{"id":607967,"date":"2023-10-12T00:00:00","date_gmt":"2023-10-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=607967"},"modified":"2025-12-17T01:13:51","modified_gmt":"2025-12-17T01:13:51","slug":"as-expected-moodys-downgrades-all-five-egyptian-banks-in-its-coverage-universe","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/as-expected-moodys-downgrades-all-five-egyptian-banks-in-its-coverage-universe\/","title":{"rendered":"As expected: Moody\u2019s downgrades all five Egyptian banks in its coverage universe"},"content":{"rendered":"<section id=\"607969\" 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=\"607969\">\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\/12\/imf-loan-review-incoming-by-the-end-2023\/\">\r\n                            IMF review of Egypt\u2019s USD 3 bn loan to come before the end 2023                        <\/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\/12\/imf-loan-review-incoming-by-the-end-2023\/\" target=\"_blank\">\n      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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/imf-loan-review-incoming-by-the-end-2023\/634-png-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/634.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"634.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/634.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/634.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607969\" class=\"content-area-description single-story post-607969 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-economy tag-enterpriseam tag-imf tag-mohamed-maait 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\/.46998705-d0d3-445d-acff-8d2f71109156.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, and happy Thursday to you all. <\/strong>The week ends as it began, with news of a downgrade \u2014 and entirely expected one, as Moody\u2019s wraps up its review of the five banks in Egypt that it covers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>THE BIG STORY HERE AT HOME- <\/strong><strong>Our IMF loan review will come before the end of the year<\/strong>, Finance Minister Mohamed Maait told CNBC Arabia (<a target=\"_blank\" href=\"https:\/\/bit.ly\/3LXUH1I\" style=\"\" rel=\"noopener\">watch, runtime:7:08<\/a>) yesterday, without elaborating further. The IMF has delayed two reviews of our USD 3 bn assistance program after we failed to meet several conditions of the loan, including a commitment to implement a fully flexible exchange rate. IMF Managing Director Kristalina Georgieva recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34d82cce-f4dd-436a-b2d7-ef783c0903de\" style=\"\" rel=\"noopener\">said<\/a> that the two sides are making progress on the review \u2014 and warned that we would continue to \u201cbleed\u201d reserves if we do not float the EGP. Maait was speaking on the sidelines of the IMF and World Bank annual meetings.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- It feels a lot like MENA day at the IMF and World Bank annual meetings: <\/strong>Jihad Azour, the institution\u2019s director for the Middle East and Central Asia, is scheduled to give a press briefing this morning and will later join Abu Dhabi Commercial Bank\u2019s Monica Malik and others for a discussion about sustainable growth in the region. Maait will share the stage with the IMF\u201ds deputy managing director Gita Gopinath at midday for an IMF seminar on \u201c <a target=\"_blank\" href=\"https:\/\/meetings.imf.org\/en\/2023\/Annual\/Schedule\/2023\/10\/12\/imf-seminar-boosting-growth-with-domestic-resources\" style=\"\" rel=\"noopener\">boosting growth with domestic resources<\/a>.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What else is happening: <\/strong>The Civil Society Policy Forum is kicking off a day full of <a target=\"_blank\" href=\"https:\/\/meetings.imf.org\/en\/2023\/Annual\/Schedule\" style=\"\" rel=\"noopener\">meetings<\/a> on the MENA region, including discussions on social protection and the oversight of World Bank-funded projects.<\/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\"> <a id=\"wwtt2\"><\/a> <strong>#1- Will the EGP be pegged against a basket of currencies?<\/strong> Fakhry El Fiqi, the head of the House Planning and Budget Committee, thinks so, telling Masaa DMC on Monday that authorities will likely reach an agreement with the IMF in 1Q 2024 on a new currency regime (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/dmctv\/videos\/329523912959526\" style=\"\" rel=\"noopener\">watch, runtime: 13:07<\/a>). El Fiqi said the EGP would be pegged to a basket of hard currencies including the USD, EUR, JPY, and GBP, as well as gold.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Fiqi\u2019s claims have been disputed:<\/strong> A state official, speaking on condition of anonymity, told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-11\/egypt-official-says-no-plan-to-peg-pound-to-basket-of-currencies\" style=\"\" rel=\"noopener\">Bloomberg<\/a> Egypt wasn\u2019t looking at a peg.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It seems to us that some officials are being careful to talk about an \u201cindex\u201d as distinct from a <\/strong><strong>\u201cpeg\u201d \u2014 and it\u2019s not immediately clear what the difference is. <\/strong>Asked yesterday whether we\u2019re moving to a peg, a senior government official told us, \u201cThe USD will have the largest impact on the index, seeing its significance for commercial transactions and import bills. But the index aims to offer a stable indicator, showing the fair value of the EGP in comparison to other currencies.\u201d Like El Fiqi, the official suggested that the index could launch in 1Q 2024 and said that the move will help strengthen our position in front of the IMF when the time comes to review the health of the economy ahead of unlocking more tranches of our USD 3 bn facility.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Central Bank of Egypt governor Hassan Abdalla last year floated the idea of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/442d26fb-adde-475d-8498-8d6bb7b2edd3\" style=\"\" rel=\"noopener\">setting<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/442d26fb-adde-475d-8498-8d6bb7b2edd3\" style=\"\" rel=\"noopener\">up a currency index<\/a> against which to value the EGP. The index, he said at the time, would be made up of several currencies and potentially gold. Egypt needs to stop \u201cmeasuring\u201d the EGP against the greenback to help people get used to the idea of a free-floating currency that is not pegged to the USD, Abdalla said at the time.<\/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>#2- Our debt service burden will continue to increase: <\/strong>The amount of money we need to earmark for debt service will \u201cincrease rapidly over the next few years,\u201d in turn increasing our deficit, Ruud De Mooij, the IMF\u2019s deputy director of fiscal affairs said during a <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2023\/10\/11\/tr101123-transcript-of-october-2023-fiscal-monitor-press-briefing\" style=\"\" rel=\"noopener\">press briefing<\/a> yesterday. Our debt service currently takes up some 7% of our GDP, he said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How can Egypt fill this gap? <\/strong>De Mooij pointed to reducing tax exemptions, cutting government spending by lifting fuel subsidies, and taking greater strides in our privatization program as ways to garner up some additional revenue.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: Our debt load is already high.<\/strong> Egypt is going to have to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4c99b98-6ac1-44ac-92fc-525f702f20e4\" style=\"\" rel=\"noopener\">spend USD 29.2 bn<\/a> on debt service in 2024 alone, equating to more than 80% of its foreign reserves.<\/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 THIS WEEK-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Your trip to the grocery store could be a bit more affordable come Saturday: <\/strong>Business leaders and the Madbouly government agreed to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">reduce the prices of ten key food<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">items<\/a> by 15-25% in an attempt to tackle soaring food price inflation and ease the burden of the cost of living crisis. Inflation data from state statistics agency Capmas released earlier this week showed food and beverage prices rocketing 73.6% y-o-y as of September this year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The plan looks like it's already in full swing:<\/strong>Ports welcomed 60k tons of beans and 150k tons of rice, Federation of Chambers of Commerce general secretary Alaa Ezz said during a phone-in with Ala Mas\u2019ouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=dRAk7EXrqIk\" style=\"\" rel=\"noopener\">watch, runtime: 13:12<\/a>). Ezz added that GASC had managed to secure 250k tons of Indian rice despite the country\u2019s export ban and supplied factories with thousands of tons of sugar.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And manufacturers have been getting a helping hand: <\/strong>The Madbouly government has also started prioritizing goods needed by local food manufacturers from ports, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/12\/1722483\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing sources it says are in the know. The government is providing food manufacturers with the needed FX to secure imports as well as custom breaks in return for manufacturers reducing their prices. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA- Bidding deadline for 5 gold mine concessions extended: <\/strong>Shalateen Mineral Resources Company extended the deadline for companies to bid for gold mine concessions in five areas of the Eastern Desert to November from the previous <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/72edc1c5-cbdf-417c-bc5b-1b739f67bdb6\" style=\"\" rel=\"noopener\">10 August deadline<\/a>, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3QaG9yq\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports.<\/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>Israel\u2019s formation of a unity government and Gaza\u2019s humanitarian crisis are dominating<\/strong><strong> the world\u2019s front pages. <\/strong>Fiery rhetoric from Netanyahu that \u2018every Hamas member is a dead man\u2019 and a buildup of troops along the Gaza fence has led to many outlets to ask when, not if, a ground assault on Gaza may be launched. We have the latest in the 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\/biden-warns-iran-over-gaza-israel-forms-emergency-war-cabinet-2023-10-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-11\/israel-latest-more-than-2-000-dead-us-sends-ammunition?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8035a4b4-1d0d-4cb6-b855-fd3260a06f68\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2023\/10\/11\/world\/israel-news-hamas-war\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2023\/10\/11\/israel-hamas-war-updates-gaza-attack\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/israels-netanyahu-forms-unity-government-to-direct-war-2cbf4c3d\" 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\"><strong>CORRECTION-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We goofed on the IMF figures yesterday:<\/strong> Our coverage of the IMF\u2019s latest World Economic Outlook incorrectly attributed the Egypt growth figures to the 2023 and 2024 calendar years, instead of the FY 2022-23 and FY 2023-24 fiscal years. We have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18f5a345-3af0-4908-af1b-d9a8a46852a1\" style=\"\" rel=\"noopener\">amended the story<\/a> on our website. H\/t Rafik S.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"607971 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=\"607971\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/607971\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607971\" class=\"content-area-description single-story post-607971 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:\/\/oceanmanswim.com\/somabay-egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/584.png?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span>Oceanman is coming back to Somabay Red Sea for the third year in a row on 20-21 October 2023. More than 500 swimmers from 34 different countries worldwide. Uniting both professional and amateur open water swimmers from all over the world. Different races for athletes of all levels: 10 km, 5 km, 1.5 km and 3 x 500 m relay. <\/span><span style=\"font-weight:400;\">Tap or click the image above for the experience of a lifetime.<\/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=\"607972\" 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=\"607972\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/it-was-expected-moodys-downgrades-credit-rating-of-five-local-banks\/\">\r\n                            It was expected: Moody\u2019s downgrades credit rating of five Egyptian banks after cutting the sovereign ceiling                        <\/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\/12\/it-was-expected-moodys-downgrades-credit-rating-of-five-local-banks\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/619.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607973\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/it-was-expected-moodys-downgrades-credit-rating-of-five-local-banks\/619-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/619.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"619.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/619.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/619.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607972\" class=\"content-area-description single-story post-607972 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-banque-du-caire tag-banque-misr tag-cib tag-credit-ratings tag-enterpriseam tag-foreign-exchange tag-moodys tag-national-bank-of-egypt 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\/.349bb511-fafe-4d63-88a4-dae59751a604.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Moody\u2019s Investors Service has downgraded the <\/strong><strong>long-term deposit ratings of five local banks<\/strong> that had been on review since May, the rating agency said in a note Tuesday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This was expected:<\/strong>The downgrades follow Moody\u2019s decision last week to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fce3ee3-016d-412b-be92-c47ec2ae0e72\" style=\"\" rel=\"noopener\">cut our sovereign credit rating<\/a> deeper into junk territory due to rising debt risks and the prolonged foreign-currency shortage. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who was on the cutting block?<\/strong> State-owned lenders <strong>National Bank of Egypt<\/strong>, <strong>Banque Misr<\/strong>and <strong>Banque du Caire<\/strong>, as well as the country\u2019s largest private-sector bank, <strong>CIB<\/strong>, all had their credit ratings downgraded to Caa1 from B3, seven notches into junk territory and four above default. Meanwhile, Moody\u2019s downgraded the rating of Intesa Sanpaolo\u2019s <strong>Bank of Alexandria<\/strong> rating to B3 from B2. The credit outlook for all five banks was changed from negative to stable, in line with Egypt\u2019s sovereign credit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All five banks (the only ones Moody\u2019s covers in Egypt) had their baseline credit assessment, or \u201cBCA\u201d in Moody\u2019s-speak, lowered to caa1<\/strong>, in line with the sovereign rating. The BCA reflects Moody\u2019s view of the macro environment in which the bank operates, measures of each bank\u2019s solvency and liquidity, and a range of qualitative factors. You can read more about Moody\u2019s bank rating methodology <a target=\"_blank\" href=\"https:\/\/bankratings.moodys.io\/\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHY THE DOWNGRADE-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- You guessed it \u2014 the FX crunch, high inflation and rising borrowing costs:<\/strong> The FX crisis, deteriorating fiscal conditions, and high inflation and interest rates will put \u201csignificant\u201d pressure on earnings, asset quality and capital buffers, and \u201cmay challenge their ability to meet foreign currency liabilities,\u201d Moody\u2019s said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The government\u2019s debt problem is the bank\u2019s debt problem:<\/strong> All five banks have high exposure to sovereign debt in turn exposing them to the government\u2019s risky credit profile, the rating agency said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deja vu:<\/strong>This is the second time this year that Moody\u2019s has taken aim at Egypt and the five banks, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a4d706d-43ae-4691-a60a-70321bbfc27c\" style=\"\" rel=\"noopener\">downgrading them a notch in February<\/a> for the first time in a decade following its decision to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6410f1ca-48c0-44a5-bb82-331386644ca4\" style=\"\" rel=\"noopener\">cut Egypt\u2019s sovereign rating<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/credit-ratings\/\">credit ratings<\/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\/moodys\/\">Moody\u2019s<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607974\" 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=\"607974\">\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\">ENTERPRISE FINANCE FORUM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/development-finance-whats-next\/\">\r\n                            Development finance: What\u2019s next?                        <\/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\/12\/development-finance-whats-next\/\" 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\/12\/development-finance-whats-next\/')\">\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\/12\/development-finance-whats-next\/\">\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=Development finance: What\u2019s next?&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/development-finance-whats-next\/\">\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\/12\/development-finance-whats-next\/&title=Development finance: What\u2019s next?\">\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=Development+finance%3A+What%E2%80%99s+next%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F12%2Fdevelopment-finance-whats-next%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\/12\/development-finance-whats-next\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/636.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607975\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/development-finance-whats-next\/636-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/636.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"636.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/636.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/636.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607974\" class=\"content-area-description single-story post-607974 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-finance-forum tag-banque-misr tag-development-finance tag-ebrd tag-enterprise-finance-forum tag-enterpriseam tag-international-finance-corporation tag-sawari-ventures 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\/.b46b757f-3a46-4cf6-b432-aff1df795c0f.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>DFIs have always been important providers of funding. What are their roles \u2014 and expectations \u2014 <\/strong><strong>moving forward? <\/strong>Egypt has enjoyed big inflows of equity and debt finance from a veritable alphabet soup of development finance institutions, since 2011, with funds serving the private sector at least as much as the government. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We discussed the role of DFIs today as investors and drivers of the private sector and <\/strong><strong>ESG regulations<\/strong> at the Enterprise Finance Forum with <strong>Ahmed Sobhy<\/strong>, CIO at Banque Misr, <strong>Ahmed El Alfi<\/strong>, founder and chairman Sawari Ventures, and <strong>Menna Zekrallah<\/strong>, senior banker manufacturing and services at the European Bank for Reconstruction and Development (EBRD).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A reliable source of FX:<\/strong> \u201cDFIs remain an important part in the funding mix for any project as a source of foreign currency,\u201d said Sobhy. \u201cToday, a lot more of Egypt\u2019s debt is going to multilateral organizations like DFIs versus fully commercial investors.\u201d Yet, their role is changing, said El Alfi. Whereas in the past DFIs have brought in capital and activated local capital with a sense of reassurance, today we don\u2019t require DFI validation for a project to go ahead, as local institutions have the appropriate skill set to evaluate projects and make decisions independent of DFIs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Breaking molds: <\/strong>\u201cAs an institution that\u2019s some hundred-years-old and has been operating in a very strict, rigid way in terms of how it looks at loans, the help that Banque Misr got during those earlier years helped us be ready for the world of sustainable finance,\u201d said Sobhy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Supporting on-lending:<\/strong> Now Banque Misr also wants to develop its on-lending operations. \u201cOur MSME portfolio is around EGP 50 bn, with 140k borrowers. It\u2019s about finding the USD for imports and that\u2019s where DFIs are stepping up today. We\u2019re coming up with creative structures in terms of how we can extend those on-lending tenors \u2013 things like bonuses, introducing more of the grant element to funding so that the customers are wanting to take that lending on more. Obviously high interest rates and lack of USD are hampering this growth a little bit.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EBRD wants to be a facilitator: <\/strong>\u201cWhen there are good opportunities, we have to catalyze more investments from the international community, but very much so working with local banks,\u201d said Zekrallah. \u201cWe view local banks and commercial banks as our partners and they are a key lever of how we can multiply our mandate and widen our reach in Egypt, whether through credit lines, specifically for women, land businesses, more inclusive youth and employment or a wider reach of MSMEs.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SME split: <\/strong>\u201cToday our portfolio is split 50% towards mid-size enterprises and 50% towards the smaller enterprises, and within that we have created tailored programs, including a program just for female entrepreneurs called Zaat,\u201d Sobhy added. The bank also operates a digital product, SME Express, which encompasses 45% of its entire portfolio, he added. \u201cIf you give clients a digital product, they\u2019ll use it \u2014 and it\u2019s reduced our cost of service significantly. It\u2019s an experiment that shows that financial inclusion can work and when you deploy technology at scale, people pick it up.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Joint ventures can come in handy<\/strong>, as Midar \u2014 in which Banque Misr and the National Investment Bank together hold nearly 75% \u2014 has done after implementing a new strategy, Sobhy added. \u201cThey\u2019ve been able to attract a couple of international investors that are going to come in and do JVs with them, that's the kind of thing you want to see, that kind of discipline. If you see that across the entire portfolio or entire program the results will be much better.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving a global green transition:<\/strong> By 2025, 50% of EBRD\u2019s global annual investments will be green, Zekrallah said, a target that the lender hit last year with EUR 30 bn in investments. The transition starts in policy. \u201cWe try to be very close to the design and implementation of green programs to make sure that all stakeholders, not just the government but also corporate associations, are on board, when they design the regulations, so that the programs are implementable, fit for purpose and relevant.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At home:<\/strong> In Egypt, the EBRD has been working with the government on the draft green hydrogen strategy, by mobilizing consultants, a strategy the lender frequently implements, with 93% of all its co-investment grants and loans between 2018 and 2020 for green projects. The green hydrogen strategy, Zekrallah added, \u201cwould unlock further investments from the private sector as well as from international investors.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ESG is good for business: <\/strong>\u201cEvery one of our companies has ESG training and monitoring,\u201d El Alfi said. \u201cThat\u2019s one of the things that I credit the DFIs for is setting that standard that we all picked up because it ended up being good for us and good for business. Companies that comply are the ones that perform the best.\u201d Yet climate remains a \u2018filter\u2019 not a \u2018focus\u2019 for companies in Egypt, he thinks. \u201cI don\u2019t know that the depth of the market is there for climate focused businesses yet but it is definitely a filter that can be applied and trained to all our companies.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt is on an ESG journey \u2013 but not everyone is on the same route:<\/strong> The presence and awareness of ESG has evolved since 2020 from asking if a company has the basic environmental permit to conducting ESG due diligence, said Sobhy, and as a bank, Banque Misr is doing more to ensure ESG standards are upheld. \u201cIf someone says I'm going to improve the efficiency of energy efficiency in my factory by installing this, they come and calculate what that looks like and then report on it.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Getting everyone on board needs more work:<\/strong> \u201cFor family owned businesses and businesses that have run for a long time, ESG seems like a distraction,\u201d Sobhy said. \u201cWhat's important is to be transparent; they need to see a benefit, such as from the structure of financing they get.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lacking ESG could equal fewer funds:<\/strong> If companies don\u2019t know what the ESG standards are, it could hinder access to DFI capital, Zekrallah said, agreeing that knowledge about ESG standards and requirements is limited in Egypt. To combat this the EBRD tries to decarbonize certain sectors in a systematic way, designing low carbon pathways (LCP) with stakeholders that evaluate an industry from an ESG point of view. Currently, the lender has completed an LCP for the cement industry and is working on doing the same for ammonia. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s green bond market is yet to unlock its full potential: <\/strong>\u201cGreen bonds are a very interesting idea,\u201d thinks Sobhy, yet the pricing advantage is lacking. \u201cDFIs are currently the market for Egyptian green bonds and I might as well go and do this directly. It's lower cost, I don\u2019t need to pay for a rating or any of the other things that come with doing a green bond.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EBRD is behind green bonds: <\/strong>\u201cIt's a bit of a change in the mindset of how corporates behave and think and it comes with a cost, so people tend to think that this is a luxury,\u201d says Zekrallah. Yet one solution could be to widen the access to a pool of investors not currently looking at that particular sector, she suggests. Earlier this year the EBRD anchored the first green bond for Scatec to back its solar plants in Egypt, mobilizing funds from other DFIs and attracting a pool of international investors. The projects could also be subsidized by DFIs, which view green funds as innovative and sustainable linked loans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>High risk, reliable investors:<\/strong> DFIs are willing to provide the funds for projects other investors would steer clear of, thinks El Alfi, they are key for financing big, creative projects in Egypt. Lenders like EBRD are willing to invest in long-term commitments, even in times of volatility, and in calmer times looking to prepare businesses for future bumps in the road, Zekrallah added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/44.jpg?ssl=1\"\/><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/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\/ebrd\/\">EBRD<\/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\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sawari-ventures\/\">Sawari Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607976\" 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=\"607976\">\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\/12\/egypt-us-discuss-refugees-aid-as-gaza-siege-deepens-humanitarian-crisis\/\">\r\n                            Egypt, US discuss refugees, aid as Gaza siege deepens humanitarian crisis                        <\/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\/12\/egypt-us-discuss-refugees-aid-as-gaza-siege-deepens-humanitarian-crisis\/\" 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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US national security advisor Jake Sullivan <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2023\/10\/10\/press-briefing-by-press-secretary-karine-jean-pierre-and-national-security-advisor-jake-sullivan-9\/\" style=\"\" rel=\"noopener\">on Tuesday said<\/a> that Washington is in talks with Egyptian and Israeli officials about establishing a safe passage for civilians, but declined to go into details.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The humanitarian crisis is deepening:<\/strong> Dozens of Israeli fighter jets <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\">continued to bomb<\/a> Gaza yesterday ahead of what many expect will be an Israeli ground invasion, <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-palestinians-gaza-hamas-airstrikes-hostages-e4ae51a640a3fc04b23ea9561703f874\" style=\"\" rel=\"noopener\">demolishing<\/a> entire neighborhoods and striking the Islamic University of Gaza. Israel has placed the densely-populated territory under total siege, cutting off food, water, fuel and aid to the more than 2.2 mn people. Gaza\u2019s only power station <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/palestine-israel\/2023\/10\/11\/gaza-power-station-israel\/\" style=\"\" rel=\"noopener\">shut down<\/a> yesterday due to the lack of fuel and <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20231010-gaza-hospitals-overwhelmed-by-air-strikes-and-siege-doctors\" style=\"\" rel=\"noopener\">medical supplies are running low<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In numbers:<\/strong> More than 1k Palestinians have been killed in Gaza during the five days of fighting while the death toll in Israel has risen above 1.2k, according to the latest figures. The bombing has left 5.3k people wounded in Gaza and 180k have been made homeless.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The focus of discussions is on getting aid into Gaza<\/strong>, not on allowing refugees across the border, the Egyptian sources reportedly told Reuters. Egypt has held talks with the US, Qatar and Turkey about delivering humanitarian aid via the Rafah crossing between the Sinai and Gaza under a limited ceasefire, they said. Israeli forces have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6dcf8446-8911-4689-ab7d-adacac86cd01\" style=\"\" rel=\"noopener\">repeatedly bombed<\/a> the border crossing this week, and warned Egypt that any aid trucks it sends across the border will be targeted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian officials have warned Israel against trying to force Palestinians across the <\/strong><strong>border into Egypt<\/strong> after an IDF spokesperson on Monday encouraged them to use the Rafah crossing between Gaza and the Sinai. In an address on Tuesday, President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/gate.ahram.org.eg\/News\/4584881.aspx\" style=\"\" rel=\"noopener\">said<\/a> that Egypt\u2019s national security is his \u201ctop priority\u201d and that \u201cthere will be no compromise or complacency under any circumstances.\u201d Israel\u2019s ambassador to Egypt later <a target=\"_blank\" href=\"https:\/\/bit.ly\/3SdmGyL\" style=\"\" rel=\"noopener\">retracted the statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Arab League called for a ceasefire <\/strong><strong>and a lifting of the siege \u201cimmediately\u201d<\/strong> during an emergency summit in Cairo yesterday. In <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/632.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. Foreign Minister Sameh Shoukry warned delegates that the \u201cunprecedented\u201d escalation of tensions could be a \u201cdangerous turning point\u201d for the region, emphasizing the need to finally settle the issue of the Israeli occupation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIPLOMACY- <\/strong><a target=\"_blank\" href=\"https:\/\/www.axios.com\/2023\/10\/09\/israel-hamas-gaza-war-uae-syria-assad\" style=\"\" rel=\"noopener\">Axios<\/a> reports that <strong>the UAE has warned Syria<\/strong> not to allow attacks on Israel to be launched from its territory, while Biden yesterday <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/biden-warns-iran-over-gaza-israel-forms-emergency-war-cabinet-2023-10-11\/\" style=\"\" rel=\"noopener\">told Tehran<\/a> to \u201cbe careful\u201d about further escalating the conflict with Tel Aviv. <strong>A first for Riyadh and Tehran:<\/strong> The leaders of the two countries spoke by phone for the first time normalizing ties in March. <a target=\"_blank\" href=\"https:\/\/bit.ly\/3tuROzi\" style=\"\" rel=\"noopener\">Ira<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3tuROzi\" style=\"\" rel=\"noopener\">nian state med<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3tuROzi\" style=\"\" rel=\"noopener\">ia<\/a> says the two discussed the need to \u201cstop war crimes\u201d while the <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N1978598\" style=\"\" rel=\"noopener\">Saudi Press Agency<\/a> notes that Crown Prince Mohamed bin Salman said the kingdom is trying to halt the escalation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- El Sisi<\/strong> had calls yesterday with UN Secretary General <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PUWSEw\" style=\"\" rel=\"noopener\">An<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3PUWSEw\" style=\"\" rel=\"noopener\">tonio Guterre<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3PUWSEw\" style=\"\" rel=\"noopener\">s<\/a> and European Commission President <a target=\"_blank\" href=\"https:\/\/bit.ly\/3RR7YNB\" style=\"\" rel=\"noopener\">Urs<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3RR7YNB\" style=\"\" rel=\"noopener\">ula von der Ley<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3RR7YNB\" style=\"\" rel=\"noopener\">en<\/a>, while <strong>Shoukry <\/strong><a target=\"_blank\" href=\"https:\/\/bit.ly\/3tBaAF1\" style=\"\" rel=\"noopener\">handled<\/a> outreach to local UN officials. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607979\" 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=\"607979\">\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\">Transport<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/negotiations-underway-for-sixth-october-abu-simbel-high-speed-rail-line-loan\/\">\r\n                            Egyptian government in negotiations with international lenders for Sixth October-Abu Simbel high-speed rail line loan                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/negotiations-underway-for-sixth-october-abu-simbel-high-speed-rail-line-loan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/615.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607980\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/negotiations-underway-for-sixth-october-abu-simbel-high-speed-rail-line-loan\/615-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/615.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"615.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/615.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/615.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607979\" class=\"content-area-description single-story post-607979 post type-post status-publish format-standard has-post-thumbnail hentry category-transport tag-arab-contractors tag-de tag-enterpriseam tag-high-speed-rail tag-kfw tag-orascom-construction tag-railways tag-siemens tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.6aa2cd99-9dca-4380-8c69-1ae88199da23.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>We might be getting fresh funding for our second high-speed rail line: <\/strong>The Madbouly government has opened talks with international lenders for a USD 2.1 bn soft loan to help fund the second phase of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2356273-f17c-4a5b-a987-663aab9a2e29\" style=\"\" rel=\"noopener\">2k-km high-speed rail line<\/a> between Sixth October and Abu Simbel, reports <a target=\"_blank\" href=\"https:\/\/bit.ly\/45t8zZ0\" style=\"\" rel=\"noopener\">Asharq Business<\/a>, citing two unnamed government sources. German development bank KfW and Italian export credit agency SACE were both named by the news outlet as being involved in the discussions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s going to lay the tracks and run the trains? <\/strong>Siemens Mobility, Orascom Construction, and Arab Contractors were put in charge of designing, installing, commissioning and maintaining the line for 15 years.Deutsche Bahn and Elsewedy Electric will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3364fd70-a5ed-4f71-b28c-96ddec2f6172\" style=\"\" rel=\"noopener\">manage and operate<\/a> the first phase running between Ain Sokhna and Marsa Matrouh.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is the second leg of a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2356273-f17c-4a5b-a987-663aab9a2e29\" style=\"\" rel=\"noopener\">USD 23 bn<\/a><\/strong><strong> project that will stretch for some 1.8k km across<\/strong><strong> Egypt, <\/strong>linking Cairo, Aswan, the North Coast and the Red Sea. The Sokhna-Matrouh connection will feature a passenger line able to carry more than 30 mn people a year as well as a freight line that the German conglomerate referred to as a \u201cSuez Canal on tracks.\u201d The passenger trains will travel at up to <a target=\"_blank\" href=\"https:\/\/m.facebook.com\/EgyptianCabinet\/posts\/1832706670241023\" style=\"\" rel=\"noopener\">250 km\/hour<\/a>, reducing travel time by up to 50%. This is at least double the speed of the current network, which offers speeds of between <a target=\"_blank\" href=\"https:\/\/sis.gov.eg\/Story\/143816?lang=ar\" style=\"\" rel=\"noopener\">90 and 120km\/hour<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO CHUGGING ALONG IN ROLLING STOCK NEWS-<\/p>\n<p><\/strong><strong>International companies are bidding for Alexandria\u2019s metro trains contract: <\/strong>Familiar faces in our railway industry like France\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/089495f3-c627-4d5f-9c7a-f597b0557068\" style=\"\" rel=\"noopener\">Alstom<\/a>, along with south Korea\u2019s Hyundai, Spain\u2019s CAF, Russia\u2019s Transmash, and China\u2019s CRRC have submitted offers to produce 21 trains for Alexandria\u2019s planned metro, reports Asharq Business, citing two unnamed government officials. Offers for the roughly USD 400 mn contract are backed up by soft loans from international development banks, the news outlet added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An update on Metro Line 6: <\/strong>The National Authority for Tunnels inked an MoU with a consortium led by the French consulting and engineering firm AEGIS to move forward with the second phase of studies for Cairo Metro\u2019s Line 6, the Transport Ministry said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02xrWqL4CbGpEPjuaj6pMUZtjpcRcccKenqsoedEZQWiYGns8RbqEzPr7DDiG8xomal\" style=\"\" rel=\"noopener\">statement<\/a>. The studies will go on for an 18-month period as the companies prepare the design, project requirements, technical specifications, and tender documents for the project. The French government is financing this phase of studies with an EUR 8 mn grant. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Metro Line 6? <\/strong>The 27-station, 35-km line will be the first driverless metro in Africa and will link Shubra El Kheima in the north to New Maadi in the south. French rolling stock manufacturer Alstom <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f81d3e2-7d8d-4a5c-af87-5aafcd023056\" style=\"\" rel=\"noopener\">last November inked<\/a> a framework agreement to design, build, and maintain the line. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-contractors\/\">Arab Contractors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/de\/\">de<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/high-speed-rail\/\">high-speed rail<\/a>\n                <!-- <span 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  <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607981 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"607981\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/607981\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607981\" class=\"content-area-description single-story post-607981 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607982\" 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=\"607982\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/another-night-all-about-the-gaza-war\/\">\r\n                            Egyptian talk shows spend another night focused on 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\/12\/another-night-all-about-the-gaza-war\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n         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          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\/12\/another-night-all-about-the-gaza-war\/&title=Another night all about the Gaza war\">\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=Another+night+all+about+the+Gaza+war+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F12%2Fanother-night-all-about-the-gaza-war%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\/12\/another-night-all-about-the-gaza-war\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/630.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607983\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/another-night-all-about-the-gaza-war\/630-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/630.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"630.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/630.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/630.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607982\" class=\"content-area-description single-story post-607982 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows 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\/.d74b93f5-46ac-4f90-975d-8dafc0652809.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 night with the conflict in Gaza dominating the airwaves <\/strong>as the conflict entered the end of day six<strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The conflict is between a lawless Israeli military and innocent Palestinian civilians, <\/strong>former foreign minister <strong>Nabil Fahmy<\/strong> told Yahduth Fi Masr\u2019s Sherif Amer (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=275234342150998\" style=\"\" rel=\"noopener\">watch, runtime: 3:13<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1234267767243010\" style=\"\" rel=\"noopener\">5:32<\/a>), arguing that it is natural for the Palestinians to grow frustrated and resort to violence. Arab League Assistant Secretary-General Hossam Zaki called on Israel to respect international and humanitarian law and called out western media for its \u201cvery fierce\u201d stance against the Palestinains, during a phone-in with Amer (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1261863561145500\" style=\"\" rel=\"noopener\">watch, runtime: 4:08<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fear of the Israel-Hamas conflict spilling over: <\/strong>\u201cNo one can be sure that the conflict will stay confined to Gaza,\u201d Zaki told Yahduth Fi Masr (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=152758764581826\" style=\"\" rel=\"noopener\">watch, runtime: 1:15<\/a>). Strategist Samir Farag joined Ala Maso\u2019uleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=cb-bqO8TlIc&ab_channel=SadaElbalad-%D8%B5%D8%AF%D9%89%D8%A7%D9%84%D8%A8%D9%84%D8%AF\" style=\"\" rel=\"noopener\">watch, runtime: 3:10<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=6642591045848452\" style=\"\" rel=\"noopener\">2:29<\/a>) to warn against the consequences of the Lebanese militant group Hezbollah\u2019s wider intervention in the ongoing conflict. Former assistant foreign minister Mohamed Hegazy reiterated the need to put an end to the violence in Gaza on Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=283839954543361\" style=\"\" rel=\"noopener\">watch, runtime: 13:58<\/a>), while Palestinian Red Crescent spokesperson Muhammad Abu Musabih joined Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=231408103258154\" style=\"\" rel=\"noopener\">watch, runtime: 9:30<\/a>) to give us the latest on-the-ground updates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Presidential candidates weigh in on the conflict in Gaza: <\/strong>Candidates have shifted their campaigning from internal public policy to the situation in Gaza seeing as it threatens Egypt\u2019s national security, academic author Mohamed Fathy told Yahduth Fi Masr (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=634424862211129\" style=\"\" rel=\"noopener\">watch, runtime: 3:59<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gaza\/\">Gaza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/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=\"607984\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication 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role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607985\" 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=\"607985\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/israel-had-advanced-knowledge-of-hamas-attack-us-lawmaker-confirms\/\">\r\n                            Israel had advanced knowledge of Hamas attack, US lawmaker confirms                        <\/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\/12\/israel-had-advanced-knowledge-of-hamas-attack-us-lawmaker-confirms\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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href=\"https:\/\/api.whatsapp.com\/send?text=Israel+had+advanced+knowledge+of+Hamas+attack%2C+US+lawmaker+confirms+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F12%2Fisrael-had-advanced-knowledge-of-hamas-attack-us-lawmaker-confirms%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\/12\/israel-had-advanced-knowledge-of-hamas-attack-us-lawmaker-confirms\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/624.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607986\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/israel-had-advanced-knowledge-of-hamas-attack-us-lawmaker-confirms\/624-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/624.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"624.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/624.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/624.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607985\" class=\"content-area-description single-story post-607985 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-diplomacy tag-enterpriseam tag-israel tag-israel-palestine-conflict tag-middle-east-politics 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\/.e6e3e465-f93f-4c10-b2a3-433ae0514623.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s response to the conflict in Gaza is leading the conversation internationally this <\/strong><strong>morning:<\/strong> A senior US lawmaker has backed up reports in the press earlier this week that alleged Israel had ignored warnings from Egypt about a planned attack by Hamas. \u201cWe know that Egypt has warned the Israelis three days prior that an event like this could happen,\u201d head of the House Foreign Affairs Committee Michael McCaul told reporters yesterday. \u201cA warning was given \u2026 I think the question was at what level.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cSurprised by the indifference\u201d:<\/strong> This comes two days after <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-gaza-attack-intel-a5287a18773232f26ca171233be01721\" style=\"\" rel=\"noopener\">the Associated Press<\/a> broke the news that Cairo had warned Tel Aviv. \u201cWe have warned them an explosion of the situation is coming, and very soon, and it would be big. But they underestimated such warnings,\u201d the newswire quoted an unnamed Egyptian official as saying. Israeli news outlet <a target=\"_blank\" href=\"https:\/\/www.ynet.co.il\/news\/article\/bkx2odbba\" style=\"\" rel=\"noopener\">Ynet<\/a> also quoted an Egyptian intelligence source as saying that Egyptian officials had notified Israeli Prime Minister Benjamin Netanyahu of a \u201cterrible operation\u201d but were left \u201csurprised by the indifference\u201d shown. Netanyahu has denied the reports calling them \u201cabsolutely false.\u201d (<a target=\"_blank\" href=\"https:\/\/english.alarabiya.net\/News\/middle-east\/2023\/10\/11\/Egypt-warned-Israel-three-days-before-Hamas-attack-Senior-US-lawmaker\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2389491\/middle-east\" style=\"\" rel=\"noopener\">AFP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/2e5fbd71-4188-49e7-a404-0ce3c1eb3d0d\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/world-middle-east-67082047\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/top-us-lawmaker-affirms-cairo-warned-israel-days-before-onslaught\/\" style=\"\" rel=\"noopener\">Times of Israel<\/a> | <a target=\"_blank\" href=\"https:\/\/www.telegraph.co.uk\/world-news\/2023\/10\/11\/egypt-warned-israel-hamas-attack-three-days-before-us\/\" style=\"\" rel=\"noopener\">The Telegraph<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/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=\"607987\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607988\" 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=\"607988\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/govt-wants-to-start-drawing-on-the-ebrds-financial-contribution-to-the-nwfe-energy-project-plus-news-from-pachin-vezeeta-contact-financial-roboost-and-mcdonalds\/\">\r\n                            Egypt seeks USD 150 mn from EBRD before the end of the year. PLUS: News from Pachin, Vezeeta, Contact Financial, Roboost and McDonald\u2019s.                        <\/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\/12\/govt-wants-to-start-drawing-on-the-ebrds-financial-contribution-to-the-nwfe-energy-project-plus-news-from-pachin-vezeeta-contact-financial-roboost-and-mcdonalds\/\" 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\/12\/govt-wants-to-start-drawing-on-the-ebrds-financial-contribution-to-the-nwfe-energy-project-plus-news-from-pachin-vezeeta-contact-financial-roboost-and-mcdonalds\/')\">\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\/12\/govt-wants-to-start-drawing-on-the-ebrds-financial-contribution-to-the-nwfe-energy-project-plus-news-from-pachin-vezeeta-contact-financial-roboost-and-mcdonalds\/\">\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=Gov\u2019t wants to start drawing on the EBRD\u2019s financial contribution to the NWFE energy project. PLUS: News from Pachin, Vezeeta, Contact Financial, Roboost, and McDonald\u2019s.&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/govt-wants-to-start-drawing-on-the-ebrds-financial-contribution-to-the-nwfe-energy-project-plus-news-from-pachin-vezeeta-contact-financial-roboost-and-mcdonalds\/\">\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\/12\/govt-wants-to-start-drawing-on-the-ebrds-financial-contribution-to-the-nwfe-energy-project-plus-news-from-pachin-vezeeta-contact-financial-roboost-and-mcdonalds\/&title=Gov\u2019t wants to start drawing on the EBRD\u2019s financial contribution to the NWFE energy project. PLUS: News from Pachin, Vezeeta, Contact Financial, Roboost, and McDonald\u2019s.\">\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=Gov%E2%80%99t+wants+to+start+drawing+on+the+EBRD%E2%80%99s+financial+contribution+to+the+NWFE+energy+project.+PLUS%3A+News+from+Pachin%2C+Vezeeta%2C+Contact+Financial%2C+Roboost%2C+and+McDonald%E2%80%99s.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F12%2Fgovt-wants-to-start-drawing-on-the-ebrds-financial-contribution-to-the-nwfe-energy-project-plus-news-from-pachin-vezeeta-contact-financial-roboost-and-mcdonalds%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n       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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/620.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"620.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/620.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/620.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607988\" class=\"content-area-description single-story post-607988 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-contact-financial tag-development-finance tag-ebrd tag-egx tag-electricity tag-energy tag-enterpriseam tag-healthcare tag-kashnow tag-mcdonalds tag-mining tag-national-paints-holding tag-non-banking-financial-services tag-nwfe tag-pachin tag-renewables tag-roboost tag-smw-gold tag-startups 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\/.b656926c-099a-4c8c-8c0d-61c5fa95a77f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DEBT-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gov\u2019t wants some of its NWFE finance ASAP: <\/strong>The government is trying to secure a USD 150 mn loan as part of its <a target=\"_blank\" href=\"https:\/\/moic.gov.eg\/page\/nwfe%5C\" style=\"\" rel=\"noopener\">NWFE<\/a><a target=\"_blank\" href=\"https:\/\/moic.gov.eg\/page\/nwfe%5C\" style=\"\" rel=\"noopener\">program<\/a> from the European Bank for Reconstruction and Development (EBRD) before the end of the year, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3Q9tpYO\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing two unnamed government officials. The money would be used to replace aging gas-fired power stations with renewable energy in a bid to strengthen our power grid and reduce emissions, said one of the sources. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The European Bank for Reconstruction and Development is the lead partner on the NWFE\u2019s energy pillar, to which it will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/news\/story#6de6e137-c444-4227-8153-71e7742f48084\" style=\"\" rel=\"noopener\">contribute USD 200-300 mn<\/a>. The money will be used to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb47fa0e-86be-4684-9bfb-ee1067524e29\" style=\"\" rel=\"noopener\">decommission<\/a> 5 GW of gas-fired power plants by 2025 and establish 10 GW of solar and wind projects by 2028. The pillar is expected to mobilize USD 10 bn of private-sector investment and USD 500 mn of soft loans, grants and assistance from donors and international financial institutions. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CAPITAL MARKETS-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Pachin\u2019s going private: <\/strong>Dubai-based National Paints Holding is moving forward with its plans to take Paint and Chemical Industries (Pachin) private following its takeover of the formerly state-owned firm earlier this year. The company has submitted a request to the EGX to delist all 24 mn of its shares from the exchange, the bourse <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/609.png\" style=\"\" rel=\"noopener\">said<\/a> yesterday. This comes less than a month after Pachin\u2019s board of directors <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cabe33c6-d30b-42c9-96e1-daea85459741\" style=\"\" rel=\"noopener\">approved plans<\/a> to buy back the shares from minority shareholders for EGP 39.80. The Emirati company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed56889d-d8c0-4a89-9303-43c67d4e8f53\" style=\"\" rel=\"noopener\">acquired more than 80%<\/a> of the formerly state-owned company in a mandatory tender offer in May.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>LOGISTICS-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>McDonald\u2019s is lovin\u2019 optimized deliveries:<\/strong> Mansour-owned McDonald\u2019s Egypt will partner with AI home delivery solutions provider <a target=\"_blank\" href=\"https:\/\/roboost.app\/\" style=\"\" rel=\"noopener\">Roboost<\/a>, the startup <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/421.pdf\" style=\"\" rel=\"noopener\">said (pdf)<\/a> last week. The company will automate McDonald\u2019s delivery cycle, optimize operations before delivery starts, and reduce manual actions to increase fleet efficiency, it said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Roboost might have already knocked on your door: <\/strong>The homegrown delivery solutions startup claims to have completed 4 mn orders since being established in 2020 and employ 2.1k delivery workers, according to the company\u2019s website. Roboost currently provides their services to Cinnabon, Burger King, Al Abd, Koshari Abu Tarek, and other prominent local and international chains operating in the country.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NBFS-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Contact x KashNow:<\/strong> Customers of digital payment platform <a target=\"_blank\" href=\"https:\/\/kashnw.com\/\" style=\"\" rel=\"noopener\">KashNow<\/a> will be able to access installment plans offered by Contact Financial\u2019s consumer finance arm Contact CrediTech under an agreement between the two companies, Contact <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/520.pdf\" style=\"\" rel=\"noopener\">said (pdf)<\/a> yesterday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MINING-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SMW Gold just lost one of its two concessions: <\/strong>The Egyptian Mineral Resources Authority (EMRA) has withdrawn the Umm Balad gold mine concession from <a target=\"_blank\" href=\"https:\/\/smwgold.com\/\" style=\"\" rel=\"noopener\">SMW Gold<\/a> on the back of the company\u2019s alleged failure to stick to its development and investment plan. <a target=\"_blank\" href=\"https:\/\/bit.ly\/3QaG9yq\" style=\"\" rel=\"noopener\">Asharq Business<\/a> broke the news, citing two unnamed government sources.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FYI- <\/strong>SMW, a subsidiary of Australian miner <a target=\"_blank\" href=\"https:\/\/alliedgold.com\/?gclid=Cj0KCQjw7JOpBhCfARIsAL3bobdeVTjc4e6wiy0voNvBqlEhOsuJCQTPB4d5rUhyLxyIiaPmQbmWX9YaAlaJEALw_wcB\" style=\"\" rel=\"noopener\">Allied Gold<\/a>, is exclusively focused on Egypt and was handed a license for the Umm Balad and Al Fawakhir concessions in the Eastern Desert in 2007. The concessions were the subject of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/294e99e9-1b02-4132-b93b-9fff51c53c89\" style=\"\" rel=\"noopener\">drawn-out arbitration case<\/a> that SMW Gold filed against the Egyptian government in 2013. <\/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\/contact-financial\/\">Contact Financial<\/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\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kashnow\/\">KashNow<\/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\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-paints-holding\/\">National Paints Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nwfe\/\">NWFE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pachin\/\">Pachin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/roboost\/\">Roboost<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smw-gold\/\">SMW Gold<\/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\/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=\"607990\" 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=\"607990\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/ades-shares-soar-30-in-market-debut-bucking-regional-market-trends\/\">\r\n                            ADES shares soar 30% in market debut, bucking regional market trends                        <\/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\/12\/ades-shares-soar-30-in-market-debut-bucking-regional-market-trends\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n          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href=\"https:\/\/api.whatsapp.com\/send?text=ADES+shares+soar+30%25+in+market+debut%2C+bucking+regional+market+trends+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F12%2Fades-shares-soar-30-in-market-debut-bucking-regional-market-trends%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\/12\/ades-shares-soar-30-in-market-debut-bucking-regional-market-trends\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/628.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"607991\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/ades-shares-soar-30-in-market-debut-bucking-regional-market-trends\/628-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/628.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"628.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/628.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/628.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607990\" class=\"content-area-description single-story post-607990 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-ades-holding tag-ades-international tag-arab-bank tag-efg-hermes tag-energy tag-enterpriseam tag-exxonmobil tag-federal-reserve tag-financial-markets tag-interest-rates tag-oil-and-gas tag-planet-finance tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.dc579de2-2d8e-495c-b8c6-2cdc514bc20d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Shares of regional oil and gas giant ADES Holding leapt 30<\/strong><strong>% <\/strong><strong>in their first day of trading on the Tadawul yesterday<\/strong>, closing the day at SAR 17.54. The IPO of the Public Investment Fund-backed company had been heavily oversubscribed, with the institutional tranche seeing nearly 10x more demand than there were shares on offer. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who sold: <\/strong>Shareholders including PIF, ADES Investments Holdings, and Zamil Group Investment together sold a total of 101.6 mn existing shares, and ADES issued 237.1 mn new shares as part of the transaction, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/pif-backed-oil-gas-driller-ades-expected-price-ipo-top-range-2023-09-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going? <\/strong>ADES intends to use the proceeds from the offering to pay down debt, fund its growth strategy, as well as for \u201cgeneral corporate purposes,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-14\/pif-backed-driller-s-ipo-to-price-at-top-raising-1-2-billion?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> Our friends at EFG Hermes acted as joint financial advisor, global coordinator, bookrunner, and underwriter on the offering, according to an EFG Hermes <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/622.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a> released yesterday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ades started life here in Egypt, where it maintains a significant presence.<\/strong> It derived 18% of its revenue locally in 2019 (ahead of a sustained push to expand its regional operations), according to a 2020 <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/1060.pdf\" style=\"\" rel=\"noopener\">investor presentation (pdf)<\/a>. It is currently the country\u2019s largest offshore driller. The company has also been reported as saying it could look into a dual listing on the Egyptian Exchange after its Saudi debut.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another rate hike in the Fed\u2019s future? <\/strong>Most Federal Reserve officials see \u201cone more increase in the target federal funds rate at a future meeting\u201d as appropriate, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/617.pdf\" style=\"\" rel=\"noopener\">meeting minutes (pdf)<\/a> released yesterday. Members of the Fed Open Market Committee agreed to \u201cproceed carefully\u201d on future decisions and base their decisions on incoming information and its implications. The bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4343e7c2-5743-42e6-833f-37c2d3119647\" style=\"\" rel=\"noopener\">left interest rates unchanged<\/a> during its September meeting, but hinted that policy will remain tight to fight soaring inflation and bring it down to the target 2%.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH NOTING-<\/strong><\/p><ul>\n<li><strong>Arab<\/strong><strong> Bank beco<\/strong><strong>mes first Jordanian lender t<\/strong><strong>o sell sustainable AT1 bonds:<\/strong>Amman-based Arab Bank has closed a USD 250 mn issuance of sustainable Additional Tier 1 (AT1) bonds, becoming the first lender in the country to sell the contingent-convertible bonds. The London-listed bonds were sold at an 8% interest rate, and attracted strong demand from investors. (<a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/590.pdf\" style=\"\" rel=\"noopener\">Arab Bank<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/590.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/590.pdf\" style=\"\" rel=\"noopener\">, pdf<\/a>)<\/li>\n<li><strong>Exxon on the verge of<\/strong><strong> one of the year\u2019s biggest acquisitions<\/strong><strong>:<\/strong> US oil giant Exxon Mobil is close to finalizing an agreement to buy US shale producer Pioneer Natural Resources for nearly USD 58 bn in an all-stock deal. The acquisition would be Exxon's largest since its USD 81 bn takeover of Mobil in 1998, and the second-largest this year behind Broadcom\u2019s USD 69 bn purchase of VMware. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-10\/exxon-is-said-in-talks-to-pay-more-than-250-a-share-for-pioneer?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/li>\n<\/ul><p><a target=\"_blank\" id=\"t.1a5e19253eca3a3fccdb36547f264c7317855751\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19,653<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: +34.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/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>USD at <\/strong><strong>C<\/strong><strong>IB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,573<\/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: +0.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,647<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: -5.5%)<\/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>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\">4,082<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: +22.4%)<\/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\">4,377<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +14.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,620<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,201<\/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: +10.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 85.67<\/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%<\/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\">+0.4%<\/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>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 1,887.40<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 26,705<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.6% (YTD: +61.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 2.1 bn (3.3% below the 90-day average). Regional investors were net buyers. The index is up 34.6% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Ezz Steel (+8.7%), B Investments Holding (+8.0%) and Mopco (+3.9%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Alexandria Mineral Oils Company (-3.7%), Belton Financial Holding (-3.1%) and Orascom Development Egypt (-2.5%).<\/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\/ades-holding\/\">ADES Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ades-international\/\">Ades International<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-bank\/\">Arab Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exxonmobil\/\">ExxonMobil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federal-reserve\/\">Federal Reserve<\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"607992\" 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=\"607992\">\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\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/my-morning-routine-dr-wael-habib\/\">\r\n                            My Morning Routine: Dr Wael Habib                        <\/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\/12\/my-morning-routine-dr-wael-habib\/\" 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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Speaking with us this week is Wael Habib (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/spine-and-sports-medicine-dr-wael-habib-m-d-d-c-5a285a38\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a> | <a target=\"_blank\" href=\"http:\/\/drwaelhabib.com\/\" style=\"\" rel=\"noopener\">website<\/a>), who runs a unique spine and sports medicine practice in the Cairo suburb of Maadi and who is a member of both the American Chiropractic Association and the North American Spine Society.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have a bias when it comes to Habib: <\/strong>He\u2019s the reason our editor-in-chief can now raise his arm above his shoulder \u2014 and walk without debilitating knee pain. Habib brings a unique skillset to his practice as both a classically-trained MD and as a chiropractor, but ask him how he sees himself, and he\u2019ll simply tell you he\u2019s \u201ca clinician who uses whatever works.\u201d Edited excerpts from our conversation:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019m a spine and sports medicine specialist<\/strong> \u2014 that\u2019s my passion and the speciality for which I\u2019m best known now, though I came up in trauma and emergency medicine. I graduated from the surgery and internal medicine program at Ain Shams School of Medicine and then trained in traumatology in the United States before enrolling at the <a target=\"_blank\" href=\"https:\/\/www.nuhs.edu\/academics\/chiropractic-medicine\/program-overview\/\" style=\"\" rel=\"noopener\">National University of Health Sciences<\/a> in Illinois. As a trauma specialist, I was privileged to work on everything from major incidents to planning emergency medical services for visits to Egypt by world leaders \u2014 including the US and French presidents \u2014 as well as for peace summits, the World Economic Forum, and meetings of the G15 in Sharm El Sheikh. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As I explained in my TED Talk (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=D7LBXMXM0aA\" style=\"\" rel=\"noopener\">watch, runtime: 12:40<\/a><\/strong><strong>) [smiles], I changed fields because I <\/strong><strong>wanted to look at patients in total \u2014 to take a more holistic approach. <\/strong>I was an emergency room physician, and it was exactly the sort of intense job you want as a young MD. I thought I could handle anything, fix everything: We treated gunshot wounds, stabbings, near-downing accidents, heart attacks. You intervene, you make an immediate difference, and the patient moves on. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But over time, I found myself realizing there were many people in the ER that I couldn\u2019t <\/strong><strong>help.<\/strong> People with debilitating chronic illnesses that no doctor ever seemed to be able to cure. Things I considered at the time \u201ctrivial,\u201d but conditions that altered the course of people\u2019s lives \u2014 people who couldn\u2019t enjoy life or excel in a job because of chronic, debilitating pain. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s when I started to hear about this new speciality called \u201cchiropractic\u201d <\/strong>and started on a path that today, as a spine and sports medicine practitioner, gives me great joy because I can make such a clear difference in my patients\u2019 lives. <strong>I\u2019m convinced much of the world has it wrong when it comes to healthcare: chiropractic and osteopathic medicine need to be seen as the mainstream<\/strong>, while allopathic medicine \u2014 medications and surgery \u2014 should be the \u201calternative.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My morning routine is a bit unusual. <\/strong>I kick myself out of bed at 3am every workday. It's not that I like it, it\u2019s a deliberate act. I try right away to get into my workout clothing before I change my mind. I\u2019ve been very diligent for maybe the past 15 years about my workout routine, which is half high-repetition work with light weights to build strength endurance, and then half cardio. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Afterward, I sit down to have a double espresso and I get 45 minutes to an hour alone <\/strong>when the night predators are going to bed and the birds are still sleeping. I love the alone time. I\u2019ve trained myself to spend the first minute or two of that time simply not thinking. Then I take out a fountain pen, my notebook, my organizer, and I get to think and daydream. I just let thoughts float into my head and basically write my resume going forward: What should I do with a specific project? Or a patient? With my clinic or my sport? <a target=\"_blank\" href=\"https:\/\/www.mindmapping.com\/mind-map\" style=\"\" rel=\"noopener\">Mind maps<\/a> are a big thing for me at this time of day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other people are part of the noise I try to cut out. <\/strong>You can\u2019t live your life according to the opinions of others. \u201cYou can\u2019t study this. That\u2019s not a career. You should do it this way, not that. What\u2019s the point of this hobby?\u201d And you know what? Most of the time they\u2019re wrong \u2014 in life and in work. You need to learn to listen to yourself. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I don\u2019t actually read Enterprise in the morning<\/strong>, but I read Enterprise every day, on my way back home or first thing when I walk in the door. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We usually leave the house by 6am and head to the clinic in Maadi<\/strong> so that I\u2019m in the office before 6:30am. We have early appointments, but I\u2019ll spend the first half hour of the workday going through the files of patients that I'm expecting that day or refreshing myself on new patients. I put on some music for the day, I turn on our machines. It\u2019s about igniting my passion for what I\u2019ll spend the rest of the day doing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I treat people, not spines or ligaments or tendons. <\/strong>It\u2019s important for me to get to know my patients as people. My work is about making a connection: If I can connect to my patents\u2019 fears, their hopes, their frustrations, I can help them move in the right direction with their health. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good diagnostics and a tailor-made approach are the keys<\/strong> to delivering a success story when you\u2019re setting out to improve someone\u2019s health. And that\u2019s what really floats my boat. It\u2019s not about sterile medicine. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I don\u2019t have assistants. I don\u2019t delegate to a technician or a physio. <\/strong>I do everything myself and I keep it this way. It doesn't matter how long I spend with every patient as long as we get results and respect every patient\u2019s time. I have no interest in building a big, multi-person practice.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of the most interesting things I\u2019ve watched recently was <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.netflix.com\/eg-en\/title\/81111324\" style=\"\" rel=\"noopener\">Return to Space<\/a><\/strong>,about Space X. It really drives home what you can do when you take calculated risks. And, of course, Seinfeld. I\u2019ve watched the whole series straight through seven times now. I always pick up on something that I didn\u2019t catch the last time around. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I stay organized because of my wife. <\/strong>She\u2019s Swiss and the boss, my practice manager, everything. I\u2019m totally lost without her. She looks after the business so I can look after patients. She\u2019s the ultimate organizer, and if I can say I\u2019m even slightly better organized at this stage of life, it\u2019s because of her. Without her, I\u2019d be in La La Land. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I love golf and photography in my spare time \u2014 they\u2019re my absolute pleasures<\/strong>, especially golf. It\u2019s the perfect way to be outdoors and enjoy greenery here in Cairo. And it\u2019s a great challenge, this silly little white ball. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The best advice I\u2019ve been given applies to everything \u2014 to medicine, to business and to <\/strong><strong>life: \u201cBe flexible. Only fools don\u2019t change their minds.\u201d<\/strong> Be flexible and rewrite your future. If you're not happy with what you're doing, then what are you doing? You're wasting your life and time. <\/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\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wael-habib\/\">Wael Habib<\/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=\"607994\" 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\/12\/607994\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-607994\" class=\"content-area-description single-story post-607994 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>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 style=\"font-weight:400;\">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 style=\"font-weight:400;\">, 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>IMF loan review before year-end | Gaza aid talks | Gov\u2019t wants EBRD funds ASAP | ADES shares soar in KSA trading debut<\/p>\n","protected":false},"featured_media":607968,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-607967","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"eacbb98b-ec2c-46f4-830a-054eb7556ed3","teaser":"IMF loan review before year-end | Gaza aid talks | Gov\u2019t wants EBRD funds ASAP | ADES shares soar in KSA trading debut","photo_url":"https:\/\/ent.news\/2023\/10\/635.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>As expected: Moody\u2019s downgrades all five Egyptian banks in its coverage universe - 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\" 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