{"id":607883,"date":"2023-10-11T00:00:00","date_gmt":"2023-10-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=607883"},"modified":"2025-12-17T01:12:01","modified_gmt":"2025-12-17T01:12:01","slug":"imf-lowers-our-23-24-growth-forecast-as-fx-crunch-bites","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-lowers-our-23-24-growth-forecast-as-fx-crunch-bites\/","title":{"rendered":"IMF lowers our 23-24 growth forecast as FX crunch bites"},"content":{"rendered":"<section id=\"607885\" 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=\"607885\">\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\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/\">\r\n                            Telecom providers suspend e-wallet FX payments                        <\/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\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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data-attachment-id=\"607886\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/564-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/564.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"564.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/564.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/564.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607885\" class=\"content-area-description single-story post-607885 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-banking tag-cit tag-economy tag-enterpriseam tag-foreign-exchange tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.95a495ad-44af-4511-a34f-5cdb4aeb5503.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Good morning, wonderful people. <\/strong>It\u2019s another heavy news day. The one ray of sunshine (apart, once more, from signs of light on Planet Startup) is that we have no new crises on our collective plates this morning. One day to go and then we can all slide into the weekend and try to catch our breath.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong> FX WATCH- <\/strong><strong> E-wallets provided by telecom companies will no longer support FX <\/strong><strong> payments for online transactions <\/strong>according to messages sent to users and seen by <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/10\/1722099\" style=\"\" rel=\"noopener\">Al Borsa<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ON A RELATED NOTE- Tech and telecom players aren\u2019t happy with the FX restrictions: <\/strong>The Chamber of Information Technology and Telecommunications has requested an urgent meeting with central bank governor Hassan Abdalla to discuss the \u201cextremely negative effects\u201d of the clampdown on FX transactions on its members, it <a target=\"_blank\" href=\"https:\/\/bit.ly\/46gzcS5\" style=\"\" rel=\"noopener\">said<\/a> yesterday. The move will likely cause companies to exit the country and set up shop in other markets, the chamber said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The news comes after a number of banks <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">stopped the use of EGP debit cards<\/a><\/strong><strong> outside the <\/strong><strong> country<\/strong>, reportedly under instruction from the central bank. Among them: CIB, AAIB, the National Bank of Egypt, Arab Bank, and Banque Misr. Other institutions are expected to follow suit in a bid to tamp down flows of FX outside the country or into the parallel market.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong> UPDATE- <\/strong><strong> Why the rebound in auto sales in August? <\/strong> The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83accc27-5fe4-4abb-a673-91c7d921ea55\" style=\"\" rel=\"noopener\">increase<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83accc27-5fe4-4abb-a673-91c7d921ea55\" style=\"\" rel=\"noopener\">in car<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83accc27-5fe4-4abb-a673-91c7d921ea55\" style=\"\" rel=\"noopener\">sales<\/a> in August was driven by better availability of locally-assembled vehicles as well as an uptick in individual imports by car dealers, Khaled Saad, head of the Automotive Marketing Information Council (AMIC) told Enterprise.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> Auto sales volumes climbed 28% m-o-m in August to hit their highest level in almost a year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Don\u2019t expect the trend to continue: <\/strong> The auto sector remains in crisis given difficulties in securing FX and soaring prices of second-hand cars, Saad said, adding he doesn\u2019t see a way out of the current situation until the FX situation resolves.<\/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> HAPPENING TODAY- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> It\u2019s day three of the IMF and World Bank annual meetings. <\/strong>Senior bankers, economists, government ministers, and a who\u2019s who of economic and finance heavyweights are set for a <a target=\"_blank\" href=\"https:\/\/meetings.imf.org\/en\/2023\/Annual\/Schedule\" style=\"\" rel=\"noopener\">packed schedule<\/a> in Morocco today.<\/p><p><strong> What to look out for: <\/strong>The Civil Society Policy Forum is hosting a meeting called headlined \u201ctime to tax wealth in the MENA region\u201d in the morning, and our very own International Cooperation Minister Rania Al Mashat is a speaker in the <a target=\"_blank\" href=\"https:\/\/meetings.imf.org\/en\/2023\/Annual\/Schedule\/2023\/10\/11\/imf-seminar-financing-resilience-growth-and-shared-prosperity\" style=\"\" rel=\"noopener\">Financing Resilience, Growth and Shared Prosperity<\/a> seminar later in the day. <\/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 Gaza meeting: <\/strong>Arab foreign ministers will hold an extraordinary session in Cairo to discuss the situation in Gaza.<\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> BRT <\/strong><strong> : Coming 2H 2024. <\/strong> The first phase of the bus rapid transit (BRT) line will be operational on Cairo\u2019s Ring Road in the second half of 2024, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3rUw3s5\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> FYI- <\/strong> The Ring Road <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949fbd12-51f3-4544-9b9f-20470e5eb974\" style=\"\" rel=\"noopener\">BRT system<\/a>, which broke ground <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c48aedde-b2c6-4e40-b86f-3900beb3698f\" style=\"\" rel=\"noopener\">in 2022<\/a>, is aimed at reducing traffic on the congested freeway.<\/p><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> The situation in Gaza is the lead story on front pages around the world. <\/strong> We have the latest in this morning\u2019s news well, below. (<a target=\"_blank\" href=\"https:\/\/apnews.com\/live\/israel-hamas-war-live-updates\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-prepares-ground-offensive-biden-pledges-support-after-hamas-attacks-2023-10-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-10\/israel-latest-us-sends-support-as-netanyahu-vows-heavy-response?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5093220b-e615-4cd0-872e-87c638bce7e4\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/10\/world\/middleeast\/israel-gaza-war-hamas-deaths-killings.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2023\/10\/10\/israel-hamas-war-gaza-attack-updates\/?itid=hp-banner-high_p001_f001\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/israel-readies-for-all-out-war-in-gaza-ef1899c3\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/world-middle-east-67073970\" style=\"\" rel=\"noopener\">BBC<\/a>)<\/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\/2020\/01\/Web-view-01.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> *** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt: <\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In today\u2019s issue: <\/strong>Are smart infrastructure solutions picking up pace in Egypt? <\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607887 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=\"607887\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/607887\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607887\" class=\"content-area-description single-story post-607887 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=\"607888\" 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=\"607888\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/imf-cuts-our-23-24-growth-outlook-amid-fx-crunch-mena-and-saudi-outlooks-also-trimmed\/\">\r\n                            IMF cuts Egypt\u2019s 23-24 growth outlook amid FX crunch                        <\/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\/11\/imf-cuts-our-23-24-growth-outlook-amid-fx-crunch-mena-and-saudi-outlooks-also-trimmed\/\" 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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This is the second time it has lowered its outlook this year, cutting it to 4.1% from 5.0% in July, citing the shortage of foreign currency and dwindling investor confidence.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lower growth seems to be the consensus: <\/strong>Pundits left and right have been lowering their expectations of how our economy will grow in FY 2023-24 and 2024, citing (let\u2019s all sing it together) the FX crunch, record inflation, and high interest rates. Among them: the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b2f9b1b3-dd65-41f5-a301-4613e12d726e\" style=\"\" rel=\"noopener\">World Bank<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a8466130-8880-4a71-b32b-3b1b25dc24dd\" style=\"\" rel=\"noopener\">Morgan Stanley<\/a> presented more pessimistic forecasts for FY 2023-24, while the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0bc5d8a-a535-4a8f-9a9f-567ba6f522b0\" style=\"\" rel=\"noopener\">European Bank for Reconstruction and Development<\/a> downgraded its 2024 outlook.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growth to slow in FY 2022-23, but not as much as we thought:<\/strong> The Fund revised upwards its estimate for FY 2022-23 to 4.2% from 3.7% previously. The economy grew at a 6.7% clip the year before.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know:<\/strong> The government has released official growth figures for the first three quarters of FY 2022-23, during which growth slowed to 4.0% from 7.8% in the same period a year earlier.The government has not yet released official figures for the final quarter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The inflation outlook: <\/strong>Consumer price growth is expected to average 32.2% this year, up from 23.5% in FY 2022-23, slightly ahead of its forecast in July.The annual urban rate of inflation rose to 38% y-o-y last month, according to state statistics agency Capmas\u2019s most recent <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/512.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE REGIONAL OUTLOOK-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MENA outlook slashed again:<\/strong> The IMF lowered its 2023 MENA growth outlook by 0.5percentage points, and now expects regional growth to slow to 2.0% from 5.6% in 2022. Growth estimates for 2024 were revised upwards to 3.4% from 3.2% in July. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As was Sau<\/strong><strong>di\u2019s growth forecast: <\/strong>The IMF now sees Saudi Arabia\u2019s GDP to fall to 0.8% in 2023 and 4.0% in 2024 (down from from 8.7% in 2022), citing \u201cannounced production cuts, including unilateral cuts and those in line with an agreement through OPEC+.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE GLOBAL OUTLOOK-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I<\/strong><strong>MF holds glo<\/strong><strong>bal growth outlook<\/strong><strong>:<\/strong> The IMF left its 2023 forecast for global growth unchanged at 3.0%, below 2022\u2019s 3.5% rate. The lender trimmed its outlook for next year by 0.1 percentage points to 2.9%. \u201cPart of the slowdown is the result of the tighter monetary policy necessary to bring inflation down. This is starting to bite, but the transmission is uneven across countries,\u201d IMF chief economist Pierre-Olivier Gourinchas wrote in the foreword. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflation is cooling off: <\/strong>The Fund is now forecasting global headline inflation to fall to 5.9% this year from 9.2% last year, marking a 0.9 percentage-point drop from July\u2019s forecast. The fund now expects global inflation to continue to slow to 4.8% in 2024, down from the 5.2% projected in July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><i>Correction: 11 October 2023<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">A previous version of this article incorrectly attributed the Egypt figures to the 2023 and 2024 calendar years, instead of the FY 2022-23 and FY 2023-24 fiscal years.<\/i><\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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=\"607890\" 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=\"607890\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/inflation-hit-a-new-record-high-in-september-coming-in-ahead-of-analyst-expectations\/\">\r\n                            Egypt\u2019s annual inflation rose to new record high in September, beating analyst expectations                        <\/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\/11\/inflation-hit-a-new-record-high-in-september-coming-in-ahead-of-analyst-expectations\/\" 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\/11\/inflation-hit-a-new-record-high-in-september-coming-in-ahead-of-analyst-expectations\/')\">\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\/11\/inflation-hit-a-new-record-high-in-september-coming-in-ahead-of-analyst-expectations\/\">\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=Inflation hit a new record high in September, coming in ahead of analyst expectations&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/inflation-hit-a-new-record-high-in-september-coming-in-ahead-of-analyst-expectations\/\">\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\/11\/inflation-hit-a-new-record-high-in-september-coming-in-ahead-of-analyst-expectations\/&title=Inflation hit a new record high in September, coming in ahead of analyst expectations\">\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=Inflation+hit+a+new+record+high+in+September%2C+coming+in+ahead+of+analyst+expectations+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F11%2Finflation-hit-a-new-record-high-in-september-coming-in-ahead-of-analyst-expectations%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\/11\/inflation-hit-a-new-record-high-in-september-coming-in-ahead-of-analyst-expectations\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/528.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607891\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/inflation-hit-a-new-record-high-in-september-coming-in-ahead-of-analyst-expectations\/528-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/528.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"528.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/528.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/528.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607890\" class=\"content-area-description single-story post-607890 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-capmas tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-inflation tag-interest-rates 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\/.f2edeaa0-968f-4f55-b74e-c8c95cad9116.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Inflation hit a fresh all-time high in <\/strong><strong> September <\/strong> as the impact of the foreign-currency shortage and a series of devaluations continued to stoke price pressures. Consumer prices in urban areas accelerated to 38% y-o-y from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4679aee6-2384-41d3-b930-cb4678b4e942\" style=\"\" rel=\"noopener\">37.4% in August<\/a>, making September the fourth consecutive month of record highs, according to figures released yesterday by state statistics agency <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/512.pdf\" style=\"\" rel=\"noopener\">Capmas (pdf)<\/a>. Headline inflation has been running above 30% since February.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The figures were higher than expected: <\/strong> The median forecast in a recent <a target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/poll-egypt-inflation-seen-climbing-to-record-37.6-in-september\" style=\"\" rel=\"noopener\">Reuters poll<\/a> of analysts had inflation rising to 37.6%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> No surprises as food and drink price rises were once again to blame: <\/strong>Food and beverage prices \u2014 the largest components of the basket of goods and services used to calculate inflation \u2014 hit a record high of 73.6% y-o-y, up from 71.4% in August. The figure was driven by fruit and vegetable prices, which more than doubled y-o-y.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Monthly inflation figures inched up after three consecutive months of slowing prices: <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The past three monthly inflation reports saw the rate of inflation slowing m-o-m, prompting some short-lived optimism about the possible onset of disinflation. September bucked the trend, coming in at 2%, up from 1.6% the month before.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Core inflation continued to slow: <\/strong>Core inflation \u2014 which excludes volatile items such as food and fuel \u2014 came in at 39.7% y-o-y in September, down from 40.4% the month before, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2023\/10\/10\/11\/04\/cpi-press-release-september-2023\" style=\"\" rel=\"noopener\">central bank data<\/a>. However, monthly core inflation rose to 1.1% from 0.3% the month before, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4679aee6-2384-41d3-b930-cb4678b4e942\" style=\"\" rel=\"noopener\">likely due to seasonal factors<\/a> like the back-to-school period and an increase in tourism.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong><a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/monetary-policy\/inflation-target#inflationtargets\" style=\"\" rel=\"noopener\">The CBE\u2019s average inflation target<\/a> is 7% (\u00b12%) by 4Q 2024 and 5% by 4Q 2026. This target has been in place since December 2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> No relief in sight: <\/strong> Inflationary pressures will likely remain high over the coming 6-9 months due to the anticipated devaluation of the EGP and weakly anchored inflation expectations, economist Hany Genena told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The government is trying to put a lid on rampant food price inflation: <\/strong>The government and private-sector food producers and traders recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">agreed to<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">reduce prices<\/a> of 10 food items by 15-25% from 14 October. The move should help to temporarily ease the rising cost of living on low- and middle-income households, Geneina said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The international press also has the story: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-inflation-quickens-record-380-september-2023-10-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/10\/10\/egypts-inflation-soars-to-record-38-in-september-amid-higher-fruit-and-vegetable-prices\/\" style=\"\" rel=\"noopener\">The National<\/a> | <a target=\"_blank\" href=\"https:\/\/english.news.cn\/20231010\/7c752744fd284964a1931eb9b9977b5e\/c.html\" style=\"\" rel=\"noopener\">Xinhua<\/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\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607892\" 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=\"607892\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/israel-plans-gaza-ground-invasion-walks-back-calls-for-gazans-to-flee-into-egypt\/\">\r\n                            Israel plans Gaza ground invasion, walks back calls for Gazans to flee into 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\/11\/israel-plans-gaza-ground-invasion-walks-back-calls-for-gazans-to-flee-into-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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regional diplomatic initiatives aren\u2019t yet bearing any fruit; and Chevron cut gas flows through the EMG pipeline (though there is an alternative). Meanwhile, bringing the violence to an end doesn\u2019t seem to be high on Washington\u2019s priority list, with President Joe Biden giving full-throated backing to Israel\u2019s attack on Gaza and pledging more military aid.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong> MORE ENERGY DISRUPTION- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"> <strong> Key pipeline taken offline: <\/strong>Chevron has suspended gas exports to Egypt via the East Mediterranean Gas (EMG) pipeline and is routing supplies instead through the Arab Gas Pipeline that links Israel, Jordan and Egypt, according to a statement from the company picked up by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/chevron-halts-gas-exports-via-emg-pipeline-israel-egypt-2023-10-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-10\/chevron-re-routes-israel-gas-exports-to-egypt-via-jordan-pipe\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong> Egypt has lost access to gas from the Tamar field: <\/strong> Israel\u2019s energy ministry instructed the US firm to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4b815416-4098-4b11-a75f-df31f6c9d58e\" style=\"\" rel=\"noopener\">halt production at the Tamar gas field<\/a> on Monday due to security concerns caused by the ongoing conflict.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong> There was an immediate impact on Egypt\u2019s gas supply: <\/strong> The closure of the field caused shipments of Israeli gas to fall to 650 mn cubic feet per day from 800 mn cf\/d on Monday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong> The closure of EMG could have completely killed Israeli gas flows to Egypt: <\/strong> The EMG pipeline transports gas from Israel\u2019s other major field, Leviathan, to Egypt. Without the Arab Gas Pipeline, its closure would have brought all of Israel\u2019s gas exports to Egypt to a halt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong> Leviathan flows to Egypt are being reduced: <\/strong> Reuters reported that Israel is diverting some of the gas supplies destined for Egypt to its domestic market, citing industry sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong> What they\u2019re saying: <\/strong> \u201cFollowing the instruction by the Ministry of Energy to shut-in production at the Tamar production platform and the security situation in the south of Israel, all exports to Egypt have been re-routed via the FAJR pipeline,\u201d Chevron said in the statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong> ON THE GROUND- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong> It\u2019s looking like Israel will invade Gaza: <\/strong> Talk in the global media this morning is now about when \u2014 not if \u2014 Israel will launch a full-scale invasion of Gaza. Several outlets are now describing a ground offensive as \u201cinevitable,\u201d with the military massing tens of thousands of troops and government officials warning of a further escalation of violence. The military continued to bomb targets across the territory yesterday, flattening entire neighborhoods and killing hundreds of Palestinians. At least 900 Palestinians have died over the past four days and 4,600 are wounded. The death toll in Israel from Saturday\u2019s attack by Hamas is now over 1k.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Tensions on the Egypt-Gaza border: <\/strong>Israeli air strikes and artillery have now targeted the Rafah crossing on the Sinai-Gaza border three times over the past two days, preventing Gazans from crossing the border and aid shipments from reaching the besieged strip of land. Egypt is pushing Israel to provide safe passage for civilians instead of encouraging them to flee to Sinai, Egyptian security forces told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/bombardments-hit-area-gaza-sinai-border-crossing-gaza-officials-2023-10-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <strong> An IDF spokesperson <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ynet.co.il\/news\/article\/hj94lvzw6\" style=\"\" rel=\"noopener\">on Monday<\/a><\/strong><strong> told refugees to flee across the border into Egypt<\/strong>, prompting an Egyptian official to <a target=\"_blank\" href=\"https:\/\/twitter.com\/N12News\/status\/1711687474869633524\" style=\"\" rel=\"noopener\">warn Israel<\/a> not to try and push Gazans into Egypt. The IDF has since <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/israeli-military-revises-call-gazans-flee-egypt-2023-10-10\/\" style=\"\" rel=\"noopener\">retracted<\/a> its recommendation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Israel threatens to bomb Egyptian trucks: <\/strong>Any fuel trucks sent into Gaza by Egypt will be bombed by the Israeli military, <a target=\"_blank\" href=\"https:\/\/www.maariv.co.il\/news\/politics\/Article-1043925\" style=\"\" rel=\"noopener\">Israeli media<\/a> quoted an IDF spokesperson as saying yesterday. Israel has put Gaza under a total blockade, preventing any food, water and fuel from reaching the territory\u2019s 2.2 mn residents.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Tensions are continuing to escalate in northern Israel: <\/strong> Clashes continued <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/salvo-rockets-fired-south-lebanon-towards-israel-security-sources-2023-10-10\/\" style=\"\" rel=\"noopener\">on the<\/a> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/salvo-rockets-fired-south-lebanon-towards-israel-security-sources-2023-10-10\/\" style=\"\" rel=\"noopener\">Israel-Lebanese border<\/a> for a third day yesterday, while a Palestinian group also launched rockets into Israel <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-fires-back-after-syrian-shells-land-israeli-territory-military-2023-10-10\/\" style=\"\" rel=\"noopener\">from Syria<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> MEANWHILE- <\/strong><strong> Air Cairo has followed EgyptAir in suspending flights to Israel <\/strong> due to the ongoing conflict in Gaza, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3POo3Rn\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported yesterday, citing what it said was an official source.<\/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> El Sisi weighs in: <\/strong> In a statement picked up by state news agency MENA, President Abdel Fattah El Sisi called the situation \u201chighly dangerous\u201d and confirmed that Egypt is working with other countries to broker an end to the violence.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt and Qatar are at the forefront of the mediation efforts: <\/strong> El Sisi discussed de-escalation efforts with Qatari Emir Sheikh Tamim bin Hamad Al Thani in a phone conversation yesterday, according to an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02BGsBn5LCEGPjBZgdDTxTSyofYVqqhweTLykEbdXmyDZjmz92y5btkEbB3ChbmxyJl\" style=\"\" rel=\"noopener\">Ittihadiya readout<\/a>. The two countries have <a target=\"_blank\" href=\"https:\/\/www.jpost.com\/middle-east\/article-741977\" style=\"\" rel=\"noopener\">previously helped broker<\/a> ceasefire between Israel and Palestine after clashes in May. A senior US official <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-10\/israel-latest-us-sends-support-as-netanyahu-vows-heavy-response?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">said yesterday<\/a> that Washington is encouraging Doha to use its relationship with Hamas to secure the release of hostages.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt x Iran: <\/strong>Foreign Minister Sameh Shoukry yesterday discussed the conflict with the <a target=\"_blank\" href=\"https:\/\/bit.ly\/3FiCMix\" style=\"\" rel=\"noopener\">foreign minister of Iran<\/a>, which has been one of the most vocal supporters of Hamas\u2019 attack on Israel. Shoukry also held phone calls with the foreign ministers of <a target=\"_blank\" href=\"https:\/\/bit.ly\/48L5Eh4\" style=\"\" rel=\"noopener\">Greece<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/48L5Eh4\" style=\"\" rel=\"noopener\">, Tunisia<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/48Z8MGm\" style=\"\" rel=\"noopener\">, Portugal, Norway and Slovenia<\/a> to discuss the latest on the Israel-Palestine conflict.<\/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-iran-relations\/\">Egypt-Iran relations<\/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\/egypt-qatar-relations\/\">Egypt-Qatar 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     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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\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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=\"607894\" 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=\"607894\">\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\/11\/how-are-fintech-firms-navigating-high-inflation-and-a-drying-up-of-vc-funding\/\">\r\n                            How are fintech firms navigating high inflation and a drying up of VC funding?                        <\/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 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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/63.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/63.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607894\" class=\"content-area-description single-story post-607894 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-finance-forum tag-ashraf-sabry tag-enterprise-finance-forum tag-enterpriseam tag-fawry tag-fintech tag-mnt-halan-2 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\/.61e4a3e9-337d-4073-a599-0b87c9a423f3.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> The heyday of fintech in Egypt \u2014 marked by sky-high valuations an torrents of VC cash? <\/strong><strong> That\u2019s over. <\/strong>Today, fintech players are navigating volatile market conditions as funding dries up and competition for a piece of the fintech pie grows. But a lack of funding in no way means a lack of innovation, or a lack of prospects. There are still plenty of sectors ripe for growth in the sector, industry insiders say, but fintech players need to lean into the local market and the possibilities it offers \u2014 and suss out the fads from the sustainable, long-term growth prospects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We brought together two industry leaders at the Enterprise Finance Forum to walk <\/strong><strong> us through exactly what those prospects are <\/strong>and how they are navigating the current environment. Joining us on stage were <strong> Ashraf Sabry<\/strong>, founder and CEO of Fawry, and <strong> Mounir Nakhla<\/strong>, MNT Halan\u2019s founder and CEO. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Interest rates + inflation have impacted fintechs\u2019 lending operations: <\/strong>\u201cIt\u2019s a tough market,\u201d Nakhla said. The EGP devaluation means MNT Halan\u2019s loan book was slashed in half in USD terms, he said, adding that high interest rates also hit them hard, because they lend on fixed interest rates and borrow in variable terms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Fawry and MNT Halan are doing well in spite of that: <\/strong>\u201cI think business is really excellent. We are growing at more than 40% [this year] and we believe in our products,\u201d Sabry said. \u201cThis year in USD terms, we\u2019re growing 20%. In spite of everything, we managed through planning and execution to grow 20%,\u201d Nakhla said, adding that MNT Halan views such times of economic turbulence as exciting and \u201cas times when we can grow and gain market share.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> So how do they manage? <\/strong>By recalibrating and growing our loan book, Nakhla said. For Sabry, it\u2019s important to focus on EGP-denominated investments, rather than investments denominated in USD. Nakhla agreed.\u201cAs a matter of principle, I think if you lend in local currency, you should borrow in local currency,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Lending is risky business, especially in a high inflation environment\u2026: <\/strong>Consumer finance is a higher risk product than business loans, according to Nakhla. \u201cNaturally, if I\u2019m going to lend someone to consume, it\u2019s higher risk than lending someone to invest,\u201d he added, explaining that since most consumers are salaried, their disposable income drops significantly in a high inflation environment, making the capacity to service debt tougher.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> \u2026but it plays a big role in our economy: <\/strong>\u201cConsumer finance is a more challenging business, but I think we should be bullish about it,\u201d Sabry said.\u201cEvery single individual experiences points in time where their need for money is not equal to their stream of income,\u201d Sabry said, pinpointing education, weddings, and medical treatments as among the most common examples when people turn to consumer financial services. \u201cThere is a real need for consumer finance,\u201d he said, adding that it takes into account the measurement of financial health, where you enable people to fulfill their needs while taking into account their ability to repay. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> With increased borrowing comes increased risk, but so far it\u2019s nothing too serious: <\/strong>\u201cIt\u2019s too early for a wide systemic risk [in the sector],\u201d Sabry said, noting that accounting standards \u2014 which require an independent modeling company to evaluate your loan book \u2014 can show whether you have an elevated default risk. For Nakhla, it\u2019s the same. \u201cOur numbers say there is a slightly higher risk [in the sector], but nothing we cannot digest, nothing meaningful,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In a higher interest rate environment, is BNPL a good idea? <\/strong>Nakhla is cautious when it comes to buy-now-pay-later services, which he said are a fad that came out with the likes of Swedish BNPL platform <a target=\"_blank\" href=\"https:\/\/www.klarna.com\/us\/what-is-klarna\/\" style=\"\" rel=\"noopener\">Klarna<\/a>, Nakhla said. \u201cThey came out at a time when interest rates were very low and the whole concept was based on merchant rebates \u2026 from day one I said this doesn\u2019t work in our interest rate environment,\u201d he said. That\u2019s why MNT Halan couples it with consumer financing \u2014 and relying on merchants for rebates. \u201cWhat we're doing is not a three or six-month loan with small rebates,\u201d he said. \u201cWhat we're doing is we're charging normal borrowing rates, and we're getting a little extra from merchants for the rebates,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In defense of BNPL: <\/strong>\u201c[It\u2019s] a small amount with very high turnover, and requires less capital to be deployed, with higher return on capital and early discovery of debt profiles,\u201d Sabry said. \u201cThere are different models of BNPL services, for different profiles of customers, and for different needs,\u201d Fawry\u2019s CEO said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s looking good for ins.: <\/strong>\u201cWe are very bullish about ins.,\u201d Sabry said. It can help boost people\u2019s financial health, whether in terms of data distribution and processing or collection and disbursement, Sabry said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> \u201cLeveraging the masses is the best business in the world,\u201d <\/strong>Sabry added, noting that it is a defensive sector in the sense that even in a recession, people need access to finance to eat and spend everyday, regardless of whether this increases or declines depending on market conditions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And there\u2019s still a lot to do to achieve more financial inclusion: <\/strong> MNT Halan and Fawry focus most of their efforts on unbanked and underbanked populations in rural and remote areas. \u201cAround 70-80% of our customers don\u2019t come from Egyptian cities,\u201d Nakhla said. \u201cUpper Egypt contributes 35-40% of our business, and Delta contributes another 35-40%, while Greater Cairo and Alexandira make up less than 20%,\u201d Nakhla said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> \u201cFinancial inclusion is not just opening a bank account <\/strong>\u2014 that is only a very small part of it,\u201d Sabry said. \u201cInclusion is about offering financial services that will help people rather than help the organization. Opening a bank account helps the organization, but giving them money, ins., enabling them to save small amounts of money is how you help the people,\u201d Sabry said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> At the end of the day, it\u2019s about having an integrated fintech ecosystem with strong stakeholders: <\/strong>\u201cAt a time where you have very, very high inflation, I think it is imperative to have the right players channeling funds to the masses,\u201d Nakhla said. With the presence of responsible players and institutions, alsonside a strong regulator, consumer finance firms will operate comfortably without worrying about whether or not people will be able to pay back their dues, he added. \u201cWe think that the more you integrate business, consumers, and small merchants into an integrated ecosystem, the better you understand the business and take better financial decisions,\u201d Sabry said. <\/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\/ashraf-sabry\/\">Ashraf Sabry<\/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\/fawry\/\">Fawry<\/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\/mnt-halan-2\/\">MNT Halan<\/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=\"607896\" 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=\"607896\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/more-russian-wheat-incoming\/\">\r\n                            Egypt secures another big Russian wheat buy                        <\/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\/11\/more-russian-wheat-incoming\/\" 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 eight-cargo purchase has been booked for shipment in November and December. The news outlet did not report the cost of the purchase.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We were expecting more: <\/strong>After Russia canceled a 480k shipment over pricing concerns in September, GASC was back in talks with the Russian government the same month to purchase 1 mn tons of wheat for delivery this season, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c40d31d-bfcb-40d4-a84c-dfd308710c8b\" style=\"\" rel=\"noopener\">Bloomberg reported<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Wheat prices are falling globally: <\/strong>Chicago wheat futures fell as much as 1.6% during yesterday\u2019s trading, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/global-grains-idAFL1N3BG0VV\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing \u201clower prices and hefty supplies in Russia keeping attention on export competition and tempered weather worries about southern hemisphere harvests.\u201d Analysts are also expecting Russian wheat exports to fall this month on the back of weak demand. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ICYMI- We just bought Bulgarian and Romanian wheat: <\/strong>The GASC <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f2c4f74-5f2a-4a89-a86c-d7a5826b6755\" style=\"\" rel=\"noopener\">bought 170k tons<\/a> of wheat in an international tender in late September. The International Islamic Trade Finance Corporation is providing the finance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>GASC <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac\" style=\"\" rel=\"noopener\">began to buy directly<\/a> from suppliers \u2014 rather than through its traditional international tenders \u2014 last year, after the war in Ukraine triggered a surge in global food prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> DATA POINT- <br \/> <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt\u2019s wheat imports rose by a third in 9M 2023<\/strong>, hitting 8.3 mn tons, up from 6.4 mn tons in the same period last year, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3LRUBcf\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing a government report. Russian wheat made up 80% of our total wheat imports in 9M 2023, the regional news outlet added, while Ukraine provides just over 10% of our wheat. Romania, US, Australia, Canada, and Moldova also supplied us with wheat in the first three quarters of the year.<\/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\/egypt-russia-relations\/\">Egypt-Russia relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607898\" 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=\"607898\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/saudi-egyptian-alliance-mull-local-startup-mazaid-stake-while-akhdar-awfar-and-obm-education-secure-saudi-funds\/\">\r\n                            Saudi-Egyptian alliance mull startup MazAid stake, while Akhdar, Awfar, and OBM Education secure Saudi funds. PLUS: McDonalds Egypt x Roboost                        <\/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\/11\/saudi-egyptian-alliance-mull-local-startup-mazaid-stake-while-akhdar-awfar-and-obm-education-secure-saudi-funds\/\" 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\" 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        <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/558.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607899\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/saudi-egyptian-alliance-mull-local-startup-mazaid-stake-while-akhdar-awfar-and-obm-education-secure-saudi-funds\/558-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/558.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"558.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/558.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/558.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607898\" class=\"content-area-description single-story post-607898 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-fintech tag-mazaid tag-mcdonalds tag-roboost tag-startup-watch tag-startups tag-value-makers-studio 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\/.55faf4fb-3cd2-4b4c-91ca-05d93a0b00f0.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The latest from Planet Startup: <\/strong> Saudis have a thing for Egyptian startups while McDonald\u2019s Egypt is looking closer to home to find a delivery solutions partner.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> SAUDI-EGYPTIAN INTEREST IN FINTECH STARTUP MAZAID- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Eyes on MazAid: <\/strong> A Saudi-Egyptian group is reportedly eying a 40-49% stake in fintech startup <a target=\"_blank\" href=\"https:\/\/mazaid-eg.com\/\" style=\"\" rel=\"noopener\">MazAid<\/a>, the company\u2019s founder and CEO Ahmed Ramadan told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2p9fbpy6\" style=\"\" rel=\"noopener\">Al Mal<\/a>. He added that the acquisition is expected to wrap up by the end of the year and the proceeds will be used to fund the company\u2019s expansion into other countries. The story carried no further details of the offer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> About MazAid: <\/strong> Founded in 2021, MazAid is a fintech platform that aims to connect mns of unbanked individuals and businesses in the country with Financial Regulatory Authority-regulated lenders and financial institutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> SAUDI ACCELERATOR BUYS INTO THREE EGYPTIAN STARTUPS- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> More equity investments for VMS: <\/strong> Saudi accelerator <a target=\"_blank\" href=\"https:\/\/vms.sa\/\" style=\"\" rel=\"noopener\">Value Makers Studio<\/a>(VMS) has made equity investments in three Egyptian startups, according to <a target=\"_blank\" href=\"https:\/\/bit.ly\/45ocDK6\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The firm reached agreements with education app <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/a5drcom\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Akhdar<\/a>, software company <a target=\"_blank\" href=\"https:\/\/solutions.awfar.com\/en\/about-us-en\/\" style=\"\" rel=\"noopener\">Awfar<\/a>, and student career advising startup <a target=\"_blank\" href=\"https:\/\/www.obmeg.com\/\" style=\"\" rel=\"noopener\">OBM Education<\/a> at the recent <a target=\"_blank\" href=\"https:\/\/www.alex.technesummit.com\/2023\" style=\"\" rel=\"noopener\">Techne Summit<\/a> in Alexandria, the founder of the event told the newspaper. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong> VMS acquired a minority stake in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e13b7ec-96e3-4e02-acaa-b65ad0b7019e\" style=\"\" rel=\"noopener\">local accelerator Cashcows<\/a> earlier this year.<\/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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mazaid\/\">MazAid<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mcdonalds\/\">McDonald\u2019s<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/roboost\/\">Roboost<\/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\/value-makers-studio\/\">Value Makers Studio<\/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=\"607900\" 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=\"607900\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/mnt-halan-lands-new-cfo-cmo-cira-taps-new-senior-advisor\/\">\r\n                            MNT-Halan lands new CFO, CMO + CIRA taps new senior advisor                        <\/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\/11\/mnt-halan-lands-new-cfo-cmo-cira-taps-new-senior-advisor\/\" 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\/11\/mnt-halan-lands-new-cfo-cmo-cira-taps-new-senior-advisor\/')\">\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\/11\/mnt-halan-lands-new-cfo-cmo-cira-taps-new-senior-advisor\/\">\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=MNT-Halan lands new CFO, CMO + CIRA taps new senior advisor&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/mnt-halan-lands-new-cfo-cmo-cira-taps-new-senior-advisor\/\">\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\/11\/mnt-halan-lands-new-cfo-cmo-cira-taps-new-senior-advisor\/&title=MNT-Halan lands new CFO, CMO + CIRA taps new senior advisor\">\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=MNT-Halan+lands+new+CFO%2C+CMO+%2B+CIRA+taps+new+senior+advisor+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F11%2Fmnt-halan-lands-new-cfo-cmo-cira-taps-new-senior-advisor%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\/11\/mnt-halan-lands-new-cfo-cmo-cira-taps-new-senior-advisor\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/567.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607901\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/mnt-halan-lands-new-cfo-cmo-cira-taps-new-senior-advisor\/567-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/567.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"567.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/567.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/567.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607900\" class=\"content-area-description single-story post-607900 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-cira-education tag-enterpriseam tag-mnt-halan tag-moves 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\/.30b56f5f-0a08-4c65-9706-4cf8f6884833.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> MNT-Halan brings fresh faces to management: <\/strong> MNT-Halan has appointed Omar Elhamawy (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/omar-elhamawy-7551a123\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as chief financial officer and Sara Metwally (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/sara-metwally-39ab4164\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as chief marketing officer, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/515.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Elhamawy has more than 20 years of experience in financial management, serving as SODIC\u2019s CFO for almost a decade and holding senior positions at Beltone Financial and CIB. Metwally has almost two decades of experience in marketing, and joins MNT-Halan after serving as Coca-Cola\u2019s Africa director for end-to-end experience.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> CIRA taps Ain Shams president as senior advisor: <\/strong>Our friends at CIRA Education have tapped Mahmoud El Meteini (<a target=\"_blank\" href=\"https:\/\/academicmedicaleducation.com\/mahmoud-el-meteini-md\" style=\"\" rel=\"noopener\">bio<\/a>) as group senior advisor, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/533.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. El Meteini will also act as CEO of <a target=\"_blank\" href=\"https:\/\/cira.com.eg\/en\/integration-and-value-creation\" style=\"\" rel=\"noopener\">CAPMED<\/a>, a EGP 100 mn hospital near the new capital in which CIRA owns 28%. El Meteini has been the president of Ain Shams University since August 2019, after serving as dean of the university\u2019s medical faculty. He also sits on the <a target=\"_blank\" href=\"https:\/\/www.cleopatrahospitals.com\/en\/about\/board-members\/dr-mahmoud-el-meteini\/\" style=\"\" rel=\"noopener\">boards<\/a> of the Ain Shams University hospital and Cleopatra Hospitals Group. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mnt-halan\/\">MNT-Halan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n       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style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607903\" 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=\"607903\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/gaza-war-continues-to-dominate-talk-show-coverage\/\">\r\n                            Egyptian talk shows continue their coverage of the 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        <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\/11\/gaza-war-continues-to-dominate-talk-show-coverage\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/gaza-war-continues-to-dominate-talk-show-coverage\/559-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/559.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"559.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/559.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/559.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607903\" class=\"content-area-description single-story post-607903 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam tag-gaza tag-israel tag-israel-palestine-conflict tag-last-nights-talk-shows tag-palestine 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\/.883eb3f0-11cb-400d-b11f-3227cbe1d553.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was another somber night on the airwaves <\/strong> as the war in Gaza continued to dominate coverage. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> El Sisi comments on the situation in Gaza: <\/strong>The nation\u2019s talking heads focused on President Abdel Fattah El Sisi\u2019s comments on the escalations in Gaza that \u201cit\u2019s extremely dangerous and may affect the security and stability of the entire region \u2026 Egypt will not allow for the issue to be settled at the expense of other parties.\u201d Ala Mas\u2019ouleety (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AhmedMoussaEG\/videos\/257219266809865\" style=\"\" rel=\"noopener\">watch, runtime: 5:20<\/a>), Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=5Vvi-kQ920k&ab_channel=dmc\" style=\"\" rel=\"noopener\">watch, runtime: 4:02<\/a>), and Kelma Akhira\u2019s Lamees El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=782SIrg-k9A&ab_channel=%D9%83%D9%84%D9%85%D8%A9%D8%A3%D8%AE%D9%8A%D8%B1%D8%A9%D9%85%D8%B9%D9%84%D9%85%D9%8A%D8%B3%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AF%D9%8A\" style=\"\" rel=\"noopener\">watch, runtime: 1:34<\/a>) all had the news. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This is a \u201cwar of annihilation against the people of Palestine,\u201d <\/strong>Palestinian presidential advisor Mahmoud Al Habbash told Yahduth Fi Masr\u2019s Sherif Amer (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=xs-fbr0Pp2g\" style=\"\" rel=\"noopener\">watch, runtime: 3:05<\/a>), affirming that the Palestinian nation will not abandon its land. Amer also interviewed Egyptian politician Mostafa El Fiki (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=EGvDlhrdgl0\" style=\"\" rel=\"noopener\">watch, runtime: 1:30<\/a>) to explain what all this means for Egypt. Al Habbash\u2019s statement was echoed by Palestinian political analyst Ayman Al Raqab on Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1390836141778643\" style=\"\" rel=\"noopener\">watch, runtime: 00:57<\/a>) and Fatah Movement official Jihad El Harazin on Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=faKH5N5kTZc&ab_channel=dmc\" style=\"\" rel=\"noopener\">watch, runtime: 4:48<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Basic necessities are running low <\/strong>as Israel refuses to open up humanitarian corridors, the UN\u2019s Palestinian refugee agency spokesperson Adnan Abu Hasna told El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=843337430578322\" style=\"\" rel=\"noopener\">watch, runtime: 6:54<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1808501196270238\" style=\"\" rel=\"noopener\">4:23<\/a>), adding that Gaza currently only had a few days worth of fuel. Palestine\u2019s Health Minister Mai Al Kaila joined Yahduth Fi Masr (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=8YN8CRZ8ne8&ab_channel=%D9%8A%D8%AD%D8%AF%D8%AB%D9%81%D9%8A%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">watch, runtime: 5:16<\/a>) and Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=292642143552394\" style=\"\" rel=\"noopener\">watch, runtime: 8:22<\/a>) to give us the latest on the health situation in the enclave. Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=309344771805056\" style=\"\" rel=\"noopener\">watch, runtime: 9:43<\/a>) and Ala Maso\u2019uleety (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=1468699400591097\" style=\"\" rel=\"noopener\">watch, runtime: 24:15<\/a>) also had the news. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Arab League wants to protect Palestinians: <\/strong>The league will today demand the protection of Palestinians residing in Gaza from the Israeli attacks. This comes following an emergency meeting that brought together Arab foreign ministers, Gamal Roshdy, a spokesperson for the Arab League's secretary-general, told El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=nWqIJStOR7E\" style=\"\" rel=\"noopener\">watch,, runtime: 6:04<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ALSO ON THE AIRWAVES- Following up on the price reduction of key food staples: <\/strong>Al Hayah Al Youm\u2019s Lobna Asal hosted Poultry Producers Union head Tharwat El Zeini and Chambers of Commerce senior official Matta Bishay (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=1644392422720763\" style=\"\" rel=\"noopener\">watch, runtime: 22:41<\/a>) to weigh in on the cooperation between businesses and the government to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">lower the prices of staple foods<\/a> amid soaring inflation. Poultry Producers Union Chairman Mahmoud Al Anani virtually joined Hadret El Mowaten (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=642072684730462\" style=\"\" rel=\"noopener\">watch, runtime: 1:39<\/a>) to give his two cents on the matter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> AND- El Sisi\u2019s latest. <\/strong>The president yesterday attended the Police Academy graduation ceremony. The news received coverage from Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=gIcNsh1oSlM\" style=\"\" rel=\"noopener\">watch, runtime: 3:20<\/a>), Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=711982947475003\" style=\"\" rel=\"noopener\">watch, runtime: 7:37<\/a>), and Ala Maso\u2019uleety (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1553881448755942\" style=\"\" rel=\"noopener\">watch, runtime: 15:57<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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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=\"607906\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/orascoms-giza-plateau-revamp-to-go-live-in-1q-2024-plus-news-from-vezeeta-tci-sanmar-and-the-house\/\">\r\n                            Orascom\u2019s Giza plateau revamp to go live in 1Q 2024. PLUS: News from Vezeeta, TCI Sanmar and the House.                        <\/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\/11\/orascoms-giza-plateau-revamp-to-go-live-in-1q-2024-plus-news-from-vezeeta-tci-sanmar-and-the-house\/\" 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\/11\/orascoms-giza-plateau-revamp-to-go-live-in-1q-2024-plus-news-from-vezeeta-tci-sanmar-and-the-house\/')\">\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\/11\/orascoms-giza-plateau-revamp-to-go-live-in-1q-2024-plus-news-from-vezeeta-tci-sanmar-and-the-house\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Orascom\u2019s Giza plateau revamp to go live in 1Q 2024. PLUS: News from Vezeeta, TCI Sanmar and the House.&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/orascoms-giza-plateau-revamp-to-go-live-in-1q-2024-plus-news-from-vezeeta-tci-sanmar-and-the-house\/\">\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\/11\/orascoms-giza-plateau-revamp-to-go-live-in-1q-2024-plus-news-from-vezeeta-tci-sanmar-and-the-house\/&title=Orascom\u2019s Giza plateau revamp to go live in 1Q 2024. PLUS: News from Vezeeta, TCI Sanmar and the House.\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Orascom%E2%80%99s+Giza+plateau+revamp+to+go+live+in+1Q+2024.+PLUS%3A+News+from+Vezeeta%2C+TCI+Sanmar+and+the+House.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F11%2Forascoms-giza-plateau-revamp-to-go-live-in-1q-2024-plus-news-from-vezeeta-tci-sanmar-and-the-house%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\/11\/orascoms-giza-plateau-revamp-to-go-live-in-1q-2024-plus-news-from-vezeeta-tci-sanmar-and-the-house\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/552.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607907\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/orascoms-giza-plateau-revamp-to-go-live-in-1q-2024-plus-news-from-vezeeta-tci-sanmar-and-the-house\/552-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/552.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"552.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/552.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/552.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607906\" class=\"content-area-description single-story post-607906 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-development-finance tag-egypt-italy-relations tag-enterpriseam tag-healthcare tag-legislation-watch tag-manufacturing tag-orascom-investment-holding tag-orascom-pyramids-entertainment tag-tourism tag-vezeeta wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.33473c06-195c-4d5a-b602-44e5bf339455.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> TOURISM- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Giza Pyramids redevelopment to open next quarter: <\/strong> Orascom Pyramids has pushed the inauguration of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a212826-13c4-4d98-a500-bf553abc89d4\" style=\"\" rel=\"noopener\">Giza plateau redevelopment<\/a> to 1Q 2024 while it finishes construction, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/09\/1721618\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing statements from chairman Amr Gazarin. The Orascom Investment Holding (OIH) subsidiary had initially planned to open the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1558642d-7601-4195-a551-3ad914112931\" style=\"\" rel=\"noopener\">EGP 1 bn development<\/a> to visitors in December. About 95% of construction works are finished, and expects his company to completely finish them by year\u2019s end, Gazarin said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> CHEMICALS- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> TCI Sanmar x United Gas Derivatives Company: <\/strong>Indian chemicals producer TCI Sanmar has inked a MoU with the state-owned <a target=\"_blank\" href=\"http:\/\/www.ugdco.com\/\" style=\"\" rel=\"noopener\">United Gas Derivatives Company<\/a>(UGDC) allowing it to use its Damietta port facilities for importing raw materials, TCI Sanmar said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/541.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a> Monday. The imported materials will be used by TCI Sanmer for its projects and expansion plans, it said. The port facilities have an investment cost of USD 150 mn, it said, without disclosing further details about the infrastructure. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> LEGISLATION- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Another step towards allowing foreign firms to become importers: <\/strong>The House Economic Committee yesterday approved changes to the law regulating the importers registry, allowing foreign companies to register as importers under 10-year licenses. The move 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. The House will discuss and vote on the amendments when it reconvenes next week. <\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-italy-relations\/\">Egypt-Italy relations<\/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\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-investment-holding\/\">Orascom Investment Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-pyramids-entertainment\/\">Orascom Pyramids Entertainment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vezeeta\/\">Vezeeta<\/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=\"607908\" 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=\"607908\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/chinas-largest-property-developer-is-once-again-staring-at-default\/\">\r\n                            China\u2019s largest property developer is once again staring at default                        <\/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\/11\/chinas-largest-property-developer-is-once-again-staring-at-default\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607909\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/chinas-largest-property-developer-is-once-again-staring-at-default\/554-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/554.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"554.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/554.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/554.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607908\" class=\"content-area-description single-story post-607908 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-china tag-country-garden tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.5f11466e-269d-4cc3-9adb-3e0e1f25d57b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> China\u2019s real estate crisis could soon go from bad to worse: <\/strong> China\u2019s largest developer Country Garden is teetering on the brink of default, <a target=\"_blank\" href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/1010\/2023101000054.pdf\" style=\"\" rel=\"noopener\">warning (pdf)<\/a> yesterday that it expects to miss payments on its USD-denominated bonds, triggering what would be China\u2019s largest-ever corporate debt restructuring. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>The developer <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bbecf45-3e91-45bf-8b54-c3c5452f4cab\" style=\"\" rel=\"noopener\">narrowly avoided a default<\/a> last month by making interest payments on two bonds during a grace period. But with multiple coupon deadlines looming in October and November, its latest statements suggest default could be imminent. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Why this matters: <\/strong>The escalating crisis threatens to trigger a downturn in the Chinese economy, of which the property sector accounts for nearly 25%. And a downturn in China means more uncertainty for the global economy.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This was a big story in the global business press yesterday: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/country-garden-might-not-be-able-meet-all-offshore-payment-obligations-2023-10-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-10\/country-garden-hires-advisers-for-holistic-solution\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a9bef127-6bba-45fc-8b1f-c5e02545082c\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/chinas-country-garden-succumbs-to-debt-crisis-after-sales-drop-84c85a79?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>.<\/p><p><a target=\"_blank\" id=\"t.238df5e2fd0073a9a791041f87dc4b5397b50500\" 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\">19,724<\/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% (YTD: +35.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD ( <\/strong><strong> C <\/strong><strong> BE) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> USD at CIB <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Interest rates CBE <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Tadawul <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,640<\/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: +1.5%)<\/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> 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\">9,614<\/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: -5.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> DFM <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,051<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +21.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> S&amp;P 500 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,358<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +13.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> FTSE 100 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,628<\/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\">+1.8% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,205<\/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\">+2.3% (YTD: +10.9%)<\/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> 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 87.70<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5%<\/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 3.39<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 1,874.00<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong> 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 27,394<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% (YTD: +65.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE CLOSING BELL- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The EGX30 rose 1.6% at yesterday\u2019s close <\/strong> on turnover of EGP 2.4 bn (10.8% above the 90-day average). Local investors were net sellers. The index is up 35.1% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the green: <\/strong>Mopco (+10.9%), TMG Holding (+5.6%) and Eastern Company (+5.4%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In the red: <\/strong>CIB (-0.6%), E-Finance (-0.5%) and Egypt Kuwait Holding Company (-0.1%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/country-garden\/\">Country Garden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"607910\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/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\">12<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/are-smart-infrastructure-solutions-picking-up-pace-in-egypt\/\"> \r\n                            Are smart infrastructure solutions picking up pace in Egypt?<\/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\/hardhats\/are-smart-infrastructure-solutions-picking-up-pace-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Although the creation of smart cities is beginning to pick up pace, there are hurdles facing the growth of smart infrastructure solutions, according to industry sources we spoke with. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What is a smart city? <\/strong> A smart city takes advantage of ICT to improve its sustainability, efficiency, and services by integrating operations on several fronts. These cities enjoy more advanced infrastructure starting from the way buildings are constructed, the building materials used, the urban planning of the spaces, and the technological infrastructure that will allow for fast internet speeds. Smart cities introduce the use of tech and artificial intelligence in a way that is in line with Egypt\u2019s sustainable development strategy, Egypt Vision 2030, Walid Abbas, assistant housing minister and supervisor of planning and projects at the New Urban Communities Authority (NUCA), previously told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REMEMBER- <\/strong> The Egyptian government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15bd9095-7ae0-421a-a556-9090a507e86b\" style=\"\" rel=\"noopener\">plans to introduce<\/a> 38 new smart cities across the country as part of the Sisi administration\u2019s long-term infrastructure development strategy, with 14 of these already built. These smart cities \u2014 also commonly referred to as fourth generation cities \u2014 will under the first phase be built on a total of 530k feddans nationwide, offering 4 mn direct and 3 mn indirect jobs, the Housing Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=1431041440407550&id=794615087383525\" style=\"\" rel=\"noopener\">has previously said<\/a>. Upon completion, they are expected to attract 30 mn residents. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s still early days for the production of smart infrastructure solutions in Egypt<\/strong>, which means developers typically opt to rely on importing the fully-finished solutions from specialized global companies, industry players tell Enterprise. The other option for developers is to import control systems and complete them with locally-produced technical solutions that are paired with smartphone apps, which is more cost-efficient than fully importing the solutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Some players work in the space by providing complementary services: <\/strong> Cisco Systems, for example, does not work in smart home systems, but rather provides the communications infrastructure in facilities by linking all employees\u2019 uses of technology, Managing Director Ayman El Gohary told Enterprise. Cisco has already implemented these systems in the New Administrative Capital and a number of government buildings and facilities within the smart cities system.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The FX situation is a major hurdle for this nascent industry<\/strong>, particularly as a result of rising costs associated with a weaker EGP and increased restrictions on imports, consulting solutions and digital services player Sandex CEO Mohamed El Harty (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mohamed-elharty\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) tells Enterprise. Demand had been picking up and spurring local and international investments in the industry, El Harty said, adding that they had begun to see specialized companies cropping up to fulfill the demand for smart infrastructure solutions. However, the changing macroeconomic environment has reduced this space significantly, El Harty said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And import restrictions are also limiting the availability of the solutions: <\/strong> Smart solutions often rely on wireless systems, which require approval and clearance from the National Telecommunications Regulatory Authority (NTRA) for customs clearance, which is time-consuming and can drive up costs, according to ICT consultant Tamer Mohamed. Egypt\u2019s CIT industry is highly regulated, explains KMG Egypt CEO and head of the Federation of Egyptian Chambers of Commerce\u2019s digital economy and tech division Karim Ghoneim. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> To drive investment growth, we need more demand \u2014 and more flexible regs: <\/strong> Although there are some specialized companies already working on home automation systems and providing digital solutions, as well as others specialized in remote monitoring and control systems for businesses and homes, having robust investment is dependent on robust demand, Ghoneim said. The business environment is also a critical piece of the puzzle, Ghoneim said, pointing to the importance of creating more flexibility in customs procedures to help drive the localization of the industry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And government incentives would also go a long way: <\/strong> A push to increase local production of the systems, supported by government policies, would help to increase the application of smart systems in real estate developments, El Harthy and Ghoneim agreed. Localizing the industry would make a significant difference in the uptake of these systems, considering the price gap between locally produced systems, which typically go for EGP 40k, compared to imported systems, which can cost as much as EGP 100k. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Your top infrastructure stories for the week: <\/strong><\/p>\n<ul>\n<li><strong> Maersk <\/strong><strong> to acquire 51% of the 545-MW Zafarana wind farm: <\/strong> The Madbouly government and the Danish shipping giant are in the final stages of agreeing the value of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e3bdb39-111c-4341-a370-6646a0a6268b\" style=\"\" rel=\"noopener\">51% stake<\/a>, with the transaction potentially closing by the end of this year.<\/li>\n<li><strong> Egypt, Maersk sign green methanol framework agreement: <\/strong> Egypt <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 Maersk\u2019s new green methanol company C2X to produce the green fuel in the Suez Canal Economic Zone.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cisco-systems\/\">Cisco Systems<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sandex\/\">Sandex<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smart-cities\/\">smart cities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"607912\" 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\/11\/607912\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607912\" class=\"content-area-description single-story post-607912 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 style=\"font-weight:400;\">14-15 November (Tuesday-Wednesday): 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>November: Bidding deadline for 5 gold mine concessions in the Eastern Desert (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;\">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;\">Q1 2024: Opening of the new developed Pyramids Plateau in Giza.<\/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;\">2H 2024: Gov\u2019t to launch the Cairo Ring Road BRT buses.<\/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>2-5 September (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.airport-technology.com\/sponsored\/dates-announced-for-egypt-international-airshow-2024\/\" style=\"\">Egypt International Airshow<\/a><\/span><span>, El Alamein International Airport.<\/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>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>Record inflation | Gas pipeline offline | e-wallet FX curbs | Russian wheat incoming<\/p>\n","protected":false},"featured_media":607884,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-607883","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"20efc7d6-b253-473e-b23b-5ab43cec2d9c","teaser":"Record inflation | Gas pipeline offline | e-wallet FX curbs | Russian wheat incoming","photo_url":"https:\/\/ent.news\/2023\/10\/569.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IMF lowers our 23-24 growth forecast as FX crunch bites - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-lowers-our-23-24-growth-forecast-as-fx-crunch-bites\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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