{"id":608828,"date":"2023-10-26T00:00:00","date_gmt":"2023-10-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=608828"},"modified":"2025-12-17T01:32:31","modified_gmt":"2025-12-17T01:32:31","slug":"imf-chief-warns-of-economic-toll-of-gaza-war-humanitarian-crisis-deepens-as-fuel-supplies-run-out","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-chief-warns-of-economic-toll-of-gaza-war-humanitarian-crisis-deepens-as-fuel-supplies-run-out\/","title":{"rendered":"IMF chief warns of economic toll of Gaza war, humanitarian crisis deepens as fuel supplies run out"},"content":{"rendered":"<section id=\"608830\" 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=\"608830\">\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\/26\/countries-force-emergency-session-on-gaza-at-the-un-general-assembly-as-us-blocks-ceasefire\/\">\r\n                            Countries force emergency session on Gaza at the UN General Assembly as US blocks ceasefire                        <\/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                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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1325.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1325.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1325.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1325.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608830\" class=\"content-area-description single-story post-608830 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-diplomacy tag-enterpriseam tag-israel-palestine-conflict tag-jordan tag-un tag-un-general-assembly 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\/.bbc19ae3-0d44-4e06-8da3-ea22d4227033.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a><strong> Good morning, folks:<\/strong> A bit of good news to open the issue before the inevitable war talk\u2026<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ll all get an extra hour in bed tonight:<\/strong> Daylight saving time comes to an end at midnight tonight so don\u2019t forget to turn back your clocks and enjoy that extra hour of sleep tomorrow morning.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>The UN General Assembly is holding an emergency meeting today:<\/strong> With the United States and the UK continuing to block calls for an immediate ceasefire at the UN Security Council, other countries will try to force the issue with a vote at the UN General Assembly today. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jordan and Mauritania are among <\/strong><strong>14 countries<\/strong><strong> to have requested an emergency session<\/strong>\u201cas rapidly as possible\u201d to address the crisis in Gaza. \u201cIn light of the gravity of the situation, due in particular to the siege and military aggression by Israel \u2026 that has killed thousands of civilians \u2026 and inflicted catastrophic humanitarian conditions, risking further dangerous destabilization of the situation,\u201d the two countries wrote in <a target=\"_blank\" href=\"https:\/\/www.un.org\/pga\/78\/2023\/10\/23\/letter-from-the-president-of-the-general-assembly-10th-emergency-special-session\/\" style=\"\" rel=\"noopener\">a letter<\/a> to the chairman.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The US has twice voted down Security Council resolutions that would have called for an immediate ceasefire. Russia and Brazil have both put forward resolutions to bring an end to the fighting, though the US will only countenance a \u201cpause\u201d in the fighting and has insisted that the council recognize Israel\u2019s right to self-defense.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Just symbolism, or\u2026?<\/strong> The plight of the Palestinians has historically found huge support in the General Assembly, and while any vote is non-binding, any outpouring of global opposition to the conflict will be an embarrassment for the US-Israel axis and could increase the heat on Washington to push for a sustained ceasefire.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It goes without saying, but the conflict is still dominating the global conversation this <\/strong><strong>morning:<\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-25\/israel-finds-itself-increasingly-alone-as-fury-grows-over-gaza?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/23\/us\/ukraine-gaza-global-south-hypocrisy.html\" style=\"\" rel=\"noopener\">New York Times<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2023\/10\/25\/uae-egypt-lebanon-leaders-israel-hamas-war\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> are all covering the increasingly vocal global opposition to the war with varying degrees of surprise.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also getting attention in the US press:<\/strong> The parallel universe that is the US House of Representatives, where the right wing of the Republican Party got their guy in the speaker\u2019s chair. Outspoken Trumpist Mike Johnson is the man tasked with bringing together a divided Republican caucus just as lawmakers resume the seemingly intractable negotiations over the budget, with a government shutdown just weeks away. Smooth sailing ahead then. (<a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/politics\/live-news\/house-speaker-vote-10-25-23\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/10\/25\/house-speaker-mike-johnson\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-25\/johnson-has-enough-votes-to-win-house-speaker-tally-ongoing\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/reuters.com\/world\/us\/us-house-republicans-hope-johnson-will-fill-long-leadership-vacancy-2023-10-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/25\/us\/politics\/mike-johnson-house-speaker.html\" style=\"\" rel=\"noopener\">NYT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/policy\/house-set-to-vote-on-gop-speaker-nominee-mike-johnson-f1f92e33\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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-<\/strong><strong>Investors are doing DD on United Bank, and could wrap it up by December:<\/strong>Strategic investors interested in acquiring shares in Central Bank of Egypt-owned lender United Bank have begun due diligence, Chairman Ashraf El Kady told CNBC Arabia (<a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/115393\/2023\/10\/25\/%D8%B1%D8%A6%D9%8A%D8%B3-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D9%86%D8%AA%D9%88%D9%82%D8%B9-%D8%A7%D9%84%D8%A7%D9%86%D8%AA%D9%87%D8%A7%D8%A1-%D9%85%D9%86-%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D8%B3%D8%AA%D8%AD%D9%88%D8%A7%D8%B0-%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1-%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A8%D9%86%D9%87%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\" style=\"\" rel=\"noopener\">watch, runtime: 3:04<\/a>). The bank expects them to complete due diligence before the end of the year, he said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s interested?<\/strong> A <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/86ee2e61-64db-4b1f-8414-1666f7c541fd\" style=\"\" rel=\"noopener\">number of international financial institutions<\/a> are reportedly interested in acquiring shares in the lender, including the local units of Mashreq, Cr\u00e9dit Agricole, and the National Bank of Kuwait as well as international financial investors. El Kady did not provide any further information on interested investors.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> United Bank attracted interest from Saudi Arabia\u2019s sovereign wealth fund before <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37a6e355-5a16-4b3f-b6b0-617d4ccf7f96\" style=\"\" rel=\"noopener\">talks collapsed<\/a> over differences over the valuation amid uncertainty over the exchange rate. The CBE owns 99.99% of the bank.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a><strong>#2-<\/strong><strong>BRICS eyes its first-ever syndicated loan and we may get a slice:<\/strong> The New Development Bank, established by the BRICS group of emerging economies, is seeking its inaugural syndicated loan of USD 1.25 bn with a three-year tenor, writes <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-25\/brics-multilateral-lender-seeks-its-first-ever-syndicated-loan?srnd=premium-middle-east#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, citing sources familiar with the matter. The Shanghai-based lender aims to use the loan for infrastructure and renewable energy financing in member states Brazil, India, China, and South Africa, as well as Egypt and Bangladesh, the people said. Interested Asian and Middle Eastern banks have until the end of November to submit their commitments. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Egypt, alongside Saudi Arabia, the UAE, Iran, Ethiopia, and Argentina, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/625a6a24-800b-46c9-b6ea-6a1158ee3640\" style=\"\" rel=\"noopener\">were<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/625a6a24-800b-46c9-b6ea-6a1158ee3640\" style=\"\" rel=\"noopener\">recently invited<\/a> to join BRICS and are expected to become members next year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Egypt\u2019s securitization pipeline is looking healthy<\/strong>, with at least EGP 2.3 bn worth of issuances in the pipeline for next month if reports in the local press yesterday are to be believed:<\/p><ul>\n<li><strong>Al Ahly Financial Leasing Company <\/strong>will issue bonds worth <strong>EGP 1.1 bn<\/strong> next month. (<a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/25\/1727236\" style=\"\" rel=\"noopener\">Al Borsa<\/a>)<\/li>\n<li>GB Auto\u2019s <strong>Drive Finance <\/strong>will reportedly close a <strong>EGP 600 mn<\/strong> issuance, while <strong>One Finance <\/strong>is planning a <strong>EGP 530 mn<\/strong> sale. (<a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/26\/1727238\" style=\"\" rel=\"noopener\">Al Borsa<\/a>)<\/li>\n<\/ul><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING TODAY-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>And the next batch of golden licenses go to\u2026:<\/strong> The General Authority for Investment and Freezones (GAFI) will sign contracts with Samsung, EnviroProcess, Gasco, and Fayoum Company for Storage and Warehouses to receive golden licenses tomorrow, a GAFI source told Enterprise yesterday. The companies have all received approval from the Madbouly government to receive the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d03b6507-b649-4f52-9d7b-1c4bdf41420a\" style=\"\" rel=\"noopener\">single-approval licenses<\/a>.<\/p><ul>\n<li><strong>#1-<\/strong>South Korean electronics giant <strong>Samsung <\/strong>intends to invest USD 50 mn in its new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6608b7e-9dd6-494c-96f6-8b7d5e541100\" style=\"\" rel=\"noopener\">mobile<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6608b7e-9dd6-494c-96f6-8b7d5e541100\" style=\"\" rel=\"noopener\">phone factory<\/a> at its industrial complex in Beni Suef. The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6608b7e-9dd6-494c-96f6-8b7d5e541100\" style=\"\" rel=\"noopener\">started manufacturing smartphones<\/a> here last year at its USD 270-mn TV and tablet factory.<\/li>\n<li><strong>#2-<\/strong>Local company <strong>Fayoum Company for Storage and Warehouses <\/strong>will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2583fa6e-4631-4569-ad50-be28c5a3e0b4\" style=\"\" rel=\"noopener\">re<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2583fa6e-4631-4569-ad50-be28c5a3e0b4\" style=\"\" rel=\"noopener\">ceiv<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2583fa6e-4631-4569-ad50-be28c5a3e0b4\" style=\"\" rel=\"noopener\">e a<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2583fa6e-4631-4569-ad50-be28c5a3e0b4\" style=\"\" rel=\"noopener\">license<\/a> to work on a EGP 1.3 bn project to establish new strategic warehouses in Fayoum, providing 600 jobs during construction and 250 jobs at the operational stage.<\/li>\n<li><strong>#3- <\/strong>Local EV manufacturer <strong>EgyptSat Auto<\/strong> is getting a golden license to build a EGP 300 mn factory with an monthly production capacity of 5k cars.<\/li>\n<li><strong>#4-<\/strong> Thestate-owned <strong>Egyptian Natural Gas Company (GASCO) <\/strong>will invest USD 380 mn to expand its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3941e2bc-9adc-4b5b-ac90-b32fdd29478d\" style=\"\" rel=\"noopener\">gas c<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3941e2bc-9adc-4b5b-ac90-b32fdd29478d\" style=\"\" rel=\"noopener\">omplex i<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3941e2bc-9adc-4b5b-ac90-b32fdd29478d\" style=\"\" rel=\"noopener\">n Alexandria<\/a>. The company wants to add a fourth production line with a capacity of 600 mn cubic feet a day.<\/li>\n<li><strong>#5- EnviroProcess<\/strong> will establish a EGP 73.5 mn recycling plant for alternative fuels and fibers in Minya, creating some 170 jobs.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a><strong> #1- Day two of <\/strong><strong>Madbouly in Brussels:<\/strong> Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2ua8vxp6\" style=\"\" rel=\"noopener\">is in the Belgian capital<\/a> today to participate in the EU\u2019s <a target=\"_blank\" href=\"https:\/\/global-gateway-forum.ec.europa.eu\/index_en\" style=\"\" rel=\"noopener\">Global Gateway Forum<\/a> on behalf of President Abdel Fattah El Sisi. Held under the theme \u201cStronger Together through Sustainable Investment,\u201d more than 40 high-level government representatives from the EU and its partner countries are attending the two-day event, as will representatives of financial institutions, businesses and international organizations. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On day one:<\/strong> Madbouly met with Jan De Nul senior officials to discuss <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d175bd9a-1e50-446f-9798-cb57fb10b71f\" style=\"\" rel=\"noopener\">exporting renewable<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d175bd9a-1e50-446f-9798-cb57fb10b71f\" style=\"\" rel=\"noopener\">energy<\/a> of at least 2 GW from Egypt to Europe via a Mediterranean link, according to a cabinet <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2sp672rr\" style=\"\" rel=\"noopener\">statement<\/a> yesterday. The prime minister also sat down with EU trade commissioner Valdis Dombrovski to discuss bringing Egyptian agricultural food products to the European market, a second <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yb5y4754\" style=\"\" rel=\"noopener\">statement<\/a> said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- It\u2019s the final day of \u201cDavos in the Desert\u201d:<\/strong> Saudi Arabia's Future Investment Initiative (FII) is wrapping up today. Conference organizers wanted to focus on highlighting the kingdom as an investment hotspot to the world\u2019s financial elite and the ways we can use AI to build a better future, but there was always one issue looming in the background \u2014 Israel\u2019s brutal war on Gaza. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-24\/saudi-pif-chief-pledges-to-be-catalyst-for-change-fii-update#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/hold-wall-street-leaders-appear-saudi-conference-amid-conflict-2023-10-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2023\/10\/24\/investing\/saudi-davos-in-the-desert-jamie-dimon\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/israel-hamas-war-threatens-global-economy-bankers-warn-in-saudi-arabia\/\" style=\"\" rel=\"noopener\">Times of Israel<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ccbeee7e-fc40-4052-a24f-73f90aece8fc\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/despite-israel-hamas-war-its-nearly-business-as-usual-at-saudi-investment-forum-a9a6faa6\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>War casts a shadow: <\/strong>World Bank President Ajay Banga warned the conference that the economic impact of Israel\u2019s war on Gaza may be \u201ceven more serious\u201d than we currently think, reports the <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/israel-hamas-war-threatens-global-economy-bankers-warn-in-saudi-arabia\/\" style=\"\" rel=\"noopener\">Times of Israel.<\/a> Many Wall Street CEOs mirrored Banga\u2019s gloomy predictions, including BlackRock CEO Larry Fink who said that in the midst of war \u201cwhen there\u2019s less hope, we see contractions in our economies.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi open for business: <\/strong>Despite senior bankers, investors, and policymakers telling journalists on the sidelines of the conference how geopolitical turmoil might disrupt the global economy and Middle East investments, the conference\u2019s message was clear \u2014 its business as usual in the kingdom, reports the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ccbeee7e-fc40-4052-a24f-73f90aece8fc\" style=\"\" rel=\"noopener\">Financial Times<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">** <strong>What about the economic impact in our neck of the woods?<\/strong> IMF head Kristalina Georgieva spoke on that yesterday, which we cover in detail in the news well, below.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Citi CEO Jane Fraser <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-24\/wall-street-frets-over-mideast-war-as-riyadh-courts-investors?leadSource=uverify%20wall\" style=\"\" rel=\"noopener\">had this to say<\/a><\/strong><strong>:<\/strong> \u201cThere\u2019s a new S in ESG, which is security.\u201d If anyone knows what that means, please let us know. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA for iSheep<\/strong>- Apple looks set to launch something new and \u201cscary fast\u201d. The tech giant sent invitations for a livestream event in which it is expected to announce the rollout of new Mac laptops, reports <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/10\/24\/apple-announces-oct-30-event-new-macs-expected.html\" style=\"\" rel=\"noopener\">CNBC<\/a>. The tagline on the Halloween-esque invite reads \u201cscary fast\u201d, leading to speculation that Apple is going to release faster M3 chips. The event will be held at 8pm ET on 30 October. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Back with a splash: <\/strong>Shark Tank Egypt\u2019s second season kicked off last night, as local entrepreneurs pitched their projects and products to a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9dea92ec-fb09-4d98-93ac-0173af4f77de\" style=\"\" rel=\"noopener\">panel<\/a> of accomplished investors. Season two will air every Wednesday night on CBC and WATCH IT.<\/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>MARKET WATCH-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil demand to peak this decade: <\/strong>Global demand for oil, coal, and natural gas will peakthis decade as the shift towards renewables and electric vehicles helps wean the world off fossil fuels, the <a target=\"_blank\" href=\"https:\/\/www.iea.org\/\" style=\"\" rel=\"noopener\">International Energy Agency<\/a> (IEA) said in its annual <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/1204.pdf\" style=\"\" rel=\"noopener\">World Energy Outlook report (pdf)<\/a>. The IEA expects global oil demand to peak at around 102 mn barrels per day in the late 2020s, before dropping to 97 mn b\/d by 2050 if governments maintain their current energy policies. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, we could do better:<\/strong> The agency says that demand could drop to 93 mn b\/d in 2030 if governments commit to their national energy and climate targets and even 77 mn b\/d if they carry out further policy changes to reach net zero by 2050. \u201cThe transition to clean energy is happening worldwide and it\u2019s unstoppable. It\u2019s not a question of if, it\u2019s just a matter of how soon,\u201d IEA Executive Director Fatih Birol said in a <a target=\"_blank\" href=\"https:\/\/www.iea.org\/news\/the-energy-world-is-set-to-change-significantly-by-2030-based-on-today-s-policy-settings-alone\" style=\"\" rel=\"noopener\">statement<\/a> accompanying the report. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This may be too optimistic of an outlook: <\/strong>The IEA\u2019s optimistic outlook comes shortly afterOPEC published its 2023 <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/1209.pdf\" style=\"\" rel=\"noopener\">World Oil Outlook (pdf)<\/a>, where it upped its long-term oil demand outlook to 116 mn b\/d by 2045, a 5% jump from its 2022 forecast. The figure has \u201cpotential to be even higher,\u201d the alliance of oil producers said. Chevron CEO Mike Wirth told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1902a8ef-7078-47e2-8a62-b6f0050ed569\" style=\"\" rel=\"noopener\">Financial Times<\/a> that the IEA\u2019s forecast is not even \u201cremotely right.\u201d<\/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-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un-general-assembly\/\">UN General Assembly<\/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=\"608832 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=\"608832\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/608832\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608832\" class=\"content-area-description single-story post-608832 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=\"www.somabaygolf.com\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/68.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span>Experience golf by the serene sea, where tranquility meets tee time. Somabay Golf Courses are blessed with a year-round climate, an 18-hole Championship golf course designed by Gary Player. For booking inquiries, call +201223503528 or visit our website <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.somabaygolf.com\" style=\"\">www.somabaygolf.com<\/a><\/span><span style=\"font-weight:400;\">.<\/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=\"608833\" 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=\"608833\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/imf-chief-warns-of-economic-toll-of-gaza-war-humanitarian-crisis-deepens-as-fuel-supplies-run-out\/\">\r\n                            IMF chief warns of economic toll of Gaza war, humanitarian crisis deepens as fuel supplies run out                        <\/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\/26\/imf-chief-warns-of-economic-toll-of-gaza-war-humanitarian-crisis-deepens-as-fuel-supplies-run-out\/\" target=\"_blank\">\n                 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data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1323.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608833\" class=\"content-area-description single-story post-608833 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-abdel-fattah-el-sisi tag-antonio-guterres tag-diplomacy tag-economy tag-egypt-france-relations tag-emmanuel-macron tag-enterpriseam tag-foreign-exchange tag-imf tag-israel tag-israel-palestine-conflict tag-kristalina-georgieva tag-middle-east-politics tag-palestine tag-un tag-us 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\/11\/.7ca86a13-9b3b-4c0c-9ed3-bab8670e0a53.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We lead this morning\u2019s War Watch with a look at how Israel\u2019s assault on Gaza could <\/strong><strong>impact our economy here at home. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- IMF chief Kristalina Georgieva thinks Egypt and the region will suffer an <\/strong><strong>economic hit if there is a prolonged conflict in Gaza. <\/strong>\u201cInvestors are going to be shy to go to [these countries]. The cost of ins., if you want to move goods, they go up. Risks of even more refugees in countries that are already accepting more,\u201d <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/510949\/Business\/Economy\/War-on-Gaza-will-harm-economies-in-Egypt,-Jordan,-.aspx\" style=\"\" rel=\"noopener\">Ahram Online<\/a> quotes her as saying at the Future Investment Initiative in Riyadh yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another spoke in the wheel:<\/strong> \u201cWhat is happening in the Middle East is happening at a time when growth is slow, interest rates are high, and the cost of servicing debt has gone up because of covid and the war,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/idUSS8N3AJ032\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-25\/imf-warns-on-prolonged-middle-east-war-higher-rates-for-longer\" style=\"\" rel=\"noopener\">Bloomberg<\/a> quoted her as saying.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Keep an eye on our tourism targets: <\/strong>Flight bookings to Egypt, Jordan and Lebanon have plunged since the start of the conflict, according to analysis by travel research firm ForwardKeys picked up by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/flight-bookings-middle-east-plunge-during-israel-hamas-conflict-data-shows-2023-10-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Air tickets to Egypt have fallen by 26% y-o-y, to Jordan by 49%, and to Lebanon by 74%. The number of people visiting Egypt has boomed this year, with the Tourism Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1c547e5-b294-46e7-987c-6ecde018c876\" style=\"\" rel=\"noopener\">reporting a 40% y-o-y rise in arrivals<\/a> during the first seven months of the year. The government is aiming to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17592ef1-2055-49cb-94c1-4ab525d57ba5\" style=\"\" rel=\"noopener\">attract 15 mn tourists<\/a> in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #3- Pundits think the EGP is being squeezed in the parallel market:<\/strong>The conflict is driving up the price of greenbacks on the parallel market, said Fitch\u2019s regional country risk head Ramona Moubarak in response to a question from <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/510962\/Business\/Economy\/Israeli-war-on-Gaza-drives-down-Egyptian-pound-on-.aspx\" style=\"\" rel=\"noopener\">Ahram Online<\/a>. Moubarak told the state-owned newspaper that \u201cnegative sentiment because of the war has weighed on the parallel market,\u201d saying she thinks the EGP is at about 46. A separate report from <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3htmt3rn\" style=\"\" rel=\"noopener\">Sky News Arabia<\/a> puts the figure at EGP 47. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Before you take media reports of parallel-market figures seriously: <\/strong>The parallel market is illiquid and opaque, and so more than a little prone to swings and exaggerations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The IMF earlier this month <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18f5a345-3af0-4908-af1b-d9a8a46852a1\" style=\"\" rel=\"noopener\">downgraded its outlooks<\/a> for the Egyptian economy and the wider MENA region:<\/p>\n<ul>\n<li><strong>Egypt: <\/strong>The Fund downgraded its FY 2023-24 growth outlook for Egypt to 3.6% from 4.1% previously. This was the second time it had downgraded its outlook this year, having cut it from 5.0% in July due to the FX crunch and lower investor confidence.<\/li>\n<li><strong>MENA:<\/strong> The IMF lowered its 2023 MENA growth outlook by 0.5 percentage points to 2.0%.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIPLO<font face=\"Arial\">MACY<\/font>-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi emphasizes the need for caution in how it responds to Israel:<\/strong> President Abdel Fattah El Sisi yesterday said that military force is only for defending the country\u2019s national security, and cautioned that it should be used \u201cwisely.\u201d \u201cIt's very important when you have this kind of power that you use it reasonably, wisely, and maturely, and you don't overstep and have illusions about your own strength,\u201d he said at a military exercise in the Sinai (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=_yLMlh8Sy_U\" style=\"\" rel=\"noopener\">watch, runtime: 1:36<\/a>). \u201cYou have this capability to defend yourself \u2026 never let anger or fervor cause you to overstep.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This came amid <\/strong><strong><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/mdctedek\" style=\"\" rel=\"noopener\">calls in some quarters<\/a><\/strong><strong> for Egypt to adopt a more aggressive posture <\/strong><strong>towards Israel<\/strong> in response to calls from some of its officials to displace Gazans into the Sinai. Israel\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7631e105-3679-4687-b9af-8e25519d2e0c\" style=\"\" rel=\"noopener\">shelling of a border post<\/a> earlier this week that <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/10\/23\/israels-accidental-shelling-on-the-egyptian-border-escalates-tension\/\" style=\"\" rel=\"noopener\">injured nine Egyptian soldiers<\/a> has inflamed public outrage about Israel\u2019s conduct of the war. Both the IDF and Egyptian military said the attack was an accident, and Israel issued an apology.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi x Macron: <\/strong>El Sisi and his French counterpart Emmanuel Macron said they agreed on the need to avoid escalating the conflict and accelerate the delivery of aid to Gaza at a joint press conference yesterday (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=F7ZR8WmJqMw\" style=\"\" rel=\"noopener\">watch, runtime: 21:45<\/a>). El Sisi said that the French president agreed that attempts to displace the Palestinians in the Sinai would be \u201cextremely dangerous,\u201d while Macron called for Israel to allow fuel supplies to reach hospitals. He said France would send a plane carrying medical supplies to Egypt, and a navy ship to provide support to Gazan hospitals. Neither the Egyptian or the French sides released readouts of the conversation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deadlock at the Security Council:<\/strong> Competing draft resolutions put forward by Russia and the US were voted down by members of the UN Security Council yesterday.<\/p>\n<ul>\n<li><strong>The US resolution<\/strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/UN_News_Centre\/status\/1717269941831807229\" style=\"\" rel=\"noopener\">called for<\/a> a humanitarian \u201cpause\u201d rather than a ceasefire, and included a reference to Israel\u2019s right to self-defense. Ten countries on the 15-member council voted in favor, and the UAE, China and Russia all voted against it.<\/li>\n<li><strong>The Russian resolution<\/strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/UN_News_Centre\/status\/1717274917874381186\" style=\"\" rel=\"noopener\">called for<\/a> a full ceasefire and the cancellation of Israel\u2019s demand for residents of north Gaza to flee south. The UAE, China and Russia voted in favor, and the US and UK voted against it. The rest abstained.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ISRAEL VS. THE UN-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel doesn\u2019t have many allies in its war against Guterres:<\/strong> Some of Israel\u2019s European allies offered a defense of UN Secretary-General Antonio Guterres yesterday after senior officials demanded his resignation for criticizing the occupation and accusing the IDF of breaching international law. The <a target=\"_blank\" href=\"https:\/\/www.xm.com\/ar\/research\/markets\/allNews\/reuters\/german-government-voices-confidence-in-uns-guterres-after-resignation-demand-53674616\" style=\"\" rel=\"noopener\">German government<\/a>, and the <a target=\"_blank\" href=\"https:\/\/www.lusa.pt\/article\/2023-10-25\/41733442\/costa-afirma-que-guterres-tem-sido-exemplar-e-envia-lhe-mensagem-de-solidariedade\" style=\"\" rel=\"noopener\">Portuguese<\/a> and <a target=\"_blank\" href=\"https:\/\/twitter.com\/sanchezcastejon\/status\/1717175004243079471\" style=\"\" rel=\"noopener\">Spanish<\/a> prime ministers were among the European countries to support him amid the attacks from Israel, which accused him of <a target=\"_blank\" href=\"https:\/\/uk.news.yahoo.com\/israel-hamas-war-live-latest-news-and-updates-as-un-votes-070540741.html\" style=\"\" rel=\"noopener\">committing blood libel<\/a> and being a terrorist sympathizer. The head of the Arab League, Ahmed Aboul Gheit, also <a target=\"_blank\" href=\"https:\/\/www.kuna.net.kw\/ArticleDetails.aspx?id=3120081&amp;language=en\" style=\"\" rel=\"noopener\">defended Guterres<\/a> from what he described as \u201cfascist\u201d attacks by the Israelis.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>In a statement to the UN Security Council on Tuesday, Guterres condemned Hamas\u2019 \u201cappalling\u201d massacre of Israelis on 7 October but urged world leaders to put it in the context of Israel\u2019s 56-year occupation of Palestinian lands. He also accused Israel of committing \u201cclear violations\u201d of international humanitarian law.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A rebuke:<\/strong> \u201cI am shocked at the misrepresentations by some of my statements,\u201d a visibly angry Guterres told reporters yesterday (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=y7ihLto-fV4\" style=\"\" rel=\"noopener\">watch, runtime: 1:32<\/a>). \u201cAs if I was justifying acts of terror by Hamas. This is false. It was the opposite,\u201d he said, reiterating his condemnation of Hamas<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel doubles down:<\/strong> Israel\u2019s UN ambassador, Gilad Erdan, yesterday threatened to <strong>\u201cteach <\/strong><strong>[the UN] a lesson,\u201d<\/strong> and reiterated his call for Guterres\u2019 resignation. \u201cIt is a disgrace to the UN that the secretary-general does not retract his words and is not even able to apologize for what he said yesterday. He must resign,\u201d he said. Israel said it would now block all visas for UN officials, including its humanitarian chief Martin Griffiths.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE GROUND-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fuel blockade hits aid efforts:<\/strong> The UN\u2019s agency for Palestinian refugees (UNRWA) <a target=\"_blank\" href=\"https:\/\/twitter.com\/UNRWA\/status\/1717238124495958311\" style=\"\" rel=\"noopener\">said<\/a> it would be forced to begin curtailing its humanitarian relief operations from last night if fuel is not delivered to Gaza. \u201cFuel is urgently needed to continue the UNRWA life-saving humanitarian operations. If fuel is not received into Gaza, UNRWA will be forced to significantly reduce and in some cases bring its humanitarian operations across the Gaza Strip to a halt,\u201d <a target=\"_blank\" href=\"https:\/\/www.unrwa.org\/resources\/reports\/unrwa-situation-report-14-gaza-strip-and-west-bank-including-east-jerusalem\" style=\"\" rel=\"noopener\">it said<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No new aid deliveries made it into Gaza yesterday:<\/strong> Since the start of the conflict 17 days ago, just 62 trucks carrying food, water, medicine and humanitarian aid have entered the territory. Israel agreed to slightly ease its total blockade last week but is still preventing fuel from entering, leaving the strip almost entirely without power. The UN said yesterday that a third of hospitals and almost two-thirds of primary healthcare clinics have had to close due to fuel shortages and airstrikes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Almost 1,500 people, more than 600 children dead in just two days:<\/strong> Yesterday was the deadliest day of the conflict so far, with <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/ycx7bwmw\" style=\"\" rel=\"noopener\">the ministry<\/a> reporting that another 756 people had been killed in Israeli airstrikes. This takes the death toll on Tuesday and Wednesday alone to 1,460, including 649 children.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The death toll:<\/strong> More than 6,500 people have now been killed by Israel over the past 18 days, according to the latest figures from the <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/jh54upje\" style=\"\" rel=\"noopener\">Gaza Health Ministry<\/a>. Almost 17,500 have been injured.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Biden accuses Palestinians of inflating the death count: <\/strong>\u201cI have no notion that the Palestinians are telling the truth about how many people are killed,\u201d the US president <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20231025-biden-says-israel-must-do-everything-to-protect-civilians\" style=\"\" rel=\"noopener\">told reporters<\/a> yesterday. \u201cI\u2019m sure innocents have been killed, and it\u2019s a price of waging war. But I have no confidence in the number that the Palestinians are using.\u201d<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/antonio-guterres\/\">Antonio Guterres<\/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\/economy\/\">economy<\/a>\n                <!-- 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"608836\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/sp-cuts-three-local-banks-credit-rating-days-after-downgrading-sovereign-rating\/1312-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1312.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1312.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1312.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1312.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608835\" class=\"content-area-description single-story post-608835 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-banque-du-caire tag-cib tag-economy tag-enterpriseam tag-foreign-exchange tag-national-bank-of-egypt tag-sp-global-ratings wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.ca7f0c51-40af-4c10-94aa-bb4de4247d93.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>S&P Global has downgraded the long-term credit ratings of three local banks<\/strong>, a few days after it cut its rating on Egypt\u2019s sovereign debt deeper into junk, it <a target=\"_blank\" href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/sourceId\/12892245\" style=\"\" rel=\"noopener\">said<\/a> on Tuesday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who was on the cutting block? <\/strong>State-owned lenders <strong>National Bank of Egypt<\/strong>and <strong>Banque <\/strong><strong>du Caire<\/strong> as well as the country\u2019s largest private-sector bank <strong>CIB<\/strong>, all had their credit ratings downgraded to B- from B. The rating agency also revised its outlook to stable from negative, pointing to the possibility of the government delivering on structural reforms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This shouldn\u2019t come as a surprise: <\/strong>The rating agency does \u201dnot rate financial institutions in Egypt above the foreign currency sovereign ratings,\u201d it said. S&P downgraded our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c9d2065-c5ad-456f-adb1-867053c60a70\" style=\"\" rel=\"noopener\">sovereign credit rating<\/a> earlier this week, lowering its long-term rating to B- from B on the back of the FX shortage and rising uncertainties about debt sustainability. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> All three of the banks have high exposure to sovereign debt in turn exposing them to the government\u2019s risky credit profile, the rating agency said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Moody\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1b0199c7-5775-402a-9f67-fe5607bd9095\" style=\"\" rel=\"noopener\">downgraded<\/a> the same three banks credit ratings to Caa1 from B3 earlier this month.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp-global-ratings\/\">S&amp;P Global Ratings<\/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=\"608837\" 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=\"608837\">\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\/26\/egypt-targets-usd-25-bn-in-annual-fdi-in-5-years-gafi-head\/\">\r\n                            Egypt targets USD 25 bn in annual FDI in 5 years -GAFI head                        <\/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\/26\/egypt-targets-usd-25-bn-in-annual-fdi-in-5-years-gafi-head\/\" 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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That\u2019s 150% higher than the <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/333.pdf\" style=\"\" rel=\"noopener\">USD 10 bn of inflows (pdf)<\/a> achieved in FY 2022-23.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our green energy industry in particular should be getting an FDI boost: <\/strong>The green energy sector in Egypt is expected to receive more than USD 50 bn over the coming 10 years, Heiba added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF FDI\u2026<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Locally-manufactured electrolyzers could be on the cards: <\/strong>Belgium-based mechanical engineering group <a target=\"_blank\" href=\"https:\/\/johncockerill.com\/en\/energy\/\" style=\"\" rel=\"noopener\">Joh<\/a><a target=\"_blank\" href=\"https:\/\/johncockerill.com\/en\/energy\/\" style=\"\" rel=\"noopener\">n Cockerill E<\/a><a target=\"_blank\" href=\"https:\/\/johncockerill.com\/en\/energy\/\" style=\"\" rel=\"noopener\">nergy<\/a> (JCE) is partnering with a \u201cmajor\u201d Gulf firm to study manufacturing electrolyzers critical for green hydrogen production in the Suez Canal region, CEO Francois Michel told Prime Minister Moustafa Madbouly on the sidelines of the Global Gateway Forum in Brussels yesterday, a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/ye224efz\" style=\"\" rel=\"noopener\">ca<\/a><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/ye224efz\" style=\"\" rel=\"noopener\">binet stateme<\/a><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/ye224efz\" style=\"\" rel=\"noopener\">nt<\/a> said. The statement did not provide the name of the Gulf partner, a proposed timeline, or further details about the project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember<\/strong><strong>:<\/strong>The government has signed 10 framework agreements with international companies to build green hydrogen and ammonia plants over the past 12 months. That includes <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1f8d7402-6d05-4eae-b3b0-b5bb811be7ab\" style=\"\" rel=\"noopener\">nine at last years COP27 summit<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c54bfd4-d4fc-43ff-8bed-bbaf36445938\" style=\"\" rel=\"noopener\">one with China Energy<\/a> last week. Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e9bb488d-340c-4d8e-a6cf-a17792457994\" style=\"\" rel=\"noopener\">also approved incentives in May<\/a> to boost the country\u2019s green hydrogen sector and attract much-needed FX inflows.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other firms are interested:<\/strong>China\u2019s Peric Hydrogen Technologies <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b77df6b8-b99f-4d03-b30a-0e93b9d09abb\" style=\"\" rel=\"noopener\">is exploring<\/a> manufacturing electrolyzers in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>Madbouly <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3237tfxk\" style=\"\" rel=\"noopener\">met with<\/a> the CEO of Belgian dredging and offshore energy contractor DEME, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7f65631-b26f-45aa-a4de-a2daadb77981\" style=\"\" rel=\"noopener\">which is working on<\/a> the Orascom-Scatec-Fertiglobe green hydrogen plant currently under construction at Ain Sokhna. The project is forecast to cost USD 3 bn to implement, according to the statement. The companies are expected to <a target=\"_blank\" href=\"https:\/\/scatec.com\/2022\/11\/08\/fertiglobe-scatec-orascom-construction-and-the-sovereign-fund-of-egypt-start-commissioning-of-egypt-green-africas-first-integrated-green-hydrogen-plant-during-un-climate\/\" style=\"\" rel=\"noopener\">make a final investment decision<\/a> on the project this year.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608839\" 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=\"608839\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/ebrd-could-invest-usd-40-mn-in-spe-capitals-new-north-africa-focused-fund\/\">\r\n                            EBRD could invest USD 40 mn in SPE Capital\u2019s new North Africa-focused fund                        <\/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\/26\/ebrd-could-invest-usd-40-mn-in-spe-capitals-new-north-africa-focused-fund\/\" 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 private equity firm\u2019s SPE PEF III fund will invest in midcap companies in Egypt, Morocco, and Tunisia, according to the disclosure. The lender is expected to approve the investment on 28 November.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EBRD + SPE know each other well:<\/strong> The two partnered with Amethis last year to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/28f14adc-579c-484d-a5d7-8e9a79802350\" style=\"\" rel=\"noopener\">acquire<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/28f14adc-579c-484d-a5d7-8e9a79802350\" style=\"\" rel=\"noopener\">a<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/28f14adc-579c-484d-a5d7-8e9a79802350\" style=\"\" rel=\"noopener\">90% stake<\/a> in Egyptian non-banking financial services firm GlobalCorp. SPE also <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2019\/07\/01\/spe-capital-buys-30-stake-in-future-pharma\/\" style=\"\" rel=\"noopener\">owns a stake in Future Pharma<\/a>. Both investments were made via its SPE AIF I fund, which the EBRD <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ab09a5c-3eb7-4e13-8b56-95bf654e3c4b\" style=\"\" rel=\"noopener\">invested USD 10 mn<\/a> into.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Banque Misr is in line for up to<\/strong><strong> USD 50<\/strong><strong> mn in funding from the EBRD:<\/strong> Up to <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/54902.html\" style=\"\" rel=\"noopener\">USD<\/a><a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/54902.html\" style=\"\" rel=\"noopener\">40 mn<\/a> for on-lending to MSMEs and <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/54900.html\" style=\"\" rel=\"noopener\">USD 10 mn<\/a> to support women-led small firms. The former is set for board approval on 13 December and the latter on 28 November.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spe-capital\/\">SPE Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608841\" 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=\"608841\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/methanex-invests-usd-2-mn-in-youth-employment-program\/\">\r\n                            Methanex invests USD 2 mn in youth employment program                        <\/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\/26\/methanex-invests-usd-2-mn-in-youth-employment-program\/\" 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 new partnership that will run until 2028 aims to boost youth employment in Damietta by creating 1k jobs, promoting entrepreneurship, and helping young people find work. The program \u201cwill have an increased focus on women in the labor market, the promotion of green jobs, and the inclusion of people with disabilities,\u201d the statement reads. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Round one:<\/strong> The first iteration of the program, which ran from 2019 through 2023, created 725 new jobs and over 2.3k training opportunities, according to the statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egrobots takes second place at regional startup awards: <\/strong>Egyptian agritech startup <a target=\"_blank\" href=\"https:\/\/egrobots.com\/\" style=\"\" rel=\"noopener\">Egrobots<\/a> won second prize in the Middle East and Africa finals of the Orange Social Venture Prize in Africa and the Middle East, a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/1255.pdf\" style=\"\" rel=\"noopener\">p<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/1255.pdf\" style=\"\" rel=\"noopener\">ress release (pdf)<\/a> said. Egrobots utilizes robotics and AI analytics to provide digital solutions for farmers to improve crop productivity, reduce resource consumption, and promote sustainable practices.<\/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\/agritech\/\">Agritech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egrobots\/\">Egrobots<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/methanex\/\">Methanex<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"608843 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=\"608843\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/608843\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608843\" class=\"content-area-description single-story post-608843 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=\"608844\" 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=\"608844\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/last-nights-talk-shows-on-the-conflict-in-gaza-egypts-elections-and-the-parallel-market\/\">\r\n                            Gaza, presidential elections, parallel market got air on 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 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1320.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1320.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1320.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1320.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608844\" class=\"content-area-description single-story post-608844 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-egypt-france-relations tag-election-2023 tag-enterpriseam tag-israel-palestine-conflict tag-last-nights-talk-shows tag-middle-east-politics tag-military wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.a6322685-6287-430c-98cf-aaa0921bd233.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>N<\/strong><strong>ot one story dominated last nigh<\/strong><strong>t\u2019s talk show coverage<\/strong>, as presenters touched on the meeting between El Sisi and French President Emmanuel Macron on Gaza, El Sisi\u2019s inspection of an armed forces division, the upcoming presidential elections, and the soaring parallel market currency rates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi x Macron<\/strong><strong>:<\/strong> The meeting hosted in Cairo yesterday between President El Sisi and his French counterpart Emmanuel Macron received extensive coverage from the nation\u2019s talking heads. Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=674387358127745\" style=\"\" rel=\"noopener\">watch, runtime: 10:38<\/a>) and Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1367493467228197\" style=\"\" rel=\"noopener\">watch, runtime: 2:05<\/a>) both had coverage. Al Qahera News also aired Macron\u2019s comments to the press (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ql_JSrQNFZM&ab_channel=AlQAheraNews\" style=\"\" rel=\"noopener\">watch, runtime: 16:41<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Th<\/strong><strong>e war on Gaza:<\/strong>Ahmed Moussa scolded the US draft resolution in the UN Security Council that \u201cgrants Israel all powers to kill the Palestinian people\u201d (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=849577583507590\" style=\"\" rel=\"noopener\">watch, runtime: 10:15<\/a>). Al Qahera News covered the Arab Group\u2019s preparations for their own UN resolution with Arab League representative to the UN Maged Abdel Fattah (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=I6nz3JV0h5Y&ab_channel=AlQAheraNews\" style=\"\" rel=\"noopener\">watch, runtime: 8:21<\/a>). Developments in the war-stricken enclave also received coverage from Masaa DMC (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1286975915337740\" style=\"\" rel=\"noopener\">4:05<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=2699379483561202\" style=\"\" rel=\"noopener\">11:19<\/a>) and Al Qahera News reported that a fifth convoy of aid trucks had made it into Gaza (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=6K0D5U_LqrE&ab_channel=AlQAheraNews\" style=\"\" rel=\"noopener\">watch, runtime: 8:16<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Last night\u2019s hosts analyzed El Sisi\u2019s inspection of armed forces division:<\/strong> President Abdel Fattah El Sisi\u2019s inspection of a military division was a \u201cpolitical message from the land of military power\u201d at home and abroad, strategist Samir Farag said on Ala Masouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=SYoxj3-ZJqQ&ab_channel=%D8%B1%D8%A6%D8%A7%D8%B3%D8%A9%D8%AC%D9%85%D9%87%D9%88%D8%B1%D9%8A%D8%A9%D9%85%D8%B5%D8%B1%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9\" style=\"\" rel=\"noopener\">watch, runtime: 1:36:40<\/a>). Most of last night\u2019s hosts echoed the same message, including Masaa DMC (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=858164405802049\" style=\"\" rel=\"noopener\">5:16<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=3661356654140174\" style=\"\" rel=\"noopener\">5:53<\/a>) and Al Hayah Al Youm (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=878512130532695\" style=\"\" rel=\"noopener\">3:38<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=6509875709121330\" style=\"\" rel=\"noopener\">3:36<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pre<\/strong><strong>sidential elections <\/strong><strong>2023: <\/strong>Hadith fi Misr hosted presidential candidate Hazem Omar to discuss his election pledges to remove taxes and fees from food and medicine, focus on productive investment, and reduce wasteful state spending. Omar also touched on national security issues and told Sherif Amer \u201cEgypt seeks good and balanced relations with all countries, especially the Nile Basin countries\u2026Egyptian water security is a red line and Ethiopia knows that well\u201d (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=8cOzi9YEZzU&ab_channel=%D9%8A%D8%AD%D8%AF%D8%AB%D9%81%D9%8A%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">4:23<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=2r2kXx1gN5Q&ab_channel=%D9%8A%D8%AD%D8%AF%D8%AB%D9%81%D9%8A%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">4:25<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=P2id8v7qx1A&ab_channel=%D9%8A%D8%AD%D8%AF%D8%AB%D9%81%D9%8A%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">3:50<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also on the airwaves last night: The parallel market for t<\/strong><strong>he USD is on fire, <\/strong>according toformer deputy supply minister Medhat Nafei on Hadith fi Misr, who called in to discuss the reasons for the soaring exchange rate on the parallel market for greenbacks. Nafei pointed to recent restrictions imposed by the Central Bank of Egypt on the use of credit cards and other factors as driving up the exchange rate. (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=A4dViS6QuYg&ab_channel=%D9%8A%D8%AD%D8%AF%D8%AB%D9%81%D9%8A%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">3:08<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Heo2T1VupE4&ab_channel=%D9%8A%D8%AD%D8%AF%D8%AB%D9%81%D9%8A%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">3:21<\/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\/egypt-france-relations\/\">Egypt-France relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/election-2023\/\">Election 2023<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                     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   <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/emaar-eyeing-up-state-owned-new-alamein-towers-plus-pfi-owned-red-sea-global-looks-toward-egypt\/\">\r\n                            Emaar eyeing up state-owned New Alamein towers. Plus: PFI-owned Red Sea global looks toward Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/emaar-eyeing-up-state-owned-new-alamein-towers-plus-pfi-owned-red-sea-global-looks-toward-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/emaar-eyeing-up-state-owned-new-alamein-towers-plus-pfi-owned-red-sea-global-looks-toward-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/emaar-eyeing-up-state-owned-new-alamein-towers-plus-pfi-owned-red-sea-global-looks-toward-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Emaar eyeing up state-owned New Alamein towers. Plus: PFI-owned Red Sea global looks toward Egypt&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/emaar-eyeing-up-state-owned-new-alamein-towers-plus-pfi-owned-red-sea-global-looks-toward-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/emaar-eyeing-up-state-owned-new-alamein-towers-plus-pfi-owned-red-sea-global-looks-toward-egypt\/&title=Emaar eyeing up state-owned New Alamein towers. 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Alabbar didn\u2019t disclose which towers Emaar is interested in, but an unconfirmed press report in September claimed that his Eagle Hills real estate investment firm is eyeing a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c5e01b8-3515-463b-9eda-a17f38fc6288\" style=\"\" rel=\"noopener\">takeover<\/a> of state-owned developer City Edge, which has several residential and commercial tower projects in the city.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alabbar says he\u2019s sticking with Egypt through times good and bad: <\/strong>\u201cEgypt is going through critical times, but they will end,\u201d Alabbar told the regional news outlet. The Emaar chairman also stated that Emaar Misr is not planning to delist any of its shares from the EGX and is committed to making further investments in the country.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Red Sea Global looks to Egypt as it expands outside KSA: <\/strong>Saudi Arabia\u2019s global multi-project developer Red Sea Global considers Egypt \u201can important market\u201d and among key markets for the company outside of Saudi, CEO John Pagano told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/44uwjkdm\" style=\"\" rel=\"noopener\">Asharq<\/a> in an interview. The company, which is wholly-owned by the Saudi Public Investment Fund, rebranded last year from Red Sea Development as it plans to \u201cexport what it does abroad\u2026and seeks to benefit from experiences and opportunities in Europe and beyond.\u201d<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/city-edge\/\">City edge<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eagle-hills\/\">Eagle Hills<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emaar-misr\/\">Emaar Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-alabbar\/\">Mohamed Alabbar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-investment-fund\/\">Public Investment Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"608849\" 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=\"608849\">\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\/26\/country-garden-usd-bond-default-marks-milepost-in-chinas-real-estate-crisis\/\">\r\n                            Country Garden USD bond default marks milepost in China\u2019s real estate crisis                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/country-garden-usd-bond-default-marks-milepost-in-chinas-real-estate-crisis\/\" target=\"_blank\">\n                    Open in new tab                    <!-- 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class=\"content-area-description single-story post-608849 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-china tag-construction tag-enterpriseam tag-financial-markets tag-planet-finance tag-real-estate 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\/.68c08866-3cb5-4822-a063-cbf8b1edd733.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Country Garden defaults on USD bond:<\/strong> Chinese developer Country Garden has been deemed to be in default on a USD bond payment for the first time, reports <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-25\/country-garden-default-on-dollar-bond-declared-for-first-time\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The developer failed to pay USD 15.4 mn of interest on a USD bond within the grace period that ended last week. China\u2019s property market accounts for 20% of GDP and news of Country Garden\u2019s default could send shockwaves through the national economy.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Country Garden saw this coming:<\/strong> The missed payment follows a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a43cf26b-a9d4-4afe-a8d0-d7fe1370a40d\" style=\"\" rel=\"noopener\">warning note<\/a> the developer issued earlier this month saying it expects to miss the payment. It is expected that the company will undergo the country\u2019s largest-ever corporate debt restructuring program. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-25\/country-garden-default-on-dollar-bond-declared-for-first-time#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/country-garden-default-dollar-bond-declared-first-time-bloomberg-news-2023-10-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e01f80f4-f7a4-4cbd-b8a3-4de14d528f70\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another Gulf IPO in the works:<\/strong> Bahrain-based asset manager <a target=\"_blank\" href=\"https:\/\/www.investcorp.com\/\" style=\"\" rel=\"noopener\">Investcorp Holding<\/a> is looking to raise some USD 321.5 mn from listing its investment vehicle Investcorp Capital on the ADX in a <a target=\"_blank\" href=\"https:\/\/www.investcorp.com\/announcement-of-intention-to-float-on-the-abu-dhabi-securities-exchange\/\" style=\"\" rel=\"noopener\">statement<\/a>. The subscription period will take place between 2-9 November, with trading expected to start on 17 November. Investcorp was initially <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfaa9706-cfdc-4a1d-9759-371200356600\" style=\"\" rel=\"noopener\">looking<\/a> to raise some USD 600 mn from the listing.<\/p><p><a target=\"_blank\" id=\"t.25a9b707da8a4ea85abceb16b56f26208cfe296b\" 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\">23,132<\/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\">+3.4% (YTD: +58.5%)<\/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\">10,505<\/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\">+1.2% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,325<\/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: -8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3,841<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.7% (YTD: +15.1%)<\/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>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\">4,187<\/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\">-1.4% (YTD: +9.0%)<\/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>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\">7,414<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,073<\/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: +7.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 90.13<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.01<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1,995<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 34,661<\/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\">+3.1% (YTD: +110.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 3.4% at yesterday\u2019s close<\/strong> on turnover of EGP 5.1 bn (125.4% above the 90-day average). Regional investors were net sellers. The index is up 58.5% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>TMG Holding (+20.0%), Oriental Weavers (+13.9%) and Egypt Kuwait Holding (+10.6%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Mopco (-6.2%), Orascom Construction (-2.0%) and AMOC (-0.7%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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=\"608851\" 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=\"608851\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/my-morning-routine-hussein-mesharafa-founder-of-seasplit\/\">\r\n                            My Morning Routine: Hussein Mesharafa, founder of Seasplit                        <\/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\/26\/my-morning-routine-hussein-mesharafa-founder-of-seasplit\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking to us this week is Hussein Mesharafa (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/hussein-mesharafa-7140326\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), the founder of robotics company <a target=\"_blank\" href=\"https:\/\/seasplit.com\/\" style=\"\" rel=\"noopener\">Seasplit<\/a> and UAE-based offshore wind farm developer <a target=\"_blank\" href=\"https:\/\/seasplitwind.com\/\" style=\"\" rel=\"noopener\">Seasplit Wind<\/a>. Edited excerpts from our conversation:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My name is Hussein Mesharafa. I studied engineering and I\u2019ve always worked as an <\/strong><strong>entrepreneur<\/strong>. I built my business from scratch without any formal business training. My career has taken me down a winding road, starting with environmental safety and occupational health before moving on to the oil and gas industry. Now I\u2019m investing in robotics and artificial intelligence for the offshore industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I founded Seasplit in 2021 after the industry started shifting towards AI, robotics, and <\/strong><strong>renewables. <\/strong>Robots that operate in subsea oil and gas fields are limited by several constraints in terms of design and function, so I started thinking of new modules that can be fitted on to enhance their performance. These ideas eventually yielded our ADSCOM and Remora software systems. The former enables robotics to communicate subsea acoustically, while the latter enables certain types of robotics to recharge others underwater. We\u2019ve secured an intellectual property patent and will begin trials with two prototypes in November to prove our concepts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I was lucky enough to find a group of brilliant, young Egyptian engineers to bring these <\/strong><strong>inventions to life.<\/strong> There is a team of six people, all in their 20s and 30s, who produced the prototypes. The project was spearheaded by engineer Aya Hallouda, the robotics and mechatronics team was led by Dr. Abdel Rahman El Maradni, and the embedded systems team was led by engineer Ibrahim Habib. These kids are self-made and self-educated and that is what makes them really innovative.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My kids and I <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/08\/15\/how-engineer-and-his-sons-found-ancient-greek-ship-on-egypts-north-coast\/\" style=\"\" rel=\"noopener\">d<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/08\/15\/how-engineer-and-his-sons-found-ancient-greek-ship-on-egypts-north-coast\/\" style=\"\" rel=\"noopener\">iscovered a sunken Greek vesse<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/08\/15\/how-engineer-and-his-sons-found-ancient-greek-ship-on-egypts-north-coast\/\" style=\"\" rel=\"noopener\">l<\/a><\/strong><strong>, with the help of a local fisherman, while <\/strong><strong>vacationing in Sahel in 2019. <\/strong>We reported it to the Antiquities Ministry and started thinking of ways the company could help out. We\u2019re now signing a protocol with the ministry that will see Seasplit debut its first trials on the vessel. We'll use our technology to scan the area and provide the ministry with a digital 3D model of the vessel as a gift. The model can then be showcased for recreational diving at the site. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I usually try to get eight hours of sleep. I wake up around 7:30 am and have to be out of <\/strong><strong>the house by 8 am<\/strong>, which is when my wife kicks me out. That gives me about half an hour to do everything: brush my teeth, have breakfast, get dressed, and leave. After that, I work from wherever; in a coffee shop, at the office, or even in the car sometimes. I try to keep my work schedule as digital and flexible as possible. I read Enterprise every morning. When I banked with CIB many years ago, I asked them whether they had a business briefing, and they recommended Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My day is governed by a few milestones, the most important of which is the three o'clock <\/strong><strong>milestone: <\/strong>Work has to be wrapped up and I have to be home for lunch with my family. Around 7 pm, I do sports. I did triathlon training over the past 10 years but I'm taking a break now.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I'm currently <\/strong><strong>reading <\/strong><strong>a book about negotiation called <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.goodreads.com\/book\/show\/123857637-never-split-the-difference\" style=\"\" rel=\"noopener\">Never Split the Difference<\/a><\/strong><strong> by Chris <\/strong><strong>Voss<\/strong>, who is a former FBI hostage negotiator. It's a really good book that explores new approaches to negotiation that underscore the importance of empathy. The premise is that whoever you're negotiating with is just another human being. My next read is <a target=\"_blank\" href=\"https:\/\/www.goodreads.com\/book\/show\/58680640-intelligent-decarbonisation\" style=\"\" rel=\"noopener\">I<\/a><a target=\"_blank\" href=\"https:\/\/www.goodreads.com\/book\/show\/58680640-intelligent-decarbonisation\" style=\"\" rel=\"noopener\">ntelligent<\/a><a target=\"_blank\" href=\"https:\/\/www.goodreads.com\/book\/show\/58680640-intelligent-decarbonisation\" style=\"\" rel=\"noopener\">Decarbonisation<\/a>, which explores how AI can be leveraged to decarbonise the energy sector and reduce carbon emissions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The most important self-management tip I could give is something I learned from a <\/strong><strong>character called Zorba. <\/strong>He\u2019s the protagonist in the movie <a target=\"_blank\" href=\"https:\/\/www.imdb.com\/title\/tt0057831\/\" style=\"\" rel=\"noopener\">Zorba the Greek<\/a>, and he kept a black notebook in which he wrote all his musings. I don\u2019t remember; I write. Ever since I was 19, I\u2019ve been writing everything down in a notebook; I have hundreds of them at this point. Every evening, I spend 15 minutes jotting down my plan for the next day. I set my weekly plan on Sundays and plan for the year ahead on my annual two-month period of remote work in Sahel. If I\u2019m worried about something, I write it down and go on about my life.<\/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\/hussein-mesharafa\/\">Hussein mesharafa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/seasplit\/\">Seasplit<\/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=\"608853\" 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\/26\/608853\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-608853\" class=\"content-area-description single-story post-608853 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>24-26 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fii-institute.org\/conference\/fii7\/\" style=\"\">Future Investment Initiative<\/a><\/span><span style=\"font-weight:400;\">, Riyadh, Saudi Arabia.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 October (Thursday): Daylight saving time ends.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27 October (Friday): Deadline for bidding in tender for five solar plants on north coast.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29-31 October (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\" style=\"\">Egypt Energy<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29 October-2 November (Sunday- Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cairowaterweek.eg\/register\/\" style=\"\">Cairo Water Week<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30-31 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/platforms-root-technologies.com\/icec-2023\/.\" style=\"\">Intelligent Cities Exhibition and Conference<\/a><\/span><span style=\"font-weight:400;\">, Dusit Thani LakeView, Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30-31 October (Monday-Tuesday): Global Business School Network, 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>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>November: Egypt to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd3e36a4-25a3-4129-9e86-f88ce45ca113\" style=\"\">issue Samurai bonds<\/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;\">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;\">5 November (Sunday): Senate back in session.<\/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 November (Wednesday): Deadline for MTO to buyback Dice Sports and Casual Wear\u2019s 46.9% Stake.<\/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;\">December: Gov\u2019t expects to finalize stake sale for military-owned fuel retailer Wataniya.<\/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;\">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;\">5 May (Sunday): 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;\">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.<\/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.<\/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":"<p>S&#038;P cuts bank ratings | Gaza war hits EGP | Ambitious FDI targets | Turn your clocks back tonight<\/p>\n","protected":false},"featured_media":608829,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-608828","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"386a54e5-fc43-42e5-9de7-5b2f85f91ff9","teaser":"S&P cuts bank ratings | Gaza war hits EGP | Ambitious FDI targets | Turn your clocks back tonight","photo_url":"https:\/\/ent.news\/2023\/10\/1327.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast 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