after securing the required endorsements from MPs.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> More to come? <\/strong>Former MP Ahmed Tantawi and head of the Dostour Party Gameela Ismail are also trying to collect signatures. Tantawi, who has accused authorities of suppressing his campaign, made a last-ditch call to the public yesterday to turn out at notary offices to nominate him. Candidates can file running papers until Saturday, 14 October.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> WATCH THIS SPACE-<\/strong><\/p><p> <strong> Panda and samurai are bands are still on their way: <\/strong>We\u2019re still on course on for a USD 500 mn CNY-denominated panda bond issuance and a second <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6170918c-d131-411e-a667-a3f24c66a66c\" style=\"\" rel=\"noopener\">JPY-denominated samurai issuance<\/a> worth <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2857ec15-d37e-4e4d-a65d-ff47ee88cc80\" style=\"\" rel=\"noopener\">USD 500 mn<\/a> despite Moody\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fce3ee3-016d-412b-be92-c47ec2ae0e72\" style=\"\" rel=\"noopener\">downgrading<\/a> our sovereign credit and the economic turmoil stemming from the ongoing violence in Israel and Palestine, according to <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/09\/1721609\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, citing an unnamed government official. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> IN THE HOUSE- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Will foreigners soon be allowed to become importers? <\/strong> The House Economic Committee is meeting today to discuss changes to the law regulating the importers registry that would allow foreign investors to register as importers under 10-year licenses. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The thinking: boost FDI. <\/strong> The move would make it easier for foreign companies to import goods and production inputs into the country by removing the need for them to contract with an Egyptian middleman. It was one of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\" rel=\"noopener\">22 decisions introduced<\/a> by the Supreme Investment Council in May in efforts to boost investment, and received the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a254b1c5-fe22-492c-9e39-d5be1a93b2cc\" style=\"\" rel=\"noopener\">greenlight<\/a> from the Madbouly cabinet 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> THE BIG STORY ABROAD- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> That remains the war in Gaza<\/strong>, which we cover this morning at the head of the news well. The story leads the front pages of all the major global business news outlets after Hamas threatened to start killing some of the c. 150 people it has taken hostage. The conflict is on every front page this morning, from <a target=\"_blank\" href=\"https:\/\/apnews.com\/live\/israel-hamas-war-live-updates\" style=\"\" rel=\"noopener\">the Associated Press<\/a> and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hamas-threatens-kill-captives-if-israel-strikes-civilians-2023-10-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> to the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2023\/10\/09\/world\/israel-gaza-war-hamas\" style=\"\" rel=\"noopener\">New York Times<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/israels-hostage-crisis-execution-threat-9f2c0191\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The death toll: <\/strong>Some 900 Israelis are confirmed dead, alongside nearly 690 Palestinians.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong> Arab League foreign ministers will hold an extraordinary session in Cairo <\/strong><strong> tomorrow<\/strong>, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ZV0POk\" style=\"\" rel=\"noopener\">Youm7<\/a> reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> MEANWHILE- The <\/strong><strong> 2023 Nobel Prize in economics goes to went to American economic <\/strong><strong> historian and Harvard professor Claudia Goldin <\/strong> for her research into <strong> pay gaps between men and <\/strong><strong> women<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/467.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> by the <a target=\"_blank\" href=\"https:\/\/www.kva.se\/en\/\" style=\"\" rel=\"noopener\">Royal Swedish Academy of Sciences<\/a>, which chooses the Nobel Prize laureates in economic sciences. The news is everywhere in the foreign press: <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/09\/business\/economy\/claudia-goldin-nobel-prize-economics.html\" style=\"\" rel=\"noopener\">NY Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-09\/claudia-goldin-awarded-2023-economics-nobel-prize\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/claudia-goldin-wins-2023-nobel-economics-prize-2023-10-09\/#:~:text=STOCKHOLM%2C%20Oct%209%20(Reuters),of%20Sciences%20said%20on%20Monday.\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/live\/2023\/oct\/09\/oil-price-jumps-hamas-israel-stock-markets-bonds-nobel-prize-economics-business-live\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/nobel-prize-economy-224c204c0cc20843636e5525d6a61673\" style=\"\" rel=\"noopener\">Associated Press<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> SOUND SMART- The prize in economics isn\u2019t one of the five established in Alfred Nobel\u2019s <\/strong><strong> will <\/strong> back in 1895. Formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award is looked after by the Nobel Foundation and was established in 1968 by the Swedish central bank.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> CIRCLE YOUR CALENDAR- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Scale Up\u2019s first startup exhibition is coming next month: <\/strong><a target=\"_blank\" href=\"https:\/\/500.co\/accelerators\/500-egypt\" style=\"\" rel=\"noopener\">500 Global\u2019s<\/a> startup mentorship program <a target=\"_blank\" href=\"https:\/\/500.co\/accelerators\/500-egypt#scale-up-program\" style=\"\" rel=\"noopener\">Scale Up<\/a> will hold an exhibition in Egypt for its first batch of startups on 16 November, it <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/469.pdf\" style=\"\" rel=\"noopener\">said (pdf)<\/a> this week. The invite-only event, which will take place at the Creative Giza Hub managed by ITIDA, will give startups the platform to showcase their products, bringing together industry experts, mentors, and entrepreneurs.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> FYI- <\/strong>The Scale Up program, which kicked off on 1 October, is a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a5bd9e53-95e9-4de4-bb7a-d6fbe8bc391b\" style=\"\" rel=\"noopener\">joint venture<\/a> between the Silicon Valley VC and ITIDA. The seven-week program focuses on local pre-series A startups, offering them the mentorship necessary to help them scale up their operations.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The lineup: <\/strong><a target=\"_blank\" href=\"https:\/\/birdnestlife.com\/home\" style=\"\" rel=\"noopener\">Birdnest<\/a> | <a target=\"_blank\" href=\"https:\/\/www.blnk.ai\/\" style=\"\" rel=\"noopener\">Blnk<\/a> | <a target=\"_blank\" href=\"https:\/\/www.converted.in\/\" style=\"\" rel=\"noopener\">Convertedin<\/a> | <a target=\"_blank\" href=\"https:\/\/www.dresscodeme.com\/\" style=\"\" rel=\"noopener\">Dress Code<\/a> | <a target=\"_blank\" href=\"https:\/\/friendycar.com\/?gclid=Cj0KCQjwpc-oBhCGARIsAH6ote_DBPBcKc4mnsE2iP4-gTVtciLsC1HMHNlZDCFgzRTVwkpjzoclAawaAlItEALw_wcB\" style=\"\" rel=\"noopener\">FriendlyCar<\/a> | <a target=\"_blank\" href=\"https:\/\/www.illa.com.eg\/\" style=\"\" rel=\"noopener\">Illa<\/a> | <a target=\"_blank\" href=\"https:\/\/khazenly.com\/en\/\" style=\"\" rel=\"noopener\">Khazenly<\/a> | <a target=\"_blank\" href=\"https:\/\/www.mqrspaces.com\/\" style=\"\" rel=\"noopener\">MQR<\/a> | <a target=\"_blank\" href=\"https:\/\/nowlun.com\/\" style=\"\" rel=\"noopener\">Nowlun<\/a> | <a target=\"_blank\" href=\"https:\/\/nowpay.cash\/\" style=\"\" rel=\"noopener\">NowPay<\/a> | <a target=\"_blank\" href=\"https:\/\/www.o7therapy.com\/\" style=\"\" rel=\"noopener\">O7 Therapy<\/a> | <a target=\"_blank\" href=\"https:\/\/www.orcas.io\/\" style=\"\" rel=\"noopener\">Orcas<\/a> | <a target=\"_blank\" href=\"https:\/\/rology.health\/\" style=\"\" rel=\"noopener\">Rology<\/a> | <a target=\"_blank\" href=\"https:\/\/www.suplyd.app\/\" style=\"\" rel=\"noopener\">Suplyd<\/a> | <a target=\"_blank\" href=\"https:\/\/sylndr.com\/en\" style=\"\" rel=\"noopener\">Slyndr<\/a>.<\/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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2021\/03\/INFINITY-Top-banner-EN-1600x675-v2-02.png\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> *** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt: <\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In today\u2019s issue: <\/strong>Egypt\u2019s push for \u201csmart\u201d green projects in rural areas. <\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607808 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=\"607808\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/607808\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607808\" class=\"content-area-description single-story post-607808 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/64.png?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:400;\">Get ready to embark on a sensational journey of entertainment: From October through December, London will be illuminated by the brilliance of three remarkable events sponsored exclusively by Somabay. The laughter will be unstoppable at the uproarious Egyptian Trilogy comedy tour, followed by the enchanting Samar Tarik. Brace yourselves for a captivating finale with the mesmerizing Farah El Dibany. Somabay brings you an unforgettable trifecta of events that will leave you utterly captivated and eagerly anticipating each spectacular moment.<\/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=\"607809\" 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=\"607809\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/israeli-siege-of-gaza-cuts-electricity-water-food-and-fuel-as-conflict-enters-fourth-day\/\">\r\n                            Israeli siege of Gaza cuts electricity, water, food, and fuel as conflict enters fourth day                        <\/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\/10\/israeli-siege-of-gaza-cuts-electricity-water-food-and-fuel-as-conflict-enters-fourth-day\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/israeli-siege-of-gaza-cuts-electricity-water-food-and-fuel-as-conflict-enters-fourth-day\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/501.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607810\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/israeli-siege-of-gaza-cuts-electricity-water-food-and-fuel-as-conflict-enters-fourth-day\/501-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/501.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"501.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/501.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/501.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607809\" class=\"content-area-description single-story post-607809 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-chevron tag-diplomacy tag-egypt-israel-relations tag-egypt-palestine-relations tag-energy tag-enterpriseam tag-israel tag-israel-palestine-conflict tag-middle-east-politics tag-oil-and-gas tag-palestine tag-war-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\/.80fe19c6-1205-4bb5-95fd-127f63760854.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong> Israel launches siege of Gaza, declares operation only just begun: <\/strong> As Israel battles the last remaining pockets of Palestinian fighters in southern Israel and mounts a siege of Gaza, regional leaders are scrambling to de-escalate the situation and Egypt faces a fresh energy squeeze.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ENERGY DISRUPTION- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Chevron halts Tamar product <\/strong><strong> ion, hitting Egypt\u2019s gas imports: <\/strong> Egypt\u2019s imports of Israeli gas fell almost 20% yesterday after Israel suspended production at the Tamar field, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/amp\/article\/55416\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing a government official. The closure of the field meant that Israel\u2019s gas shipments to Egypt slumped to 650 mn cubic feet per day from 800 mn cf\/d. The Israeli energy ministry yesterday told field operator Chevron to halt production due to the security situation. Israel\u2019s other major gas field, Leviathan, remains online.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s temporary: <\/strong> \u201cIsrael informed Egypt of the cessation the day before yesterday and stressed that stopping work in the Tamar field is only a temporary cessation,\u201d Asharq quotes the official as saying.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Israel has been a key energy partner during a difficult summer: <\/strong>Egypt has been importing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08badece-8b03-4cb3-9583-30008b94f996\" style=\"\" rel=\"noopener\">increased volumes of Israeli<\/a> gas this year, helping to offset the ongoing electricity crisis that has triggered nationwide rolling blackouts for over two months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This could keep our LNG terminals offline: <\/strong> Uncertainty about the supply of Israeli gas could potentially delay the Oil Ministry\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca5c74bd-753c-4d4f-9aeb-86d1ed877f95\" style=\"\" rel=\"noopener\">plans to resume gas exports<\/a> this month. Egypt has exported <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db6d0ec-6a2c-429f-b240-a34fa57dfddf\" style=\"\" rel=\"noopener\">next to no gas<\/a> during the summer due to the power crisis, which was caused by falling domestic gas production and surging consumption.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> GAZA UNDER SIEGE AS DEATH TOLL CLIMBS- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> UN warns of humanitarian crisis as Gaza is sealed off: <\/strong> UN secretary general, Ant\u00f3nio Guterres yesterday expressed \u201cdeep distress\u201d at the conditions in Gaza, and warned that the humanitarian situation will \u201cdeteriorate exponentially.\u201d Israel\u2019s Defense Minister Yoav Gallant yesterday ordered a \u201ccomplete siege\u201d of Gaza, <strong> cutting off all electricity, food and fuel to more than 2 mn people<\/strong>. \u201cWe are fighting human animals and we are acting accordingly,\u201d he said. The country has drafted <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-drafts-300000-reservists-it-goes-offensive-2023-10-09\/\" style=\"\" rel=\"noopener\">record numbers of reserve soldiers<\/a> and intensified airstrikes, with Israeli Prime Minister Benjamin Netanyahu saying yesterday that the military operation has \u201conly started\u201d and <a target=\"_blank\" href=\"https:\/\/www.gov.il\/en\/departments\/news\/spoke-south091023\" style=\"\" rel=\"noopener\">declaring<\/a> that the country is \u201cgoing to change the Middle East.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The death toll currently stands at more than 1.5k: <\/strong>Israeli authorities have so far reported 900 dead, while the Palestinian death toll from airstrikes has reached almost 700 according to Gaza\u2019s health ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We warned them, says Egyptian source: <\/strong> Egypt repeatedly warned Israel about \u201csomethingbig\u201d happening in Gaza, an unnamed intelligence official told the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-gaza-attack-intel-a5287a18773232f26ca171233be01721\" style=\"\" rel=\"noopener\">Associated Press<\/a>. \u201cWe have warned them an explosion of the situation is coming, and very soon, and it would be big. But they underestimated such warnings,\u201d they are quoted as saying.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Rafah crossing closes following airstrike: <\/strong> The Rafah crossing on the Sinai-Gaza border wasclosed after an Israeli air strike hit the gate, several international outlets reported yesterday, including <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/israel-palestinians-egypt-rafah-idAFC6N2QV02F\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LW5Mk1\" style=\"\" rel=\"noopener\">Al<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LW5Mk1\" style=\"\" rel=\"noopener\">hur<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LW5Mk1\" style=\"\" rel=\"noopener\">ra<\/a>, which published a video from the Sinai Tribes account on X (<a target=\"_blank\" href=\"https:\/\/twitter.com\/SinaiTribes\/status\/1711424544160854233\" style=\"\" rel=\"noopener\">watch, runtime: 0:20<\/a>), reportedly showing the air strike.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Flights suspended: <\/strong>EgyptAir flights between Cairo and Tel Aviv were suspended yesterday,while flights between Sharm El Sheikh and the Israeli capital are still operating to return Israeli tourists, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/egypt-pushing-israel-hamas-prevent-escalation-egyptian-sources-2023-10-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing unnamed Egyptian airport sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> DIPLOMACY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt + Qatar appear to be leading the mediation outreach: <\/strong> The <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/israel-hamas-gaza-rockets-attack-palestinians\/card\/israel-asks-egypt-to-help-negotiate-release-of-israelis-say-egyptian-officials-4mGrUhbvOSbN1tPVInmC\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> reported yesterday that Israel has asked <strong> Egypt <\/strong> to step in and help secure the release of the hostages, citing Egyptian officials. The newspaper said on Sunday that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19ddb168-5d83-4d2a-8a1a-6dbfa75e1eb2\" style=\"\" rel=\"noopener\">Cairo has reached out to both sides<\/a> in an attempt to calm tensions. Meanwhile, <strong> Qatar\u2019s <\/strong> foreign ministry confirmed to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/qatar-leads-talks-swap-hamas-held-hostages-palestinians-israeli-jails-2023-10-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> that it has begun mediation talks with Hamas and Israeli officials. The newswire had earlier reported the existence of talks, citing an anonymous source that described them as \u201cmoving positively.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Though the Israelis are denying everything: <\/strong>Israeli officials have denied Qatar\u2019s involvement, Reuters said, while Israeli officials yesterday ongoing talks with Egypt, wrote <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/israel-denies-it-is-conducting-hostage-negotiations-via-egypt\/\" style=\"\" rel=\"noopener\">the Times of Israel<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> El Sisi talks to regional leaders: <\/strong>President Abdel Fattah El Sisi spoke to Saudi Crown Prince <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PRZz9M\" style=\"\" rel=\"noopener\">Moha<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PRZz9M\" style=\"\" rel=\"noopener\">med b<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PRZz9M\" style=\"\" rel=\"noopener\">in Salman<\/a>, Emirati President and ruler of Abu Dhabi Sheikh <a target=\"_blank\" href=\"https:\/\/bit.ly\/46Cw2bH\" style=\"\" rel=\"noopener\">Moham<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/46Cw2bH\" style=\"\" rel=\"noopener\">ed bin Z<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/46Cw2bH\" style=\"\" rel=\"noopener\">ayed Al Nahyan<\/a>, and Turkish President <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PSh2iu\" style=\"\" rel=\"noopener\">Rec<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PSh2iu\" style=\"\" rel=\"noopener\">ep Tayyip Erd<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PSh2iu\" style=\"\" rel=\"noopener\">ogan<\/a> yesterday to coordinate responses to the conflict, Ittihadiya said. During his calls with MbS and Erdogan, El Sisi stressed the importance of reaching a settlement \u201cbased on the two-state solution.\u201d The president also spoke with UN Secretary-General <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LW4Qw1\" style=\"\" rel=\"noopener\">Anto<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LW4Qw1\" style=\"\" rel=\"noopener\">nio Gu<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LW4Qw1\" style=\"\" rel=\"noopener\">terres<\/a> and his <a target=\"_blank\" href=\"https:\/\/bit.ly\/3tqggSi\" style=\"\" rel=\"noopener\">C<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3tqggSi\" style=\"\" rel=\"noopener\">ypr<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/3tqggSi\" style=\"\" rel=\"noopener\">iot<\/a> counterpart.<\/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\/chevron\/\">Chevron<\/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-israel-relations\/\">Egypt-Israel relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-palestine-relations\/\">Egypt-Palestine relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war 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=\"607811\" 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=\"607811\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/maersk-signs-framework-agreement-to-acquire-half-of-zafarana-wind-farm\/\">\r\n                            Maersk could acquire 51% of Zafarana wind farm by the end of the year                        <\/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\/10\/maersk-signs-framework-agreement-to-acquire-half-of-zafarana-wind-farm\/\" 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\/10\/maersk-signs-framework-agreement-to-acquire-half-of-zafarana-wind-farm\/')\">\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\/10\/maersk-signs-framework-agreement-to-acquire-half-of-zafarana-wind-farm\/\">\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=Maersk signs framework agreement to acquire half of Zafarana wind farm&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/maersk-signs-framework-agreement-to-acquire-half-of-zafarana-wind-farm\/\">\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\/10\/maersk-signs-framework-agreement-to-acquire-half-of-zafarana-wind-farm\/&title=Maersk signs framework agreement to acquire half of Zafarana wind farm\">\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=Maersk+signs+framework+agreement+to+acquire+half+of+Zafarana+wind+farm+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F10%2Fmaersk-signs-framework-agreement-to-acquire-half-of-zafarana-wind-farm%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\/10\/maersk-signs-framework-agreement-to-acquire-half-of-zafarana-wind-farm\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/492.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607812\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/maersk-signs-framework-agreement-to-acquire-half-of-zafarana-wind-farm\/492-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/492.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"492.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/492.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/492.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607811\" class=\"content-area-description single-story post-607811 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-energy tag-enterpriseam tag-investment-watch tag-maersk tag-privatization-watch tag-renewables tag-wind-power tag-zafarana 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\/.e77586e1-0f1b-4550-8945-9aac48388cfb.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Maersk is one step closer to acquiring half of the 545-MW Zafarana wind farm <\/strong> after signing a framework agreement with the government, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/09\/1721604\" style=\"\" rel=\"noopener\">Al Borsa<\/a> quotes anonymous sources as saying. The Madbouly government and the Danish shipping giant are in the final stages of agreeing the value of the 51% stake, with the transaction potentially closing by the end of this year, the sources said. A government official <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/659b43bc-24c9-416d-a81f-15cded4742be\" style=\"\" rel=\"noopener\">confirmed to us in July<\/a> that the company had submitted a bid for the plant.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> Gabal El Zeit and the state-owned 545-MW Zafarana wind farm that UK private equity giant <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52d66aae-fd63-45b8-8338-8198fde6f651\" style=\"\" rel=\"noopener\">Actis is chasing<\/a> are both included in the list of 35 companies and assets <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">earmarked for privatization<\/a>. The facilities have attracted <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/860a3d68-680c-4178-8525-c01faa6818b8\" style=\"\" rel=\"noopener\">significant interest<\/a> among investors, including Saudi Arabia\u2019s ACWA Power, the UAE\u2019s Alcazar Energy, and our friends at local renewables firm Infinity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Maersk is going green: <\/strong>Maersk is looking to acquire half of the asset to use to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f946badd-a338-4c7b-ada3-f1965c01a6bd\" style=\"\" rel=\"noopener\">produce green<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f946badd-a338-4c7b-ada3-f1965c01a6bd\" style=\"\" rel=\"noopener\">methanol<\/a> in Egypt. The company last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f946badd-a338-4c7b-ada3-f1965c01a6bd\" style=\"\" rel=\"noopener\">signed a framework agreement<\/a> with the government for a green fuel project in the Suez Canal Economic Zone, with the first phase requiring USD 3 bn in investment.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maersk\/\">Maersk<\/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\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wind-power\/\">wind power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zafarana\/\">Zafarana<\/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=\"607813\" 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=\"607813\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/dice-founders-want-to-buy-back-a-big-chunk-of-the-company\/\">\r\n                            The founders of Egypt\u2019s Dice want to buy back a chunk of the garmentmaker                        <\/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\/10\/dice-founders-want-to-buy-back-a-big-chunk-of-the-company\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The transaction would give them control of c. 80% of the company\u2019s stock. In <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/434.pdf\" style=\"\" rel=\"noopener\">an EGX disclosure (pdf)<\/a> Sunday, the Financial Regulatory Authority said that it is currently studying an offer it received from a consortium consisting of the founding family\u2019s Toma Company for Commercial and Industrial Investments and board member Maged Toma.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The details: <\/strong> The consortium submitted a preliminary offer last month to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601b9074-a068-43d2-b1ba-b2d1a527ad2b\" style=\"\" rel=\"noopener\">acquire up to 90%<\/a> of the company at EGP 0.65, valuing it at more than EGP 1.1 bn. The Toma family\u2019s bid is for shares representing a 46.9% stake in the company, the FRA said Sunday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Toma family already owns 32% of the company: <\/strong>Founder and CEO of the company Nagy Toma currently has a 21.1% stake, while Maged Toma, who sits on the company\u2019s board, owns 8.7%. United Motors has a 7% share, while the rest of the company\u2019s shares are in freefloat.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> BACKGROUND- <\/strong>The family sold more than half of the company to public investors during its IPO on the EGX in 2017.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> MARKET REAX- <\/strong>Dice shares fell 2.4% to close at EGP 0.61 on Sunday following the news. <\/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\/dice-sport-and-casual-wear\/\">Dice Sport and Casual Wear<\/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\/textiles\/\">textiles<\/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=\"607815\" 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=\"607815\">\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\">ENTERPRISE FINANCE FORUM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/what-do-companies-want-from-their-banks\/\">\r\n                            What do Egyptian companies want from their banks?                        <\/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\/10\/what-do-companies-want-from-their-banks\/\" 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\/10\/what-do-companies-want-from-their-banks\/')\">\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\/10\/what-do-companies-want-from-their-banks\/\">\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 do companies want from their banks?&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/what-do-companies-want-from-their-banks\/\">\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\/10\/what-do-companies-want-from-their-banks\/&title=What do companies want from their banks?\">\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+do+companies+want+from+their+banks%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F10%2Fwhat-do-companies-want-from-their-banks%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\/10\/what-do-companies-want-from-their-banks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/499.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607816\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/what-do-companies-want-from-their-banks\/499-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/499.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"499.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/499.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/499.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607815\" class=\"content-area-description single-story post-607815 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-finance-forum tag-banking tag-debt tag-digitization tag-enterprise-finance-forum tag-enterpriseam tag-regulation 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\/.0d1d80a7-0313-4564-b114-a0a154b5756c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> In an environment of higher interest rates, heightened infla <\/strong><strong> tion, and <\/strong><strong> FX <\/strong><strong> shortages, businesses across different sectors are demanding more from their banks: <\/strong>They want more innovation, more diversification in products and services, and more digitization. While the regulatory environment plays a significant role in the types of products and services banks can deliver, there are still some things that banks can do to make businesses\u2019 lives easier. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> That was the key takeaway from our panel at the Enterprise Finance Forum<\/strong>, which featured<strong> Ibrahim El Missiri<\/strong>, CEO of Somabay, <strong> Pakinam Kafafi<\/strong>, CEO of Taqa Arabia, and <strong> Tarek Abdel Rahman<\/strong>, managing partner at Compass Capital. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> First thing\u2019s first \u2014 speed and adaptability are key when it comes to dealing with banks: <\/strong>\u201cIt\u2019s all about making the process easier \u2014 we are working with banks on a daily basis and as long as they are focused on our business and are able to deliver the services we need promptly, then we will definitely engage with them,\u201d El Missiri said, pointing to the necessity of finding a bank that is able to find creative solutions to navigate its way around bank regulations. Abdel Rahman also emphasized the importance of the team\u2019s expertise and its problem solving ability, as well as its balance sheet and pricing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Reputation, industry knowledge, and network are also important: <\/strong> Kafafi cited industry knowledge, expertise, and size as among the most sought after qualities in a bank. \u201cTaqa thinks of banks as more like partners and advisors,\u201d she said. Kafafi went on to explain that \u201cWe want a bank that has a regional and global network to be able to help us grow regionally and in Africa\u201d and added that \u201cit is very, very important to have a bank that embraces technology developments, digital solutions, and online trading.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The same applies to investment banks: <\/strong> Compass Capital uses both corporate and investment banks to manage their funds and exits. Their track record, team members, and global reach is extremely important, Abdel Rahman explained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Businesses also want more than just transactional advice from their investment banks: <\/strong>\u201cWe do have conversations with them pretty often [seeking] general advice, but the interaction becomes much more intense during the transaction,\u201d Abdel Rahman explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> When it comes to commercial banks, digital services are important: <\/strong>There\u2019s a need for digital services like cash management and cash pooling, Kafafi said, especially for companies of Taqa\u2019s size that have several subsidiaries and require the company to see the numbers clearly. Other digital services like online trading and integration with ERP systems are also important, she added. El Missiri voiced his hopes for a digital solution that can replace cheques, especially considering real estate developers process \u201ctruckloads\u201d of cheques on a regular basis. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Digitization will also help streamline processing times<\/strong>, which Kafafi says can sometimes be too long and can slow down projects that need them to act fast. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> They also want more diverse offerings: <\/strong> \u201cWe are constantly on the lookout for new products and innovative products because we\u2019re on an acquisition spree, so we\u2019re looking for different sources of finance that are priced well that give us the right tenors, the right structure, and allow us the most flexibility,\u201d Abdel Rahman said. One such product is a mezzanine loan, which is a debt and equity hybrid that allows companies to convert debt to equity in case of a default, and which is not offered by banks in Egypt. Compass Capital <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef0acbeb-ac05-48aa-9657-b30ef822dd6f\" style=\"\" rel=\"noopener\">secured<\/a> a mezzanine loan from South African fund manager Vantage Capital in 2022. Another product Abdel Rahman looks for is more bridge or miscellaneous facilities that sit between debt and equity to allow them more leeway when navigating between different investments and exits, he explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And more flexible and long-term loan structures and tenors<\/strong>, Kafafi added, especially when it\u2019s an industry \u2014 like oil and gas \u2014 that by nature has long-term horizons of 20-25 years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Part of the problem is regulatory: <\/strong> Both Kafafi and El Missiri agreed that businesses need more diverse products, with El Missiri pointing to current regulations preventing foreign residency holders who own property from opening up bank accounts.\u201cWe are always in discussions with the banks and we find the banks extremely receptive to that, but the regulation sometimes doesn\u2019t allow them to be as bullish or as flexible as they would want to be,\u201d Abdel Rahman agreed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Regulations are too restrictive: \u201c <\/strong>These regulations have helped the banks during hard times, making them extremely safe \u2026 but they are also stifling their ability to extend more innovative products and helping their clients more,\u201d Abdel Rahman said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> But some of it is also risk aversion from banks: <\/strong>In challenging times, it\u2019s important that different stakeholders in the ecosystem take an equal amount of risk, Kafafi explained. While businesses are taking risk, she thinks banks need to take some risk as well. El Missiri agreed, noting that when it comes to real estate, banks leave most of the financing and credit offerings to the developers, while avoiding the risk. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> When do businesses seek out NBFIs, instead of banks? <\/strong>For Abdel Rahman, it\u2019s when they\u2019re looking for speed. \u201cThe only reason we use NBFIs is because they\u2019re quicker than banks \u2026 seeing that banks have more committees involved in the process,\u201d Abdel Rahman said. \u201cThe flip side is that they\u2019re much more expensive [than banks], so a lot of the time you would use them for a while and then if we can\u2019t get them to lower their interest rates to reasonable prices then we\u2019ll have to refinance from the bank,\u201d he continued. NBFIs also fill a gap in the market for SME finance, Abdel Rahman added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/44.jpg?ssl=1\"\/><\/p>\n\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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digitization\/\">digitization<\/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\/regulation\/\">regulation<\/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=\"607817\" 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=\"607817\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/homegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal\/\">\r\n                            Egyptian startup Pearl Semiconductor secures USD 4.5 mn. PLUS: PLUS: Acacia invests in Senegal                        <\/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\/10\/homegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal\/\" 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\/10\/homegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal\/')\">\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\/10\/homegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal\/\">\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=Homegrown chip designer Pearl Semiconductor secures USD 4.5 mn investment. PLUS: Acacia invests in Senegal.&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/homegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal\/\">\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\/10\/homegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal\/&title=Homegrown chip designer Pearl Semiconductor secures USD 4.5 mn investment. PLUS: Acacia invests in Senegal.\">\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=Homegrown+chip+designer+Pearl+Semiconductor+secures+USD+4.5+mn+investment.+PLUS%3A+Acacia+invests+in+Senegal.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F10%2Fhomegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal%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\/10\/homegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/483.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607818\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/homegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal\/483-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/483.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"483.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/483.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/483.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607817\" class=\"content-area-description single-story post-607817 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-acasia-ventures tag-enterpriseam tag-investment-watch tag-pearl-semiconductor tag-sawari-ventures tag-semiconductors tag-senegal tag-shorooq-partners tag-startup-watch tag-startups tag-technology tag-venture-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.7ef54794-910f-4432-96d9-f5a92da88e99.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Local VC firms and startups are finding partners in and out of the country: <\/strong>Chip designer Pearl Semiconductor lined up USD 4.5 mn from local and regional investors and Acasia Ventures has made an investment in Senegal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> PEARL SEMICONDUCTOR USD 4.5 MN FUNDING ROUND- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Local, regional investors back Egypt-founded chip designer: <\/strong><a target=\"_blank\" href=\"https:\/\/pearlsemi.com\/\" style=\"\" rel=\"noopener\">Pearl Semicon<\/a> <a target=\"_blank\" href=\"https:\/\/pearlsemi.com\/\" style=\"\" rel=\"noopener\">ductor<\/a> has raised USD 4.5 mn from local and regional VC firms in a recent funding round. Egypt-headquartered regional VC Sawari Ventures, UAE-based Shorooq Partners, Hong Kong\u2019s QBN Capital, and several angel investors all participated in the round, Shorooq said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/475.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a> yesterday. The statement did not disclose how the fresh influx capital will be used.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Pearl is a part of a small but important local chip design sector: <\/strong> Founded in 2020 as a spinoff from local chip firm Si-Ware Systems, the startup specializes in timing integrated circuits and reference clocks, which are used in automobiles, 5G networks, cloud computing, and other applications. Headquartered in the Netherlands, Pearl\u2019s products are designed in its R&amp;D centers in Egypt and Malaysia and then outsourced to be manufactured in either Taiwan or Malaysia. The company received initial financial backing from Sawari and Si-Ware.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ACASIA IN SENEGAL- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Acasia invests in Senegalese market intel startup: <\/strong> Egyptian VC firm <a target=\"_blank\" href=\"https:\/\/acasia.ventures\/\" style=\"\" rel=\"noopener\">Acasia Ventu<\/a> <a target=\"_blank\" href=\"https:\/\/acasia.ventures\/\" style=\"\" rel=\"noopener\">res<\/a> has led a pre-seed funding round in Senegalese FMCG intelligence platform <a target=\"_blank\" href=\"https:\/\/www.lengo.africa\/\" style=\"\" rel=\"noopener\">Lengo<\/a> alongside <a target=\"_blank\" href=\"https:\/\/www.venturesplatform.com\/\" style=\"\" rel=\"noopener\">Ventures Platform<\/a>, it said in <a target=\"_blank\" href=\"https:\/\/acasia.ventures\/acasia-ventures-leads-pre-seed-round-i-n-lengo-ai\/\" style=\"\" rel=\"noopener\">a statement<\/a> last week.Acasia \u2014 the VC arm of the local investment outfit <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/198be3dc-db2f-4806-8272-faabfa78e5cf\" style=\"\" rel=\"noopener\">formerly known as Cairo Angels<\/a> \u2014 made an undisclosed investment in the company, alongside <a target=\"_blank\" href=\"https:\/\/www.p1.ventures\/\" style=\"\" rel=\"noopener\">P1 Ventures<\/a>, <a target=\"_blank\" href=\"https:\/\/launchafrica.vc\/\" style=\"\" rel=\"noopener\">Launch Africa<\/a>, <a target=\"_blank\" href=\"https:\/\/voltron.africa\/\" style=\"\" rel=\"noopener\">Voltron Capital<\/a>, and several angel investors. The size of the funding round wasn\u2019t disclosed. <strong> Lengo: <\/strong>Established in 2022, Lengo is a software-as-a-service (SaaS) startup that operates an AI-driven intelligence platform for African consumer goods companies. The platform connects FMCG companies to retailers and maintains an up-to-date sales database that is also sold to international companies interested in investing in Africa.<\/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\/acasia-ventures\/\">Acasia Ventures<\/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\/pearl-semiconductor\/\">Pearl Semiconductor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sawari-ventures\/\">Sawari Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/semiconductors\/\">semiconductors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senegal\/\">Senegal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shorooq-partners\/\">Shorooq Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/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\/technology\/\">technology<\/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=\"607819 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=\"607819\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/607819\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607819\" class=\"content-area-description single-story post-607819 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.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607820\" 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=\"607820\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/food-prices-gaza-war-top-talk-show-coverage\/\">\r\n                            Egyptian talk shows focus on food prices, Gaza war                        <\/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        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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/food-prices-gaza-war-top-talk-show-coverage\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/493.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607821\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/food-prices-gaza-war-top-talk-show-coverage\/493-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/493.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"493.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/493.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/493.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607820\" class=\"content-area-description single-story post-607820 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-commodities tag-economy tag-enterpriseam tag-food-prices tag-last-nights-talk-shows 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\/.7b8be1bd-cb06-4d6f-ba0c-5cd27be2ad0d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> War, elections and prices dominated talk on the airwaves <\/strong>last night as the talking heads grappled with a very busy news cycle.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Tamping-down soaring food prices: <\/strong> Most of the talk shows dedicated airtime to discussing Prime Minister Moustafa Madbouly\u2019s announcement yesterday that businesses had agreed to cooperate with the government to lower the prices of staple foods. Details were provided by First Assistant Minister of Supply and head of the Internal Trade Authority, Ibrahim Ashmawy, on El Hekaya (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=707667351233323\" style=\"\" rel=\"noopener\">watch, runtime: 9:28<\/a>), and Secretary General of the Federation of Chambers of Commerce Alaa Ezz on most shows including Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1751265222015880\" style=\"\" rel=\"noopener\">watch, runtime: 3:19<\/a>), Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1022173612166512\" style=\"\" rel=\"noopener\">watch, runtime: 6:50<\/a>), and Ala Mas\u2019ouleety (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1044040090360300\" style=\"\" rel=\"noopener\">watch, runtime: 6:41<\/a>). Tharwat El Zeini, head of the Poultry Producers Union, appeared on Kelma Akhira to go over the expected price cuts to eggs and chicken (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=2513014165528558\" style=\"\" rel=\"noopener\">watch, runtime: 6:01<\/a>). We have more on this in this morning\u2019s What We\u2019re Tracking Today section, above.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This is going to hurt a lot of businesses: <\/strong>\u201cSome producers will sell their goods at a loss to achieve the price reductions,\u201d Ezz said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> How this will be monitored isn\u2019t quite clear: <\/strong> Unspecified regulators will be responsible for ensuring that businesses are implementing the price cuts, Cabinet spokesperson Sameh El Khashin said on Ala Mas\u2019ouleety (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=291496610478562\" style=\"\" rel=\"noopener\">watch, runtime: 1:02<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> MEANWHILE- \u201cGaza is witnessing a complete war of annihilation\u201d <\/strong> in full view of the international community, which supports Israel, said Kelma Akhira host Lamees El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1534235707322928\" style=\"\" rel=\"noopener\">watch, runtime: 2:39<\/a>). Former Arab League boss Amr Moussa appeared on El Hekaya to discuss the conflict (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=874035260790443\" style=\"\" rel=\"noopener\">watch, runtime: 30:50<\/a>), while Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=275163595487233\" style=\"\" rel=\"noopener\">watch, runtime: 5:37<\/a>) and Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1400358590919184\" style=\"\" rel=\"noopener\">watch, runtime: 7:27<\/a>) both featured interviews looking at the current situation in Gaza. Amr Adib gave airtime to El Sisi\u2019s discussions with Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan yesterday (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1068982974090393\" style=\"\" rel=\"noopener\">3:12<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1004532690795486\" style=\"\" rel=\"noopener\">2:39<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Some of the talking heads denounced Israeli calls for the displacement of Palestinians towards Egypt<\/strong>, including El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=700845145255649\" style=\"\" rel=\"noopener\">watch, runtime: 6:36<\/a>) and Masaa DMC\u2019s Osama Kamal (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1228711241856045\" style=\"\" rel=\"noopener\">watch, runtime: 1:12<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> AND- Solving an economic crisis 101: <\/strong>The expected float of the EGP, mechanisms for confronting the economic crisis, as well as currency swap agreements, were the focus of a lengthy studio discussion on Masaa DMC that included House Planning Committee chair Rep. Fakhri El Fiqi and Prime Holding CEO Mohamed Maher (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=329523912959526\" style=\"\" rel=\"noopener\">watch, runtime: 13:07<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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\/food-prices\/\">food prices<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"607823\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/egypt-turkey-mull-local-currency-trade-plus-news-from-rology-taqa-x-aman-and-telecom-egypt\/\">\r\n                            Egypt, Turkey mull local currency trade. PLUS: News from Rology, Taqa x Aman, and Telecom Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/egypt-turkey-mull-local-currency-trade-plus-news-from-rology-taqa-x-aman-and-telecom-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/egypt-turkey-mull-local-currency-trade-plus-news-from-rology-taqa-x-aman-and-telecom-egypt\/')\">\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\/10\/egypt-turkey-mull-local-currency-trade-plus-news-from-rology-taqa-x-aman-and-telecom-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt, Turkey mull local currency trade. 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Local currencies could account for between 25-30% of the total bilateral trade in the event of an agreement, the official added<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Warming economic relations: <\/strong>Egypt wants to boost trade volumes with Turkey by 50% to USD 15 bn in the next five years, Trade Minister Ahmed Samir <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a015ecda-9182-4acf-8e81-1b72a3f2e028\" style=\"\" rel=\"noopener\">said<\/a> in August. Turkish investment in Egypt currently amounts to USD 2 bn, according to Asharq, citing Trade Ministry data. The two countries recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/467e7c7c-3c5e-45ce-bc81-70050a95fabf\" style=\"\" rel=\"noopener\">agreed to restore diplomatic ties<\/a> for the first time in a decade.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> HEALTHCARE- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Rology just got access to the US market: <\/strong>AI-assisted teleradiology platform Rology will now be able to market its teleradiology platform in the US after receiving clearance from the company\u2019s regulator, it said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/468.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a> last week. This is the first platform of its kind to be cleared as safe by the Food and Drug Administration, according to the statement.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What they said: <\/strong> \u201cThe FDA clearance not only emphasizes our commitment to cybersecurity and regulatory adherence, but also paves the way for promising collaborations with major radiology and hospital chains,\u201d said Rology\u2019s chief medical officer, Mahmoud Eldefrawy.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> FINTECH- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Another new e-payments kid on the block: <\/strong> Qalaa Holdings\u2019 Taqa Arabia and Raya Holding subsidiary Aman have finished setting up their long-awaited fintech company Aman Taqa Electronic Payments, Taqa said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/455.pdf\" style=\"\" rel=\"noopener\">filing to the EGX (pdf)<\/a>. The firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5bc25f9-0336-4fb3-9d66-e840ce4ea11c\" style=\"\" rel=\"noopener\">will provide<\/a> digital payment services to Taqa customers, increasing the number of Aman branches at Taqa gas stations to 350. Aman plans to invest EGP 300 mn in the first three years.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Who owns what? <\/strong>Aman holds a 51% stake in the joint venture, while Taqa Arabia owns the remaining 49%. The two firms will launch the company with EGP 20 mn in capital.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> TELECOMS- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> From Egypt to Albania: <\/strong>Telecom Egypt and Hungarian IT services company 4iG will lay a new subsea data cable across the Mediterranean linking Egypt to Albania, the EGX-listed company <a target=\"_blank\" href=\"https:\/\/ir.te.eg\/en\/CorporateNews\/PressRelease\/186\/Telecom-Egypt-and-4iG-sign-an-MoU-to-construct-a-high-capacity-subsea-cable-between-Egypt-and-Albania\" style=\"\" rel=\"noopener\">said<\/a> Wednesday. The project will give the two firms a \u201csignificant share\u201d of the growing market for data traffic between Europe and Asia, the state-owned company said.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/aman-financial-services\/\">Aman Financial Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/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-turkey-relations\/\">Egypt-Turkey relations<\/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\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthtech\/\">healthtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rology\/\">Rology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607825\" 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=\"607825\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/fears-of-israel-hamas-war-escalation-plunge-gulf-markets\/\">\r\n                            Fears of Israel-Hamas war escalation plunge Gulf markets, while safe haven assets soar                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/fears-of-israel-hamas-war-escalation-plunge-gulf-markets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/496.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607826\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/fears-of-israel-hamas-war-escalation-plunge-gulf-markets\/496-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/496.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"496.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/496.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/496.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607825\" class=\"content-area-description single-story post-607825 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-capital-markets tag-enterpriseam tag-financial-markets tag-israel-palestine-conflict tag-oil-and-gas tag-planet-finance tag-saudi-arabia 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\/.923b135c-84fb-4c8f-b0ee-fc203f99a83f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Gulf markets take a beating on fears stemming from Israel\u2019s war with Hamas: <\/strong>Equity gauges in Saudi Arabia, the UAE, and Qatar all fell on Monday, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/most-gulf-markets-fall-israel-palestinian-conflict-rages-2023-10-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, with Dubai\u2019s benchmark index posting its sharpest decline since June of last year, while Saudi\u2019s index fell 0.2%, after suffering its steepest decline in 10 months on Sunday when it fell 1.6%. Further volatility is anticipated in regional markets as the ongoing clashes in Gaza and Israel fuel geopolitical risks and shake market confidence.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Safe haven assets surged: <\/strong>Brent oil prices climbed to as high as USD 89 a barrel on Monday and closed up 4.35% amid worries that increased tensions in the Middle East will affect output. The JPY gained over the USD and the EUR, while fellow safe haven asset gold rose 0.8% throughout the day.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> But the jump in oil prices wasn\u2019t reflected by oil stocks: <\/strong> While oil prices rose, the stock price of some Gulf oil and gas producers fell, with Abu Dhabi National Oil Company for Distribution (ADNOC) dropping 3.8% by Monday\u2019s market close.<\/p><p><a target=\"_blank\" id=\"t.37b01b39fd953a8e8d81c4f36eb31e2f14ccf254\" rel=\"noopener\"><\/a> <a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19,410<\/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: +33.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD (CBE) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD at CIB <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Interest rates CBE <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Tadawul <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,575<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +0.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> 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\">9,631<\/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\">-1.3% (YTD: -5.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> DFM <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,056<\/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\">-2.6% (YTD: +21.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> S&amp;P 500 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,336<\/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: +12.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> FTSE 100 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,492<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +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> 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\">4,113<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: +8.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> 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 88.21<\/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\">+4.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.38<\/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\">+1.3%<\/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> 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 1,874.80  <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> BTC <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 27,579<\/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\">-1.3% (YTD: +67.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE CLOSING BELL- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The EGX30 rose 0.3% at yesterday\u2019s close <\/strong> on turnover of EGP 1.1 bn (49.4% below the 90-day average). Regional investors were net buyers. The index is up 33.0% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the green: <\/strong>Juhayna (+7.7%), Telecom Egypt (+2.2%) and CIRA Education (+1.8%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the red: <\/strong>Orascom Development (-2.6%), Abu Qir Fertilizers (-2.1%) and Alexandria Containers and Goods (-2.0%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span 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vertical-section wide-section going-green wp-block-group issue-section\" id=\"607827\">\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\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday 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\/goinggreen\/\">\r\n                            Read going Green                        <\/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\">10<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypts-green-village-governorates-a-push-for-smart-green-communities-in-rural-areas\/\">\r\n                            Egypt\u2019s Green Village Governorates: A push for \u2018smart\u2019 green communities in rural areas<\/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\/goinggreens\/egypts-green-village-governorates-a-push-for-smart-green-communities-in-rural-areas\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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                      <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/497.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"607828\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypts-green-village-governorates-a-push-for-smart-green-communities-in-rural-areas\/497-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/497.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"497.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/497.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/497.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-607827\" class=\"content-area-description post-607827 goinggreen type-goinggreen status-publish has-post-thumbnail hentry category-going-green tag-enterprise-going-green tag-enterpriseam tag-environment tag-going-green tag-green-economy tag-planning-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> PROJECT PROFILE- The Planning Ministry\u2019s Green Governorates Initiative to make rural <\/strong><strong> areas more energy- and water-efficient: <\/strong>Launched in <a target=\"_blank\" href=\"https:\/\/mped.gov.eg\/singlenews?id=2522&type=previous&lang=en\" style=\"\" rel=\"noopener\">late 2022<\/a> with green architectural consultancy firm <a target=\"_blank\" href=\"http:\/\/www.econsultarch.com\" style=\"\" rel=\"noopener\">ECOnsults<\/a> hired to consult and project manage, the project aims to rehabilitate 175 villages across the 20 governorates that are part of the <a target=\"_blank\" href=\"https:\/\/enterprise.press\/hardhats\/past-present-future-decent-life-initiative\/\" style=\"\" rel=\"noopener\">Haya Karima (Decent Life)<\/a> Initiative, and certify them under the Egyptian <a target=\"_blank\" href=\"https:\/\/egyptgbc.org\/en\/why-choose-tarsheed\" style=\"\" rel=\"noopener\">Tarsheed rating<\/a> <a target=\"_blank\" href=\"https:\/\/egyptgbc.org\/en\/why-choose-tarsheed\" style=\"\" rel=\"noopener\">system<\/a>. The aim is to build resilience against climate change in Egypt\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/519dcf7b-94c3-48fe-a37e-a346e8e54d7b\" style=\"\" rel=\"noopener\">largely rural economy<\/a>, with ambitious goals to save 50% of per capita water consumption in the villages, and irrigation water consumption by 40%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> How much will this cost? <\/strong> Last year, the government <a target=\"_blank\" href=\"https:\/\/enterprise.press\/hardhats\/past-present-future-decent-life-initiative\/\" style=\"\" rel=\"noopener\">earmarked<\/a> around USD 45-50 bn for the full five-year timeline of the Decent Life Initiative. Green rehabilitation work of villages, including subsequent certification fees, accounts for c.30% of this budget. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Why is this important? <\/strong> Around 57% of Egypt\u2019s population \u2014 or 63 mn people \u2014 lives in rural areas and consumes <a target=\"_blank\" href=\"https:\/\/link.springer.com\/article\/10.1007\/s41024-023-00336-9#:~:text=The%20rural%20areas%20consume%2032,main%20source%20for%20domestic%20use.\" style=\"\" rel=\"noopener\">around a third<\/a> of the country\u2019s total distributed energy. Statistically, much of this energy consumption comes from buildings, which consume <a target=\"_blank\" href=\"https:\/\/www.ifc.org\/en\/insights-reports\/2019\/green-buildings-report\" style=\"\" rel=\"noopener\">more than half<\/a> of all electricity globally for heating, cooling, and lighting. \u201cBuildings that use energy and water more efficiently are a higher-value, lower-risk asset than standard structures,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.ifc.org\/en\/insights-reports\/2019\/green-buildings-report\" style=\"\" rel=\"noopener\">seminal report<\/a> by the IFC that argues the business case for green buildings and design. Building green can save up to 0.5-12% in additional costs and 37% in operational costs. Green buildings will represent a USD 1.1 tn investment opportunity in MENA by 2030, the report suggests.Meanwhile, rural areas form a significant part of Egypt\u2019s sustainable development agenda: Agriculture constitutes 12% of our GDP, employs 25% of our workforce, and guzzles 80% of our total water budget. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Using low-tech solutions for Egypt\u2019s villages cuts operational costs in the long term, and <\/strong><strong> supports local entrepreneurship and job creation in the process. <\/strong>\u201cWe expect to save around EGP 20k per month on road lighting as a result of installing LED bulbs, for example,\u201d Assistant Planning Minister Gamil Helmy told Enterprise. Those bulbs, as with other low tech solutions involved in the project, will come from companies registered under the <a target=\"_blank\" href=\"https:\/\/www.sgg.eg\/?redirectUrl=http%253a%252f%252fwww.sgg.eg%252fAMSXAdmin%252fHome\" style=\"\" rel=\"noopener\">Smart Green Projects Initiative<\/a>, boosting local business. Moreover, canal rehabilitation and lining projects aim to provide 1.2 mn jobs annually, raising the market value of agricultural land by 30%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Explaining the Tarsheed rating system: <\/strong> The villages and governorates covered in the initiative will be certified by the Egyptian rating system for buildings, Tarsheed, awarded by the Egyptian Green Building Council. Tarsheed adapts international environmental rating standards to an Egyptian context, and is more affordable than global certification such as <a target=\"_blank\" href=\"https:\/\/www.usgbc.org\/leed\" style=\"\" rel=\"noopener\">LEED<\/a>. The rating process looks at measurable improvements and financial savings in three main aspects of each village: Its energy consumption, water use, and resources. Some <a target=\"_blank\" href=\"https:\/\/www.buildings-mena.com\/files\/EgyptGBC_StatusofEnergyEfficiencyintheEgyptianBuildingSector.pdf\" style=\"\" rel=\"noopener\">criteria include<\/a> natural ventilation, pump motor efficiency, irrigation efficiency and a solid waste management plan, with a prerequisite of saving 30% of energy overall. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ESG standards can open up assets to funding options: <\/strong>The certification process creates a clear definition of a green building and avoids self-reporting that can lead to inconsistent standards and green washing, according to developers, bankers, and government officials surveyed in an <a target=\"_blank\" href=\"https:\/\/www.ifc.org\/en\/stories\/2010\/gb-business-case\" style=\"\" rel=\"noopener\">IFC report<\/a>. Importantly, certification \u201copens the possibility of the asset being eligible for green bonds and other types of financing.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The first phase intends to certify 20 villages \u2014 one in every governorate under the Hayah <\/strong><strong> Karima scheme \u2014 by the end of 2024. <\/strong>The first village to receive certification was Fares Village, in Kom Ombo, Aswan, which was showcased at COP27 as a prototype for further projects.There are 10 more being considered now following visits from ministry and ECOnsult representatives, including Saud Island in Sharkia, Kafr Saad Al-Balad in Damietta, Qarun in Fayoum, Lwaa Sobeih in the New Valley and Umm Douma in Sohag Governorate. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What rehabilitation works are involved? <\/strong>Installing solar cells for street lighting and smart meters for electricity\/natural gas in homes and government facilities are some of the measures villages can expect to see, Helmy explains. Measures to save water, he continues, include \u201crehabilitating canals, using treated wastewater for irrigation, and installing a means to collect air conditioner water for reuse. We\u2019ll also be working with civil society organizations to implement afforestation projects.\u201d The ministry is working with architecture firm ECOnsult to implement natural cooling techniques and reduce reliance on AC units, as we previously <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2021\/09\/27\/turn-off-the-ac-and-open-some-windows-54436\/\" style=\"\" rel=\"noopener\">reported<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> These measures are going to have tangible results for individual citizens, too: <\/strong> \u201cFarmers can expect to save EGP 4.2k annually per acre as a result of canal rehabilitation, and see an improved agricultural productivity per year by 30%,\u201d Helmy explained. \u201cInstalling biogas units in villages will save each family EGP 1.5k annually and will provide them a safe means of disposal for their animal\/agricultural waste. The units have an output capacity of 100 liters of organic fertilizer \u2014 that\u2019s enough for 5 acres.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What can we expect to see next? <\/strong> Once the first phase of the initiative has been completed by the end of 2024, the second phase of the initiative will begin to rehabilitate 175 villages, with a view to awarding a prize for the best green village in the country. \u201cThe idea is that we\u2019re setting a pathway,\u201d ECOnsult CEO Sarah El Battouty told Enterprise. \u201cEach village serves as a symbol of a green community, from which other villages can take the experience and try it out for themselves.\u201d <\/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\/environment\/\">environment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planning-ministry\/\">Planning Ministry<\/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=\"607829\" 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\/10\/607829\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607829\" class=\"content-area-description single-story post-607829 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;\">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>9-15 October (Monday - Sunday): The World Bank and IMF <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/meetings.imf.org\/en\/2023\/Annual\/Schedule\" style=\"\">annual meetings<\/a><\/span><span style=\"font-weight:400;\"> in Marrakech, Morocco. <\/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 style=\"font-weight:400;\">15 October (Sunday): House to reconvene.<\/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): S&P Global Ratings to review Egypt\u2019s sovereign credit rating.<\/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;\">3 November (Friday): Fitch to review Egypt\u2019s sovereign credit rating.<\/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>14-15 November (Tuesday-Wednesday): <\/span><span>Egypt VC Summit, Conrad 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>4-7 December (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyptdefenceexpo.com\/\" style=\"\">Egypt Defence 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>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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2024<\/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;\">JANUARY<\/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 January (Sunday): Coptic Christmas.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 January (Thursday): Revolution 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:700;\">APRIL<\/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 April (Saturday): Coptic Easter.<\/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 April (Tuesday): Eid El Fitr (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/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 May (Wednesday): National holiday in observance of Labor Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 May (Monday): Sham El Nessim (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/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;\">15-19 June (Saturday-Wednesday): Eid El Adha (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 June (Sunday): June 30 Revolution Day (TBC)..<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/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 July (Sunday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 July (Tuesday): Revolution Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Sunday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span 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;\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>More banks curb EGP cards abroad | Maersk nears Zaafarna acquisition | | Gulf markets take a 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