{"id":609724,"date":"2023-11-09T00:00:00","date_gmt":"2023-11-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=609724"},"modified":"2025-12-17T01:52:29","modified_gmt":"2025-12-17T01:52:29","slug":"the-egps-adjustment-is-coming-close-to-an-end","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-egps-adjustment-is-coming-close-to-an-end\/","title":{"rendered":"\u201cThe EGP\u2019s adjustment is coming close to an end\u201d"},"content":{"rendered":"<section id=\"609726\" 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=\"609726\">\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\/11\/09\/egyptian-stocks-gold-hit-record-highs-on-currency-fears\/\">\r\n                            Egyptian stocks, gold hit record highs on currency fears                        <\/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\/11\/09\/egyptian-stocks-gold-hit-record-highs-on-currency-fears\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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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\/11\/.c3637eaf-b5f2-4f0f-8fcb-11b02f40db58.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We love the smell of optimism in the morning. <\/strong>Yes, there\u2019s a risk that we just let our inner Pollyanna loose. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But still: A little bit of light amid all of the gloom is most welcome.<\/strong> This morning, that takes the form of a research note from EFG Hermes offering a (cautiously optimistic) case for our being in the final stage of our FX crunch.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also: <\/strong>Multinational lender Standard Chartered is pushing ahead with plans to open here and a Saudi healthcare investor is eyeing a stake in UCP \u2014 signs of investor interest in our fair country. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And:<\/strong> Dice\u2019s founders really, really want to buy their company back.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As the SFE\u2019s Ayman Soliman has said over and over again: It\u2019s all about sentiment.<\/strong> There are plenty of people out there (public and private market investors and strategics alike) who believe in the business case for Egypt. What they need is a clear signal that they can commit capital today and not see the value of their investment halved the next day (in USD terms). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Onward:<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>PSA #1- Foreigners with expired residency permits are being given a little more<\/strong><strong> time to sort everything out: <\/strong>The government has extended the deadline <a target=\"_blank\" href=\"https:\/\/www.enterprise.news\/news\/story\/96b6665e-a83a-43f5-840e-06050d36a988\/\" style=\"\" rel=\"noopener\">announced<\/a> in August for foreign residents who have overstayed their residency permits to legalize their stay in the country, according to a cabinet <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/4tbdeuvj\" style=\"\" rel=\"noopener\">statement<\/a>. The deadline to settle the <a target=\"_blank\" href=\"https:\/\/www.enterprise.news\/news\/story\/96b6665e-a83a-43f5-840e-06050d36a988\/\" style=\"\" rel=\"noopener\">USD 1k fine<\/a> and arrange an Egyptian host has now been pushed back three months to the middle of March, from its initial December deadline. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA #2- Fall weather may finally be upon us. <\/strong>Next week could see daytime highs of in the mid-to-high 20s and overnight lows in the mid-teens, according to our favorite weather app, suggesting an end to the unseasonably warm weather may be in the works. Look for a chance of a shower in the early morning hours of Sunday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA #3- University students who want to study in Egypt have until Saturday to register. <\/strong>The government\u2019s university admission portal <a target=\"_blank\" href=\"https:\/\/study-in-egypt.gov.eg\/\" style=\"\" rel=\"noopener\">Study in Egypt<\/a> has extended the registration deadline for international students wanting to transfer to Egyptian universities from abroad until Saturday, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/347.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>INFLATION FIGURES LAND TODAY- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>There\u2019s little consensus about what we\u2019re going to find when Capmas and the <\/strong><strong>Central Bank of Egypt publish October\u2019s inflation data later today.<\/strong> Seven analysts we spoke to are split down the middle about what happened, with three forecasting inflation to accelerate to a new record high, three predicting a dip, and one expecting no change. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Inflation reached an all-time high of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1c1b9b4-919d-41f5-a4f3-85357bcc52ad\" style=\"\" rel=\"noopener\">38% in September<\/a> as the effects of a series of currency devaluations combined with seasonal factors to keep the upward pressure on prices.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What should you expect? <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON ONE HAND- Food inflation to slow on government price curbs? <\/strong>Annual inflation for October will decrease to between 37.1-37.2% due to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">the government\u2019s initiative<\/a> to reduce the prices of basic commodities, as well as the customs exemption handed to producers and retailers, said Ahmed Nashy, head of the research department at CFI Financial.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government agreed with business leaders during the middle of the month to reduce prices of 10 staple foods by 15-25%.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE OTHER- Currency pressures could weigh on prices:<\/strong> \u201cInflation may reach 39% or a little more due to the widening gap between the exchange rate of the EGP against the USD in the parallel and official markets and the continued pressure on commodity prices,\u201d said Mostafa Shafie, head of research at Arabeya Online Brokerage.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s no consensus among the international press either:<\/strong><\/p><ul>\n<li>A <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-inflation-seen-retreating-october-record-high-2023-11-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> poll of 19 analysts forecasts <strong>inflation falling<\/strong> to 37.1%<\/li>\n<li>Nine of 10 analysts surveyed by <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3khp4242\" style=\"\" rel=\"noopener\">CNBC<\/a> expect <strong>inflation to accelerate<\/strong> by another 0.5-1.5%.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PRESIDENTIAL ELECTION NEWS TODAY-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The National Elections <\/strong><strong>Authority <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20901fba-a045-44a2-956f-df875f2088fd\" style=\"\" rel=\"noopener\">will announce the final list of presidential candidates<\/a><\/strong> today. The current list includes: President Abdel Fattah El Sisi; Hazem Omar (Republican People\u2019s Party); Abdel Sanad Yamama (Al Wafd); and Farid Zahran (Egyptian Social Democratic Party).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The nation goes to the polls on 10-12 December. Egyptian expats will vote 10 days earlier on 1-3 December.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- It\u2019s day one of the Intra-African Trade Fair:<\/strong> If business is your game, and Africa your focus, the <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/22zbjkym\" style=\"\" rel=\"noopener\">Intra-African Trade Fair<\/a> is kicking off at the Egypt International Exhibition Center complex today with a busy <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/468.pdf\" style=\"\" rel=\"noopener\">schedule<\/a> that runs all the way until Wednesday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Shoukry is at the Gaza aid conference in Paris<\/strong>: Foreign Minister Sameh Shoukry is heading an Egyptian delegation to a <a target=\"_blank\" href=\"https:\/\/www.diplomatie.gouv.fr\/en\/country-files\/israel-palestinian-territories\/news\/2023\/article\/organization-of-an-international-humanitarian-conference-for-gaza-s-civilian\" style=\"\" rel=\"noopener\">conference<\/a> organized by France to coordinate humanitarian aid for the besieged enclave, a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3avrdcjt\" style=\"\" rel=\"noopener\">statement<\/a> from the Foreign Ministry. He is also set to deliver a speech on the importance of international efforts in addressing the situation. <\/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>EGYPT STOCKS SOAR TO FRESH HIGH-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>Egyptian stocks and gold hit fresh record highs yesterday<\/strong> as investors continue to pile into non-EGP assets in response to the prolonged currency uncertainty exacerbated by the war in Gaza.<\/p><ul>\n<li><strong>The EGX:<\/strong> The EGX30 climbed 2.5% during trading yesterday, leaving it just shy of 24k by the end of the session. The benchmark index is up 64% year-to-date in EGP terms. <\/li>\n<li><strong>Gold:<\/strong> The price of 24 carat gold <a target=\"_blank\" href=\"https:\/\/www.elbalad.news\/5991710\" style=\"\" rel=\"noopener\">reached EGP 3k<\/a> for the first time ever yesterday. The price has risen almost 60% since the beginning of the year. <\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where it started:<\/strong> Egypt has struggled with a series of currency devaluations and spiraling inflation since the outbreak of war in the Ukraine, forcing people to look to other assets to protect their savings. This set off a rush to the gold and the EGX which has continued to snowball since summer 2022.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fanning the flames:<\/strong> The combination of a widely anticipated devaluation and concerns about the impact of the war in Gaza have caused the rally to accelerate over the past month. The EGX30 and gold have both climbed more than 20% in the past five weeks alone.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Madbouly government is trying to put a lid on gold prices: <\/strong>The cabinet yesterday <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yc78dj2s\" style=\"\" rel=\"noopener\">extended customs exemptions<\/a> designed to encourage Egyptians to bring gold into the country for another six months. The measure will now expire on 10 May 2024.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MORE FALLOUT FROM GAZA-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>More on how the war is impacting Egypt and the MENA region: <\/strong><\/p><ul>\n<li><strong>Will Europe say goodbye to Egyptian gas?<\/strong> Our LNG exports are set to remain \u201clow to zero\u201d this winter, according to an analyst quoted by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/mideast-conflict-dims-prospect-more-egyptian-lng-exports-europe-2023-11-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. A combination of surging domestic demand and reduced imports of Israeli gas since 7 October has made Egypt\u2019s ambitions to become the main exporter of LNG to Europe \u201cunachievable\u201d in the short and medium term, according to a recent <a target=\"_blank\" href=\"https:\/\/www.oxfordenergy.org\/wpcms\/wp-content\/uploads\/2023\/11\/East-Med-%E2%80%93-Gaza-crisis-tightens-regional-gas-balances.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> picked up by Reuters.<\/li>\n<li><strong>There\u2019s caution among ins. firms:<\/strong> Several companies offering ins. to large-scale events are excluding Israel, Lebanon, Egypt and Jordan from their cancellation policies after a slew of event call-offs, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/insurers-review-middle-east-events-coverage-after-cancellations-2023-11-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. <\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One area of the markets that is no longer being affected by the conflict:<\/strong> Oil prices fell another 2.5% yesterday, slipping to their lowest levels in over three months, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-prices-fall-over-3-month-low-signs-higher-supply-2023-11-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing concerns over falling demand in the US and China. Brent crude futures fell 2.5% to their lowest since mid-July at USD 79.54 a barrel. Oil has now erased all of last month\u2019s gains stoked by fears about the war\u2019s impact on global energy markets<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/477.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORIES ABROAD-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a mixed bag in the international press this morning<\/strong>,with US politics, as is often the case, taking center stage. The <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/gop-republican-debate-miami\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>, <a target=\"_blank\" href=\"https:\/\/apnews.com\/live\/republican-debate-live-updates\" style=\"\" rel=\"noopener\">AP<\/a>, and the <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/11\/08\/republican-presidential-debate\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> are all focused on the Republican presidential debate, which saw DeSantis, Haley, Christie, and who\u2019s who of \u201cwho?\u201d take to the stage, while frontrunner Donald Trump is holding a rally nearby. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/ignore-polls-biden-team-says-after-democrats-election-night-wins-2023-11-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> decided to look into President Joe Biden\u2019s future in office after Tuesday\u2019s <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/election-2023-highlights-868a21bf3537a0533ae3fd8007d07eef\" style=\"\" rel=\"noopener\">off-year elections<\/a> gave the Biden camp some hope after some worrying <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0d9365e-8b73-4e22-8da8-10a0166b4c26\" style=\"\" rel=\"noopener\">polling data<\/a> the day before. <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-08\/israel-latest-saudi-arabia-says-normalization-talks-to-continue?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, however, remains focused on the situation in Gaza, especially after the US fired a \u2018self-defense strike\u2019 on an Iranian armory located in Syria. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH NOTING- Over 300k people in Somalia displaced after \u201cworst<\/strong><strong> flooding in decades\u201d: <\/strong>Flooding in Somalia has so far killed at least 29 people and internally displaced some 300k people after heavy rains swept across East Africa on Wednesday, Reuters <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/worst-floods-decades-kill-29-somalia-hit-towns-across-east-africa-2023-11-08\/\" style=\"\" rel=\"noopener\">reported<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CLIMATE WATCH-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>A record breaking October (but not in a good way): <\/strong>Last month was the warmest October onrecord with average global temperatures 0.4 degrees Celsius above the previous record in 2019, the EU-funded Copernicus Climate Change Service said in a <a target=\"_blank\" href=\"https:\/\/climate.copernicus.eu\/copernicus-october-2023-exceptional-temperature-anomalies-2023-virtually-certain-be-warmest-year\" style=\"\" rel=\"noopener\">report<\/a>. Unless November and December see significantly cooler than average temperatures, 2023 is \u201cvirtually certain\u201d to be the hottest year ever recorded, the report added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING NEXT WEEK-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The Arab League is getting together on Saturday <\/strong>for an emergency meeting in Riyadh called for by Palestinian President Mahmoud Abbas. The league\u2019s main goal at the moment is to establish a ceasefire in Gaza, Palestinian presidential advisor Mahmoud Al Habbash previously told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3r8e3jmh\" style=\"\" rel=\"noopener\">AWP<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Followed a day after by the Organization of Islamic Cooperation on Sunday<\/strong> for an extraordinary Islamic in the Saudi capital to \u201cdiscuss the brutal Israeli aggression against the Palestinian people.\u201d it said in a <a target=\"_blank\" href=\"https:\/\/www.oic-oci.org\/topic\/?t_id=39875&amp;t_ref=26739&amp;lan=en\" style=\"\" rel=\"noopener\">statement<\/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>CORRECTION- We goofed in the subject line of yesterday\u2019s EnterprisePM. <\/strong>Fighting a tech gremlin that saw us miss our deadline, we were in a rush. The correct subject line was \u201c<strong>Superconductor<\/strong> doubts deepen\u201d and not \u201c<strong>Semiconductor<\/strong> doubts deepen.\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\/commodities\/\">commodities<\/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\/egx\/\">EGX<\/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\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"609728 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=\"609728\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/609728\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609728\" class=\"content-area-description single-story post-609728 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.somabayholidays.com\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/306.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span>Discover your dream vacation: handpicked villas, chalets and apartments for your perfect getaway \u2014 let us make your winter sunshine escape unforgettable. For more information and booking inquiries, please call +201556005693, email us at info@stayr.somabay.com, or visit our website <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.somabayholidays.com\" style=\"\">www.somabayholidays.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=\"609729\" 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=\"609729\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/a-case-for-optimism-on-the-egp\/\">\r\n                            Egypt needs USD 8-10 bn to address the FX crunch, says EFG Hermes                        <\/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\/11\/09\/a-case-for-optimism-on-the-egp\/\" 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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Better yet, he thinks it could be within reach.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> EFG Hermes produced the estimate \u201cafter considering current levels of FX backlogs, as well as enough buffers for the [Central Bank of Egypt] to ensure sustained liquidity in the interbank markets for an extended period of time as it ensure the return of confidence back to the market.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money\u2019s coming from: privatization, debt, state revenues.<\/strong> EFG Hermes is confident that the Madbouly government will raise another USD 1 bn from the sale of state assets over the next three months, taking total proceeds from the privatization program to almost USD 3 bn. Recent debt agreements with the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33abb6a6-8746-4e6a-b1d3-45d924437ae7\" style=\"\" rel=\"noopener\">UAE<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2bf4ab6-df22-42a9-abf1-d315809bb7ca\" style=\"\" rel=\"noopener\">China<\/a> have contributed a further USD 2.4 bn, in addition to inflows from revenue-raising measures such as the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3aa0ca21-83af-4033-8f26-8fe3280109e1\" style=\"\" rel=\"noopener\">car import<\/a> and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/951d1b5b-f0ae-4e05-94c8-2887e80e4689\" style=\"\" rel=\"noopener\">military service settlement<\/a> schemes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government wants to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">raise another USD 5 bn<\/a> from its offering program between November and June, and is working on the sale of a number of assets including <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9326a491-9645-49df-b489-e36f40100021\" style=\"\" rel=\"noopener\">two military-owned companies<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/860a3d68-680c-4178-8525-c01faa6818b8\" style=\"\" rel=\"noopener\">wind farms<\/a>, and one of the Siemens-built <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cfdc99d8-291f-4b7c-8af8-8e1cccc74de5\" style=\"\" rel=\"noopener\">combined-cycle power plants<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With that in mind, Abu Basha sees signs that the \u201cEGP\u2019s adjustment is coming close to an end.\u201d <\/strong>He notes evidence that FX is \u201caccumulating in the economy,\u201d particularly in the form of corporate foreign-currency deposits, which \u201chave risen by USD 5 bn in the 18 months to August, hitting a historic all-time high of USD 17.5 bn.\u201d Add \u201cgenuine improvement in CA dynamics \u2026 and extended stability of the parallel market rate\u201d from May through mid-October, and it feels likely that we\u2019re reaching a juncture where a resolution could be possible.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, w<\/strong><strong>here does the EGP land against the greenback?<\/strong> \u201cWe see the <strong>EGP 40<\/strong> mark as being an eventual area of stability for the EGP when the FX market clears,\u201d Abu Basha wrote. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A credible exchange rate will trigger significant inflows from both investors and folks in <\/strong><strong>Egypt who have USD under their proverbial mattresses. <\/strong>\u201cAn EGP closer to the 40-mark would primarily translate into an EGP that is nearly as cheap as it was post the 2016 devaluation \u2026 <strong>providing an attractive entry point for foreign investors<\/strong>.\u201dIt could also see some USD 12-14 bn enter the system as individuals holding USD or trading currency in the parallel market return to safty. Factoring in Egyptian expats, this could increase to USD 20 bn if easing FX liquidity conditions convinces them to bring money into the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Now is the time for policymakers to act:<\/strong> \u201cA longer time period opens room for downside risks, as was the case in the past two weeks, with a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e47177c-5303-472c-a810-72f84824becc\" style=\"\" rel=\"noopener\">rally in the parallel market<\/a>. An elevated FX rate at this stage would not necessarily bode well for debt dynamics, in addition to magnifying inflationary pressures,\u201d Abu Basha wrote.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/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=\"609731\" 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=\"609731\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/standard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year\/\">\r\n                            Standard Chartered to set up shop in Egypt by the end of the year                        <\/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\/11\/09\/standard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n               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the end of the year&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/standard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year\/\">\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\/11\/09\/standard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year\/&title=Standard Chartered to set up shop in Egypt by the end of the year\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Standard+Chartered+to+set+up+shop+in+Egypt+by+the+end+of+the+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F09%2Fstandard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/standard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/461.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609732\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/standard-chartered-to-set-up-shop-in-egypt-by-the-end-of-the-year\/461-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/461.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"461.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/461.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/461.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609731\" class=\"content-area-description single-story post-609731 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-enterpriseam tag-investment-watch tag-standard-chartered 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\/.f59810a8-4037-4a70-83c0-21be555ce63c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Standard Chartered will open in Egypt by the end of this year<\/strong>: British multinational lender Standard Chartered Egypt expects to begin operations by the end of 2023, according to a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/4v7zd7up\" style=\"\" rel=\"noopener\">statement<\/a> from the Planning Ministry yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> Veteran banker and the former head of the bank\u2019s Qatar branch Mohammed Gad was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15cff6fa-999b-407b-a6a0-57d782cf67a4\" style=\"\" rel=\"noopener\">tapped<\/a> as head of the bank\u2019s Egyptian entity this week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Standard Chartered Egypt has been in the works for a while<\/strong>: StanChart received its full banking license from the Central Bank of Egypt in November 2022 allowing it to offer services to sovereign and government-related bodies, corporate entities, financial institutions and multinationals working in Egypt, the lender said in a recent <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/287.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>StanChart is looking at corporate clients: <\/strong>\u201cSovereign and government related entities, large corporates, financial institutions and multinational companies operating in the country\u201d are the company\u2019s target market, it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The lender is no stranger to the region<\/strong>: Out of the 57 countries that the bank has a presence in worldwide, Standard Chartered currently operates in seven countries in the MENA region, accounting for 20% of the bank's total revenue, the bank\u2019s regional chief Sunil Kaushal told the <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/banking\/2023\/10\/11\/standard-chartered-expects-africa-and-middle-east-revenue-to-remain-on-growth-trajectory\/\" style=\"\" rel=\"noopener\">National<\/a> last month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Goodbye Lebanon and Jordan, hello Egypt and Saudi Arabia: <\/strong>The bank announced last year its plans to exit seven markets, including Lebanon and Jordan, to focus on bigger and faster-growing markets like Saudi Arabia and Egypt, according to a report by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/stanchart-exits-7-markets-africa-middle-east-2022-04-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Playing the long game<\/strong>:The bank is confident of long-term growth in Egypt, despite the economic challenges, Kaushal told the National. \u201cIt's under [economic] stress \u2026 but you know, we're going there for the next 50 to 100 years,\u201d he added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/standard-chartered\/\">Standard Chartered<\/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=\"609733\" 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=\"609733\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/saudi-health-firm-eyeing-minority-stake-in-ucp\/\">\r\n                            Saudi health firm could acquire minority stake in Egypt\u2019s UCP this year !_StoryTags_! pharma, United Company of Pharmacists, Tamer Group, Saudi Arabia, investment watch                        <\/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\/11\/09\/saudi-health-firm-eyeing-minority-stake-in-ucp\/\" target=\"_blank\">\n      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            <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Saudi health firm eyeing minority stake in UCP?&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/saudi-health-firm-eyeing-minority-stake-in-ucp\/\">\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\/11\/09\/saudi-health-firm-eyeing-minority-stake-in-ucp\/&title=Saudi health firm eyeing minority stake in UCP?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Saudi+health+firm+eyeing+minority+stake+in+UCP%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F09%2Fsaudi-health-firm-eyeing-minority-stake-in-ucp%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/saudi-health-firm-eyeing-minority-stake-in-ucp\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/400.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609734\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/saudi-health-firm-eyeing-minority-stake-in-ucp\/400-jpg-32\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/400.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"400.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/400.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/400.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609733\" class=\"content-area-description single-story post-609733 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-ma-watch 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\/.7786eb74-99d2-410d-992f-df7cb7055894.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi conglomerate <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.tamergroup.com\/\" style=\"\" rel=\"noopener\">Tamer Group<\/a><\/strong><strong> could acquire<\/strong><strong>30% of Egyptian pharma wholesaler United Company of <\/strong><strong>Pharmacists<\/strong>(UCP) for USD 35 mn before the end of this year, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2s3t7z5f\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing sources it says are in the know.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s selling?<\/strong> American wholesale company <a target=\"_blank\" href=\"https:\/\/www.cencora.com\/\" style=\"\" rel=\"noopener\">Cencora<\/a> (formerly known as AmerisourceBergen) owns 50% of UCP and has already agreed with Tamer Group on the size and value of the sale, according to the news service. The remaining 50% of the company is owned by the family of the founder, Hossam Omar, UCP general manager Mohamed Galal <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03539fbe-dd50-4e0e-8d86-735aaaf463e7\" style=\"\" rel=\"noopener\">told Enterprise<\/a> in September.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>UCP is seeking much-needed finance to weather its debt crisis:<\/strong> The company, one of the largest pharma distributors in Egypt, has been seeking new finance sources to resolve a growing debt problem, Al Mal reported in September. UCP controls a third of Egypt\u2019s pharma distribution market and supplies 38.5k pharmacies and 2k hospitals, according to the group\u2019s <a target=\"_blank\" href=\"https:\/\/www.unitedcompanyofpharmacists.com\/home\/-\/asset_publisher\/E1eQ\/content\/about-us?redirect=https%3A%2F%2Fwww.unitedcompanyofpharmacists.com%2Fhome%3Fp_p_id%3D101_INSTANCE_E1eQ%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26p_p_col_id%3Dcolumn-1%26p_p_col_pos%3D1%26p_p_col_count%3D7\" style=\"\" rel=\"noopener\">website<\/a>.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Advisors: <\/strong>JPMorgan is advising Cencora on the transaction, according to Asharq.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609735 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"609735\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/609735\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609735\" class=\"content-area-description single-story post-609735 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609736\" 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=\"609736\">\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\">RETAIL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/eastern-hikes-smoke-prices-by-up-to-33\/\">\r\n                            Eastern Company hikes cigarette prices by as much as 33%                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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-->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Eastern+hikes+smoke+prices+by+up+to+33%25+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F09%2Feastern-hikes-smoke-prices-by-up-to-33%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/eastern-hikes-smoke-prices-by-up-to-33\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/106.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609737\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/eastern-hikes-smoke-prices-by-up-to-33\/106-jpg-27\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/106.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"106.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/106.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/106.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609736\" class=\"content-area-description single-story post-609736 post type-post status-publish format-standard has-post-thumbnail hentry category-retail tag-eastern-company tag-enterpriseam tag-retail tag-tax tag-tobacco 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\/.fd867b15-e57f-46c0-ae4c-955e2b19e3bc.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Some of us have been given yet another reason to quit:<\/strong> State-owned tobacco giant Eastern Company published a new price list for its tobacco products starting today that raises prices between 12% and 33%, according to an EGX <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/459.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a> from the company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new prices came in the wake of a new VAT amendments: <\/strong>The EGX30-listed company raised prices legislators on Monday passed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c502a26-498a-4fe8-978a-635fcc380510\" style=\"\" rel=\"noopener\">passed into law<\/a> an EGP 0.50 increase in tax on all tobacco products and allowed companies to raise prices by 12% annually for the next five years without moving into a higher per-pack tax bracket.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Higher prices should increase supply and tackle the black market: <\/strong>Eastern\u2019s new prices and the permission to raise prices over the coming five years should allow manufacturers to confidently increase supply and undercut wholesalers who have been selling cigarettes far above the sticker price. Prices have spiked in recent months as FX shortages and the rising cost of production squeezed supply \u2014 and wholesalers and retailers took advantage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cabinet thinks this is going to be a money earner: <\/strong>House Planning and Budget Committee head Fakhri El Fiqi said that the tax will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16f18ec2-6328-4d7a-9884-e76a29c1170b\" style=\"\" rel=\"noopener\">raise some EGP 8 bn<\/a> in the House last month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT:<\/strong> Around <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1236\/502071\/Egypt\/Health\/Percentage-of-Egyptians-who-smoke-has-dropped-sinc.aspx\" style=\"\" rel=\"noopener\">33% of adult males<\/a> in Egypt smoke, according to CAPMAS figures out earlier this year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tobacco\/\">tobacco<\/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=\"609738\" 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=\"609738\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/dice-founders-up-their-offer-to-buy-back-shares\/\">\r\n                            Dice founders up their offer to buy back shares                        <\/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\/11\/09\/dice-founders-up-their-offer-to-buy-back-shares\/\" 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\/11\/09\/dice-founders-up-their-offer-to-buy-back-shares\/')\">\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\/11\/09\/dice-founders-up-their-offer-to-buy-back-shares\/\">\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=Dice founders up their offer to buy back shares&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/dice-founders-up-their-offer-to-buy-back-shares\/\">\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\/11\/09\/dice-founders-up-their-offer-to-buy-back-shares\/&title=Dice founders up their offer to buy back shares\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Dice+founders+up+their+offer+to+buy+back+shares+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F09%2Fdice-founders-up-their-offer-to-buy-back-shares%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/dice-founders-up-their-offer-to-buy-back-shares\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/849.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609739\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/dice-founders-up-their-offer-to-buy-back-shares\/849-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/849.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"849.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/849.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/849.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609738\" class=\"content-area-description single-story post-609738 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-dice-sport-and-casual-wear tag-enterpriseam tag-ma-watch tag-textiles 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\/.082aae9b-22bb-46f8-8ba1-071931f17f1d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Dice founders really want to buy back their shares: <\/strong>The founders of the EGX-listed clothingcompany Dice Sports and Casual Wear yesterday upped their offer to buy back shares to EGP 0.80 per share, up 23% from the EGP 0.65 offered previously, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/410.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a> from the Financial Regulatory Authority (FRA) yesterday morning. Their current offer to take back 46.9% of the company through the purchase of 838 mn shares totals up to a EGP 670.5 mn reacquisition bid.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax:<\/strong> Dice shares rose about 14.8% to close at EGP 0.78 following the news.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Dice reacquisition saga has been going on for a while:<\/strong> The founding family submitted a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9093bdbd-1ae7-47be-9893-742b8694fc7a\" style=\"\" rel=\"noopener\">mandatory tender offer (MTO)<\/a> last month to re-acquire up to 46.9% of Dice. The transaction would see the family consortium\u2019s stake in the company increase to about 80%. Before this, the consortium first submitted a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601b9074-a068-43d2-b1ba-b2d1a527ad2b\" style=\"\" rel=\"noopener\">preliminary offer<\/a> to up their stake to 90% of Dice in September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> The family sold more than half of the company to public investors during its IPO on the EGX in 2017.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dice-sport-and-casual-wear\/\">Dice Sport and Casual Wear<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/textiles\/\">textiles<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609740\" 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=\"609740\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/israel-hamas-ceasefire-rumors-mount-as-fighting-continues-in-gaza-city-us-calls-for-palestinian-control-of-gaza\/\">\r\n                            Israel-Hamas ceasefire rumors mount as fighting continues in Gaza City; US calls for Palestinian control of Gaza                        <\/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\/11\/09\/israel-hamas-ceasefire-rumors-mount-as-fighting-continues-in-gaza-city-us-calls-for-palestinian-control-of-gaza\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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US calls for Palestinian control of Gaza\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Israel-Hamas+ceasefire+rumors+mount+as+fighting+continues+in+Gaza+City%3B+US+calls+for+Palestinian+control+of+Gaza+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F09%2Fisrael-hamas-ceasefire-rumors-mount-as-fighting-continues-in-gaza-city-us-calls-for-palestinian-control-of-gaza%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/israel-hamas-ceasefire-rumors-mount-as-fighting-continues-in-gaza-city-us-calls-for-palestinian-control-of-gaza\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/456.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609741\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/israel-hamas-ceasefire-rumors-mount-as-fighting-continues-in-gaza-city-us-calls-for-palestinian-control-of-gaza\/456-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/456.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"456.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/456.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/456.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609740\" class=\"content-area-description single-story post-609740 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-diplomacy tag-enterpriseam tag-israel tag-israel-palestine-conflict tag-middle-east-politics tag-palestine tag-war-watch 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\/.8082677f-1682-4e18-a4b6-2afd387d403a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gaza City has become a battleground between Israeli and Hamas forces<\/strong>, forcing thousands of civilians to head south in search of safety, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/thousands-civilians-flee-north-gaza-israeli-troops-hamas-fighters-clash-2023-11-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> wrote. Hamas said it had inflicted heavy losses on the advancing Israeli troops, who entered the city earlier this week. The Israeli military claimed yesterday that Hamas has \u201clost control\u201d of northern Gaza and that it had destroyed more than 100 tunnels. Neither of the sides\u2019 claims have been verified and neither has disclosed casualty figures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PAUSE? The rumor mill over the prospect of a temporary <\/strong><strong>ceasefire<\/strong><strong> \u201cpause\u201d went into overdrive <\/strong><strong>yesterday:<\/strong> A number of conflicting press reports yesterday claimed that a breakthrough in the ongoing hostages-for-temporary-ceasefire negotiations was close, only for the Israeli prime minister to issue a denial.<\/p>\n<ul>\n<li><a target=\"_blank\" href=\"https:\/\/twitter.com\/Alqaheranewstv\/status\/1722254660134944939\" style=\"\" rel=\"noopener\">Al Qahera News<\/a> said that <strong>Egypt<\/strong> is close to negotiating a \u201chumanitarian truce\u201d in return for the release of hostages, citing a number of Egyptian sources. The state broadcaster did not report how many hostages were part of the agreement or the length of the ceasefire. <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.straitstimes.com\/world\/middle-east\/source-close-to-hamas-says-talks-under-way-for-release-of-12-hostages\" style=\"\" rel=\"noopener\">AFP<\/a> published comments from a single Hamas source, who claimed that <strong>Qatar<\/strong> is trying to broker a three-day ceasefire in return for the release of <strong>12 hostages<\/strong>, half of them Americans.<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/israel-palestinians-idAFS8N3AJ038\" style=\"\" rel=\"noopener\">Reuters<\/a> published a conflicting single-source report claiming that <strong>Qatar<\/strong>-led discussions were focused on a 1-2 day ceasefire in exchange for <strong>10-15 hostages<\/strong> being released.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel denies, then amends the denial: <\/strong>Israeli Prime Minister Benjamin Netanyahu <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/netanyahu-dismisses-idle-rumors-about-imminent-hostage-release-deal\/\" style=\"\" rel=\"noopener\">called the<\/a><a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/netanyahu-dismisses-idle-rumors-about-imminent-hostage-release-deal\/\" style=\"\" rel=\"noopener\">reports<\/a> \u201cidle rumors\u201d and reiterated his rejection of a ceasefire without the release of hostages. The IDF spokesman said afterwards that humanitarian pauses may be part of talks but a ceasefire is out of the question.<\/p>\n<ul>\n<li><strong>The G7 wouldn\u2019t mind a pause:<\/strong> G7 foreign ministers stopped short of calling for a temporary humanitarian ceasefire <a target=\"_blank\" href=\"https:\/\/www.auswaertiges-amt.de\/en\/newsroom\/news\/g7-japan-2023-foreign-ministers-statement\/2629894\" style=\"\" rel=\"noopener\">during talks in Japan<\/a> yesterday, and instead offered \u201csupport\u201d for the idea.<\/li>\n<li><strong>There\u2019s a bit more urgency within the aid community:<\/strong> Thirteen international aid organizations <a target=\"_blank\" href=\"https:\/\/www.barrons.com\/news\/major-aid-groups-call-for-gaza-ceasefire-e35a051b\" style=\"\" rel=\"noopener\">urged governments<\/a> yesterday \u201cto do everything in their power\u201d to force an immediate ceasefire. This came 48 hours after the heads of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48acad23-304e-4403-80f7-2919abc66afd\" style=\"\" rel=\"noopener\">18 UN agencies and NGOs<\/a> issued a similar call.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PUSHBACK? The Biden administration has called for the Palestinian Authority to be <\/strong><strong>handed control of Gaza<\/strong> should Hamas be defeated, reiterating its opposition to Israel reestablishing a long-term security presence after the war. The post-war arrangement \u201cmust include Palestinian-led governance and Gaza unified with the West Bank under the Palestinian Authority,\u201d Secretary of State Antony Blinken said yesterday following the G7 talks. Netanyahu <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48acad23-304e-4403-80f7-2919abc66afd\" style=\"\" rel=\"noopener\">said this week<\/a> that Israel would indefinitely assume \u201coverall security responsibility\u201d for the territory.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AID-<\/strong><strong>US:<\/strong> Rafah border crossing closed due to undisclosed \u201csecurity circumstance\u201d |<strong> Italy <\/strong>is sending a<strong><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2m5cj3r3\" style=\"\" rel=\"noopener\">hospital ship<\/a><\/strong>to Gaza | <strong>The Netherlands<\/strong> wants to <a target=\"_blank\" href=\"https:\/\/www.barrons.com\/news\/dutch-to-send-aid-ship-to-cyprus-as-rutte-meets-netanyahu-b2386770\" style=\"\" rel=\"noopener\">send an<\/a> <strong><a target=\"_blank\" href=\"https:\/\/www.barrons.com\/news\/dutch-to-send-aid-ship-to-cyprus-as-rutte-meets-netanyahu-b2386770\" style=\"\" rel=\"noopener\">aid ship<\/a><\/strong> to Gaza \u201cwhen possible\u201d | A <strong>UN technical humanitarian team <\/strong>will <a target=\"_blank\" href=\"https:\/\/press.un.org\/en\/2023\/db231107.doc.htm\" style=\"\" rel=\"noopener\">set up in Arish<\/a> to facilitate aid and advise the Egyptian Red Crescent. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIPLO- Paris <\/strong>is hosting an <a target=\"_blank\" href=\"https:\/\/www.diplomatie.gouv.fr\/en\/country-files\/israel-palestinian-territories\/news\/2023\/article\/organization-of-an-international-humanitarian-conference-for-gaza-s-civilian\" style=\"\" rel=\"noopener\">international humanitarian conference for Gaza<\/a> today | Foreign Minister <strong>Sameh Shoukry <\/strong><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2v6nuuue\" style=\"\" rel=\"noopener\">will be in attendance<\/a> | <strong>A senior US State Department official <\/strong>is <a target=\"_blank\" href=\"https:\/\/www.state.gov\/under-secretary-zeyas-travel-to-france-egypt-and-spain\/\" style=\"\" rel=\"noopener\">coming to Cairo<\/a> between 10-17 November | <strong>Shoukry <\/strong><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2v6nuuue\" style=\"\" rel=\"noopener\">received a phone call<\/a> from UN Secretary-General <strong>Antonio <\/strong><strong>Guterres<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>YESTERDAY IN NUMBERS- <\/strong><\/p>\n<ul>\n<li><strong>10,515: <\/strong>The number of Gazans who have been killed since 7 October. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/24mrr9ps\" style=\"\" rel=\"noopener\">Palestinian Health Ministry<\/a>)<\/li>\n<li><strong>4,324: <\/strong>The number of children who have died in Gaza since the war broke out. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/24mrr9ps\" style=\"\" rel=\"noopener\">Palestinian Health Ministry<\/a>)<\/li>\n<li><strong>81: <\/strong>The number of trucks carrying aid crossed the border from Egypt into Gaza yesterday. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yk4zawxc\" style=\"\" rel=\"noopener\">Palestinian Red Crescent<\/a>)<\/li>\n<li><strong>650: <\/strong>The number of trucks that have entered Gaza since 7 October. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yk4zawxc\" style=\"\" rel=\"noopener\">Palestinian Red Crescent<\/a>)<\/li>\n<li><strong>50k: <\/strong>The number of civilians that fled north Gaza yesterday. (<a target=\"_blank\" href=\"https:\/\/twitter.com\/AFP\/status\/1722332422010778057\" style=\"\" rel=\"noopener\">AFP<\/a>)<\/li>\n<li><strong>92: <\/strong>The number of UNRWA staff who have been killed in Gaza since 7 October. (<a target=\"_blank\" href=\"https:\/\/twitter.com\/unlazzarini\/status\/1722162763626168403?s=48\" style=\"\" rel=\"noopener\">UNRWA<\/a>) <\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609742\" 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=\"609742\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/elsewedy-electric-bottom-line-doubles\/\">\r\n                            Elsewedy Electric earnings after minority interest more than doubled in 3Q 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/elsewedy-electric-bottom-line-doubles\/\" 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 company\u2019s top line rose 66% y-o-y to EGP 39.2 bn in the quarter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A strong year so far:<\/strong> The company\u2019s net income saw a 161% y-o-y increase in the first nine months of 2023 to EGP 8.1 bn, while revenues climbed 74% y-o-y to EGP 108.8 bn in the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Wires, cables, and turnkey projects boosted Elsewedy\u2019s sales: <\/strong>Proceeds from the company\u2019s wires and cables segment rose 93% y-o-y in 3Q to EGP 21.7 bn, accounting for 55% of the company\u2019s revenues during the quarter. Meanwhile, proceeds from turnkey projects came in at EGP 13.1 bn, up 33% y-o-y and accounting for 33% of revenues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cIncreasing sales outside of Egypt and expanding [their] export markets\u2026managing working capital and [their] cost base,\u201d were behind the figures, CEO Ahmed El Sewedy said in the release.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609744\" 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=\"609744\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/sherif-el-zeiny-steps-down-at-elsewedy\/\">\r\n                            Elsewedy Electric\u2019s CFO and VC steps down                        <\/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\/11\/09\/sherif-el-zeiny-steps-down-at-elsewedy\/\" 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 group\u2019s chief internal auditor <strong>Ahmed Shokry<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ahmed-shokry-23847233\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) will be the acting vice chair and CFO until the roles are filled, the disclosure read. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sherif-el-zeiny\/\">Sherif El Zeiny<\/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=\"609746\" 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=\"609746\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/egyptian-food-bank-mersal-vodafone-provide-aid-to-gaza\/\">\r\n                            Egyptian Food Bank, Mersal + Vodafone provide aid to Gaza                        <\/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\/11\/09\/egyptian-food-bank-mersal-vodafone-provide-aid-to-gaza\/\" 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\/11\/09\/egyptian-food-bank-mersal-vodafone-provide-aid-to-gaza\/')\">\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\/11\/09\/egyptian-food-bank-mersal-vodafone-provide-aid-to-gaza\/\">\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=Egyptian Food Bank, Mersal + Vodafone provide aid to Gaza&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/egyptian-food-bank-mersal-vodafone-provide-aid-to-gaza\/\">\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\/11\/09\/egyptian-food-bank-mersal-vodafone-provide-aid-to-gaza\/&title=Egyptian Food Bank, Mersal + Vodafone provide aid to Gaza\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egyptian+Food+Bank%2C+Mersal+%2B+Vodafone+provide+aid+to+Gaza+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F09%2Fegyptian-food-bank-mersal-vodafone-provide-aid-to-gaza%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/egyptian-food-bank-mersal-vodafone-provide-aid-to-gaza\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/447.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609747\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/egyptian-food-bank-mersal-vodafone-provide-aid-to-gaza\/447-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/447.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"447.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/447.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/447.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609746\" class=\"content-area-description single-story post-609746 post type-post status-publish format-standard has-post-thumbnail hentry category-kudos tag-enterpriseam tag-gaza tag-kudos 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\/.08922ee0-b833-439f-a467-dfb9d691fdd2.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian NGOs are working overtime to help deliver desperately needed relief to Palestinians in Gaza <\/strong>living under the most brutal assault on a civilian population we\u2019ve seen in this century. Among the organizations who have reached out to us this week:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFB <\/strong><strong>is sending 2k tons of food to Gaza: <\/strong>The <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2z9bz5x2\" style=\"\" rel=\"noopener\">Egyptian Food Bank<\/a> (EFB) is sending a convoy of 120 trucks loaded with some 2k tons of ready-to-eat food to Gaza, it said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/436.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. The supplies are intended to serve 150k palestinian families, constituting EFB\u2019s largest convoy to date. The NGO has already dispatched a convoy of 41 trucks loaded with 500 tons of food to the besieged territory.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Vodafone + Mersal provide telemedicine services to Gaza: <\/strong>Health charity foundation <a target=\"_blank\" href=\"https:\/\/mersal-ngo.org\/\" style=\"\" rel=\"noopener\">Mersal<\/a> is providing free medical consultations and first aid instructions remotely to sick and injured people in Gaza through a partnership with Vodafone, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/220.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. Patients can get in touch with Mersal through the following platforms:<\/p>\n<ul>\n<li>Social media: <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Mersalfoundation\/\" style=\"\" rel=\"noopener\">Facebook<\/a>, <a target=\"_blank\" href=\"https:\/\/www.instagram.com\/mersal_foundation\/\" style=\"\" rel=\"noopener\">Instagram<\/a> <\/li>\n<li>WhatsApp: +20 (0)10 6960 0015 or + 20 (0)10 6960 0045<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong><strong>Belt<\/strong><strong>one and Wayana offer workplace training for people with down syndrome: <\/strong>Beltone Financial Holding and <a target=\"_blank\" href=\"https:\/\/wayanafoundation.org\/?lang=en\" style=\"\" rel=\"noopener\">Wayana International Foundation<\/a> have created a training program to equip individuals with down syndrome with workplace skills and knowledge, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/429.pdf\" style=\"\" rel=\"noopener\">a joint statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/429.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. Financed by Beltone, the \u201cTrain to Sustain\u201d program caters to individual training needs, the statement reads.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gaza\/\">Gaza<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609748 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=\"609748\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/609748\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609748\" class=\"content-area-description single-story post-609748 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609749\" 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=\"609749\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/presidential-hopeful-yamama-isnt-a-fan-of-the-imf-or-israel\/\">\r\n                            Presidential hopeful Yamama isn\u2019t a fan of the IMF or Israel                        <\/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\/11\/09\/presidential-hopeful-yamama-isnt-a-fan-of-the-imf-or-israel\/\" 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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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/466.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"466.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/466.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/466.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609749\" class=\"content-area-description single-story post-609749 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-abdel-sanad-yamama tag-cairo-metro tag-eastern-company tag-election-2023 tag-enterpriseam tag-last-nights-talk-shows tag-politics tag-tobacco tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.794fd93e-d782-4e31-857b-3c48571e6272.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In an unexpected turn of events, talk shows shifted their attention from Gaza <\/strong>to the new cigarette prices, the upcoming presidential elections, and the Metro. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>[Redacted] Israel, [redacted] the IMF, says presidential hopeful Yamama: <\/strong>Yahduth Fi Masr\u2019s Sherif Amerhosted presidential candidate Al Wafd\u2019s Abdel Sanad Yamama who gave his two cents on the situation in Israel and the Egyptian economy. \u201cEgypt should not continue to normalize ties with Israel as long as the Gaza issue is still present \u2026 I believe that Egypt should withdraw its ambassador to Israel,\u201d he said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Dmq-20t7t_U\" style=\"\" rel=\"noopener\">watch, runtime: 3:03<\/a>). On the economy front, <strong>Yamama argued that we should cut ties with the IMF<\/strong> and stop all foreign borrowing (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=bl6OXs9Ghnk\" style=\"\" rel=\"noopener\">watch, runtime: 3:02<\/a>). The National Elections Authority will announce the final list of presidential candidates later today. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The next phase of Metro Line 3 will start operating no later than January: <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/608343e2-2810-460d-9b34-fec140a19e76\" style=\"\" rel=\"noopener\">third phase<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/608343e2-2810-460d-9b34-fec140a19e76\" style=\"\" rel=\"noopener\">of the Metro Line 3<\/a> will be fully operational within a month or two, Transport Minister Kamal El Wazir told Ala Maso\u2019uleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=d_nbIkNbbwM\" style=\"\" rel=\"noopener\">watch, runtime: 4:40<\/a>). The third phase, which runs between Kit Kat and the Ring Road, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39dc4a75-8ed5-46ed-a296-30a40cf2f166\" style=\"\" rel=\"noopener\">kicked off trial operations<\/a> on the sidelines of the TransMEA conference on Sunday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good news, bad news. <\/strong>Cigarettes are going to become more widely available but their official prices have increased in wake of the new tobacco VAT, which we have more information on in the news well, above. The cigarette price hike unveiled by the state-owned tobacco giant Eastern Company is \u201cmuch lower than expected,\u201d Managing Director and CEO Hany Aman told Yahduth Fi Masr\u2019s Sherif Amer (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=mtLS-n9gTng\" style=\"\" rel=\"noopener\">watch, runtime: 5:32<\/a>), without elaborating.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaza coverage continues: <\/strong>Egypt is working to mediate truce negotiations between Hamas and Israel, which would see Hamas release hostages in exchange for a ceasefire. Masa\u2019a DMC hosted an in-studio discussion about the prospects of a pause and what it would mean for Gaza (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=296255869911607\" style=\"\" rel=\"noopener\">4:15<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1296885267685161\" style=\"\" rel=\"noopener\">4:33<\/a>). We have the details in this morning\u2019s War Watch, above. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-sanad-yamama\/\">Abdel Sanad Yamama<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-metro\/\">Cairo metro<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tobacco\/\">tobacco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/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=\"609751\" class=\"issue-section \">\n<div 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   <div class=\"index-number\">12<\/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\/11\/09\/aur-microfinance-arm-raises-egp-225-mn-from-securitization-plus-news-from-cabinet-and-sodic\/\">\r\n                            Aur microfinance arm raises EGP 225 mn from securitization. PLUS: News from cabinet and SODIC                        <\/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\/11\/09\/aur-microfinance-arm-raises-egp-225-mn-from-securitization-plus-news-from-cabinet-and-sodic\/\" 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\/11\/09\/aur-microfinance-arm-raises-egp-225-mn-from-securitization-plus-news-from-cabinet-and-sodic\/')\">\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\/11\/09\/aur-microfinance-arm-raises-egp-225-mn-from-securitization-plus-news-from-cabinet-and-sodic\/\">\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=Aur microfinance arm raises EGP 225 mn from securitization. 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PLUS: News from cabinet and SODIC\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Aur+microfinance+arm+raises+EGP+225+mn+from+securitization.+PLUS%3A+News+from+cabinet+and+SODIC+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F09%2Faur-microfinance-arm-raises-egp-225-mn-from-securitization-plus-news-from-cabinet-and-sodic%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/aur-microfinance-arm-raises-egp-225-mn-from-securitization-plus-news-from-cabinet-and-sodic\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/471.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609753\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/aur-microfinance-arm-raises-egp-225-mn-from-securitization-plus-news-from-cabinet-and-sodic\/471-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/471.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"471.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/471.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/471.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609752\" class=\"content-area-description single-story post-609752 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-arab-african-international-bank tag-capital-markets tag-ci-capital tag-debt-watch tag-dreny-partners tag-enterpriseam tag-renewables-aur-capital tag-securitization tag-sodic tag-waseela 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\/.a2647938-d643-4078-b260-ce8e951644e8.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aur Capital microfinance arm secures EGP 225 mn from securitized bonds:<\/strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/waseela-egypt\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Waseela<\/a>, the MSMEs financing arm of private equity outfit Aur Capital, has closed a EGP 225 mn securitized bond issuance, <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/397.pdf\" style=\"\" rel=\"noopener\">according to CI Capital (pdf)<\/a>, which co-led the transaction and provided financial advice. The issuance came in two tranches, both rated P1 by the Middle East Rating and Investors Service (MERIS).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> CI Capital, Aur Capital, and the Arab African International Bank acted as lead arrangers, issuance managers, and financial advisors. Dreny & Partners provided legal advice, and KPMG was the auditor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOLAR-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SODIC contracts for Africa\u2019s largest residential solar project:<\/strong>Our friends at SODIC have partnered with solar panels manufacturer <a target=\"_blank\" href=\"http:\/\/www.emeco-egypt.com\/\" style=\"\" rel=\"noopener\">Electro-Mechanical for Energy<\/a> (EME) to install 400 rooftop solar panels at its West Cairo compound <a target=\"_blank\" href=\"https:\/\/www.sodic.com\/SodicProject\/VYE\" style=\"\" rel=\"noopener\">Vye<\/a>, the upmarket real estate developer said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/396.pdf\" style=\"\" rel=\"noopener\">press release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/396.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/396.pdf\" style=\"\" rel=\"noopener\">)<\/a> on Tuesday. The panels are expected to generate around 2 MW of clean energy at peak, saving some 3.5 gigawatt hours of power and reducing 1.6k tons of CO2 emissions annually \u2014 the equivalent of planting some 35k trees. The Vye project includes detached, solar-powered villas and is the first of three compounds on a 464-acre development in New Zayed. The first lot of Vye villas went to market in 2020 and were <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/mpsv9ekv\" style=\"\" rel=\"noopener\">sold out<\/a> within two days.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CABINET WATCH- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At yesterday\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/4tbdeuvj\" style=\"\" rel=\"noopener\">cabinet meeting<\/a><\/strong><strong>, ministers gave the green light to:<\/strong><\/p>\n<ul>\n<li><strong>Golden license for a new railway factory:<\/strong> The National Egyptian Railway Industries Company (NERIC) has been handed a golden license to build a factory that builds railway components for the metro, express trains and trams in East Port Said in the SCZone. NERIC is a public-private company established in 2020 to localize rail manufacturing.<\/li>\n<li><strong>The military will produce zero-silica products in the SCZone: <\/strong>The Egyptian-Italian Company for Sustainable Technological Industries, a company owned by the National Services Products Organization, will set up a factory in Ain Sokhna to produce eco-friendly bioquartz and zero-silica panels. The company will export at least 80% of annual output, and its materials must be 90% locally-sourced.<\/li>\n<li><strong>Rent-to-own housing<\/strong>: The government will pilot a rent-to-own social housing scheme.<\/li>\n<li><strong>The SCA wants to make boats: <\/strong>The Suez Canal Authority will set up a new boat company that will assemble and export yachts and marine units.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/arab-african-international-bank\/\">Arab African International Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dreny-partners\/\">Dreny &amp; Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables-aur-capital\/\">renewables Aur Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/waseela\/\">Waseela<\/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=\"609754\" 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=\"609754\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/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\/11\/09\/saudi-arabia-racks-up-five-of-six-of-the-regions-ipos-in-3q\/\">\r\n                            Saudi Arabia rack up five of six of the region\u2019s IPOs in 3Q 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/475.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609755\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/saudi-arabia-racks-up-five-of-six-of-the-regions-ipos-in-3q\/475-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/475.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"475.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/475.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/475.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609754\" class=\"content-area-description single-story post-609754 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-capital-markets tag-enterpriseam tag-financial-markets tag-ipo-watch tag-mena-ipos tag-planet-finance tag-saudi-arabia tag-tadawul 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\/11\/.5b620bcd-e6a0-4b01-89fd-2da0ea852237.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>KSA is leading the region\u2019s IPO market: <\/strong>Five of the six IPOs in the region in 3Q 2023 were in Saudi Arabia, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/473.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> by Ernst &amp; Young (EY) released on Tuesday. All together, the IPOs have raised USD 330 mn, including Saudi rental car firm Lumi that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/810b50b4-b4c0-4826-aa7f-f2b822daf93a\" style=\"\" rel=\"noopener\">raised<\/a> USD 290 mn in its September IPO.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s just the start, say Saudi companies: <\/strong>There are currently 27 companies that have announced their intention to list their companies on the Tadawul. Saudi has also already seen three listings in 4Q 2023, including an IPO by regional oil and gas giant ADES holding, whose shares <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05d3ae64-de32-4e1c-96d0-f185c0e7cba0\" style=\"\" rel=\"noopener\">leapt<\/a> 30% in the first day of trading.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The region clocked in 29 IPOs by the end of 3Q, but we\u2019re still behind on the same period last year: <\/strong>In the first nine months of the year, a total of 29 IPOs have raised some USD 5.6 bn, down 61% from the same period last year. However, investor confidence is strong according to EY strategy and transactions leader Brad Watson, who pointed to 21 out of the 29 IPOs in 3Q 2023 ending with a \u201cgain in share price performance since listing.\u201d<\/p><p><a target=\"_blank\" id=\"t.7505224df7d7a55dd8199b58b9c14a41e520aeb1\" 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\">23,987<\/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\">+2.5% (YTD: +64.3%)<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,929<\/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: +4.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,546<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -6.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">3,965<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: +18.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,383<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +14.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">7,402<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -0.7%)<\/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>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\">4,178<\/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: +10.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 79.54<\/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\">-2.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.11<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.1%<\/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>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 1,957.80<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 35,854<\/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\">+1.5% (YTD: +117%)<\/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 2.5% at yesterday\u2019s close<\/strong> on turnover of EGP 4.1 bn (64.4% above the 90-day average). Local investors were net sellers. The index is up 64.3% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Credit Agricole (+7.1%), CIB (+6.9%) and ADIB (+5.9%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Orascom Construction (-2.9%), Fawry (-2.7%), and Palm Hills Development (-2.6%).<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena-ipos\/\">MENA IPOs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tadawul\/\">Tadawul<\/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=\"609756\" 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=\"609756\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/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\/11\/09\/my-morning-routine-mohanad-adly-ceo-of-spinneys-egypt\/\">\r\n                            My Morning Routine: Mohanad Adly, CEO of Spinneys 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\/11\/09\/my-morning-routine-mohanad-adly-ceo-of-spinneys-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking to us this week is Mohanad Adly (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mohanadadly\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), the CEO of Spinneys Egypt. Edited excerpts from our conversation:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I am first and foremost a family man<\/strong>, a father to four beautiful kids \u2014 two boys and two girls. Professionally, I\u2019m a retailer. I\u2019ve been in the grocery retail business for over 20 years now. I\u2019m currently the CEO of Spinneys Egypt, which is one of the leading hypermarket and supermarket operators in the Egyptian market. I also serve on the boards of a couple of companies: The local arm of <a target=\"_blank\" href=\"https:\/\/www.alamar.com\/\" style=\"\" rel=\"noopener\">Alamar Foods<\/a> \u2014 which has the franchise rights of Dunkin Donuts and Domino's Pizza across the region \u2014 and Banque Misr\u2019s <a target=\"_blank\" href=\"https:\/\/www.banquemisr.com\/en\/Home\/CAPITAL-MARKETS\/Mutual-Funds\/Fund_19\" style=\"\" rel=\"noopener\">Misr Capital Investment Fund<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I wake up around 8am and spend a couple of hours at home before I head off to work.<\/strong>First thing I do is take a couple of minutes to go through our trading performance report \u2014 a very brief summary of how our stores fared the day before in terms of sales, customer numbers, and basket size. Then I jump straight to EnterpriseAM, which I think is a fantastic way to keep up with business and economic news. I\u2019m all about a wholesome breakfast. Unlike almost everyone I know, I can\u2019t do with just coffee and a sandwich. I have a big breakfast every day, often while doing some more reading.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I do a considerable amount of work at home<\/strong> before I leave for the office, including responding to emails and making calls.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As the saying goes, life is what happens while you're busy making other plans.<\/strong> I studied political science and philosophy back in uni with the goal of joining the United Nations. I applied there when I graduated, but before I heard back, I ended up working in marketing as a favor to one of my friends. He was collecting CVs at the request of his boss, and I agreed to give him mine because I believed I wouldn\u2019t get chosen for the job. As luck would have it, I landed the job and decided to take it as a way to fill time while I waited on the UN\u2019s response. The rest is history \u2014 I haven\u2019t left the business field since.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I started my retail career at Metro<\/strong>,which I joined as marketing and purchasing director at 26 before getting promoted a year later to managing director. Because of my early success there, I received plenty of job offers from other retail companies looking to establish and expand their footprint in the market. I joined <a target=\"_blank\" href=\"https:\/\/www.azadeagroupholding.com\/english\/home\" style=\"\" rel=\"noopener\">Azadea Group<\/a> \u2014 which has the franchise rights for a number of fashion brands like Zara, Massimo Dutti, and Bershka \u2014 for almost a year and half as country manager. I was then approached by the Spinneys board, which convinced me to move back to grocery retail as CEO. Together with my amazing team, we managed to grow the company from only three stores back in 2014 to its current 25 stores with a multi-bn EGP annual turnover. We have very ambitious plans for further <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7465b7cc-7150-4048-bc35-88efa78b73b9\" style=\"\" rel=\"noopener\">expansion<\/a> in the market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I dedicate one day of the workweek to market visits.<\/strong> During that day, I either visit our stores or evaluate new sites for prospective stores. It\u2019s very important for me to engage with the workers at our stores and listen first-hand to feedback from customers. This kind of engagement is how we are able to make things better for our staff and customers, and it\u2019s the culture I try to promote across the company.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019ve been writing monthly economic <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mohanadadly\/details\/publications\/\" style=\"\" rel=\"noopener\">articles<\/a><\/strong><strong> for Al Ahram and Akhbar Al Youm since <\/strong><strong>2016. <\/strong>I did a couple of interviews with Al Ahram back then that were received very positively and got lots of reads, so they asked me if I\u2019d like to share more insights in writing. My stories are all related to my field and business in general. I mostly write about the obstacles faced by investors in Egypt and how we can create a more investment-friendly business environment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My late father used to give me the best advice <\/strong>because it was always tailor-made for me, taking into account my individual weaknesses. One of the most valuable things he taught me is patience, which was one of his greatest virtues. When I was a kid, we often used to go fishing together and we\u2019d wait hours on end to catch something.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Work-life balance becomes more and more important as you grow older.<\/strong> It\u2019s ok to be more career-oriented early on in your professional life, but once you start a family of your own, it\u2019s important to try and spend as much quality time as you can with your children. At this point in life, they are the main reason I\u2019m eager to succeed in my career. I work to provide for my family and to set a good example for my kids, but it\u2019s equally important for me to look after them and witness important milestones as they grow up.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I try to get home from work at least a couple of hours before my kids go to bed <\/strong>so I can spend some quality time with the family. After that, I workout with my gym buddies. It\u2019s the best way to de-stress after a long day at work. I\u2019ve been working out every day since I was a teenager. After I hit 40, my goal at the gym has been to stay fit while remaining injury-free. I\u2019m now focused more on cardio training and less on muscle building.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohanad-adly\/\">Mohanad Adly<\/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\/spinneys-2\/\">Spinneys<\/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=\"609758\" 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\/11\/09\/609758\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609758\" class=\"content-area-description single-story post-609758 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\">NOVEMBER <\/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): House of Representatives to reconvene.<\/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>12 November (Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/11\/441.pdf\" style=\"\">Real Estate Debate 2023<\/a><\/span><span>, InterContinental Cairo Semiramis.<\/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>22 November (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gcc-egyptbf.com\/en\/forum\/forum-program-1\" style=\"\">The EGY-GCC Business Forum<\/a><\/span><span style=\"font-weight:400;\"> opening session.<\/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:700;\">Signposted to happen some time in November:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Bidding deadline for 5 gold mine concessions in the Eastern Desert (TBC).<\/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\">DECEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1-3 December (Friday-Sunday): Egyptian expats vote in the presidential election.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4-7 December (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyptdefenceexpo.com\/\" style=\"\">Egypt Defence Expo<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-15 December (Saturday-Friday) :The Engineering Export Council of Egypt\u2019s<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3RcDzJg\" style=\"\">trade mission<\/a><\/span><span style=\"font-weight:400;\"> to Saudi Arabia.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-11 December (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.eglobexpo.com\/\" style=\"\">eGlobe Expo<\/a><\/span><span style=\"font-weight:400;\">, St. Regis Almasa Hotel, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10-12 December (Sunday-Tuesday): Voting in presidential election takes place in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-14 December (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/foodafrica-expo.com\/\" style=\"\">Food Africa Expo<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 December (Wednesday): End of sugar export ban.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in December:<\/span><\/p>\n<ul>\n<li><span 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 style=\"font-weight:400;\">Gov\u2019t expects to finalize stake sale for military-owned fuel retailer Wataniya.<\/span><\/li>\n<li><span style=\"font-weight:400;\">Gov\u2019t expects to finalize sale of Zafarana wind farm<\/span><\/li>\n<li><span style=\"font-weight:400;\">Kenyan trade conference in Egypt.<\/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 style=\"font-weight:400;\">17 January (Wednesday): A delegation of Egyptian companies to visit Istanbul.<\/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;\">FEBRUARY<\/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;\">11 February (Sunday): The deadline to apply for the Chicago Booth Executive Program<\/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:400;\">29 May (Wednesday): Chicago Booth Executive Program<\/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>6 October (Sunday): Armed Forces Day.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Stanchart is coming to Egypt | EGX, gold at record highs | Smoke price hikes | Saudi firm wants UCP<\/p>\n","protected":false},"featured_media":609725,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-609724","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a6d1153d-fc2b-4dee-856f-020f347bc276","teaser":"Stanchart is coming to Egypt | EGX, gold at record highs | Smoke price hikes | Saudi firm wants UCP","photo_url":"https:\/\/ent.news\/2023\/11\/481.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>\u201cThe EGP\u2019s adjustment is coming close to an end\u201d - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-egps-adjustment-is-coming-close-to-an-end\/\" \/>\n<meta property=\"og:locale\" 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