{"id":608241,"date":"2023-10-17T00:00:00","date_gmt":"2023-10-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=608241"},"modified":"2025-12-17T01:19:48","modified_gmt":"2025-12-17T01:19:48","slug":"egypt-closes-maiden-panda-bond-issuance-el-sisi-biden-to-talk-gaza-in-jordan-tomorrow","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypt-closes-maiden-panda-bond-issuance-el-sisi-biden-to-talk-gaza-in-jordan-tomorrow\/","title":{"rendered":"Egypt closes maiden panda bond issuance + El Sisi, Biden to talk Gaza in Jordan tomorrow"},"content":{"rendered":"<section id=\"608243\" 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=\"608243\">\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\/17\/el-sisi-biden-to-meet-in-jordan-wednesday-ahead-of-egypts-gaza-summit\/\">\r\n                            El Sisi, Biden to meet in Jordan Wednesday ahead of Egypt\u2019s Gaza summit                        <\/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\/17\/el-sisi-biden-to-meet-in-jordan-wednesday-ahead-of-egypts-gaza-summit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/835.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"608244\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/el-sisi-biden-to-meet-in-jordan-wednesday-ahead-of-egypts-gaza-summit\/835-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/835.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"835.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/835.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/835.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608243\" class=\"content-area-description single-story post-608243 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-abdel-fattah-el-sisi tag-diplomacy tag-egypt-us-relations tag-enterpriseam tag-gaza tag-israel tag-israel-palestine-conflict tag-joe-biden tag-middle-east-politics tag-palestine tag-what-were-tracking-today 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\/.14fa985f-33c4-41ad-adf5-810f563de37d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends, and welcome to another exceptionally busy news day.<\/strong><\/p>\n<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, the region, and the world at large continues to be the war in Gaza. <\/strong>We have the full rundown for you in this morning\u2019s War Watch, below, but the key things to know:<\/p>\n<ul>\n<li><strong>Biden and El Sisi will meet<\/strong> in Jordan tomorrow, after the US leader stops in Israel to show \u201cunwavering support\u201d;<\/li>\n<li><strong>Aid convoys were moving toward the Rafah crossing<\/strong> at dispatch time, but there is no confirmation on when (or if) Israel will allow the border to open today;<\/li>\n<li><strong>Israel has yet to launch a ground offensive;<\/strong><\/li>\n<li><strong>There are (early) signs Hamas may be considering releasing some of its hostages <\/strong>in a bid to ease tensions.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s Gaza summit will take place on 21 October \u2014 and the invite list includes global <\/strong><strong>and regional powers. <\/strong>Egypt is inviting world leaders to the new capital on 21 October to attend the summit <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d099209-b677-40f2-a47e-569e5b938cd7\" style=\"\" rel=\"noopener\">announced Sunday<\/a> that will discuss the \u201cdevelopments and future of the Palestinian issue.\u201d State broadcaster Al Qahera News said yesterday that a large number of regional and international leaders are expected to attend the event, which is being called the Cairo Peace Summit (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ZhHzHLqg0z0\" style=\"\" rel=\"noopener\">watch, runtime: 0:51<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the guest list?<\/strong><a target=\"_blank\" href=\"https:\/\/bit.ly\/3FqEL4p\" style=\"\" rel=\"noopener\">Sky News Arabia<\/a> reported yesterday that leaders of Arab nations and the members of the UN Security Council (China, France, Russia, UK and the US) will be invited, citing senior Egyptian officials. Separately, <a target=\"_blank\" href=\"https:\/\/bit.ly\/48PEnu5\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported that Saudi Arabia, the UAE, Kuwait, Jordan, Qatar, and the Palestinian Authority have all received invites. <a target=\"_blank\" href=\"https:\/\/www.qatar-tribune.com\/article\/88396\/latest-news\/amir-receives-invitation-from-egypts-president-for-summit-on-palestinian-cause\" style=\"\" rel=\"noopener\">Qatar<\/a> and <a target=\"_blank\" href=\"https:\/\/kuwaittimes.com\/egypt-leader-invites-amir-for-a-summit\/\" style=\"\" rel=\"noopener\">Kuwait<\/a> have both confirmed that they\u2019ve received invites. The news outlet also said that the US and French presidents are expected to attend. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Western countries are yet to publicly accept:<\/strong> US Secretary of State <a target=\"_blank\" href=\"https:\/\/bit.ly\/3FinwlV\" style=\"\" rel=\"noopener\">Antony Blinken<\/a> and French Foreign Minister <a target=\"_blank\" href=\"https:\/\/x.com\/mfaegypt\/status\/1713843808859746523?s=46&t=-JTomFjF7zfyHQWGsd4tSw\" style=\"\" rel=\"noopener\">Catherine Colonna<\/a> have both publicly welcomed the summit but stopped short of confirming attendance. German Chancellor Olaf Scholz yesterday <a target=\"_blank\" href=\"https:\/\/www.bundeskanzler.de\/bk-de\/aktuelles\/pressekonferenz-im-anschluss-an-das-treffen-der-staats-und-regierungschefinnen-und-chefs-des-berlin-prozesses-zum-westlichen-balkan-am-16-oktober-2023-in-tirana-2230524\" style=\"\" rel=\"noopener\">declined to say<\/a> whether he would attend when asked at a presser yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a><strong> AND- Speaking of Scholz \u2014 he\u2019s coming to Egypt: <\/strong>The chancellor confirmed yesterday that he will head to Egypt and Israel this week following reports from <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/germanys-scholz-visit-israel-egypt-this-week-sources-2023-10-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2392336\/world\" style=\"\" rel=\"noopener\">Deutsche<\/a><a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2392336\/world\" style=\"\" rel=\"noopener\">Presse-Agentur<\/a> had reported earlier that he would visit both countries on Tuesday. Scholz didn\u2019t provide a timeframe. The visit comes following talks with the leaders of Jordan and Qatar in Berlin. German foreign minister Annalena Baerbock was <a target=\"_blank\" href=\"https:\/\/bit.ly\/48Tk5zG\" style=\"\" rel=\"noopener\">in Egypt<\/a> and Israel last week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s fair to say that the two countries aren\u2019t on the same page over the conflict:<\/strong> While Egypt has been calling for an immediate ceasefire and the entrance of humanitarian aid into Gaza, Berlin has <a target=\"_blank\" href=\"https:\/\/www.tagesschau.de\/ausland\/asien\/baerbock-israel-100.html\" style=\"\" rel=\"noopener\">backed Israel\u2019s attack on Gaza<\/a>, pledged to <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/9b1d9eb9-568d-410b-aeae-eed876e34c98\" style=\"\" rel=\"noopener\">supply it with military aid<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/germany-bans-pro-palestinian-group-samidoun-2023-10-12\/\" style=\"\" rel=\"noopener\">cracked down<\/a> on <a target=\"_blank\" href=\"https:\/\/www.dw.com\/en\/berlin-police-break-up-banned-pro-palestinian-rally\/a-67104373\" style=\"\" rel=\"noopener\">pro-Palestinian protests<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another warning from Tehran:<\/strong> Iran\u2019s foreign minister Hossen Amir Abdollahian <a target=\"_blank\" href=\"https:\/\/english.alarabiya.net\/News\/middle-east\/2023\/10\/17\/Iran-s-foreign-minister-warns-of-preemptive-action-against-Israel-in-Gaza\" style=\"\" rel=\"noopener\">yesterday<\/a><a target=\"_blank\" href=\"https:\/\/english.alarabiya.net\/News\/middle-east\/2023\/10\/17\/Iran-s-foreign-minister-warns-of-preemptive-action-against-Israel-in-Gaza\" style=\"\" rel=\"noopener\">warned<\/a> that \u201cpre-emptive\u201d action against Israel could take place \u201cin the coming hours\u201d if it keeps up its assault on Gaza. Earlier <a target=\"_blank\" href=\"https:\/\/twitter.com\/Amirabdolahian\/status\/1713887905368678714\" style=\"\" rel=\"noopener\">he suggested<\/a> that a widening of the conflict was becoming \u201cinevitable.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE FRONT PAGES-<\/strong> The conflict continues to everywhere on the front pages this morning:<\/p>\n<ul>\n<li>Biden will head to Israel and Jordan as concerns mount that Israel-Hamas conflict will spread (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/biden-israel-hamas-war-egypt-elsissi-a08b6e4f8fe5edeab4c97753d254f8b9\" style=\"\" rel=\"noopener\">AP<\/a>)<\/li>\n<li>Biden to visit Israel on Wednesday; Iran issues warning (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/diplomats-renew-calls-gaza-aid-iran-warns-israel-2023-10-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li>Joe Biden set to visit Israel as push to open Gaza crossing falters (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/3fa65622-f4ea-433c-8008-06743f4e7086\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/li>\n<li>Biden to visit Israel as rocket attacks continue and Gaza crisis grows (<a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/world-middle-east-67119233\" style=\"\" rel=\"noopener\">BBC<\/a>)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO HAPPENING THIS WEEK-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>#1- The Belt and Road Forum starts today:<\/strong>Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/bit.ly\/3FlsPRO\" style=\"\" rel=\"noopener\">is in Beijing<\/a> to attend the two-day <a target=\"_blank\" href=\"http:\/\/www.beltandroadforum.org\/english\/\" style=\"\" rel=\"noopener\">Belt and Road Forum<\/a>, a gathering aimed at coordinating the development of China\u2019s ambitious Belt and Road Initiative. Representatives of <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/leaders-gather-china-smaller-greener-belt-road-summit-2023-10-16\/\" style=\"\" rel=\"noopener\">more than 130 countries<\/a> are expected to attend the event, which marks the 10-year anniversary of the multi-tn USD global infrastructure investment strategy aimed at deepening China\u2019s trade ties with the world and expanding its economic influence.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt has signed several agreements already:<\/strong>Egyptian aviation companies signed three framework agreements with China\u2019s largest construction company to upgrade two of the country\u2019s airports, the cabinet said yesterday. Under the agreements, the China State Construction Engineering Corporation will construct <a target=\"_blank\" href=\"https:\/\/bit.ly\/48TfaPj\" style=\"\" rel=\"noopener\">a new passenger terminal<\/a> at Hurghada Airport and the two would develop Cairo International Airport including by building <a target=\"_blank\" href=\"https:\/\/bit.ly\/3S3JyAE\" style=\"\" rel=\"noopener\">a new hangar<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Making its debut at the forum: The Taliban<\/strong>, which since its return to power in Kabul in 2021 has been trying to build economic ties with Beijing, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/taliban-join-chinas-belt-road-forum-elevating-ties-2023-10-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Afghanistan, which has potentially tns of USD of untapped mineral wealth, is looking to attract \u201clarge investors\u201d into the country during the forum, a commerce ministry spokesperson.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>#2- S&P is next up to <\/strong><strong>review our credit rating<\/strong><strong>:<\/strong> S&P Global Ratings will publish its review of our sovereign credit rating on Friday. Moody\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fce3ee3-016d-412b-be92-c47ec2ae0e72\" style=\"\" rel=\"noopener\">downgraded its rating<\/a> for Egypt to Caa1 from B3 earlier this month due to worsening debt affordability and the FX crunch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And Fitch makes three:<\/strong> The last of the big three agencies will be out with its review on 3 November.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The deadline is ticking for Dar Venture\u2019s DarE incubator applications: <\/strong>Submissions for the <a target=\"_blank\" href=\"https:\/\/dare.untapcompete.com\/\" style=\"\" rel=\"noopener\">DarE Incubator<\/a> program by Dar Al-Handasah\u2019s venture capital arm Dar Ventures will come to end this Friday. The six-month program is set to accelerate the growth of promising tech startups from the region.<\/p>\n<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<\/p><\/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 <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#1- Eastern stake sale to wrap up soon? <\/strong>State-owned tobacco manufacturer Eastern Company\u2019s parent company Chemical Industries Holding Company (CIHC) will finalize the USD 150 mn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2faf2678-e1de-4680-a046-b73c3abab8df\" style=\"\" rel=\"noopener\">sale of a 30% stake in the company<\/a> to UAE-based Global Investment Holding (GIH) by the end of October, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/38kctnfv\" style=\"\" rel=\"noopener\">Al Mal<\/a> reported yesterday. However, a government source reportedly told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/34rfk2k4\" style=\"\" rel=\"noopener\">Asharq Business<\/a> in a story published the same day that the sale will go through by the end of the week following the approval of the House of Representatives. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going?<\/strong> The government reportedly plans to build a new fertilizers factory as well as to develop a number of state-owned fertilizer plants, according to Asharq Business. These include the factories of <a target=\"_blank\" href=\"https:\/\/deltafertilizer.com\/\" style=\"\" rel=\"noopener\">Delta Fertilizers<\/a>, <a target=\"_blank\" href=\"https:\/\/www.semadco.com\/?lang=en\" style=\"\" rel=\"noopener\">El Nasr for Fertilizers and Chemical Industries<\/a> (Semadco), and Egyptian Chemical Industries (Kima), Asharq\u2019s sources said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Could oil hit the EMX? <\/strong>The Egyptian Mercantile Exchange (EMX) is ready to list oil products on its electronic trading platform, EMX chair Ibrahim Ashmawy said yesterday, during a meeting with Oil Minister Tarek El Molla and EGX chair Ahmed El Sheikh, an <a target=\"_blank\" href=\"https:\/\/www.egx.com.eg\/ar\/NewsDetails.aspx?NewsID=244226\" style=\"\" rel=\"noopener\">EGX statement<\/a> read. The statement did not give a timeline for when we could expect to see oil products on the exchange.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CORRECTION- We slipped up on our subsea cable story in yesterday\u2019s issue:<\/strong> Our coverage yesterday said that Jordan and Egypt had scaled back their initial planned upgrade to our electricity link between the countries to 1.1 GW for the time being due to economic headwinds. Instead, they are studying channeling 1.1 GW of a total 2.2 GW link through a subsea cable as a cheaper alternative to on-land cables, according to a government source that spoke with Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\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\/enterprise.press\/wp-content\/uploads\/2021\/03\/INFINITY-Top-banner-EN-1600x675-v2-02.png\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>Egypt\u2019s first locally produced EV \u2014 a low-range, low-speed commuter for urban areas \u2014 is almost ready for launch.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-us-relations\/\">Egypt-US relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\" 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"608245\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/608245\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608245\" class=\"content-area-description single-story post-608245 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><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. 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=\"608246\" 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=\"608246\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/el-sisi-biden-to-meet-tomorrow-in-jordan-plus-is-the-rafah-crossing-opening-to-aid\/\">\r\n                            El Sisi, Biden to meet tomorrow in Jordan. PLUS: Is the Rafah crossing opening to aid?                        <\/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\/17\/el-sisi-biden-to-meet-tomorrow-in-jordan-plus-is-the-rafah-crossing-opening-to-aid\/\" 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\/17\/el-sisi-biden-to-meet-tomorrow-in-jordan-plus-is-the-rafah-crossing-opening-to-aid\/')\">\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\/17\/el-sisi-biden-to-meet-tomorrow-in-jordan-plus-is-the-rafah-crossing-opening-to-aid\/\">\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=El Sisi, Biden to meet tomorrow in Jordan. 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The two leaders will be joined by Jordan\u2019s King Abdullah and Palestinian Authority President Mahmoud Abbas on Wednesday, the White House <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/10\/16\/statement-from-press-secretary-karine-jean-pierre-on-president-bidens-travel-to-israel-and-jordan\/\" style=\"\" rel=\"noopener\">said<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The statement came in the wake of a phone conversation between El Sisi and Biden last <\/strong><strong>night<\/strong>, during which the two leaders discussed the deteriorating humanitarian situation in Gaza and agreed on the need to protect civilians, according to readouts from <a target=\"_blank\" href=\"https:\/\/bit.ly\/3tAeyhi\" style=\"\" rel=\"noopener\">Ittihadiya<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/10\/16\/readout-of-president-joseph-r-biden-jr-call-with-president-abdel-fattah-el-sisi-of-egypt\/\" style=\"\" rel=\"noopener\">White House<\/a>. The two agreed on the importance of containing the war, according to Ittihadiya, but neither statement raised the possibility of a ceasefire. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WILL THE RAFAH CROSSING OPEN TODAY?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Maybe? An unconfirmed report from Al Arabiya says the border crossing will open at 9am CLT<\/strong>, State broadcaster <a target=\"_blank\" href=\"https:\/\/twitter.com\/Alqaheranewstv\/status\/1714063034111422782\" style=\"\" rel=\"noopener\">Al Qahera News<\/a> reported this morning that aid trucks had begun to move from Al Arish towards Rafah, and CNN says that aid convoys in Egypt are moving toward the border. Neither broadcaster has said when the border might open. A UN spokesperson <a target=\"_blank\" href=\"https:\/\/bit.ly\/3QhMo3C\" style=\"\" rel=\"noopener\">denied<\/a> an earlier report overnight by CNN that five fuel trucks had crossed. More than 100 vehicles were waiting to enter Gaza this morning, according to <a target=\"_blank\" href=\"https:\/\/bit.ly\/497nqLM\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reports early yesterday morning had suggested the crossing could open Monday, but the gates remained shut all day.<\/strong> Egypt has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b780254-f15c-4968-a512-b1bdf3180df5\" style=\"\" rel=\"noopener\">refused to allow citizens of western countries to evacuate<\/a> until Israel and the US agree to allow aid in. It has also strongly rejected suggestions from Israeli politicians that it agree to resettle hundreds of thousands of Palestinian refugees in the Sinai. Foreign Minister Sameh Shoukry <a target=\"_blank\" href=\"https:\/\/twitter.com\/mfaegypt\/status\/1713843808859746523?s=46&t=-JTomFjF7zfyHQWGsd4tSw\" style=\"\" rel=\"noopener\">blamed Israel<\/a> yesterday for not agreeing to let aid in<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are signs that US pressure on Israel to ease the siege could be working:<\/strong> Israeli Prime Minister Benjamin Netanyahu has agreed to \u201cdevelop a plan\u201d with the US to allow aid into Gaza without helping Hamas, Blinken said early this morning following nine hours of negotiations, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/blinken-seeks-aid-breakthrough-amid-air-raid-sirens-israel-2023-10-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Blinken was in Israel for the second time in less than a week after failing to secure an agreement to open the Rafah border crossing to foreign national and aid deliveries <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/deae5f10-6b04-4b0c-a587-3b5a534a5c5a\" style=\"\" rel=\"noopener\">during talks with El Sisi<\/a> on Sunday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Israel has imposed a total blockade on Gaza for over a week and is refusing to allow food, water, fuel and aid to enter, triggering what the UN has termed a \u201chumanitarian catastrophe.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BIDEN\u2019S VISIT IN CONTEXT-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>He\u2019s trying to dial down tensions with the Arab world\u2026 <\/strong>Following a visit to Israel, Biden \u201cwill reiterate that Hamas does not stand for the Palestinian people\u2019s right to dignity and self-determination and discuss the humanitarian needs of civilians in Gaza\u201d during his conversation with the Arab leaders, the statement said. Ittihadiya has not confirmed El Sisi\u2019s travel plans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026but the trip is all about showing \u201cunwavering support for Israel,\u201d <\/strong>the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2023\/10\/16\/world\/israel-hamas-war-news-gaza\/f64749c1-17a8-51ae-9ae6-793c3b1d6b96?smid=url-share\" style=\"\" rel=\"noopener\">New York Times<\/a> quotes Secretary of State Antony Blinken as having said. The report did note that Biden will address with Israeli leaders both hostages held by Hamas and \u201chumanitarian aid to Palestinians in Gaza.\u201d The US president has been a strong backer of Israel\u2019s military operation and yesterday called for the Islamist group <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/conflict-middle-east-could-escalate-us-national-security-adviser-warns-2023-10-15\/\" style=\"\" rel=\"noopener\">to be eliminated<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>STILL NO GROUND INVASION-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yesterday saw more extreme rhetoric from Israeli leaders, but the <\/strong><strong>thousands of troops massed on the Gaza border remained in place<\/strong> ahead of a much-telegraphed invasion. Israel will \u201cwipe out\u201d the \u201cbloodthirsty monsters,\u201d Netanyahu <a target=\"_blank\" href=\"https:\/\/www.skynews.com.au\/world-news\/global-affairs\/netanyahu-israels-forces-ready-to-wipeout-the-bloodthirsty-monsters-of-hamas\/video\/65985e71b284769a2ac20e28b0ffeeba\" style=\"\" rel=\"noopener\">told minister<\/a> s in his emergency cabinet yesterday, though held off on sending in the army.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s plenty of speculation about why Israel is continuing to hold off the offensive<\/strong>, ranging from <a target=\"_blank\" href=\"https:\/\/www.jpost.com\/israel-news\/defense-news\/article-768684\" style=\"\" rel=\"noopener\">fears of a Hezbollah attack<\/a> from the north to <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/14\/world\/middleeast\/israel-gaza-invasion.html\" style=\"\" rel=\"noopener\">bad weather<\/a>. There are op-eds aplenty warning Israel of the dangers of an invasion from media outlets <a target=\"_blank\" href=\"https:\/\/www.haaretz.com\/opinion\/2023-10-15\/ty-article\/.premium\/a-ground-invasion-of-gaza-is-a-disaster-foretold\/0000018b-2f40-d450-a3af-6f5cc0ef0000\" style=\"\" rel=\"noopener\">inside<\/a> and <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/16\/opinion\/israel-gaza-war.html\" style=\"\" rel=\"noopener\">outside<\/a> the country as well as from the <a target=\"_blank\" href=\"https:\/\/www.foreignaffairs.com\/middle-east\/invasion-gaza-would-be-disaster-israel\" style=\"\" rel=\"noopener\">heart of foreign policy-making<\/a> in Washington. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The death toll:<\/strong> The number of Palestinians killed in Israel\u2019s attack continued to climb yesterday following what witnesses said was one of the most intense nights of bombing in the 10-day war. Almost 2.8k people have now died in Gaza and more than 9.9k are wounded, the Palestinian Health Ministry <a target=\"_blank\" href=\"https:\/\/bit.ly\/48NJlr0\" style=\"\" rel=\"noopener\">said<\/a> last night.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIPLOMACY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Progress in the hostage situation?<\/strong> Iran, one of Hamas\u2019 chief backers, <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/iran-claims-hamas-willing-to-release-hostages-if-israel-ends-airstrikes-on-gaza\/\" style=\"\" rel=\"noopener\">said<\/a> yesterday that the group is willing to release the nearly 200 hostages if Israel agrees to end its bombing campaign. Hamas has \u201cstated that they are ready to take necessary measures to release the citizens and civilians held by resistance groups, but their point was that such measures require preparations that are impossible under daily bombardment by the Zionists against various parts of Gaza,\u201d the country\u2019s foreign ministry spokesperson Nasser Kanaani said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some hostages to be released?<\/strong> Non-Israeli captives will be released \u201cwhen circumstances allow,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/former-hamas-chief-meshaal-says-israeli-captives-include-high-ranking-officers-2023-10-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported Hamas as saying yesterday, soon after one of its senior figures suggested that it could agree to a prisoner exchange with Israel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Putin is weighing in on the conflict:<\/strong> Among the leaders El Sisi spoke to yesterday was Russian president Vladimir Putin, who engaged in a day of rapid-fire diplomacy after remaining on the sidelines for much of the 10-day conflict. Putin \u2014 who has joined with Chinese officials to criticize Israel\u2019s military campaign and explicitly back a Palestinian state \u2014 had phone conversations with Netanyahu and the presidents of Iran, Syria and Palestine. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Putin x El Sisi x Netanyahu:<\/strong> El Sisi and Putin both emphasized the importance of the Palestinians being allowed their own state and agreed on the urgent need for aid to be let into Gaza, according to readouts from <a target=\"_blank\" href=\"https:\/\/bit.ly\/46Peb0L\" style=\"\" rel=\"noopener\">Ittihadiya<\/a> and the <a target=\"_blank\" href=\"http:\/\/en.kremlin.ru\/events\/president\/news\/72513\" style=\"\" rel=\"noopener\">Kremlin<\/a>. In a separate conversation with Netanyahu, the Russian president <a target=\"_blank\" href=\"http:\/\/kremlin.ru\/events\/president\/news\/72514\" style=\"\" rel=\"noopener\">offered to mediate<\/a> an end to the conflict, while the Israeli prime minister <a target=\"_blank\" href=\"https:\/\/twitter.com\/BarakRavid\/status\/1714028772851122670\" style=\"\" rel=\"noopener\">said<\/a> that Israel won\u2019t end its attack against Hamas until it\u2019s destroyed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong><\/p>\n<ul>\n<li><strong>El Sisi<\/strong> also held talks with <strong>French Foreign Minister <\/strong><strong><a target=\"_blank\" href=\"https:\/\/bit.ly\/3tFGgsS\" style=\"\" rel=\"noopener\">Catherine Colonna<\/a><\/strong> in Cairo yesterday and spoke on the phone with the prime ministers of <strong><a target=\"_blank\" href=\"https:\/\/bit.ly\/46DESpC\" style=\"\" rel=\"noopener\">Canada<\/a><\/strong> and <strong><a target=\"_blank\" href=\"https:\/\/bit.ly\/45AOzUn\" style=\"\" rel=\"noopener\">Italy<\/a><\/strong>.<\/li>\n<li><strong>Shoukry<\/strong> spoke with his counterparts from <strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/MfaEgypt\/status\/1713896457139339405\" style=\"\" rel=\"noopener\">China<\/a><\/strong> and <strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/MfaEgypt\/status\/1713896938951557224\" style=\"\" rel=\"noopener\">Syria<\/a><\/strong>. <\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/antony-blinken\/\">Antony Blinken<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/benjamin-netanyahu\/\">Benjamin Netanyahu<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-israel-relations\/\">Egypt-Israel relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-russia-relations\/\">Egypt-Russia relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-us-relations\/\">Egypt-US relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/joe-biden\/\">Joe Biden<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vladimir-putin\/\">Vladimir Putin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608248\" 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=\"608248\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/our-maiden-panda-bond-issuance-hits-the-chinese-market\/\">\r\n                            Egypt closes maiden CNY 3.5 bn panda bond issuance                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n       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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/our-maiden-panda-bond-issuance-hits-the-chinese-market\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/816.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"608249\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/our-maiden-panda-bond-issuance-hits-the-chinese-market\/816-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/816.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"816.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/816.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/816.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608248\" class=\"content-area-description single-story post-608248 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-ahmed-kouchouk tag-capital-markets tag-china tag-debt-watch tag-economy tag-egypt-china-relations tag-enterpriseam tag-finance-ministry tag-mohamed-maait 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\/.07c52f1e-70f2-4b95-a504-35490187e397.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt closed its maiden panda bond issuance in China yesterday<\/strong> with a CNY 3.5 bn (USD 478.7 mn) issuance, the Finance Ministry said in <a target=\"_blank\" href=\"https:\/\/bit.ly\/48PneRf\" style=\"\" rel=\"noopener\">a statement<\/a>. The three-year securities were priced at a 3.51% annual rate, lower than the yield on USD-denominated debt, Minister Mohamed Maait said. The issuance attracted \u201cmany\u201d Chinese investors, he added, saying the proceeds will be used to meet the country\u2019s sustainable development goals.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Accessing capital markets:<\/strong> \u201cThe issuance attracted high-quality onshore investors and allowed access to capital markets despite the recent volatility in global markets and widening of Egypt\u2019s credit spreads,\u201d Vice Minister of Finance Ahmed Kouchouk told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All for a green cause:<\/strong> The proceeds will be used to fund sustainable projects across a number of sectors including clean transport, healthcare, sustainable water use, renewable energy, affordable housing, and digital infrastructure as well as biodiversity conservation, Kouchouk told us. Egypt is the first African country to issue a guaranteed Panda sustainable bond.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>International backing: <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b14c48be-738f-45a5-8d23-28974b1f7d4c\" style=\"\" rel=\"noopener\">African Development Bank<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd6bc6f9-fefc-4e44-aeec-789adf397228\" style=\"\" rel=\"noopener\">Asian Infrastructure Investmen<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd6bc6f9-fefc-4e44-aeec-789adf397228\" style=\"\" rel=\"noopener\">t<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd6bc6f9-fefc-4e44-aeec-789adf397228\" style=\"\" rel=\"noopener\">Bank<\/a> provided guarantees for the issuance, a development Kouchouk said could \u201cpave the way for other issuers, especially sovereigns in Africa, to access RMB-denominated financing and China\u2019s interbank bond market.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The inaugural issuance has been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76937c25-3c19-442b-995a-5cf50812c220\" style=\"\" rel=\"noopener\">in the works since 2019,<\/a> but was put on hold due to the pandemic. The ministry\u2019s debt management recently brought the transaction back on the fast track for execution.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reducing reliance on the greenback:<\/strong> The ministry hopes that the CNY can become \u201can important and significant part of Egypt's basket of currencies\u201d and that yesterday\u2019s transaction will pave the way for further bilateral investment and sustainable financing between the two countries, Kouchouk said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tip of the hat to China: <\/strong>\u201cIt was a real honor to have worked with our Chinese partners in such a short timeframe to deliver a successful transaction,\u201d Kouchouk said. \u201cOur Chinese partners showed us nothing but the greatest support and cooperation.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> Tightening global financial conditions, rising borrowing costs, and with concerns in some quarters about our debt levels have effectively shut us out of Western capital markets. The ministry is planning to close a USD 500 mn issuance of JPY-denominated samurai bonds <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd3e36a4-25a3-4129-9e86-f88ce45ca113\" style=\"\" rel=\"noopener\">in the coming weeks<\/a>, and raised USD 1.5 bn from its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6152c0e0-66bd-48d5-b73f-1de6cac73e6c\" style=\"\" rel=\"noopener\">first-ever sovereign sukuk issuance<\/a> in February.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-kouchouk\/\">Ahmed Kouchouk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-china-relations\/\">Egypt-China relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608250\" 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=\"608250\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/four-banks-could-receive-ebrd-loans-to-fund-smes-green-projects\/\">\r\n                            Four Egyptian banks could receive EBRD loans to fund SMEs, green projects                        <\/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\/17\/four-banks-could-receive-ebrd-loans-to-fund-smes-green-projects\/\" 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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If the plan goes through, the four banks are set to receive the funds before the end of 2023, Abdel Hakim told the news outlet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Caveat: Nothing is set in stone.<\/strong> An EBRD rep we spoke with confirmed the facilities are being discussed, but said the bank is yet to sign off on anything. It is also not clear if this is an extension of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd57da61-302d-428d-beab-253b1039c71a\" style=\"\" rel=\"noopener\">USD 175.5 mn<\/a> announced in January by the EBRD for SMEs and green projects or an additional upcoming project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Under the plans:<\/strong><\/p>\n<ul>\n<li>Our friends at <strong>CIB <\/strong>would receive<strong> USD 150 mn<\/strong> for on-lending to SMEs and environmental projects;<\/li>\n<li>The <strong>National Bank of Egypt <\/strong>will receive <strong>USD 100 mn<\/strong>for SME lending. The International Cooperation Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/329517f6-6a93-43e1-9b8b-ae632f1bf2d6\" style=\"\" rel=\"noopener\">said earlier this year<\/a> that the EBRD would provide a USD 400 mn loan to the state-owned lender;<\/li>\n<li><strong>Banque du Caire <\/strong>will also back SME projects with a <strong>USD 50 mn<\/strong>EBRD loan;<\/li>\n<li>The <strong>Export Development Bank (EBank)<\/strong> will receive a <strong>USD 25 mn<\/strong> loan to provide FX liquidity to importers.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not just the EBRD: <\/strong>The IFC <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/475bae28-03b7-410c-b041-c48442c4aff0\" style=\"\" rel=\"noopener\">said this week<\/a> that it would lend USD 234 mn to Banque Misr to finance MSMEs and women-led businesses. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/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\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebank\/\">EBank<\/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\/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=\"608252\" 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=\"608252\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">ENTERPRISE FINANCE FORUM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/where-do-lawyers-stand-in-this-volatile-market\/\">\r\n                            Where do lawyers stand in this volatile market?                        <\/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\/17\/where-do-lawyers-stand-in-this-volatile-market\/\" 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\/17\/where-do-lawyers-stand-in-this-volatile-market\/')\">\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\/17\/where-do-lawyers-stand-in-this-volatile-market\/\">\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=Where do lawyers stand in this volatile market?&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/where-do-lawyers-stand-in-this-volatile-market\/\">\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\/17\/where-do-lawyers-stand-in-this-volatile-market\/&title=Where do lawyers stand in this volatile market?\">\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=Where+do+lawyers+stand+in+this+volatile+market%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F17%2Fwhere-do-lawyers-stand-in-this-volatile-market%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\/17\/where-do-lawyers-stand-in-this-volatile-market\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/812.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"608253\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/where-do-lawyers-stand-in-this-volatile-market\/812-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/812.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"812.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/812.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/812.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608252\" class=\"content-area-description single-story post-608252 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-finance-forum tag-baker-mckenzie tag-barsoum-abdel-aziz tag-enterprise-finance-forum tag-enterpriseam tag-grant-thornton tag-kamel-saleh tag-lamyaa-gadelhak tag-mhr-partners tag-said-hanafi tag-saleh tag-white-case 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\/.a2996f22-1013-4094-b4fc-742437a363f2.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>How professional services help investors navigate a turbulent market: <\/strong>Legal professionals are usually the first point of contact for local and international investors exploring the market, providing assurance and professional services for clients when navigating Egypt\u2019s financial climate and regulatory challenges. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We brought together a panel to explore the legal perspective on Egypt\u2019s investment climate during the second day of the Enterprise Finance Forum.<\/strong>Joining us were<strong> Kamel Saleh<\/strong>, managing partner at Saleh, Barsoum & Abdel Aziz; <strong>Lamyaa Gadelhak, <\/strong>partner at Baker McKenzie; and <strong>Said Hanafi<\/strong>, partner at MHR & Partners in association with White & Case. The session was co-moderated by <strong>Bahaa Alieldean<\/strong>, senior and managing partner at <strong>Alieldean Weshahi & Partners.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uncertain times? It\u2019s nothing we haven\u2019t seen before: <\/strong>\u201cWhen clients come to us, they are more concerned about the uncertainty than we are. We\u2019ve seen the ups and downs, and we know how the recovery can happen and how things can turn around,\u201d Saleh said. \u201cThe fundamentals are there for the economy, so our role as advisors in general is to give a calming message that this volatility or this uncertainty is not the end of the world.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But there\u2019s still room for growth: <\/strong>Investors have negative views about the Egyptian tax system and tax policy, Saleh added, pointing to the need for tax reforms, namely ones \u201crooted in communication and addressing issues quickly which would reduce one of the biggest impediments to investors.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A crisis isn\u2019t always bad: <\/strong>\u201cWe\u2019ve faced a decade of different sorts of challenges which led us to build up resilience and we have seen clients also build resilience \u2026 the trick is being creative and resourceful,\u201d Gadelhak said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why are startups leaving the country? <\/strong>\u201cEgypt produces a lot of startup ideas \u2026 but when it comes to raising capital, the venture capitalists and investors advise them to leave Egypt and start setting up outside Egypt,\u201d Saleh said. Startups are advised to \u201ckeep the operations in Egypt but have their holding company outside Egypt, where funds are raised and where further investments happen.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThis is really a regulatory issue in the first place,\u201d<\/strong> Saleh said. \u201cWe have the ideas, the talent pool, and the economy that supports and makes all these startups successful, so why do they leave in search for a better ecosystem? \u2026 From a corporate law point of view, all the arrangements and the shareholder agreements are better regulated and easily enforced outside Egypt,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More support needed: <\/strong>\u201cIt is important that [the regulations hindering startups] be looked into very seriously,\u201d Gadelhak said. \u201cThe green industry, for example, needs to be centralized from a regulatory and institutional perspective in order to avoid any conflict of interest. There needs to be a coherent strategy to which all relevant stakeholders abide by whether or not it benefits them on an individual basis,\u201d she added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cI\u2019m actually calling for deregulation completely,\u201d <\/strong>Hanafi said, calling for the removal of all legislations that exist in freezones. He pointed to Saudi Arabia and the efforts being done there \u201ccreating this whole concept of economic zones that is completely detached from the base economy.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Is there a silver lining to this crisis?<\/strong>The silver lining to these difficult times is that Egyptian companies are looking to expand abroad, Hanafi said. \u201cBecause of what\u2019s happening they are trying to open up new markets. Investors are looking into Africa \u2014 and we were not competing in Africa like we should have been.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Brain drain is an issue, but there\u2019s a solution: <\/strong>\u201cEvery time there\u2019s devaluation, there\u2019s a brain drain and people leave the country,\u201d Saleh said, explaining that firms accept it\u2019s part of the business. \u201cWe hire large numbers of people and invest in their training because we know that the turnover rate will be high,\u201d after which they will have the choice between working locally or exporting their professional services to a different market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it\u2019s not all bad: <\/strong>Even if the employees eventually leave due to competitive compensation in the Gulf, it ultimately comes back full circle when they return as clients, Saleh added. \u201cEvery organization boils down to the people and we expose them to other markets to help fulfill a certain intellectual challenge,\u201d Gadelhak said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/44.jpg?ssl=1\"\/><\/p>\n\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\/baker-mckenzie\/\">Baker McKenzie<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/barsoum-abdel-aziz\/\">Barsoum &amp; Abdel Aziz<\/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\/grant-thornton\/\">Grant Thornton<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kamel-saleh\/\">Kamel Saleh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lamyaa-gadelhak\/\">Lamyaa Gadelhak<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mhr-partners\/\">MHR &amp; Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/said-hanafi\/\">Said Hanafi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saleh\/\">Saleh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/white-case\/\">White &amp; Case<\/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=\"608254\" 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=\"608254\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/foreign-investors-can-become-importers-expat-car-import-program-gets-extension\/\">\r\n                            Foreign investors can become importers in Egypt + expat car import program gets extension                        <\/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\/17\/foreign-investors-can-become-importers-expat-car-import-program-gets-extension\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/811.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"608255\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/foreign-investors-can-become-importers-expat-car-import-program-gets-extension\/811-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/811.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"811.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/811.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/811.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608254\" class=\"content-area-description single-story post-608254 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-abu-dhabi-ports tag-automotive tag-enterpriseam tag-house-of-representatives tag-legislation-watch tag-logistics tag-trade 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\/.25d16ced-93b5-4f52-aa8e-902f02b860fa.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The House of Representatives<\/strong><strong> yesterday gave final approval to a trio of bills<\/strong>, including changes to the importers registry that will allow foreign investors to become importers, an extension for the expat car-for-FX initiative, and the rights to develop and manage the Safaga Port, and several other agreements. <strong>Below is a breakdown of the bills that got the thumbs up:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Foreign investors can now become importers (with caveats): <\/strong>MPs voted in favor of allowing non-Egyptian investors <a target=\"_blank\" href=\"http:\/\/www.parliament.gov.eg\/News_Show.aspx?frm=4879\" style=\"\" rel=\"noopener\">to become registered importers<\/a> for a ten-year period that could be renewed once. The law will also allow them to hold stakes of up to 49% in trading companies that import into Egypt. This includes limited liability companies, joint stock companies, and sole proprietorships. The bill is part of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\" rel=\"noopener\">22 measures<\/a> drawn up by the Supreme Investment Council in May to help attract more foreign direct investment into the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Extension of car import scheme:<\/strong> The House <a target=\"_blank\" href=\"http:\/\/www.parliament.gov.eg\/News_Show.aspx?frm=4878\" style=\"\" rel=\"noopener\">approved<\/a> a bill that would let Prime Minister Madbouly extend the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\" style=\"\" rel=\"noopener\">expat car-for-FX initiative<\/a> for three months. The program would allow Egyptians living abroad to import cars tax-free on the condition that they deposit the equivalent of saved duties and taxes in a five-year FX certificate of deposit. The second iteration of the program is expected to generate USD 1.1 bn in hard currency receipts, Parliamentary Affairs Minister Alaaeddin Fouad said at the session. That\u2019s a bit more than the top end of the USD 450 mn to USD 1 bn range on which a senior official <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d099209-b677-40f2-a47e-569e5b938cd7\" style=\"\" rel=\"noopener\">guided us earlier this week<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A hard-won yes: <\/strong>The bill ran into loud opposition from MPs, including from House Economic Committee chair Mohamed Soliman, who voiced doubt about the extension generating sufficient FX revenues. \u201cWe will approve this bill only to not embarrass the Finance Ministry, which had previously claimed it would generate USD 2.5 bn,\u201d said Soliman.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The first round of the scheme, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d86fe5c3-0d43-4884-9234-8fca2a017613\" style=\"\" rel=\"noopener\">wrapped up<\/a> in May raised around <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/adc21580-5328-42dd-8b3e-402afed49b10\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/adc21580-5328-42dd-8b3e-402afed49b10\" style=\"\" rel=\"noopener\">USD 900<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/adc21580-5328-42dd-8b3e-402afed49b10\" style=\"\" rel=\"noopener\">mn<\/a> \u2014 a little over a third of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30f774c7-53ed-44fb-b8cc-2cbd3b37fa9e\" style=\"\" rel=\"noopener\">USD 2.5 bn<\/a> targeted <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30f774c7-53ed-44fb-b8cc-2cbd3b37fa9eExpat%20car%20import%20scheme%20could%20raise%20EGP%2050%20bn%20worth%20of%20FX%20-Maait\" style=\"\" rel=\"noopener\"><\/a> by the Finance Ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Development of the Safaga Port: <\/strong>The draft bill will hand an Abu Dhabi Ports-ledconsortium with Golden Anchor Ships Operator and Silver Anchor Facilities Management <a target=\"_blank\" href=\"http:\/\/www.parliament.gov.eg\/News_Show.aspx?frm=4881\" style=\"\" rel=\"noopener\">the right<\/a> through its Safaga Stations Operating Company to develop, build, manage, and operate the Safaga Port for thirty years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The three bills will now be sent to President Abdel Fattah El-Sisi to be ratified into law. The House has also adjourned sessions until Sunday, 29 October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO APPROVED BY THE HOUSE-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AfDB capital increase:<\/strong> A presidential decree was approved to <a target=\"_blank\" href=\"http:\/\/www.parliament.gov.eg\/News_Show.aspx?frm=4880\" style=\"\" rel=\"noopener\">increase<\/a> Egypt's contribution to the paid-up capital of the African Development Bank (AfDB). The Madbouly government will purchase 19.7k shares from AfDB for USD 16.8 mn in two installments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Financing for Takaful and Karama:<\/strong> A <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29a80974-4fef-4290-bd28-dc46eb661d62\" style=\"\" rel=\"noopener\">USD 500 mn loan from the<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29a80974-4fef-4290-bd28-dc46eb661d62\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29a80974-4fef-4290-bd28-dc46eb661d62\" style=\"\" rel=\"noopener\">World Bank<\/a> toexpand the Takaful and Karama program was given the <a target=\"_blank\" href=\"http:\/\/www.parliament.gov.eg\/News_Show.aspx?frm=4883\" style=\"\" rel=\"noopener\">green light<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Vienna pact on traffic signals: <\/strong>The House approved the <a target=\"_blank\" href=\"http:\/\/www.parliament.gov.eg\/News_Show.aspx?frm=4882\" style=\"\" rel=\"noopener\">Vienna Conventions of 1968<\/a> to adopt a unified international system of traffic signals and road standards to help us become a regional logistics hub.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi-ports\/\">Abu Dhabi Ports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608256 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=\"608256\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/608256\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608256\" class=\"content-area-description single-story post-608256 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\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=\"608257\" 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=\"608257\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/last-nights-talk-shows-on-the-tenth-day-of-the-israel-hamas-conflict\/\">\r\n                            Gaza continues to dominate the nation\u2019s talk shows for the ninth day                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/last-nights-talk-shows-on-the-tenth-day-of-the-israel-hamas-conflict\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" 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href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows+on+the+tenth+day+of+the+Israel-Hamas+conflict+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F17%2Flast-nights-talk-shows-on-the-tenth-day-of-the-israel-hamas-conflict%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\/17\/last-nights-talk-shows-on-the-tenth-day-of-the-israel-hamas-conflict\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/825.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"608258\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/last-nights-talk-shows-on-the-tenth-day-of-the-israel-hamas-conflict\/825-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/825.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"825.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/825.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/825.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608257\" class=\"content-area-description single-story post-608257 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-egx tag-enterpriseam tag-food-prices tag-gaza tag-israel tag-last-nights-talk-shows tag-middle-east-politics tag-suez-canal-authority 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\/.db09812d-f6ca-421a-9ecc-68851675c548.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war in Gaza dominated the nation\u2019s<\/strong><strong> talk shows for the ninth straight night<\/strong>, with presenters focusing on aid stranded at the Rafah crossing. The crossing was hit with airstrikes yesterday for the fourth time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cMore than 1 mn citizens in Gaza are homeless,\u201d<\/strong> following the destruction of over 5k residential buildings and 14 hospitals, the Palestinian Ambassador to Cairo Diab Al Louh told Fi Al Masa\u2019 Ma\u2019 Qaswa\u2019 (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/CBCEgypt\/videos\/885660803178187\" style=\"\" rel=\"noopener\">watch, runtime: 7:57<\/a>). Palestinian National Initiative Secretary-General Mustafa Barghouti told Kelma Akhira that Israel is engaging in ethnic cleansing in Gaza. He also detailed the reasons for the delay in Israel\u2019s ground invasion into Gaza (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/KelmaAkhira\/videos\/358439663199214\" style=\"\" rel=\"noopener\">watch, runtime: 11:27<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Gaza side of the Rafah crossing has been hit again by Israeli airstrikes<\/strong>,El Hekaya said (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1044292633371974\" style=\"\" rel=\"noopener\">watch, runtime: 22:24<\/a>). Senior Red Crescent official Raed Abdel Nasser told Kelma Akhira that the airstrike was designed to obstruct the delivery of aid to Gaza (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=2311986882322034\" style=\"\" rel=\"noopener\">watch, runtime: 5:25<\/a>). The news also received coverage from Ala Masouleety (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ueld8oEcISc&ab_channel=SadaElbalad-%D8%B5%D8%AF%D9%89%D8%A7%D9%84%D8%A8%D9%84%D8%AF\" style=\"\" rel=\"noopener\">4:16<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=nnrkFFGJJro&ab_channel=SadaElbalad-%D8%B5%D8%AF%D9%89%D8%A7%D9%84%D8%A8%D9%84%D8%AF\" style=\"\" rel=\"noopener\">4:39<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Osama Kamal addressed US President Joe Biden\u2019s comments <\/strong>that occupying Gaza \u201cwould be a grave mistake\u201d on Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=724678099485232\" style=\"\" rel=\"noopener\">watch, runtime: 2:31<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt is monitoring the readiness of our health facilitie<\/strong><strong>s to receive wounded, injured, <\/strong>saysHealth Ministry spokesperson Hossam Abdel Ghaffar, who appeared on several shows including Salet El Tahrir (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=TiiqEHJovZU&ab_channel=SadaElbalad-%D8%B5%D8%AF%D9%89%D8%A7%D9%84%D8%A8%D9%84%D8%AF\" style=\"\" rel=\"noopener\">watch, runtime: 4:02<\/a>) and Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=3489991884547125\" style=\"\" rel=\"noopener\">watch, runtime: 5:20<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A truce looks unlikely<\/strong>, but Lamees El Hadidi predicted that there could be a breakthrough allowing aid to enter into Gaza after President Abdel Fattah El Sisi received a phone call from US President Joe Biden last night. She added that Russian President Vladimir Putin could intervene and support a de-escalation of the conflict (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=352314274006980\" style=\"\" rel=\"noopener\">00:43<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=276266378712305\" style=\"\" rel=\"noopener\">5:13<\/a>). Al Hayah Al Youm gave coverage to the upcoming summit to be held in Cairo this Saturday, to address the ongoing conflict (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1019875452490173\" style=\"\" rel=\"noopener\">watch, runtime: 8:25<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>Food price controls:<\/strong> The government and private sector initiative to reduce the prices of basic food commodities will take between a week and 10 days to roll out, head of the Federation of Egyptian Industries\u2019 food division Ashraf El Gazayerli told El Hekaya (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=690124856332679\" style=\"\" rel=\"noopener\">watch, runtime: 5:10<\/a>).<\/li>\n<li><strong>Suez Canal revenues will rise 30% this year to reach USD 10.3 bn<\/strong>, supported by the Suez Canal Authority\u2019s flexible marketing policy, the authority\u2019s head Osama Rabie said last night on Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=698445278866467\" style=\"\" rel=\"noopener\">watch, runtime: 5:49<\/a>) and Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1453269328841147\" style=\"\" rel=\"noopener\">watch, runtime: 4:28<\/a>).<\/li>\n<li><strong>EGX30 reaches record high:<\/strong> The Egyptian stock exchange\u2019s EGX30 hit over 21k points \u2014 its highest level in six months \u2014 receiving coverage from Masaa DMC, which spent time looking into the reasons for its rise. (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=6753597724754872\" style=\"\" rel=\"noopener\">watch, runtime: 5:04<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-prices\/\">food prices<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gaza\/\">Gaza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n        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Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/alfa-eyes-stakes-in-three-cairo-hospitals-plus-gold-news-from-aton-and-naguib\/\">\r\n                            Alfa eyes stakes in three Cairo hospitals. PLUS: Gold news from Aton and Naguib                        <\/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\/17\/alfa-eyes-stakes-in-three-cairo-hospitals-plus-gold-news-from-aton-and-naguib\/\" 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\/17\/alfa-eyes-stakes-in-three-cairo-hospitals-plus-gold-news-from-aton-and-naguib\/')\">\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\/17\/alfa-eyes-stakes-in-three-cairo-hospitals-plus-gold-news-from-aton-and-naguib\/\">\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=Alfa eyes stakes in three Cairo hospitals. 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PLUS: Gold news from Aton and Naguib\">\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=Alfa+eyes+stakes+in+three+Cairo+hospitals.+PLUS%3A+Gold+news+from+Aton+and+Naguib+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F10%2F17%2Falfa-eyes-stakes-in-three-cairo-hospitals-plus-gold-news-from-aton-and-naguib%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\/17\/alfa-eyes-stakes-in-three-cairo-hospitals-plus-gold-news-from-aton-and-naguib\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/834.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"608261\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/alfa-eyes-stakes-in-three-cairo-hospitals-plus-gold-news-from-aton-and-naguib\/834-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/834.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"834.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/834.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/834.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608260\" class=\"content-area-description single-story post-608260 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-alfa-medical tag-also-on-our-radar tag-enterpriseam tag-gold tag-healthcare tag-ma-watch tag-mining tag-naguib-sawiris tag-pakistan 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\/.56b66d95-713a-47bf-891b-210b6ce61835.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>M&A WATCH-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Alfa Medical eyes stakes in three Cairo hospitals:<\/strong><a target=\"_blank\" href=\"https:\/\/www.alfalaboratory.com\/\" style=\"\" rel=\"noopener\">Alfa Medical Group<\/a> (AMG) \u2014 the group behind Alfa Labs \u2014 is currently looking to acquire stakes in as many as three Cairo-based hospitals before the end of 2023 as part of an expansion plan, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3PQbYv6\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3PQbYv6\" style=\"\" rel=\"noopener\">l Mal<\/a> reports, citing sources it says have knowledge of the matter. The local media outlet did not disclose the names of the hospitals or the size of the stakes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AMG has a lot of investments in the pipeline? <\/strong>AMG is currently building two hospitals and the Alfa Medical City in Sheikh Zayed to add to its existing portfolio of 170 pathology centers, 6 radiology centers and a hospital, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/alfamedicalgroup\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>. In 2021, the group <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ef883f7-8531-4b2e-8783-56bf1df35845\" style=\"\" rel=\"noopener\">announced<\/a> plans to invest some EGP 5 bn in the local market through 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MINING-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Aton strikes gold:<\/strong> Egypt-focused Canadian gold miner Aton Resources identified opportunities for mining moderate and high grade gold at the Semna prospect in its Abu Marwat concession in the Eastern Desert, the company announced in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/772.pdf\" style=\"\" rel=\"noopener\">first results release (pdf)<\/a>. \u201cThe drilling has indicated that the high grade orogenic style gold mineralisation at Semna continues at depth beneath the old mine stopes, and is also open along strike,\u201d Aton\u2019s interim CEO Tonno Vahk said in the release, adding \u201cthese results further indicate the potential of the Abu Marwat Concession to host multiple deposits with a variety of mineralisation styles.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aton wants to further its gold mining operations:<\/strong> The Canadian firm wants to obtain a mining license to develop its gold mines at its Abu Marwat concession, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/15\/1723628\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, and has submitted a request to the Egyptian Mineral Resources Authority detailing its commercial discoveries at the concession.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Naguib Sawiris mulls stake in Pakistani gold mine: <\/strong>Egyptian telecom and real estate bn\u2019aire Naguib Sawiris indicated his interest in investing in the USD 7 bn Reko Diq gold and copper mine in Pakistan, reports <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-16\/gold-egyptian-billionaire-sawiris-eyes-pakistan-s-reko-diq-mine\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Sawiris, who is no stranger to the gold mining industry, added \u201cI have an advantage compared to other investors. I know the country, I have friends here.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know and what we don\u2019t: <\/strong>The mine is one of the largest undeveloped gold and copper mines in the world, but international companies have been reluctant to get involved on the back of security concerns, the news outlet reported. It is 50% owned by Canada\u2019s Barrick Gold and the remaining 50% is owned by Pakistani state companies and institutions.Sawiris did not elaborate on the size of any future stake purchase or who he would buy it from.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sawiris is no stranger to Pakistan: <\/strong>The Sawiris-owned Ora Developers also has a presence in the South Asian country and is currently building a luxury housing development. Pakistan, like many other developing nations, also had their first mobile telephone network set up by the Egyptian businessman.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alfa-medical\/\">Alfa Medical<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/gold\/\">gold<\/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\/ma-watch\/\">M&amp;A Watch<\/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\/naguib-sawiris\/\">Naguib Sawiris<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pakistan\/\">Pakistan<\/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=\"608262\" 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=\"608262\">\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\/17\/what-happened-to-the-year-of-the-bond-in-the-us\/\">\r\n                            What happened to the \u201cyear of the bond\u201d in the US?                        <\/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 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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/what-happened-to-the-year-of-the-bond-in-the-us\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/826.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"608263\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/what-happened-to-the-year-of-the-bond-in-the-us\/826-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/826.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"826.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/826.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/826.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608262\" class=\"content-area-description single-story post-608262 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-bonds tag-capital-markets tag-enterpriseam tag-financial-markets tag-planet-finance tag-us tag-wall-street wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.d36b6d32-18f8-4e7d-89c9-230f82db4034.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>2023 dubbed a \u201chumbling year\u201d for the US bond market, following initial <\/strong><strong>optimism:<\/strong> Previously given the tagline \u201cthe year of the bond\u201d by Wall Street investors, 2023 has turned into one of the <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-08\/bond-market-pain-is-a-sign-of-interest-rates-returning-to-normal\" style=\"\" rel=\"noopener\">toughest years<\/a> ever for the market, with investors experiencing unprecedented losses due to interest rate fears, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-15\/time-is-running-out-for-the-year-of-the-bond-as-losses-mount?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>Why the original optimism? <\/strong>The common consensus for 2023 was that the economy would struggle with consecutive interest run hikes, in turn pushing up gains for bonds with the expectation of a relaxation of monetary policy around the corner <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What changed? <\/strong>At its core, assumptions that a slow down in inflation would restrain yields did not play out throughout the year.Jobs and economic growth data for the US came in strong despite slowing inflation \u2014 presenting accelerating price growth as a real possibility. This sent yields soaring and the US Treasury market into the red for the year.<\/p><p><strong>But a hard landing may still be coming: <\/strong>One analyst warned that a \u201chard landing is coming,\u201d according to Bloomberg, adding that many on Wall Street view the possibility of the US economy falling into a contraction as a question of when and not if.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the short-term: <\/strong>While the market briefly bounced back as traders looked for a safe investment amidst the war between Israel and Hamas, treasuries declined again on Monday as concerns eased over the possibility of more countries joining the war. <\/p><p><a target=\"_blank\" id=\"t.c345692966db71cf9be7d0deb73de762e086e534\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">21,032<\/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\">+3.5% (YTD: +44.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,622<\/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: +1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,479<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: -7.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">3,943<\/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: +18.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,374<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.1% (YTD: +13.9%)<\/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>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\">7,631<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro <\/strong><strong>S<\/strong><strong>toxx 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\">4,150<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +9.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 90.17<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 3.11<\/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\">-3.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 1,933<\/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>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 28,402<\/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\">+4.4% (YTD: +72.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 3.5% at yesterday\u2019s close<\/strong> on turnover of EGP 4.0 bn (83.5% above the 90-day average). Local investors were net buyers. The index is up 44.1% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Mopco (+20.0%), Abou Qir Fertilizers (+18.6%) and Credit Agricole (+6.7%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Orascom Development (-1.5%), Palm Hills Development (-1.0%) and CIB (-0.8%).<\/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\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wall-street\/\">Wall Street<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"608264\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypts-first-locally-produced-ev-almost-ready-for-launch\/\">\r\n                            Egypt\u2019s first locally produced EV set to launch in 2024<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypts-first-locally-produced-ev-almost-ready-for-launch\/\" 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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With the government working on providing incentives to localize the industry as part of its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4644a83-c12d-4e36-94ca-5b99f1995591\" style=\"\" rel=\"noopener\">automotive strategy<\/a>, multiple local companies have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/934069da-ded0-46a7-a775-cb695d98fad6\" style=\"\" rel=\"noopener\">announced plans<\/a> to start locally producing EVs in the foreseeable future.  <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enterprise spoke with industry experts to find out how Egypt is faring on the EV front<\/strong>, how close we are to locally manufacturing EVs, and how ready the country is for a nationwide switch to green mobility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where do we stand?<\/strong> The AAST said it was <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2023\/02\/22\/the-aast-is-promising-ultra-cheap-locally-assembled-evs-97583\/\" style=\"\" rel=\"noopener\">on the verge of producing affordable, locally-assembled electric cars<\/a> last February, with a possible launch date by August of this year. The academy\u2019s EV project seems to be inching closer and closer to the finish line. \u201cWe\u2019re already done with the design of the vehicle, and there\u2019s already a functional prototype. Production should start in early 2024,\u201d head of the The Arab Academy for Science, Technology and Maritime Transport (AAST)\u2019s EV project Mohamed Elghamry told us. \u201cOutput will start at 1k vehicles a month by early next year, then we hope to reach an output of 5k vehicles within seven months of launching,\u201d he said. <\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Two vehicles at an incredible price point:<\/strong> The AAST plans to release two vehicles \u2014 one with a top-speed of 60km\/h and a battery capacity of 100 km per charge and another with a top speed of 90 km\/h and a battery capacity of 200 km per charge. The EVs will be priced at EGP 120k and 180k respectively, Elghamry said. \u201cThe entire body of the vehicle will be manufactured locally, as well as all the internal components \u2014 the seats, the glass, etc,\u201d he said. The vehicles\u2019 components are set to be 100% locally manufactured within a year, pending a couple of rounds of testing for the remaining non-local components such as the engine and battery, Elghamry explained.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Think golf carts or \u201csmart cars,\u201d not luxury cars: <\/strong>The vehicles are specifically made for shorter commutes inside the city, which Elghamry believes is what most Egyptians will need. \u201cWe\u2019ve created a car that is made for driving inside the city. 80% of private cars are used primarily within the city, where the speed limit is mostly between 60-80 km\/h. You don\u2019t really need a car with an expensive engine that moves much faster than the limit,\u201d Elghamry said. \u201cOther than the engine itself being relatively cheap, we can generally maintain low prices as we avoid import customs and longer supply chains, which is what causes auto prices to be expensive in the first place,\u201d he added.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>And on the road to a golden license: \u201c<\/strong>The prime minister has agreed to give us a golden license, and we\u2019re going through the process of acquiring it officially in the coming months,\u201d Elghamry said.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>But is local production the way to go? \u201c<\/strong>I don\u2019t think we have the know-how and the technology to locally produce a car from scratch,\u201dAbou Ghaly Motors COO Tamer Kotb told us. \u201cWe still have to rely on international companies for the know-how on producing EV motors and batteries. The alternative is to attract international companies to produce EVs here, providing a trust-worthy option for the Egyptian consumer who continues to view EVS with an air of skepticism,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Throw the focus on local assembly instead: <\/strong>Abou Ghaly Motors is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e7c824ed-2d5a-4251-ab4e-152755d7c179\" style=\"\" rel=\"noopener\">set to start locally assembling Geely EVs<\/a> at some point this year, and Kotb believes the focus should be on turning Egypt into an EV export hub for neighboring markets. \u201cWe should be focused on attracting international auto companies to invest here, and produce primarily to export,\u201d he said, \u201cBy prioritizing local assembly, we contribute to fixing the FX crisis, we create jobs, and we still provide Egyptian consumers with a product that will earn their trust.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EV market is maturing, regardless of who builds them: <\/strong>When asked about the expected market demand, Elghamry said with the prices and technology offered, there will be plenty of consumers ready to adopt AAST\u2019s product. \u201cCharging stations won\u2019t be an issue, as the infrastructure is already available and expanding, and our cars will come with their own chargers,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The infrastructure to support EVs is taking shape: <\/strong>Renewable energy player Infinity is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4376c407-e64d-4210-82ce-321f31931c68\" style=\"\" rel=\"noopener\">planning to increase<\/a> the number of its charging stations to 300 and charging spots to 1k by 2024, as part of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2dd65fe-9507-4ee7-90cc-f2e4a53a5da5\" style=\"\" rel=\"noopener\">larger plan with the government<\/a> to set up 6k vehicle charging spots across the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And other players are venturing into the space:<\/strong> State-owned El Nasr Automotive had also hoped to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e01712b2-bb02-4e7a-90c0-7ceea783a6e7\" style=\"\" rel=\"noopener\">put locally manufactured vehicles into the market<\/a> by 2023, but is still seeking <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a37d796-8ad7-46c4-8c71-90b7b467503d\" style=\"\" rel=\"noopener\">new international partners<\/a> after talks with Chinese firm Dongfeng fell through. Most recently, El Nasr <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2fc6d644-f126-40b3-81e9-417b7c0213ad\" style=\"\" rel=\"noopener\">held talks<\/a> with Hinduja Group subsidiary Ashok Leyland in May over a potential partnership.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"608266\" 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\/17\/608266\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608266\" class=\"content-area-description single-story post-608266 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">OCTOBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Late October-14 November: 3Q2023 earnings season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 October (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\" style=\"\">Egypt Automotive Aftermarket Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Convention Center. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 October (Friday): 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 style=\"font-weight:400;\">27 October- 2 November (Friday-Thursday): Gouna Film Festival. <\/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, 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>Gov\u2019t expects to finalize sale of Gabal El Zeit w<\/span><span style=\"font-weight:400;\">ind plant<\/span><\/li>\n<li><span>October or November: Gov\u2019t expects to finalize stake sale 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 style=\"font-weight:400;\">12 November (Sunday): Deadline for technical and financial offers for Misr Aluminium Company rehabilitation project (extended from 12 October)<\/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;\">December: Kenyan trade conference 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;\">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 <\/span><span>of a stake in military-<\/span><span style=\"font-weight:400;\">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 style=\"font-weight:400;\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s Gaza summit set for Saturday | S&#038;P to review our credit rating on Friday | Four banks in line for EBRD financing<\/p>\n","protected":false},"featured_media":608242,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-608241","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"47650eed-6f7c-4db8-896c-93edff06b924","teaser":"Egypt\u2019s Gaza summit set for Saturday | S&P to review our credit rating on Friday | Four banks in line for EBRD financing","photo_url":"https:\/\/ent.news\/2023\/10\/837.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>Egypt closes maiden 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