{"id":608324,"date":"2023-10-18T00:00:00","date_gmt":"2023-10-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=608324"},"modified":"2025-12-17T01:21:32","modified_gmt":"2025-12-17T01:21:32","slug":"business-could-feel-the-squeeze-as-cbe-curbs-credit-card-use-for-fx-transactions","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/business-could-feel-the-squeeze-as-cbe-curbs-credit-card-use-for-fx-transactions\/","title":{"rendered":"Business could feel the squeeze as CBE curbs credit card use for FX transactions"},"content":{"rendered":"<section id=\"608326\" 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=\"608326\">\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\/18\/biden-is-coming-to-israel-but-not-jordan-amid-regional-outrage-over-gaza-hospital-bombing\/\">\r\n                            Biden is coming to Israel (but not Jordan) amid regional outrage over Gaza hospital bombing                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/897.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"897.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/897.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/897.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608326\" class=\"content-area-description single-story post-608326 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-diplomacy tag-enterpriseam tag-israel tag-israel-palestine-conflict tag-joe-biden tag-middle-east-politics tag-palestine tag-us tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.51eec4ea-9b8d-4cc5-b01f-7d5954e14e32.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>It\u2019s a particularly tense morning in our corner of the world after a horrific hospital bombing in Gaza killed as many as 500 people late yesterday<\/strong>, setting back a diplomatic push by Arab countries to temper Israel\u2019s war on Gaza and raising the prospect of more widespread unrest.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a fast-moving situation, but here\u2019s what we know:<\/strong><\/p><ul>\n<li><strong>As many as<\/strong><strong> 500 people were killed yesterday after Israel bombed a hospital in Gaza<\/strong>, Palestinian health authorities said. Officials have yet to release a final casualty toll.<\/li>\n<li><strong>Israel blamed the attack on Palestinian Islamic Jihad<\/strong>, with Israeli Prime Minister Benjamin Netanyahu accusing it of intentionally killing its own people. The Israel military claims the blast was the result of a rocket fired by PIJ that failed after launching.<\/li>\n<li><strong>Arab states aren\u2019t buying it<\/strong>, with countries across the region condemning Israel in the strongest terms yet and declaring three days of mourning;<\/li>\n<li><strong>Joe Biden is still heading to Tel Aviv to reaffirm support for Israel\u2019s brutal war on Gaza<\/strong>, and other Western leaders have so far declined to assign blame for the blast;<\/li>\n<li><strong>Jordan has canceled Biden\u2019s meeting in Amman <\/strong>with the leaders of Egypt, Jordan and Palestine;<\/li>\n<li><strong>Protests erupted in several Arab countries condemning Israel<\/strong>, the US, the UK and France. <\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s unclear what becomes of Arab and other diplomatic initiatives<\/strong>, including Egypt\u2019s Gaza summit of regional and world leaders on Saturday and the emergency meeting of the Organization for Islamic Cooperation in Riyadh today. UN Secretary-General Antonio Guterres is also <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/israel-palestinians-un-egypt-idAFFWN3BN1QO\" style=\"\" rel=\"noopener\">expected in Cairo<\/a> as early as today for talks with President Abdel Fattah El Sisi.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And it\u2019s not clear how others in the region might react:<\/strong> There\u2019s a danger of heightened tensions on Israel\u2019s border with Lebanon. Hezbollah <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20231017-lebanon-s-hezbollah-calls-for-day-of-rage-over-gaza-hospital-strike\" style=\"\" rel=\"noopener\">has called for<\/a> a \u201cday of rage\u201d across the Arab world today and urged Muslims to protest against Israel. Protests have already occurred outside Western embassies in Lebanon, Jordan and Tunisia, as well as on the streets of Ramallah where demonstrators called for the resignation of Mahmoud Abbas.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What Biden does next is key:<\/strong> With yesterday\u2019s bombing hardening Arab sentiment, it could hardly be a worse time for the US president to land in Tel Aviv. Yesterday\u2019s snub by the Jordanians is a sign of growing Arab impatience with Washington\u2019s unwillingness to try to rein-in the Israeli assault following the cool response by Arab leaders to Antony Blinken\u2019s recent attempts at outreach. What Biden does next will have a significant impact on America\u2019s standing in the region and the future course of the conflict. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Waiting in the wings:<\/strong> Russia and China are both making their pitches to the Arab world, with the countries\u2019 leaders expected to meet in Beijing today to discuss the conflict. Both Russian President Vladimir Putin and Chinese Premier Xi Jinping have struck a more neutral tone in the conflict, condemning Hamas\u2019 attack but also voicing heavy criticism of Israel\u2019s response and coming out in support for a Palestinian state.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another UNSC vote today:<\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/un-security-council-vote-wednesday-israel-gaza-conflict-2023-10-17\/\" style=\"\" rel=\"noopener\">Reuters<\/a> is reporting that the UN Security Council will vote on a Brazil-drafted resolution for a humanitarian pause in the conflict, two days after a Russian resolution <a target=\"_blank\" href=\"https:\/\/news.un.org\/en\/story\/2023\/10\/1142427\" style=\"\" rel=\"noopener\">was rejected<\/a>.Russia and UAE both called for an emergency council meeting to take place today following the hospital strike, according to the <a target=\"_blank\" href=\"https:\/\/www.barrons.com\/news\/russia-uae-call-for-emergency-un-security-council-meeting-wednesday-diplomat-a36c3891\" style=\"\" rel=\"noopener\">AFP<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE WESTERN PRESS HAS NO CLUE, #379-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.economist.com\/leaders\/2023\/10\/16\/to-save-palestinian-lives-in-gaza-open-the-crossing-into-egypt\" style=\"\" rel=\"noopener\">The Economist<\/a><\/strong><strong> wants Egypt to be an accomplice in ethnic cleansing<\/strong>, with an insipid op-ed this week that Egypt needs to let Palestinians into Sinai with \u201cIsrael, America and well-meaning Arab states [making] a formal [promise], underwritten by the United States, that the flight into the Sinai would be temporary.\u201d \u201cWell-meaning Arab states.\u201d You can practically taste the condescension from here.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/17\/business\/dealbook\/saudi-davos-desert-conference-ceos.html\" style=\"\" rel=\"noopener\">NYT\u2019s Dealbook<\/a><\/strong>, led by the usually very smart Andrew Ross Sorkin, <strong>is wringing its hands <\/strong><strong>over whether business leaders should attend MbS\u2019 Davos in the Desert. <\/strong>Why? Dealbook would have us believe that there are \u201cquestions swirling over who will attend and who will drop out of the event\u201d because [gasp] Riyadh hasn\u2019t expressed the requisite amount of sympathy to Israel and has been cool to US diplomacy on the Gaza-Israel war. <\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n  <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/p><\/div>\n<\/div>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#1- We\u2019re about to get a new US ambassador:<\/strong>The US SenateForeign Relations Committee will meet on Thursday for a hearing on <a target=\"_blank\" href=\"https:\/\/www.state.gov\/garg-herro-mustafa-arabic-republic-of-egypt-march-2023\" style=\"\" rel=\"noopener\">Herro Mustafa Garg<\/a> \u2019s nomination to be the new US ambassador to Egypt, the Foreign Relations Committee <a target=\"_blank\" href=\"https:\/\/www.foreign.senate.gov\/press\/dem\/release\/senate-foreign-relations-committee-week-ahead-october-16_20\" style=\"\" rel=\"noopener\">said<\/a> on Monday. Garg was nominated by US President Joe Biden to head the US Embassy in Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a7dad6e-3727-4b82-b2c5-d64f5ee0109e\" style=\"\" rel=\"noopener\">earlier this year<\/a> after serving as the US ambassador to Bulgaria from October 2019 to March 2023. She\u2019s a career diplomat with plenty of Mideast experience and speaks both Kurdish and Arabic.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- El Sisi to meet Guterres in Cairo: <\/strong>UN Secretary-General Antonio Guterres will meet with President Abdel Fattah El Sisi as early as today, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/israel-palestinians-un-egypt-idAFFWN3BN1QO\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, to discuss getting aid to Gaza. Guterres is expected to attend Egypt\u2019s Gaza summit on Saturday, 21 October, which will be attended by a large number of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a68ef04-8213-41a0-91ad-60c0769265df\" style=\"\" rel=\"noopener\">regional and international leaders<\/a> to discuss the \u201cdevelopments and future of the Palestinian issue,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/887823806039682\" style=\"\" rel=\"noopener\">statement<\/a> from the National Security Council on Sunday. Leaders of Arab nations and the members of the UN Security Council (China, France, Russia, UK and US) have all been invited.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>#3- Wataniya stake sale could be wrapped up by December:<\/strong> The government could announce the winner of the stake in military-owned filling station operator Wataniya within a month to six weeks, Planning Minister Hala El Saeed said in an interview with Asharq Business (<a target=\"_blank\" href=\"https:\/\/bit.ly\/46UKQCc\" style=\"\" rel=\"noopener\">watch,<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/46UKQCc\" style=\"\" rel=\"noopener\">runtime: 3:2<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/46UKQCc\" style=\"\" rel=\"noopener\">3<\/a>). The government is currently compiling a shortlist of the companies that submitted offers to purchase the stake El Saeed added. The Sovereign Fund of Egypt is looking to sell at least 10% \u2014 and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2b7a2e5-6a60-4d93-b790-a71770451eff\" style=\"\" rel=\"noopener\">potentially as much as 100%<\/a> \u2014 of Wataniya as part of the state\u2019s privatization program. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We counted six bidders:<\/strong> Shell and China\u2019s North Petroleum <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed23d6b6-3314-4600-8e5c-af1f5ef906a4\" style=\"\" rel=\"noopener\">recently joined<\/a> Taqa Arabia, Abu Dhabi National Oil Company (Adnoc), Emirates National Oil Company (ENOC), and Saudi firm Petromin as the companies that have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9326a491-9645-49df-b489-e36f40100021\" style=\"\" rel=\"noopener\">reportedly submitted offers<\/a> for the Wataniya stake. Bids range between USD 250 mn and USD 280 mn, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3ZXJioH\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a> <strong>The EGX30 surged to a record high for a second day in a row<\/strong>, as investors continue to hedge against a widely anticipated devaluation and soaring inflation. The benchmark index rose 5% during trading yesterday to close above 22k points for the first time ever. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2020\/01\/Web-view-01.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>Egypt is boosting its digital infrastructure, with big targets for the next few years.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608328 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=\"608328\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/608328\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608328\" class=\"content-area-description single-story post-608328 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/oceanmanswim.com\/somabay-egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/584.png?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:400;\">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=\"608329\" 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=\"608329\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/cbe-curbs-credit-card-use-amid-fx-crunch\/\">\r\n                            CBE curbs credit card use amid FX crunch                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/cbe-curbs-credit-card-use-amid-fx-crunch\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The central bank did not disclose a limit on locally executed FX transactions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is very bad news for startups as well as small and medium sized businesses<\/strong>, whose technology expenses for critical infrastructure typically run on credit cards. Businesses rely on vendors including Microsoft, Google, Amazon and dozens more for cloud storage and compute, email, chat, core productivity applications (think: Google Sheets and Microsoft Excel), password management, and more. We hope bankers will be sensible in allowing business clients of all sizes to demonstrate \u201clegitimate\u201d needs for much higher limits. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to spend more? You have to be abroad \u2014 and you have to be able to prove it<\/strong><strong>:<\/strong> Customers will have to contact their banks and notify them of their travel plans before being given access to their usual FX transaction limits, the CBE said. Each bank will be left to determine how they will prove travel, one source told Asharq.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re curbing \u201cmisuse,\u201d says CBE: <\/strong>Customers are misusing credit cards by making FX-denominated payments or withdrawals from abroad without leaving the country, the central bank said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s about stopping the FX drain:<\/strong> The head of a private local bank told Asharq that the decision was due to \u201cthe scarcity of foreign currency in Egypt, and therefore we must all rationalize its consumption for what the country needs most.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news follows bans on debit cards last week: <\/strong>Several of the country's biggest banks last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">began blocking<\/a> the use of local-currency debit cards abroad.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: Egypt\u2019s FX situation isn\u2019t in a good place.<\/strong> FX liquidity in the banking system has continued to deteriorate this year, with net foreign liabilities among commercial banks widening to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9abffb0c-9baa-43d2-9669-1e3c50fc84ec\" style=\"\" rel=\"noopener\">USD 16.5 bn<\/a> in August.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608331\" 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=\"608331\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/gaza-hospital-airstrike-marks-grim-new-chapter-in-the-gaza-war\/\">\r\n                            Gaza hospital airstrike marks grim new chapter in the Gaza war                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/gaza-hospital-airstrike-marks-grim-new-chapter-in-the-gaza-war\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Al Ahli Arab Hospital was both treating the wounded and serving as a refuge for hundreds of displaced Palestinians. The bombing was one of the deadliest single incidents in the territory in the history of a Hamas-Israel conflict stretching back to the late 2000s.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The exact human cost of the tragedy isn\u2019t yet known:<\/strong> There have been conflicting figures coming out of Gaza, with the territory\u2019s civil defense chief initially putting the death toll at 300 people and a health ministry official saying more than 500 died. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trading blame:<\/strong> Israel has denied responsibility for the attack, with officials suggesting that the blast was caused by a failed rocket launch by Palestinian Islamic Jihad and Prime Minister Benjamin Netanyahu <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/netanyahu-says-barbaric-terrorists-in-gaza-responsible-for-hospital-explosion\/\" style=\"\" rel=\"noopener\">accusing<\/a> them of intentionally killing their own people. The armed group called the accusations \u201clies\u201d and blamed Israel for the bombing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hospitals aren\u2019t targets, but schools are:<\/strong>\u201cA hospital is a highly sensitive building and is not an IDF target,\u201d the IDF said in <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/world-middle-east-67119233?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=652edbdcfd63b979e1acdf28%26Israel%27s%20military%20says%20%27a%20hospital%20is%20not%20an%20IDF%20target%27%262023-10-17T19%3A10%3A41.518Z&ns_fee=0&pinned_post_locator=urn:asset:ccb56668-5e1b-4f77-af86-867e2d177068&pinned_post_asset_id=652edbdcfd63b979e1acdf28&pinned_post_type=share\" style=\"\" rel=\"noopener\">a statement<\/a> to the BBC. Earlier in the day, six people were killed when Israel bombed a UN school, the UN\u2019s Palestine refugee agency <a target=\"_blank\" href=\"https:\/\/www.unrwa.org\/newsroom\/official-statements\/gaza-unrwa-school-sheltering-displaced-families-hit\" style=\"\" rel=\"noopener\">said<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Arab and Muslim world isn\u2019t buying what Israel is saying:<\/strong> Leaders across the region blamed Israel for the attack and condemned its actions in harsh terms:<\/p>\n<ul>\n<li><strong>President Abdel Fattah El Sisi<\/strong> accused Israel of being responsible in <a target=\"_blank\" href=\"https:\/\/bit.ly\/3Q8tF9w\" style=\"\" rel=\"noopener\">a statement<\/a> that condemned \u201cin the strongest terms this deliberate bombing.\u201d A Foreign Ministry <a target=\"_blank\" href=\"https:\/\/bit.ly\/46VKDia\" style=\"\" rel=\"noopener\">statement<\/a> carried a similar message, calling for Israel to immediately stop its policies of collective punishment. <\/li>\n<li>The <strong><a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N1981747\" style=\"\" rel=\"noopener\">Saudi<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.mofa.gov.qa\/en\/statements\/qatar-condemns-in-the-strongest-terms-the-israeli-occupation%27s-bombing-of-al-ahli-baptist-hospital-in-gaza\" style=\"\" rel=\"noopener\">Qatari<\/a><\/strong><strong> foreign ministries<\/strong> said that Israel has committed a \u201cheinous crime\u201d and a \u201cflagrant violation of international law.\u201d<\/li>\n<li><strong>The UAE<\/strong>, one of Israel\u2019s strongest allies in the region, <a target=\"_blank\" href=\"https:\/\/www.mofa.gov.ae\/mediahub\/news\/2023\/10\/17\/17-10-2023-uae-esrael\" style=\"\" rel=\"noopener\">also blamed it<\/a> for the attack and called for an immediate ceasefire.<\/li>\n<li><strong>Iran<\/strong> responded with the most dramatic rhetoric, with President Ebrahim Raisi <a target=\"_blank\" href=\"https:\/\/twitter.com\/raisi_com\/status\/1714380932898034045\" style=\"\" rel=\"noopener\">writing<\/a> that the flames of the bombs will \u201cengulf the Zionists.\u201d<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jordan cancels summit on Washington\u2019s pro-war stance: <\/strong>Jordan\u2019s foreign minister Ayman Safadi said yesterday that Amman had canceled the planned four-way summit between the leaders of Jordan, Egypt, the US and the Palestinian Authority due to Washington\u2019s stance on the war. \u201cWe decided not to hold the quadripartite summit in Amman because Washington will not be able to make a decision to stop the war,\u201d Safadi <a target=\"_blank\" href=\"https:\/\/twitter.com\/AJABreaking\/status\/1714392745513521655\" style=\"\" rel=\"noopener\">was quoted as saying<\/a>. Palestinian Authority head Mahmoud Abbas had earlier <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/israel-hamas-war-gaza-palestinians\/card\/palestinian-authority-leader-abbas-cancels-meeting-with-biden-JlBnyaEh0Nkjj6IZh8gk\" style=\"\" rel=\"noopener\">canceled his meeting<\/a> with Biden.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There has been a slight tonal shift in some Western capitals<\/strong>, where leaders issued statements emphasizing the need to protect civilians and speaking in stronger terms about the gravity of the humanitarian crisis in Gaza (though none attributed blame for the attack). French President <a target=\"_blank\" href=\"https:\/\/twitter.com\/EmmanuelMacron\/status\/1714405150444433626\" style=\"\" rel=\"noopener\">Emmanuel Macron<\/a>, Canadian Prime Minister <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/canadian-prime-minister-calls-israeli-strike-hospital-unacceptable-2023-10-17\/\" style=\"\" rel=\"noopener\">Justin Trudeau<\/a>, and the <a target=\"_blank\" href=\"https:\/\/twitter.com\/JamesCleverly\/status\/1714391673483022808\" style=\"\" rel=\"noopener\">British foreign secretary<\/a> all issued statements condemning the attack, while Biden <a target=\"_blank\" href=\"https:\/\/twitter.com\/POTUS\/status\/1714426083678851116\" style=\"\" rel=\"noopener\">said<\/a> he was \u201coutraged and deeply saddened\u201d by the incident. UN Secretary-General Antonio Guterres <a target=\"_blank\" href=\"https:\/\/twitter.com\/antonioguterres\/status\/1714416230877073664\" style=\"\" rel=\"noopener\">said<\/a> he was \u201chorrified\u201d about the attack and called for medical workers to be protected.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Attack provokes immediate protests:<\/strong> Demonstrators took to the streets in the <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/palestinians-clash-with-abbas-west-bank-forces-after-gaza-hospital-strike-2023-10-17\/\" style=\"\" rel=\"noopener\">West Bank<\/a> and several countries in the region last night to denounce the Israeli occupation, and Western countries for supporting its war on Hamas. The US and French embassies were targeted by protesters <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/lebanons-hezbollah-denounces-gaza-hospital-strike-protests-beirut-2023-10-17\/\" style=\"\" rel=\"noopener\">in Lebanon<\/a>, while crowds attempted to storm the Israeli embassy <a target=\"_blank\" href=\"https:\/\/www.independent.co.uk\/tv\/news\/israel-palestine-war-jordan-embassy-b2431428.html\" style=\"\" rel=\"noopener\">in Jordan<\/a>. Hezbollah has <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20231017-lebanon-s-hezbollah-calls-for-day-of-rage-over-gaza-hospital-strike\" style=\"\" rel=\"noopener\">called on the Muslim world<\/a> to take to the streets in protest against Israel and the US in a \u201cday of rage\u201d today.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUTH OF THE BORDER-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aid remains stuck on the Egyptian side of the Gaza border: <\/strong>Despite growing pressure for the Rafah crossing to be opened to aid, a convoy of trucks remain stationary at the border. Israel has refused to ease off its total siege and has instead bombed the border crossing multiple times, making it harder for aid to enter the strip, according to officials.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Israel is preventing food, water, fuel and humanitarian aid from entering Gaza. The territory\u2019s only desalination plant shut down on Monday, exacerbating the growing water shortage, and raising the risk of death via dehydration and the spread of waterborne diseases, <a target=\"_blank\" href=\"https:\/\/www.unrwa.org\/resources\/reports\/unrwa-situation-report-7-gaza-strip-and-west-bank\" style=\"\" rel=\"noopener\">the UN<\/a> said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign passport holders in Gaza still don\u2019t have a way out: <\/strong>Talks to allow foreign passport holders to enter into Egypt are also ongoing, with Israel yet to respond to a proposal from Egypt that would see the UN oversee the evacuation process with support from Egyptian security forces, an official that spoke to the <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/egypt-says-it-is-still-negotiation-with-israel-over-entry-of-aid-to-gaza\/\" style=\"\" rel=\"noopener\">Times of Israel<\/a> said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IS A GROUND OFFENSIVE STILL INEVITABLE?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel\u2019s next move isn\u2019t clear:<\/strong> \u201cWe are preparing for the next stages of war. We haven't said what they will be. Everybody's talking about the ground offensive. It might be something different,\u201d an senior Israeli military official told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-army-spokesman-says-next-phase-war-may-be-different-expectations-2023-10-17\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. The Israeli military has for over a week telegraphed an imminent invasion of the strip and massed thousands of troops on its border. Analysts have warned of the risks of close-quarters urban combat in Gaza as well as provoking a wider conflict with Hezbollah. One <a target=\"_blank\" href=\"https:\/\/www.telegraph.co.uk\/news\/2023\/10\/17\/monday-evening-news-briefing-at-least-six-britons-killed-in1\/\" style=\"\" rel=\"noopener\">Israeli media report<\/a> claimed that the government was delaying its offensive until after Biden\u2019s visit.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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\/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=\"608333\" 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=\"608333\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/egypt-china-sign-usd-15-5-bn-worth-of-energy-manufacturing-agreements\/\">\r\n                            Egypt, China sign USD 15.5 bn worth of energy, manufacturing agreements                        <\/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\/18\/egypt-china-sign-usd-15-5-bn-worth-of-energy-manufacturing-agreements\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The occasion: China\u2019s Belt and Road Forum, which got underway yesterday with representatives of some <\/span><a target=\"_blank\" href=\"http:\/\/www.beltandroadforum.org\/english\/\" rel=\"noopener\">130 countries<\/a><span style=\"background-color: transparent;\"> in attendance. The big investments in green energy and manufacturing come after sustained sales activity by the SCZone and GAFI, including an <\/span><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e15e0a6b-2f8f-4ff5-953e-f158d38ee68e\" rel=\"noopener\">HSBC-led roadshow<\/a><span style=\"background-color: transparent;\">. The summit wraps up today.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GREEN INVESTMENTS WORTH USD 14.8 BN-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Green is the new black when it comes to energy: <\/strong>The SCZone inked agreements for green manufacturing and green energy investments with Chinese companies worth a combined USD 14.75 bn, the Madbouly cabinet said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02XQ7Ag54DMyxXBQQEryLR73tpsdLbduAQhHPzYBt3YydbYakdHLgaWWk2DJHCrytyl\" style=\"\" rel=\"noopener\">statement<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A new green hydrogen plant is in the works: <\/strong>China\u2019s state-owned China Energy inked a framework agreement with the SCZone to set up a USD 6.75 bn green hydrogen plant spanning 500k square meters, set to annually produce some 1.2 mn tons of green ammonia and 210k tons of green hydrogen. The statement did not reveal a proposed timeline.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China Energy has been interested in Egypt for a while: <\/strong>The company initially <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fca6e16-feca-4c33-b94b-1147cb91ff4a\" style=\"\" rel=\"noopener\">signed an MoU<\/a> with the Madbouly government to conduct a feasibility study for a planet back in December. The company has also shown interest in investing in Egypt\u2019s electricity grid and partnering with the Housing Ministry to manufacture pumps for sewage and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f776d860-3854-414f-b89b-c8755dae0862\" style=\"\" rel=\"noopener\">water desalination plants<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- A green energy-powered potassium chloride facility might be coming our way:<\/strong>China\u2019s privately owned United Energy inked an MoU with the SCZone to build a USD 8 bn renewables powered potassium chloride facility. The facility will kick off with a trial phase producing 100k tons a year and will produce 4.1 mn tons once fully operational. No timeline for the proposed project was presented.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MANUFACTURING PROJECTS WORTH USD 755 MN-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was a busy day for the SCZone:   <\/strong>The SCZone also announced yesterday through a cabinet <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yc54yth5\" style=\"\" rel=\"noopener\">statement<\/a> that they had signed agreements with Chinese companies to manufacture iron pipes, tempered glass, and bromine worth a total of USD 755 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- China Glass will invest USD 500 mn to establish a glass factory: <\/strong>The factory will produce 243.2k tonnes of tempered glass and 235k of rolled glass every year and export 80% of total output.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Xinxing Ductile Iron Pipes will open a USD 145 mn iron pipe factory:<\/strong> The first phase of the project will produce 250k tons of ductile iron pipes earmarked for export per year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Shandong Tianyi Chemical want to invest USD 110 mn in a new bromine factory: <\/strong>The factory will export all 140k tons of bromine produced per year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But where is this all going to fit?<\/strong> With an uptick of investment heading into the Tianjin Economic-Technological Development Area (TEDA) in Sokhna, SCZone head Walid Gamal El-Din and TEDA head Leo Emin agreed to try to expand the 7.3 sq k special economic zone by a further 3 sq k, the statement added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> General Authority For Investment (GAFI) CEO Hossam Heiba told <a target=\"_blank\" href=\"https:\/\/bit.ly\/45Pj0XK\" style=\"\" rel=\"noopener\">Al Mal<\/a> TV in an interview in September (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=KkYaNwtVnR8\" style=\"\" rel=\"noopener\">watch, runtime: 48:50<\/a>) that TEDA wants to acquire a land plot 3x the size of the current zone.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM THE FORUM-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- We\u2019re bringing in experts to help make our power grid more efficient: <\/strong>The <a target=\"_blank\" href=\"https:\/\/scedc.gov.eg\/scedcportal\/\" style=\"\" rel=\"noopener\">South Cairo<\/a><a target=\"_blank\" href=\"https:\/\/scedc.gov.eg\/scedcportal\/\" style=\"\" rel=\"noopener\">Electricity Distribution Company<\/a> inked an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02aE2nGGuvqzCMtxjJyrLgcjviTvrbW33Ec6BCTE38FKBLNhspcpifpm6iVWqBKTihl\" style=\"\" rel=\"noopener\">MoU<\/a> with a consortium consisting of <a target=\"_blank\" href=\"http:\/\/www.xianelectric.com.cn\/en\/\" style=\"\" rel=\"noopener\">Xian Electrical Engineering<\/a>, <a target=\"_blank\" href=\"https:\/\/eng.csg.cn\/h5.html\" style=\"\" rel=\"noopener\">China Southern Power Grid<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.huawei.com\/en\/\" style=\"\" rel=\"noopener\">Huawei Technologies<\/a> to discuss how they could collaborate to raise the efficiency of Egypt\u2019s energy distribution network and reduce energy waste.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- We know more about CTGI\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97d8f5d0-f1ff-4701-a1b7-e4ac5511be23\" style=\"\" rel=\"noopener\">renewables plan<\/a><\/strong><strong> for Egypt: <\/strong>Hydropower developer <a target=\"_blank\" href=\"https:\/\/www.ctg.com.cn\/en\/\" style=\"\" rel=\"noopener\">China<\/a><a target=\"_blank\" href=\"https:\/\/www.ctg.com.cn\/en\/\" style=\"\" rel=\"noopener\">Three Gorges International<\/a> (CTGI) is reportedly looking to set up a 50-GW solar project and a 30-GW wind energy project, a company representative told Chinese state news agency <a target=\"_blank\" href=\"https:\/\/bit.ly\/48OQTtA\" style=\"\" rel=\"noopener\">Xinhua<\/a>, without adding any further information.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Chinese EV, fiber optic cables investments also coming our way? <\/strong>Officials from the SCZone discussed the possibility of opening automobile and fiber optic cables factories and with Chinese companies, an SCZone <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid0Mpmtaj8Q2pYNd7kc1sAPN7KheAmGY466onBLMPPSwPHZH5MWepG9WZ1qMshm8sw2l\" style=\"\" rel=\"noopener\">statement<\/a> said. The delegation also discussed investment opportunities in the Egyptian market with logistics and supply chain integrator Zheshang Development Group Company.<\/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\/china\/\">China<\/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\/green-energy\/\">green energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/teda-industrial-zone\/\">TEDA industrial zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608335\" 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=\"608335\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/dice-founders-re-acquisition-bid-is-official\/\">\r\n                            Dice founders\u2019 re-acquisition bid is official                        <\/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\/18\/dice-founders-re-acquisition-bid-is-official\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The offer came from the founding family\u2019s Toma Company for Commercial and Industrial Investments and board member Maged Toma, who submitted the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9093bdbd-1ae7-47be-9893-742b8694fc7a\" style=\"\" rel=\"noopener\">mandatory tender offer<\/a> (MTO) earlier this month, who had previously sold more than half of the company to public investors during its IPO on the EGX in 2017.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The offer: <\/strong>The buyers want to acquire up to 46.9% of the company \u2014- 838 mn shares \u2014 at EGP 0.65 per share, putting the total acquisition value at EGP 544.8 mn. The consortium will purchase all the shares that respond to the offer, even if they exceed the target. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Toma family already owns 32% of the company:<\/strong> Founder and CEO of the companyNagy Toma currently has a 21.1% stake, while Maged Toma, who sits on the company\u2019s board, owns 8.7%. United Motors has a 7% share, while the rest of the company\u2019s shares are in freefloat. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline: <\/strong>The MTO will be made public today or tomorrow. The process kicks off the day after it is announced in at least two \u2018nationally significant\u2019 newspapers and continues for 19 additional trading days. The transaction needs to be executed on the EGX within five days of the offer period ending. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Post-acquisition plans:<\/strong>The consortium aims to upgrade and expand Dice\u2019s production lines,launch new products to meet market demand, and increase the company\u2019s market share. The buyers also want to boost Dice\u2019s exports and step into new markets across the region. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No plans to shake things up:<\/strong>The consortium has no plans to restructure Dice once theacquisition is complete. It also doesn\u2019t want to partake in any mergers or sell any of the company\u2019s shares or assets over the coming 12 months. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong>Beltone Financial Holding\u2019s Beltone Securities is acting as broker on the transaction, while its promotion and underwriting subsidiary acted as financial advisor. Matouk Bassiouny & Hennawy is legal counsel. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MARKET REAX:<\/strong>Dice shares fell 0.16% to close at EGP 0.62 following the news. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dice-sport-and-casual-wear\/\">Dice Sport and Casual Wear<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/textiles\/\">textiles<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608337\" 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=\"608337\">\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\">Coffee With<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/coffee-with-ahmed-galal-ismail-ceo-of-majid-al-futtaim\/\">\r\n                            Coffee With: Ahmed Galal Ismail, CEO of Majid Al Futtaim                        <\/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\/18\/coffee-with-ahmed-galal-ismail-ceo-of-majid-al-futtaim\/\" 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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Present in 14 cities and welcoming 90 mn visitors annually, MAF\u2019s Egyptian investments include four shopping malls, 70 Carrefour stores, and six family entertainment centers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We sat down with MAF\u2019s CEO, Ahmed Galal Ismail (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ahmed-galal-ismail-046546\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>), to discuss the company\u2019s strategy moving forward<\/strong>, the potential Egypt holds in terms of investment, and what policies will enable MAF\u2019s growth moving forward.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key takeaways:<\/strong><\/p>\n<ul>\n<li>MAF could invest EGP 25 bn into expanding Carrefour in the medium term;<\/li>\n<li>It aims to double Carrefour branches by 2025 and grow the network to 300 by the end of the decade;<\/li>\n<li>It wants a presence in 25 cities around the country by 2030;<\/li>\n<li>Egypt accounts for 10% of the company\u2019s revenues.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Edited excerpts of our conversation:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MAF + EGYPT-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We were probably one of the earliest foreign direct investors in the country<\/strong> and we\u2019ve invested USD 2.5 bn to date without any local bank facilities. All our financing comes from MAF overseas directly into the Egyptian economy. We employ 9k Egyptians and have indirectly created roughly 144k jobs over the past 25 years through our investments in the local supply chain and local industries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our investments here have accelerated in the past 12 to 15 years<\/strong> with the opening of City Center Almaza, Mall of Egypt, and the growth of Carrefour\u2019s business. We believe we\u2019re at a point in time today where we'll probably see another J curve of growth in Egypt for MAF. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON STRATEGY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In terms of a medium-term investment plan, there's an opportunity to deploy probably another EGP 25 bn into the Carrefour network<\/strong> expansion. We intend to double the number of Carrefour branches by 2025, and we could double again by 2030 and have 300 stores present in Egypt. We\u2019re also looking to grow outside the major cities. We've just opened Carrefour in Port Said and Port Fouad and we plan to have a presence in 25 cities by 2030. We\u2019re also looking at new retail formats, we launched a discount retail format called Supeco and the first few stores are off to a good start. We can probably open another 140 stores. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Youth is a very interesting segment in Egypt<\/strong> \u2014 their consumption habits in terms of media, retail and so on. We launched Lokal in our malls as a way to showcase new upcoming young Egyptian designers and brands, who can hopefully one day graduate into a store. We want to create a world-class office park near Mall of Egypt and continue to grow in entertainment. We recently entered into local content production and co-produced <a target=\"_blank\" href=\"https:\/\/www.imdb.com\/title\/tt27721079\/\" style=\"\" rel=\"noopener\">Voy, Voy, Voy<\/a> along with aiding in its promotion at home and abroad. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We export a lot of products<\/strong>, agricultural products, food products throughout our Carrefour network in 16 markets, and we've <a target=\"_blank\" href=\"https:\/\/www.majidalfuttaim.com\/en\/media-centre\/press-releases\/detail\/2022\/06\/global-solutions-opening-ceremony\" style=\"\" rel=\"noopener\">established our Global Solutions<\/a> business headquarters here in Egypt, and we export services on the back of that to all of our markets in tech services, data services, procurement services, accounting services and more.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You could look at the macro headwinds on FX as an opportunity to export services<\/strong> and do the same with inflation and conclude it's an opportunity for discount retail, but it's not just a commercial opportunity. It's also an opportunity for us to continue to be as Egyptian and as local as we possibly can while bringing in best practice, global standards, and new experiences.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON REVENUES-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt represents 10% of our total revenues as MAF<\/strong> and we generate nearly EGP 23 bn in revenues annually. If we think 10 years ahead \u2014 and that is the mental clock of the company, not quarter to quarter or year to year \u2014 that number could reach EGP 100 bn in revenue, and will require continued investment and reinvestment as we move forward. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It's a young market and it\u2019s growing fast.<\/strong> The share of modern retail when we first entered the market was around 6%, which has now grown to around 20% with the help of our investments and others. As the share of modern retail grows from total retail, it helps control inflation, improves food quality, paves growth avenues for local farmers and manufacturers, contributes more taxes, and provides more jobs. I think the modern retail angle is very important for the long-term prospects of any market. <\/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\/egypt\/en\/news\/story\/c57d7b7b-20b1-4b20-a95b-731703f9789f\" style=\"\" rel=\"noopener\">Tap \/ click here to read the full interview<\/a><\/strong><strong>.<\/strong><\/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\/ahmed-galal-ismail\/\">Ahmed Galal Ismail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/majid-al-futtaim\/\">Majid Al Futtaim<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"608339\" 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=\"608339\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/amr-el-ganainy-named-deputy-ceo-and-managing-director-at-cib\/\">\r\n                            Amr El Ganainy named deputy CEO and managing director at CIB                        <\/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\/18\/amr-el-ganainy-named-deputy-ceo-and-managing-director-at-cib\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The career banker had for six years served as CEO of institutional banking, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/886.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/886.pdf\" style=\"\" rel=\"noopener\">)<\/a> on Monday. El Ganainy has been in the business for more than 35 years and has been with CIB for almost two decades.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608341 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=\"608341\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/608341\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608341\" class=\"content-area-description single-story post-608341 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608342\" 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=\"608342\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/last-nights-talk-shows-continue-to-be-dominated-by-the-israel-hamas-war\/\">\r\n                            The war in Gaza continued to dominate last night\u2019s talk shows                        <\/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\/18\/last-nights-talk-shows-continue-to-be-dominated-by-the-israel-hamas-war\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The nearby Al Shifa Hospital is receiving the sick and injured from the attack that killed 500 people, including many children, he added (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=297293959740697\" style=\"\" rel=\"noopener\">watch, runtime: 1:37<\/a>). Palestinian Authority spokesman Ibrahim Melhem described the attack as \u201ca criminal scene taking place in the Gaza Strup \u2026 body parts are distributed in the roads, streets, and on the asphalt,\u201d during an interview with Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=104317936108176\" style=\"\" rel=\"noopener\">watch, runtime: 9:59<\/a>). Palestinian Presidential advisor Mahmoud Al Habbash told AlQahera News that the Palestinian authorities are continuing to coordinate with Egypt, Jordan, and Saudi Arabia to de-escalate the tension and deliver aid to Gaza (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1007351387158295\" style=\"\" rel=\"noopener\">watch, runtime: 6:57<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The attack leads to protest<\/strong><strong>s: <\/strong>Citizens across Arab capitals have denounced the attack and US support for Israel. A number of prominent Egyptian politicians organized a protest in front of the American embassy in Cairo, while a protest is also being organized in the upcoming hours by the Civil Democratic Movement, DMC reports (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=324436023506650\" style=\"\" rel=\"noopener\">watch, runtime: 00:53<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Official condemnation: <\/strong>The nation\u2019s hosts focused on Egypt\u2019s condemnation of the attack, which President Abdel Fattah El Sisi called \u201ca clear violation of international law and the provisions of international and humanitarian legitimacy.\u201d His comments received coverage on Ala Masouleety (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AhmedMoussaEG\/videos\/283645794577250\" style=\"\" rel=\"noopener\">watch, runtime: 1:15<\/a>), Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/dmctv\/videos\/334212042425119\" style=\"\" rel=\"noopener\">watch, runtime: 00:56<\/a>), and Hadith fi Misr (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/YahdothFiMasr\/videos\/297664523029525\" style=\"\" rel=\"noopener\">watch, runtime: 3:40<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jo<\/strong><strong>rdan cancels sum<\/strong><strong>mit:<\/strong> In the wake of the attack on the hospital, \u201cthe Arab position must develop\u2026and we hope that the Arab presidents will reject dialogue with Biden,\u201d the Palestinian journalist Khaldun Bargouti said on Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=271123701984815\" style=\"\" rel=\"noopener\">watch, runtime: 7:52<\/a>). No less than two hours later, AlQahera News reported that Jordan\u2019s Gaza summit had been canceled due to the attack on the hospital. Al Hayah Al Youm\u2019s Mohamed Shardi noted that hopes are now pinned on the Cairo summit taking place on Saturday (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=237823765934673\" style=\"\" rel=\"noopener\">watch, runtime: 4:53<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Biden\u2019s visit to Israel: <\/strong>Lamees El Hadidi announced that Jordan officially canceled the summit and that Biden would head to Israel (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/KelmaAkhira\/videos\/1462699944293342\/\" style=\"\" rel=\"noopener\">watch, runtime: 4:17<\/a>). Biden\u2019s visit to Israel was also covered by Masaa DMC\u2019s Osama Kamel (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=3488803178100368\" style=\"\" rel=\"noopener\">watch, runtime: 4:47<\/a>). <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608344\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide 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draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-40a21h0\" data-v=\"4\" data-block-id=\"40a21h0\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-40a21h0-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-40a21h0-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"608345\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/suez-canal-transit-fees-to-rise-next-year-plus-news-from-the-fra\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/887.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"608346\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/18\/suez-canal-transit-fees-to-rise-next-year-plus-news-from-the-fra\/887-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/887.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"887.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/887.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/887.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608345\" class=\"content-area-description single-story post-608345 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-also-on-our-radar tag-enterpriseam tag-financial-regulatory-authority tag-financial-services tag-insurance tag-logistics tag-manufacturing tag-suez-canal 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\/12\/.feb4459e-a050-488b-81b7-bd2ea8651397.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SUEZ CANAL-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The SCA is hiking transit fees next year: <\/strong>Starting 15 January 2024, the Suez Canal Authority (SCA) will hike transit fees by 15% for a number of different vessel types including oil tankers, LNG and LPG carriers, and container ships, the SCA said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/840.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> on Monday. The SCA will also increase transit fees by 5% for dry bulk vessels, general cargo ships, and ro-ro vessels on the same date, the statement added<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But there are exceptions:<\/strong> Container ships heading to the Far East from Northwest Europe will be fully exempt from any additional fees.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT-<\/strong><strong>Suez Canal revenues on track for a new record high:<\/strong> Suez Canal revenues are expected to hit a record USD 10.3 bn by the end of 2023, <a target=\"_blank\" href=\"https:\/\/bit.ly\/45BTAMq\" style=\"\" rel=\"noopener\">Itt<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/45BTAMq\" style=\"\" rel=\"noopener\">ihadiya<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/45BTAMq\" style=\"\" rel=\"noopener\">stated<\/a> on Monday, citing a report from the SCA. This would be a 36% increase from the USD 8 bn received in 2022.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FINANCIAL SERVICES-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FRA releases mortality data to help better price life ins. policies: <\/strong>The Financial Regulatory Authority (FRA) has developed and published its first set of mortality data \u2014 known in the business as actuarial life tables \u2014 to be used for pricing ins. life products, the regulator <a target=\"_blank\" href=\"https:\/\/bit.ly\/402VPaw\" style=\"\" rel=\"noopener\">said<\/a> Monday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Up until now, we\u2019d been using 50+-year-old data: <\/strong>Previously, insurers priced life products using British actuarial tables that dated back to 1967. The new compiled data will reflect the reality of the country\u2019s population and help companies price their policies more realistically and efficiently, the regulator said.<\/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\/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\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/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\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-authority\/\">Suez Canal Authority<\/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=\"608347\" 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=\"608347\">\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\/18\/morgan-stanley-thinks-an-sp-500-rebound-may-be-on-its-way\/\">\r\n                            Morgan Stanley thinks an S&amp;P 500 rebound may be on its way                        <\/a>\r\n                    <\/h3>\r\n\r\n                    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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/889.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/889.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608347\" class=\"content-area-description single-story post-608347 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-ahli-united-bank tag-enterpriseam tag-equities tag-financial-markets tag-goldman-sachs tag-kuwait tag-kuwait-finance-house tag-miahona tag-morgan-stanley tag-planet-finance tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.51eec4ea-9b8d-4cc5-b01f-7d5954e14e32.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With war news crowding out finance this morning<\/strong>, we\u2019re going to be brief in our roundup of major news in regional and global financial markets:<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Morgan Stanley predicts S&amp;P 500 rebound by the end of the year:<\/strong> An S&amp;P 500 rebound in 4Q 2023 \u201cis more likely than not\u201d if the index\u2019s levels up hold in the short run, Morgan Stanley\u2019s chief US equity strategist wrote in a note picked up by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/sp-500-rally-q4-more-likely-than-not-despite-headwinds-morgan-stanley-2023-10-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Kuwaiti merger creates one of the Gulf\u2019s largest banks:<\/strong> Kuwait Finance House (KFH) received permission to merge with Ahli United Bank Kuwait (AUB) from the country\u2019s capital markets regulator. The share exchange rate has been determined at 0.37 shares of KFH for one of Ahli\u2019s shares. (<a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/809.pdf\" style=\"\" rel=\"noopener\">KFH<\/a> | <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/808.pdf\" style=\"\" rel=\"noopener\">AUB<\/a> \u2014 pdfs)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Miahona IPO in the offing? <\/strong>Saudi water treatment firm Miahona is considering going public in Riyadh as early as next year, according to sources. The firm held talks with advisors over the offering, which could raise \u201ca couple hundred mn USD.. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-17\/saudi-arabian-water-treatment-firm-miahona-said-to-consider-ipo?srnd=premium-middle-east#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/p><p><a target=\"_blank\" id=\"t.76cd362a79b10ec0185f1e8ce87e34e13943ed59\" 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\">22,074<\/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\">+5.0% (YTD: +51.2%)<\/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\">10,731<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (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>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\">9,554<\/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: -6.4%)<\/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>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\">3,937<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +18.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,373<\/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: +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\">7,675<\/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: +3.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,152<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +9.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 89.90<\/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%<\/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 3.08<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1,936<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/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 28,474<\/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: +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 5.0% at yesterday\u2019s close<\/strong> on turnover of EGP 5.3 bn (142.2% above the 90-day average). Regional investors were net buyers. The index is up 51.2% 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 (+16.6%), TMG Holding (+15.3%) and Oriental Weavers (+14.3%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Orascom Construction (-2.9%) and B Investments Holding (-0.1%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahli-united-bank\/\">Ahli United Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morgan-stanley\/\">Morgan Stanley<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"608349\">\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               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href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/egypt-is-boosting-its-digital-infrastructure-with-big-targets-for-the-next-few-years\/\"> \r\n                            Egypt is boosting its digital infrastructure, with big targets for the next few years<\/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\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/egypt-is-boosting-its-digital-infrastructure-with-big-targets-for-the-next-few-years\/871-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/871.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"871.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/871.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/871.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-608349\" class=\"content-area-description post-608349 hardhat type-hardhat status-publish has-post-thumbnail hentry category-hardhat tag-digitization tag-enterpriseam tag-hardhat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A look at the progress Egypt's making on the tech + digital infrastructure front: <\/strong>Egypt has spent over EGP 100 bn to expand its tech and digital infrastructure over the past five years, including expanding fiber optic cable networks, boosting internet connectivity and offering digital government services. A recent report published during the Story of a Homeland conference gives a snapshot of our tech infrastructure upgrades over the past years, and some targets for our digital services, exports and infrastructure for the next three years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- ICT is one of the fastest-growing sectors in Egypt:<\/strong> Information and communication technology (ICT) is an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b2f74e7c-549f-4670-97bf-5c02106019f2\" style=\"\" rel=\"noopener\">exploding industry<\/a> in Egypt. The sector outpaced all other state\u2019s economic sectors in FY 2021\/2022 with a growth rate of 16.7%, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b2f74e7c-549f-4670-97bf-5c02106019f2\" style=\"\" rel=\"noopener\">ITIDA<\/a>, the executive IT arm of the Ministry of Communications and Information Technology. The sector made up 5% of the country\u2019s GDP last year, the statement reads, while digital exports registered USD 4.9 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our internet infrastructure got a big shot in the arm from the state over the past years: <\/strong>The government has spent some USD 2 bn into boosting internet speeds since 2019, taking it to 42.5 megabytes per second in 2022, up from just 6.4 mbps in 2019. We also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e57129a5-fd46-4356-a401-86f49ce8a6ac\" style=\"\" rel=\"noopener\">climbed<\/a> eight spots in <a target=\"_blank\" href=\"https:\/\/www.speedtest.net\/global-index\" style=\"\" rel=\"noopener\">Speedtest\u2019s January Monthly Global Index<\/a> of mobile internet speed in February this year, making us the country with the fastest internet in Africa at the time, with median download speeds of 19.34 megabits per second (Mbps) putting us 88th out of 140 countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A big part of that has been the expansion of our fiber optic network: <\/strong>Some 18k governmental buildings have been fitted with fiber optics cables, with plans to connect 31.5k buildings in total to the network, according to the report. Meanwhile,some 2563 high schools have been connected to fiber optic cables in every governorate across the country, according to the report. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fiber optics are getting a big chunk of state spending during the current FY: <\/strong>The FY 2023-24 telecommunications investment budget for the initiative <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a8d232f-3cda-4b6d-8e2f-f873df68227d\" style=\"\" rel=\"noopener\">has earmarked<\/a> EGP 5.6 bn to extend the fiber optics cable network to cover 1,468 villages. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Subsea cables are also helping improve connectivity: <\/strong>Some 17 submarine communication cables currently pass through Egypt, connecting it to 60 countries, according to the report. These are supported by 10 landing stations across the country, including three established recently in Ras Ghareb, the report said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the governmental side, Digital Egypt has helped digitize bureaucratic procedures: <\/strong>Launched in 2022, the <a target=\"_blank\" href=\"https:\/\/digital.gov.eg\/\" style=\"\" rel=\"noopener\">\u201cDigital Egypt Platform\u201d<\/a> \u2014 which has received at least some EGP 10 bn in investments so far \u2014 offers 170 online services like e-payment, car license renewals, and booking appointments for civil services. Some 7.6 mn people are currently registered on the platform, according to the report. The platform is set to include all government-related services and procedures by the end of the year, the report noted, adding that this will bring the number of e-signatures from digital transactions to 375 mn a year, compared to just 3 mn in 2020.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And it\u2019s working: <\/strong>The developments we\u2019ve made have boosted our rankings on the UN\u2019s <a target=\"_blank\" href=\"https:\/\/publicadministration.un.org\/egovkb\/en-us\/Data\/Country-Information\/id\/53-Egypt\" style=\"\" rel=\"noopener\">e-government development index<\/a> to 103 in 2022, up from 111 in 2020. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s also been improvements on the digital service exports front:<\/strong> Exports of digital services \u2014 which refers to a range of exports of digital services that can be provided online, such as ins., business processes, outsourcing and financial services \u2014 have risen to USD 4.9 bn in FY 2021-22, up from USD 4.1 bnin FY 2019-20. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And we have big targets for the next three years: <\/strong>The government wants to see digital outsourcing services bring USD 9 bn into the economy as of 2026, according to the report. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Large global players are helping make that happen: <\/strong>The big four accounting firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e6604a24-0fdc-464f-acdd-c85ec7730dbe\" style=\"\" rel=\"noopener\">PWC kicked off their USD 10 mn<\/a> Egypt Technology and Innovation Center (ETIC) with ITIDA in May. The new technology hub will hire up to 5k tech experts and raise its digital exports to USD 300 mn by 2025. ITIDA also welcomed South African outsourcing agency SoluGrowth which <a target=\"_blank\" href=\"https:\/\/itida.gov.eg\/English\/MediaCenter\/Announcements\/Pages\/Welcome-SoluGrowth-to-Egypt.aspx\" style=\"\" rel=\"noopener\">opened its new office<\/a> earlier in May, becoming the first South African company in its sector to invest in Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the government is lending a hand to the sector:<\/strong> The government has been offering <a target=\"_blank\" href=\"https:\/\/itida.gov.eg\/English\/Programs\/Government-Support\/Pages\/default.aspx\" style=\"\" rel=\"noopener\">incentives<\/a> to companies in the industry to help boost the local market. The incentives included tax reductions, subsidies, and export rebates. ITIDA also invested some EGP 1.1 bn to train 200k Egyptians to become qualified IT professionals and outsourcers, another ITIDA&nbsp;<a href=\"https:\/\/ent.news\/2023\/10\/1066.pdf\" target=\"_blank\" rel=\"noopener\">report (pdf)<\/a>&nbsp;said. It plans to brings total investments to EGP 1.7 bn to train 400k Egyptians by the end of this year, a source at ITIDA told us.&nbsp;<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Alstom is set to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8538fab0-92d9-4745-8e06-ed30bf2b0923\" style=\"\" rel=\"noopener\">ink a EUR 300 mn contract<\/a><\/strong><strong> with the Transport ministry<\/strong> next month to establish two factories in Borg El Arab to produce metro and monorail rolling stock, along with related electrical systems.<\/li>\n<li><strong>Egypt and Jordan are mulling the inclusion of a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b723d27d-d077-4174-8b5d-9233d65a80dc\" style=\"\" rel=\"noopener\">1.1 GW subsea power cable<\/a><\/strong><strong> in their 2 GW electricity link plan<\/strong> \u2013 currently under study \u2013 in effort to cut down costs, as opposed to relying entirely on on-land cables.<\/li>\n<li><strong>Egypt\u2019s power grid could receive up to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cfa7f13-5757-4c41-a463-99de419751cf\" style=\"\" rel=\"noopener\">EUR 165 mn<\/a><\/strong><strong> for upgrades<\/strong> from the European Bank of Reconstruction and Development (EBRD).<\/li>\n<li><strong>USD 2.1 bn could be pumped into the Sixth October-Abu Simbel high-speed rail line<\/strong> as the government has embarked on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/686892bd-009b-4ce6-a9af-bdc0c50ec61f\" style=\"\" rel=\"noopener\">talks<\/a> with international lenders for a soft loan to fund the second phase of the 2k-km line.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digitization\/\">digitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"608351\" 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\/18\/608351\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608351\" class=\"content-area-description single-story post-608351 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 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 style=\"font-weight:400;\">Gov\u2019t expects to finalize sale of Gabal El Zeit wind plant<\/span><\/li>\n<li><span style=\"font-weight:400;\">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 style=\"font-weight:400;\">Gov\u2019t expects to finalize sale of a stake in military-owned bottled drinks company Safi<\/span><\/li>\n<li><span>Gov\u2019t expects to finalize sale of Zafarana wind farm<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2023: The inauguration of the Grand Egyptian Museum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3Q 2023: E-Finance <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MhzDCI\" style=\"\">to launch in Saudi Arabia<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2023: EGX to launch its new futures exchange.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2023: EGX to launch a shariah-compliant index.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2023: A Developments\u2019 first phase of the Lazoghly development completed.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2024: Standard Chartered Bank to open a branch in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 February 2024 (Sunday): Deadline for bidders for oil and gas expansion in the 23 new regions.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Q1 2024: Opening of the new developed Pyramids Plateau in Giza.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">June 2024: Gov\u2019t expects to finalize sale of Beni Suef combined-cycle power plant.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2024: Gov\u2019t expects to finalize sale of four water desalination plants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2024: Gov\u2019t to launch the Cairo Ring Road BRT buses.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> the 12th session of the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2Q 2025: Safaga Terminal 2 to start operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JANUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 January (Sunday): Coptic Christmas.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 January (Thursday): Revolution day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 April (Saturday): Coptic Easter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9 April (Tuesday): Eid El Fitr (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Wednesday): National holiday in observance of Labor Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 May (Monday): Sham El Nessim (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-19 June (Saturday-Wednesday): Eid El Adha (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 June (Sunday): June 30 Revolution Day (TBC)..<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 July (Sunday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 July (Tuesday): Revolution Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 September (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.airport-technology.com\/sponsored\/dates-announced-for-egypt-international-airshow-2024\/\" style=\"\">Egypt International Airshow<\/a><\/span><span style=\"font-weight:400;\">, El Alamein International Airport.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Sunday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":608325,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-608324","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d2a368e9-1436-4c4f-8604-c44db3a76b30","teaser":"","photo_url":"https:\/\/ent.news\/2023\/10\/899.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>Business could feel the squeeze as CBE curbs credit card use for FX transactions - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/business-could-feel-the-squeeze-as-cbe-curbs-credit-card-use-for-fx-transactions\/\" \/>\n<meta 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