{"id":609846,"date":"2023-11-12T00:00:00","date_gmt":"2023-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=609846"},"modified":"2025-12-17T01:55:08","modified_gmt":"2025-12-17T01:55:08","slug":"up-to-40-of-aaib-for-sale-as-cbe-kuwait-wealth-fund-look-to-sell-down-stakes","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/up-to-40-of-aaib-for-sale-as-cbe-kuwait-wealth-fund-look-to-sell-down-stakes\/","title":{"rendered":"Up to 40% of AAIB for sale as CBE, Kuwait wealth fund look to sell down stakes"},"content":{"rendered":"<section id=\"609848\" 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=\"609848\">\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\/12\/sovereign-fund-of-egypt-to-finalize-hotels-sale-this-year-soliman\/\">\r\n                            Egypt\u2019s sovereign wealth fund to finalize hotels sale this 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 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class=\"content-area-description single-story post-609848 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-ayman-soliman tag-enterpriseam tag-hospitality tag-privatization-watch tag-sovereign-fund-of-egypt tag-state-privatization-program tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.e326cf0e-219f-4f54-a589-bc932516b35d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. We have a packed issue for you this morning<\/strong>, so we\u2019re going to jump right in. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a><strong> #1- <\/strong><strong>Gulf countries have been reticent to earmark fresh assistance for Egypt \u2014 <\/strong><strong>is the war in Gaza changing how they see things?<\/strong> Bankers and analysts tell <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-stumbling-economy-faces-new-pressures-gaza-crisis-2023-11-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> that the conflict may be prompting Riyadh and Abu Dhabi to rethink their shift away from no-strings-attached financial assistance packages for Egypt. Gulf countries are considering fresh assistance in the form of cash deposits and post-devaluation support for the EGP, according to two Cairo-based bankers. Monica Malik, chief economist at Abu Dhabi Commercial Bank, added that \u201cI have felt a change in sentiment in the Gulf.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FYI-<\/strong><\/p><ul>\n<li><strong>This isn\u2019t the first time we\u2019ve heard this:<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fce7768-6487-4227-b5ef-860694c72f8a\" style=\"\" rel=\"noopener\">Chatter in the local press<\/a> last month claimed Saudi Arabia and the UAE could deposit another USD 5 bn at the CBE \u2014 but we think there\u2019s a good chance that was likely referring to the rollover of maturing portions of existing deposits.<\/li>\n<li><strong>KSA + UAE deposits already account for 60% of our FX reserves: <\/strong>About 85% of our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03d11741-bd73-46ed-9838-2101985eceed\" style=\"\" rel=\"noopener\">USD 35 bn FX reserve stockpile<\/a> is made up of deposits from Arab nations. The UAE has provided USD 10.7 bn and Saudi Arabia\u2019s deposits stand at USD 10.3 bn.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- SFE to finalize hotels sale this year -Soliman: <\/strong>The Sovereign Fund of Egypt (SFE) will finalize the sale of a stake in a group of historic hotels by the end of the year, SFE boss Ayman Soliman told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/egypts-sovereign-fund-head-says-he-thinks-inflation-has-peaked-2023-11-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> last week in New York. \u201cThey\u2019re going to turn around those trophy assets in Egypt and with a view of taking those public as well,\u201d Soliman said. The portfolio includes seven properties, among them the Cairo Marriott, Marriott Mena House, the Winter Palace, and the Cecil.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The Planning Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1f59098e-47ac-42cc-964c-b84096549959\" style=\"\" rel=\"noopener\">said in July<\/a> it had agreed to sell a 37% stake in the government\u2019s hotels holding company to a group that includes a unit of EGX-listed hotel and real estate player TMG and unnamed foreign investors for USD 700 mn. An <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5817500-ac5a-430e-9f9b-d29ccfaa663b\" style=\"\" rel=\"noopener\">unconfirmed report<\/a> last month claimed that the consortium will increase its stake to 51%.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FROM THE RUMOR MILL-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Euroclear talks at loggerheads<\/strong><strong>?<\/strong> Talks between the Madbouly government and European clearinghouse Euroclear have allegedly broken down due to disagreements about the taxation of Egyptian debt, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/11\/11\/1733234\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reported yesterday, citing unnamed sources. Euroclear requires that all bills and bonds issued by the Finance Ministry be exempt from tax, a condition that has been \u201ccategorically rejected\u201d by the government, according to the news outlet. Egypt currently exempts foreign investors from tax on interest from local-currency debt, but imposes a 20% levy on local investors. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> We have for years been in talks to make our debt \u201ceuroclearable,\u201d a step that would make local-currency bonds more accessible to foreign investors and boost capital inflows. The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ba5c1ae-4242-4dbb-8154-acbe730eb8bd\" style=\"\" rel=\"noopener\">has set up<\/a> a new securities depository to handle settlement of bills and bonds in what was one of the key requirements to clearing EGP debt at the Belgium-based clearinghouse.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Last we heard:<\/strong> Finance Minister Mohamed Maait in May <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75e6d59d-9599-46cf-bf42-b6c1637c4954\" style=\"\" rel=\"noopener\">voiced optimism<\/a> that an agreement would be finalized by the end of the year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HELP GAZA-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Or check out <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/f8ce0f50-10c2-4cca-8e6f-64c32a5c90b7\" style=\"\" rel=\"noopener\">our list of charities<\/a><\/strong><strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ELECTION 2023- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>December\u2019s presidential election is officially a four-horse race<\/strong>after the National Elections Authority allowed all of the provisional candidates onto the ballot. President Abdel Fattah El Sisi will face challenges from the Republican People\u2019s Party\u2019s Hazem Omar, Al Wafd\u2019s Abdel Sanad Yamama, and the head of the Egyptian Social Democratic Party, Farid Zahran, according to a decision published in the Official Gazette on Thursday.<\/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. <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-09\/egypt-president-el-sisi-faces-three-challengers-in-december-vote#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> was among the international media outlets to give the decision some ink. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING TODAY-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a><strong> Inflation <\/strong><strong>figures are due<\/strong><strong>:<\/strong> We\u2019re expecting the Central Bank of Egypt to be out with core inflation figures for October later today. Annual urban inflation slowed for the first time in six months in October, according to figures released by Capmas on Thursday. We have the full story in this morning\u2019s news well, below.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>The House is back in session:<\/strong> MPs will reconvene for two days this week. On the agenda:<\/p><ul>\n<li><strong>Today:<\/strong> MPs will vote on draft laws including amendments to the Penal Code that would toughen penalties for harassment and amendments to the Child Act that would strengthen child protections.<\/li>\n<li><strong>Tomorrow:<\/strong>Amendments to the 2020 SMEs law will be up for a vote. <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3yexzb56\" style=\"\" rel=\"noopener\">The changes<\/a> would grant financing handed out by the SMEs Development Agency the same exemptions and benefits afforded under the Banking Act. <\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong><\/p><ul>\n<li>The <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/22zbjkym\" style=\"\" rel=\"noopener\">Intra-African Trade Fair<\/a> continues at the Egypt International Exhibition Center complex.<\/li>\n<li>Al Mal\u2019s <a target=\"_blank\" href=\"https:\/\/www.almalgtm.org\/realestate\/the-7th-real-estate-debate-2023-2023\/\" style=\"\" rel=\"noopener\">Real Estate Debate<\/a> takes place at the InterContinental Cairo Semiramis.<\/li>\n<\/ul><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>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 another morning with the international pages fixated on the war on Gaza and<\/strong><strong> the not-so-functional US Congress<\/strong>, which is trying its best to avoid a shutdown when federal funding expires on 17 November. A plan put forward by newly appointed <a target=\"_blank\" href=\"https:\/\/twitter.com\/SpeakerJohnson\/status\/1723443749668184161\" style=\"\" rel=\"noopener\">House Speaker Mike Johnson<\/a> to keep the government operating for a little while longer faced harsh criticism from both sides of the House and was <a target=\"_blank\" href=\"https:\/\/twitter.com\/QuigleyAidan\/status\/1722654990840332354\" style=\"\" rel=\"noopener\">denounced<\/a> by Democratic Senator Patty Murray as<strong> the \u201ccraziest, stupidest thing I\u2019ve ever heard of.\u201d<\/strong> (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/government-shutdown-congress-budget-mike-johnson-d942acf1a8b163f0b52f209da42953c6\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/us-house-republicans-eye-plan-avert-government-shutdown-moodys-warns-2023-11-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-11\/johnson-delivers-stopgap-plan-lowering-risk-of-us-shutdown\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5556e7f9-ffaa-47ab-84ea-f4fb71c016e4\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/11\/11\/us\/politics\/johnson-spending-bill-shutdown.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/business\/2023\/11\/11\/house-gop-shutdown-plan\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/policy\/house-speaker-mike-johnson-unveils-plan-to-ward-off-government-shutdown-5dea0c29?mod=hp_lead_pos5\" style=\"\" rel=\"noopener\">WSJ<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- There are more than murmurs of dissent in the US government against the administration\u2019s anything goes Gaza policy: <\/strong>Thousands of State Department and USAID officials are speaking out against the Biden administration\u2019s Israel policy and are calling for a ceasefire, according to leaked dissent letters picked up by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/over-1000-usaid-officials-call-gaza-ceasefire-letter-2023-11-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2023\/11\/06\/u-s-diplomats-slam-israel-policy-in-leaked-memo-00125538\" style=\"\" rel=\"noopener\">Politico<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN FINANCE NEWS- Mark Mobius is retiring.<\/strong> If you invest in emerging markets or serve foreign public-market investors as an investment banker, you owe Mark your job. The 87-year-old icon was one of the most high-profile leaders of the movement to make emerging markets an asset class back in the 1980s. Mark will leave <a target=\"_blank\" href=\"https:\/\/www.mobiuscapitalpartners.com\/news-insights\" style=\"\" rel=\"noopener\">Mobius Capital Partners<\/a> some time in the coming months, the firm said. The news is getting wide attention in the international business press: <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/42ee9e50-82c7-4578-bae0-285846c733d3\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-10\/mark-mobius-plans-to-step-back-from-mobius-capital-partners\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MARKET WATCH-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong><strong>Egyptians brought 3.3 tons of gold from abroad in the six months<\/strong> after the government\u2019s decision in May allowed imports of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f30100e6-6881-45e8-bcd0-54a00913effd\" style=\"\" rel=\"noopener\">up to 150 grams of gold<\/a> without any customs charges, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3sha2Ek\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing an anonymous government source. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Prime Minister Moustafa Madbouly decided <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9ae3f49-e54e-43cd-8ef9-0e66e90ff04d\" style=\"\" rel=\"noopener\">last week<\/a> to extend zero-customs exemption for gold imports until 10 May 2024 after 24 carat gold surged on Wednesday to EGP 3k per gram for the first time.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\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\/ayman-soliman\/\">Ayman Soliman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/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                            <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=\"609850 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=\"609850\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/609850\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609850\" class=\"content-area-description single-story post-609850 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>\n<div class=\"grouped-tags\">\n<p><span>Discover your dream vacation: handpicked villas, chalets and apartments for your perfect getaway &mdash; 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>.<\/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=\"609851\" 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=\"609851\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/egypt-central-bank-kuwait-wealth-fund-to-divest-40-of-aaib\/\">\r\n                            Central Bank of Egypt, Kuwait Investment Authority to divest 40% of AAIB                        <\/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\/12\/egypt-central-bank-kuwait-wealth-fund-to-divest-40-of-aaib\/\" 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 sale, which is expected to wrap up in 2024, will be carried out via a private placement to a strategic investor and a stake sale on the EGX, our source said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> AAIB is on the government\u2019s list of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">35 state-owned companies<\/a> earmarked for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">privatization<\/a>. It owns one of the nation\u2019s most-respected corporate banking franchises.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who owns what? <\/strong>The CBE and the KIA each own a 49.37%-stake in AAIB, with the remaining 1.26% owned by unnamed \u201cothers,\u201d according to the lender\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/519.pdf\" style=\"\" rel=\"noopener\">latest financial statements (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> The KIA plans to reappoint Citigroup as an advisor, while the CBE wants to tap JPMorgan, <a target=\"_blank\" href=\"https:\/\/awp.net\/ar\/stories\/wthyqt-atfaq-byn-hyyt-alastthmar-alkwytyt-walbnk-almrkzy-almsry-bshan-bye-albnk-alerby-alafryqy-aldwly\/\" style=\"\" rel=\"noopener\">Arab World Press<\/a> (AWP) reports, citing a Kuwaiti government document seen by the newswire. McKinsey had previously also prepared a study for AAIB\u2019s shareholders, our source noted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A committee is in the works: <\/strong>Both parties are set to form a joint committee to oversee the sale, according to AWP. The committee will reportedly include the chairman and managing director of AAIB along with a representative from the KIA and CBE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The KIA started looking into divesting its stake in AAIB in 2020<\/strong> when it appointed Citigroup as an advisor, our source said. Local media <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b4aa154-a0b0-4adc-9374-33ff6fa6315d\" style=\"\" rel=\"noopener\">reported<\/a> in April that the KIA was seeking to up its stake in AAIB to become the lender\u2019s biggest shareholder.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-african-international-bank\/\">Arab African International Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/citigroup\/\">Citigroup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jpmorgan\/\">JPMorgan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization 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=\"609853\" 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=\"609853\">\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\">Fintech<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/no-breach-occurred-customer-details-secure-fawry-says-after-cyberattack-scare\/\">\r\n                            Following an investigation, Fawry denies claims of cyberattack                        <\/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\/12\/no-breach-occurred-customer-details-secure-fawry-says-after-cyberattack-scare\/\" 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 made the statement after rumors circulated on social media on Thursday that the platform had been subject to a cyberattack. \u201cThe results of the systems check confirmed that there have been no breach or leaks of any information or banking details of any of the \u2026 clients,\u201d Fawry said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/513.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rumors of a hack on Thursday: <\/strong>Speculation that the e-payments giant had been hacked spread on social media on Thursday after cybersecurity monitors (<a target=\"_blank\" href=\"https:\/\/twitter.com\/FalconFeedsio\/status\/1722355286327881943\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/twitter.com\/H4ckManac\/status\/1722494985507897794\" style=\"\" rel=\"noopener\">here<\/a>) claimed that ransomware group LockBit had made Fawry a new target. One reported that LockBit gave Fawry a 28 November deadline to meet ransom demands or it would leak hacked data on the dark web. Fuelling the flames was a screenshot of what purported to be <a target=\"_blank\" href=\"https:\/\/twitter.com\/3mrou\/status\/1722610599354564617\" style=\"\" rel=\"noopener\">an internal memo<\/a> at an Egyptian financial institution that warned it had blocked access to the app after a breach. The authenticity of the screenshot is unproven and the cybersecurity organization released no information to back up its claim. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fawry blames app crash:<\/strong> Fawry said its MyFawry services were temporarily unavailable as \u201ca result of unprecedented customer demand exceeding the application\u2019s capacity.\u201d The company reassured its clients that its services are \u201centirely safe\u201d to use and that no financial data had been compromised. Fawry also rebuffed the cyberattack rumors in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/495.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a> on Thursday, saying that the tests it ran showed no sign of breach.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CBE investigation reportedly confirms Fawry\u2019s findings:<\/strong> The regulator launched an investigation that showed that no leaks occurred at Fawry, an anonymous CBE official told <a target=\"_blank\" href=\"https:\/\/twitter.com\/asharqbegy\/status\/1722968008971219192?s=46&t=-JTomFjF7zfyHQWGsd4tSw\" style=\"\" rel=\"noopener\">Asharq Business<\/a>, adding that Fawry will restart its application and smart wallet services on Sunday. There has been no official statement from the CBE to confirm the information.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Founder reassures clients:<\/strong> \u201cOur systems could have been attacked and we are investigating the matter \u2026 but what is certain after reviewing the systems is that no data were hacked or withdrawn,\u201d CEO and founder of Fawry Ashraf Sabry told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/52v24wap\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. He also downplayed the need for customers to delete their card data or the MyFawry app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AAIB walks back attack warning:<\/strong> AAIB issued <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2m9k98rc\" style=\"\" rel=\"noopener\">an alert<\/a> stating that \u201cno cyberattacks or exposing of personal identifiable information of Fawry customers has been confirmed,\u201d reported <a target=\"_blank\" href=\"https:\/\/www.businesstodayegypt.com\/Article\/4\/3462\/Fawry-states-that-customer-data-is-safe-denies-cyberattack-despite\" style=\"\" rel=\"noopener\">Business Today Egypt<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>LockBit hits world\u2019s largest bank, Boeing:<\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-09\/icbc-seen-hit-by-ransomware-gang-linked-to-boeing-ion-attacks\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported Thursday that the Industrial and Commercial Bank of China \u2014 the world\u2019s largest bank \u2014 was hit with a cyberattack thought to be committed by LockBit. The cybercrime gang also published internal data belonging to Boeing on Friday after the US defense giant refused to pay ransom in response to a hack in October, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/cybersecurity\/boeing-data-published-by-lockbit-hacking-gang-2023-11-10\/\" 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>Market reax:<\/strong>The rumors triggered a selloff of Fawry shares Thursday, which lost 4.6% during the session.<\/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\/cybersecurity\/\">cybersecurity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/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=\"609855\" 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=\"609855\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/inflation-eases-for-the-first-time-in-five-months-in-october-slower-than-analyst-expectations\/\">\r\n                            Egypt inflation eases for the first time in five months in October, slower than analyst expectations                        <\/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\/12\/inflation-eases-for-the-first-time-in-five-months-in-october-slower-than-analyst-expectations\/\" 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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Consumer prices in urban areas decelerated to 35.8% y-o-y from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1c1b9b4-919d-41f5-a4f3-85357bcc52ad\" style=\"\" rel=\"noopener\">38.0% in September<\/a>, marking October as the first reprieve since April, according to <a target=\"_blank\" href=\"https:\/\/www.capmas.gov.eg\/Pages\/Publications.aspx?page_id=5107&amp;Year=23352\" style=\"\" rel=\"noopener\">figures released<\/a> yesterday by state statistics agency Capmas. Headline inflation has been running above 30% since February on the back of a series of currency devaluations and the FX crunch. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The figure came in lower than expected:<\/strong> The median forecast in a recent <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9ae3f49-e54e-43cd-8ef9-0e66e90ff04d\" style=\"\" rel=\"noopener\">Reuters poll<\/a> saw annual inflation easing to 37.1%. Analysts in a CNBC poll, however, predicted an acceleration of between 0.5-1.5%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to look for next: <\/strong>Core inflation figures are due out today from the central bank.<\/p>\n<p><strong>We were also none the wiser:<\/strong> Analysts <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9ae3f49-e54e-43cd-8ef9-0e66e90ff04d\" style=\"\" rel=\"noopener\">w<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9ae3f49-e54e-43cd-8ef9-0e66e90ff04d\" style=\"\" rel=\"noopener\">e spoke with<\/a> were split on which way the inflation figures would go, with some worrying that the parallel market would continue to put pressure on prices and others believing the Madbouly government\u2019s curbs on key food items would pay dividends.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You can thank food and beverage prices:<\/strong> Food and beverage prices \u2014 the largest components of the basket of goods and services used to calculate inflation \u2014 slipped to 71.3% y-o-y from a record high of 73.6% in September. This is the first time food inflation has slowed since April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What changed?<\/strong> The government agreed with private food producers to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">cut prices of 10 key<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">food items by 15-25%<\/a> from the middle of October in a bid to reel in inflation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Monthly inflation figures are also back on a downward trend:<\/strong> October put monthly inflation back on a downward trend, coming at 1.0%, down from 2.0% in September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The intensifying FX crunch means this isn\u2019t over -Goldman:<\/strong> \u201cThe weakening of the EGP in the parallel market suggests broader upward pressure on domestic prices going forward,\u201d Goldman Sachs analysts wrote in a report picked up by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-11\/egypt-inflation-slows-in-october-as-presidential-elections-near\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. \u201cThis is likely to keep real interest rates deep in negative territory in the months to come\u201d and necessitate further interest rate hikes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The EGP has weakened to record lows against the greenback in the parallel market in recent weeks as pressure builds on the currency. The currency was trading at 48.0 to the USD compared to the 30.9 official exchange rate on Thursday, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yc275nxy\" style=\"\" rel=\"noopener\">according to traders<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The international press also has the story:<\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-headline-inflation-eases-358-october-2023-11-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-11\/egypt-inflation-slows-in-october-as-presidential-elections-near\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609857 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=\"609857\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/609857\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609857\" class=\"content-area-description single-story post-609857 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\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=\"609858\" 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=\"609858\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/elsewedy-capital-and-ezz-el-arab-automotive-team-up-to-locally-assemble-cars\/\">\r\n                            Elsewedy Capital and Ezz El Arab Automotive team up to locally assemble cars                        <\/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\/12\/elsewedy-capital-and-ezz-el-arab-automotive-team-up-to-locally-assemble-cars\/\" target=\"_blank\">\n                  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class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/187.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609859\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/elsewedy-capital-and-ezz-el-arab-automotive-team-up-to-locally-assemble-cars\/187-jpg-27\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/187.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"187.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/187.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/187.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609858\" class=\"content-area-description single-story post-609858 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-afreximbank tag-automotive tag-egypt-malaysia-relations tag-elsewedy-capital tag-elsewedy-electric tag-enterpriseam tag-evs tag-ezz-el-arab-automotive tag-ezz-elsewedy-automotive-factories tag-gafi tag-gb-auto tag-green-economy tag-manufacturing 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\/.c9b10d4f-45b0-4af7-b602-0fa218230432.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The push to localize our automotive industry continues:<\/strong> Elsewedy Electric sister company Elsewedy Capital and automotive group&nbsp;<a target=\"_blank\" href=\"https:\/\/ezz-elarab.com\/about\/\" style=\"\" rel=\"noopener\">Ezz El Arab<\/a> have launched a joint venture that will assemble petrol and electric vehicles, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/523.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a> released yesterday. Ezz Elsewedy Automotive Factories (ESAF) will receive more than USD 15 mn of investment and aims to assemble 50k Proton-branded petrol cars and EVs annually in the \u201ccoming years,\u201d the statement added. The firm will offer the vehicles \u201ccompetitive prices\u201d in the Egyptian market and export some abroad. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The project is already getting some support from the state\u2019s push to localize the auto<\/strong><strong> industry: <\/strong>The Madbouly government\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a483336-63e2-45b1-9cf1-d0eb0e8a42f4\" style=\"\" rel=\"noopener\">Egyptian Automotive Industry Development Program<\/a> (AIDP) pushed forward with its plan to localize our automotive industry by signing three separate agreements between state bodies and the ESAF and two other local private sector companies to further cooperation on developing car assembly plants, according to a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/34zjyy7f\" style=\"\" rel=\"noopener\">cabinet statement<\/a> on Thursday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I<\/strong><strong>CYMI: <\/strong>Proton <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80afeed3-57e0-4d9a-946b-4736f9412174\" style=\"\" rel=\"noopener\">was said to have been exploring a partnership<\/a> with state-owned El Nasr Automotives to explore the feasibility of producing cars in Egypt in 2020.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We also got an update on <\/strong><strong>EGX-listed GB Corp<\/strong><strong>\u2019s Sadat City auto factory in the works: <\/strong>One of the other private-sector companies that signed framework agreements, GB Corp, is currently building an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9ef687b-6c90-42af-b913-873a7115e4c1\" style=\"\" rel=\"noopener\">auto factory<\/a> in Sadat City. The EGP 2 bn factory is currently under construction and is expected to reach an annual capacity of 50k cars, according to GB Corp\u2019s chief manufacturing officer Ramez Adeeb, who attended the signing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO IN AUTOMOTIVE NEWS:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AfreximBank earmarks USD 1 bn for Africa\u2019s auto makers, local players want in: <\/strong>The African Export-Import Bank (AfreximBank) plans to allocate a USD 1 bn package to support distributors and auto parts makers across the African continent, reports <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/11\/10\/1732983\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, quoting Afreximbank trade facilitation manager Gainmore Zanamwe\u2019s comments to the Middle East News Agency. He noted that several local auto players filed requests to be among the recipients, and that the lender is studying all requests before giving its final approval before the end of the year. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/afreximbank\/\">AfreximBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-malaysia-relations\/\">Egypt-Malaysia relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-capital\/\">ElSewedy Capital<\/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\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ezz-el-arab-automotive\/\">Ezz El Arab Automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ezz-elsewedy-automotive-factories\/\">Ezz ElSewedy Automotive Factories<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-auto\/\">GB Auto<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609860\" 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=\"609860\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/mercedes-benz-evs-hit-the-market\/\">\r\n                            Mercedes-Benz EVs hit the Egyptian market                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/mercedes-benz-evs-hit-the-market\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The lineup includes a range of sedans and SUVs powered by \u201cbatteries with significantly higher energy and efficiency.\u201d <a target=\"_blank\" href=\"https:\/\/www.mercedes-benz.com.eg\/en\/passengercars\/buy\/brochure-downloads.html\" style=\"\" rel=\"noopener\">Mercedes Egypt\u2019s website has a detailed rundown<\/a> of the EV models and their specs. <\/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>What\u2019s on offer: <\/strong>EQS, EQE and EQB SUVs in addition to sedans.<\/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>Where to find them:<\/strong> The cars are available at five Mercedes\u2019 authorized <a target=\"_blank\" href=\"https:\/\/www.mercedes-benz.com.eg\/en\/passengercars\/mercedes-benz-cars\/dealer-locator.html\" style=\"\" rel=\"noopener\">distributors<\/a> \u2014 Abou Ghaly Motors, Alexandria National Automotive (ANA), Ezz Elarab Star, German Auto Service (GAS), and Star National Automotive (SNA). Each of the distributors will have their own price list for the new cars. <\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mercedes-benz\/\">Mercedes Benz<\/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=\"609862\" 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=\"609862\">\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\/12\/arab-muslim-leaders-condemn-israel-but-fail-to-agree-on-gaza-war-response\/\">\r\n                            Arab, Muslim leaders condemn Israel but fail to agree on Gaza war response                        <\/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\/12\/arab-muslim-leaders-condemn-israel-but-fail-to-agree-on-gaza-war-response\/\" 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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In <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N1995939\" style=\"\" rel=\"noopener\">a joint statement<\/a>, the 57 nations reiterated condemnations of Israel\u2019s actions and rejected its justification of self-defense but could not agree on more punitive measures put forward by countries such as Lebanon and Algeria, which called for severing diplomatic ties and threatening an oil embargo. The statement also called on the UN Security Council to pass a resolution condemning Israel\u2019s actions, for the International Criminal Court to investigate potential war crimes committed by the IDF, and for an arms embargo on the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There were signs of internal divisions among Arab states earlier in the weekend: <\/strong>At an Arab League meeting the day before, divisions among its members prevented a unified diplomatic response, as four \u201cinfluential countries\u201d vetoed proposed measures against Israel, according to <a target=\"_blank\" href=\"https:\/\/www.newarab.com\/news\/disagreements-led-joint-arab-oic-gaza-summit-riyadh\" style=\"\" rel=\"noopener\">Al Araby Al Jadeed<\/a>. The 57-nation summit combining the league with the Organization of Islamic Cooperation was reportedly a last-minute attempt to smoothe over differences and create a more unified regional response, the report claims.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fault lines:<\/strong>Those listed as in favor of the proposals \u2014 which reportedly included freezing relations with Israel and threatening economic sanctions \u2014 were Palestine, Syria, Algeria, Tunisia, Iraq, Lebanon, Kuwait, Qatar, Oman, Libya and Yemen. The four countries who voted against and the seven who abstained were not named. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGYPT WARY OF US-LED INITIATIVES-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi rejects CIA\u2019s Gaza security proposal: <\/strong>El Sisi rejected a proposal from CIA director William Burns during his <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bde95e07-2985-435a-bb3f-de60106f85c0\" style=\"\" rel=\"noopener\">visit to Cairo<\/a> last week that would have seen Egypt manage security in Gaza until the Palestinian Authority takes over control, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/israel-hamas-war-gaza-strip-2023-11-08\/card\/egypt-opposes-helping-manage-security-in-gaza-8aY2OKToSjLA25Yd3TWP\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> reported, citing unnamed senior Egyptian officials. The president reportedly refused to help destroy Hamas because they play a role in maintaining border security with Egypt, according to the officials cited by the outlet. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt worried US and Israeli-approved safe zones, humanitarian corridors will lead to<\/strong><strong> mass displacement: <\/strong>Safe zones and humanitarian corridors green-lighted by Israel on Thursday after talks with US officials are \u201cdeceitful\u201d and will be used to displace thousands of Palestinians, an unnamed Egyptian official reportedly told <a target=\"_blank\" href=\"https:\/\/www.newarab.com\/news\/egypt-israeli-safe-zones-gaza-prelude-displacement\" style=\"\" rel=\"noopener\">Al Araby Al Jadeed<\/a> over the weekend. This stance has been made clear to the US, the unnamed official added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OTHER DIPLO- Iranian President Ibrahim Raisi became the first Iranian leader to visit KSA in more than <\/strong><strong>a decade<\/strong>, meeting with <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N1996012\" style=\"\" rel=\"noopener\">Crown Prince Mohamed bin Salman<\/a> and <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/58as3kye\" style=\"\" rel=\"noopener\">El Sisi<\/a> among others | El Sisi also held talks with the leaders of <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/4rmasya9\" style=\"\" rel=\"noopener\">Jordan<\/a>, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/56dwneb2\" style=\"\" rel=\"noopener\">Turkey<\/a>, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yktvarya\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a>, and <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/33w3wj2e\" style=\"\" rel=\"noopener\">Qatar<\/a> among others | French president Emmanuel Macron became the first Western leader to <a target=\"_blank\" href=\"https:\/\/twitter.com\/EmmanuelMacron\/status\/1722697927863279804\" style=\"\" rel=\"noopener\">call for a ceasefire<\/a> | Hezbollah chief Hassan Nasrallah <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hezbollah-says-front-with-israel-will-remain-active-2023-11-11\/\" style=\"\" rel=\"noopener\">said Saturday<\/a> that the armed group had started to strike Israel with more powerful missiles and new weapons. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HOSTAGES- Egypt + Qatar mediating hostage handover for temporary ceasefire:<\/strong> Egypt and Qatar are in talks with Hamas leaders to broker an agreement that would see the group release 15 hostages in return for a two-day ceasefire, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/israel-hamas-war-gaza-strip-2023-11-08\/card\/qatar-and-egypt-in-talks-with-hamas-on-freeing-up-to-15-hostages-TD1R6gUUrrE9H9wPz1oe\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> reported yesterday, citing Egyptian security officials. Hamas has reportedly agreed to the arrangement, but Israel and the US are continuing to hold out, the sources reportedly told the newspaper. <strong>Hamas leader Ismail Haniyeh was in Cairo on Thursday for talks<\/strong> with Egyptian intelligence chief Abbas Kamel, <a target=\"_blank\" href=\"https:\/\/www.newarab.com\/news\/hamas-chief-haniyeh-arrives-egypt-talks-gaza\" style=\"\" rel=\"noopener\">Al Araby Al Jadeed<\/a> reported. <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1234\/511937\/Egypt\/Foreign-Affairs\/Hamas%E2%80%99s-Haniyeh-and-Meshaal-in-Cairo,-met-with-Egy.aspx\" style=\"\" rel=\"noopener\">Ahram Online<\/a> picked up the report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AID-<\/strong> NGOs, and Arab and Western countries <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-palestinians-gaza-aid-conference-paris-ce36fc88cf99e69fc7d80ab421c44682\" style=\"\" rel=\"noopener\">attended<\/a> <strong><a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-palestinians-gaza-aid-conference-paris-ce36fc88cf99e69fc7d80ab421c44682\" style=\"\" rel=\"noopener\">a Gaza donor conference<\/a><\/strong> in Paris on Thursday | Countries have pledged EUR 1 bn, though this includes some funds that were previously announced | <strong>Turkey<\/strong> has <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-sends-field-hospital-aid-ship-egypt-gaza-2023-11-10\/\" style=\"\" rel=\"noopener\">sent an aid ship<\/a> carrying field hospital equipment, generators and ambulances to Gaza.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE GROUND- <\/strong><strong>Israeli troops continue ground offensive, closing in on hospitals in Gaza City:<\/strong> There have been reports of intense fighting in the Gaza City neighborhoods of Al Nasr, Al Shati camp and Al Shifa Hospital over the weekend as Israeli forces advance. Tens of thousands of Palestinians <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-news-11-10-2023-98025565691cc44304074b3e25d11ae5\" style=\"\" rel=\"noopener\">fled south<\/a> after the Israelis <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-gaza-humanitarian-pauses-b8fc613ffd8b9351c0dc37b90b6e10dd\" style=\"\" rel=\"noopener\">agreed to a daily four-hour pause<\/a> in the fighting. Hamas <a target=\"_blank\" href=\"https:\/\/english.alarabiya.net\/News\/middle-east\/2023\/11\/11\/Hamas-says-it-has-destroyed-over-160-Israeli-military-targets-in-Gaza-in-48-hours\" style=\"\" rel=\"noopener\">says<\/a> it has destroyed over 160 Israeli military targets in Gaza; the Israeli military has <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-news-11-11-2023-d4d272416107c02e63dabd9548395026\" style=\"\" rel=\"noopener\">confirmed<\/a> the death of 45 Israeli soldiers since the beginning of the ground invasion two weeks ago. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaza City hospitals face <\/strong><strong>\u201crelentless bombardment\u201d<\/strong><strong>:<\/strong> Several major hospitals sheltering thousands of refugees came under heavy bombardment by Israeli forces over the weekend, according to organizations on the ground and the <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/who-gazas-al-shifa-hospital-coming-under-bombardment-2023-11-10\/\" style=\"\" rel=\"noopener\">World Health Organization<\/a>. The Palestinian Red Crescent said <a target=\"_blank\" href=\"https:\/\/twitter.com\/PalestineRCS\/status\/1722982191422898538\" style=\"\" rel=\"noopener\">Israeli snipers<\/a> and <a target=\"_blank\" href=\"https:\/\/twitter.com\/PalestineRCS\/status\/1723337562360598937\" style=\"\" rel=\"noopener\">artillery<\/a> were targeting the Al Quds Hospital, which is housing 14k people, and that the <a target=\"_blank\" href=\"https:\/\/twitter.com\/PalestineRCS\/status\/1723013116986802547\" style=\"\" rel=\"noopener\">intensive care unit had come under attack<\/a>. Al Shifa Hospital \u2014 the largest health facility in Gaza and where Israel claims Hamas has its HQ \u2014 has been shelled multiple times, <a target=\"_blank\" href=\"https:\/\/twitter.com\/PalestineRCS\/status\/1723337562360598937\" style=\"\" rel=\"noopener\">according to MSF<\/a>, and on Saturday evening <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/y76e9nm4\" style=\"\" rel=\"noopener\">ran out of fuel<\/a>, causing the death of two premature babies and <a target=\"_blank\" href=\"https:\/\/twitter.com\/MSF\/status\/1723397577016479823?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\" style=\"\" rel=\"noopener\">endangering<\/a> a further 37-40 babies relying on incubators. About 1.5k patients remain in the complex, as well as 1.5k medical personnel and 15-20k people seeking shelter, the Gaza Health Ministry spokesperson <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-news-11-11-2023-d4d272416107c02e63dabd9548395026\" style=\"\" rel=\"noopener\">told<\/a> Al Jazeera. <\/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>11,078:<\/strong> The number of Gazans who have been killed by the Israeli military since 7 October. Almost half of the dead are children. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/gaza-officials-say-hospitals-come-under-new-israeli-attacks-2023-11-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li><strong>Caveat:<\/strong> The real death toll is likely \u201chigher than is being cited\u201d by Gaza\u2019s Health Ministry, a senior Biden administration official told a House panel last week. President Biden and other officials have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fd513719-823a-44d0-ac15-bdf4160cae0f\" style=\"\" rel=\"noopener\">publicly accused<\/a> the ministry of inflating the figures. (<a target=\"_blank\" href=\"https:\/\/thehill.com\/policy\/international\/4301551-gaza-deaths-likely-higher-than-cited-us-official\/\" style=\"\" rel=\"noopener\">The Hill<\/a>)<\/li>\n<li><strong>27,000+: <\/strong>The number of Gazans that have been wounded in the violence. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yc58mne9\" style=\"\" rel=\"noopener\">Palestine<\/a><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yc58mne9\" style=\"\" rel=\"noopener\">Health Ministry<\/a>)<\/li>\n<li><strong>1,200:<\/strong> The revised figure for the number of Israelis killed in Hamas\u2019 attack on 7 October. Israel previously believed 1,400 had been killed in the attack. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/gaza-officials-say-hospitals-come-under-new-israeli-attacks-2023-11-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li><strong>55%:<\/strong> The percentage of Gaza hospitals\u2019 that have been forced to stop operating because of the conflict. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/02847826-a042-43ab-b120-57f73e8c0984\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-league\/\">Arab League<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-iran-relations\/\">Egypt-Iran relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"609864\" 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=\"609864\">\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\/12\/madinet-masrs-earnings-more-than-double-in-9m-2023-on-record-sales\/\">\r\n                            Madinet Masr\u2019s earnings more than double in 9M 2023 on record sales                        <\/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\/12\/madinet-masrs-earnings-more-than-double-in-9m-2023-on-record-sales\/\" 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 revenues rose 48% y-o-y to EGP 4.4 bn during the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A solid quarter:<\/strong> The company saw its net income up 151% y-o-y to EGP 773.2 mn in 3Q 2023, while its revenue climbed 85% to EGP 2.2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sales skyrocketed:<\/strong> Gross contracted sales hit a record EGP 14.9 bn in 9M 2023, up 122% y-o-y. Nearly 69% of the sales were at the company\u2019s <a target=\"_blank\" href=\"https:\/\/madinetmasr.com\/taj-city\" style=\"\" rel=\"noopener\">Taj City<\/a> project, with <a target=\"_blank\" href=\"https:\/\/madinetmasr.com\/sarai\" style=\"\" rel=\"noopener\">Sarai<\/a> generating the remainder. The company sold a total of 2.6k units in 9M 2023, up 15% y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The developer is on track for a record year: <\/strong>Madinet Masr last month <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20998ac6-3132-4431-bb99-7003e1ce392a\" style=\"\" rel=\"noopener\">predicted<\/a> that gross contracted sales would exceed EGP 20 bn by the end of 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deliveries dipped: <\/strong>Madinet Masr deliveries dropped 29% y-o-y to 792 units during 9M 2023 due to a higher inventory of move-in ready units in the comparable period in 2022, the company explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- In real estate, sales \u2260 revenues.<\/strong> Most real estate companies book a sale when you sign a contract to buy a home, but only record (some or all) of the value of the unit they sold when they (a) deliver the unit to you or (b) hit a percentage of completion of the overall project. Therefore, in most cases, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.<\/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\/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\/madinet-masr-for-housing-and-development\/\">Madinet Masr for Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr-innovation-labs\/\">Madinet Masr Innovation Labs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609866\" 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=\"609866\">\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\/12\/afreximbank-appoints-new-executive-vice-president-of-global-trade\/\">\r\n                            Afreximbank appoints new executive vice president of global trade                        <\/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\/12\/afreximbank-appoints-new-executive-vice-president-of-global-trade\/\" 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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ElMaayergi has over 26 years of experience working with a number of regional and multinational banking institutions \u2014 Arab African International Bank, Abu Dhabi Islamic Bank, Standard Chartered, and Citibank. <\/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\/afreximbank\/\">AfreximBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/haytham-elmaayergi\/\">Haytham ElMaayergi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609868 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=\"609868\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/609868\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609868\" class=\"content-area-description single-story post-609868 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609869\" 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=\"609869\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/riyadhs-islamic-arab-summit-disappointed-palestinian-officials\/\">\r\n                            Riyadh\u2019s Islamic-Arab summit dominated the airwaves                        <\/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\/12\/riyadhs-islamic-arab-summit-disappointed-palestinian-officials\/\" 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 summit concluded with a joint statement calling for the immediate end to the war and a rejection of Israel\u2019s justification for the war as self defense. We have the full story in this morning\u2019s War Watch, above.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Palestinians aren\u2019t happy with the outcome of the summit: <\/strong>\u201cThe outcome represents the bare minimum of what is necessary \u2014 putting an end to the violence and the forced displacement of Gazans. The decisions are good, they represent a strong Arab-Islamic stance, but they are missing political will,\u201d senior PLO official Ahmad Majdalani told Kelma Akhira\u2019s Lamees El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=9A2BtOlypis\" style=\"\" rel=\"noopener\">watch, runtime: 6:52<\/a>). \u201cThe decisions will remain without action, just like all the previous Arab and Islamic decisions taken,\u201d he added, explaining that Arab leaders need to go to the UN Security Council and push to end the war and forced displacement of Gazans. \u201cThe outcomes of the summit did not live up to the aspirations of the Palestinian people \u2026 the ongoing violence requires more Arab efforts,\u201d head of the Palestinian Authority's Commission for Detainees' Affairs Qadura Fares told Al Qahera News (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=5Lng3UrXX24&t=125s\" style=\"\" rel=\"noopener\">watch, runtime: 7:18<\/a>). The summit received coverage from Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=6690232151083584\" style=\"\" rel=\"noopener\">watch, runtime: 4:55<\/a>), El Hekaya (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=rJo_eF4xONA\" style=\"\" rel=\"noopener\">watch, runtime: 1:55<\/a>), and Ala Maso\u2019uleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=9Zrb_L1MJjY\" style=\"\" rel=\"noopener\">watch, runtime: 3:48<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi meets with Iranian and Turkish counterparts:<\/strong>On the sidelines of the Islamic-Arab summit, President Abdel Fattah El Sisi met with his Turkish counterpart Recep Tayyip Erdogan and Iranian President Ebrahim Raisi. \u201cEgypt\u2019s relationship with Turkey is developing. There are mutual steps to resume efforts of restoring relations,\u201d presidential spokesperson Ahmed Fahmy told El Hekaya\u2019s Amr Adib (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=YzvN34UbHqc\" style=\"\" rel=\"noopener\">watch, runtime: 2:10<\/a>). The meeting with Raisi centered around the situation in Gaza, Fahmy said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=dqQDKons9Xs\" style=\"\" rel=\"noopener\">watch, runtime: 1:36<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- It\u2019s as if Masa\u2019a DMC knew Enterprise would be tuning in: <\/strong>Masa\u2019a DMC hosted (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=654060676859028\" style=\"\" rel=\"noopener\">watch, runtime: 4:51<\/a>) professor and economist Sherif Delawar who laid out the history of Egypt\u2019s relationship with the USD and the root of our FX crisis.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609871\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button 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   <div class=\"index-number\">11<\/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\/12\/taqa-arabia-launches-tanzanias-first-cng-station-plus-news-from-capricorn-energy-neric-samcrete-cashcall\/\">\r\n                            TAQA Arabia launches Tanzania\u2019s first CNG station. PLUS: News from Capricorn Energy, NERIC, Samcrete, Cashcall                        <\/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\/12\/taqa-arabia-launches-tanzanias-first-cng-station-plus-news-from-capricorn-energy-neric-samcrete-cashcall\/\" 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\/12\/taqa-arabia-launches-tanzanias-first-cng-station-plus-news-from-capricorn-energy-neric-samcrete-cashcall\/')\">\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\/12\/taqa-arabia-launches-tanzanias-first-cng-station-plus-news-from-capricorn-energy-neric-samcrete-cashcall\/\">\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=TAQA Arabia launches Tanzania\u2019s first CNG station. 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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/540.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/540.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609872\" class=\"content-area-description single-story post-609872 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-al-refaey-steel tag-also-on-our-radar tag-capricorn-energy tag-cashcall tag-china-railway-construction-corporation tag-energy tag-enterpriseam tag-finance-ministry tag-fintech tag-logistics tag-ma-watch tag-samcrete tag-taqa-arabia tag-transmashholding tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.4d033364-3b39-405d-8822-001188939af1.mp3\"><\/audio><\/figure><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>ENERGY-<\/strong><\/p><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>#1- <\/strong><strong>TAQA Arabia launches its first CGN station in Tanzania: <\/strong>Qalaa Holdings\u2019 TAQA Arabia has inaugurated its first compressed natural gas (CNG) filling station and conversion center in Tanzania \u2014 under its Master Gas brand \u2014 the company said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/530.pdf\" style=\"\" rel=\"noopener\">a<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/530.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/530.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The station will fuel up to 800 vehicles a day. TAQA Arabia and holding group <a target=\"_blank\" href=\"https:\/\/www.januscontinental.com\/en\" style=\"\" rel=\"noopener\">Janus Continental<\/a> have partnered on TAQA Dalbit, which aims to build 12 stations in Tanzania at a cost of USD 10 mn over the next few years. <\/p><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>#2- Capricorn Energy wants better terms for its Egypt contracts:<\/strong> British oil and gas firm Capricorn Energy is in talks with the Egyptian General Petroleum Corporation (EGPC) over better terms, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/capricorn-energy-delays-operations-update-talks-with-egypt-continue-2023-11-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, without providing any details. The company will be publishing its operational update in early 2024, instead of 30 November, as originally planned \u201cdue to a number of factors including completing the required technical and commercial work to provide a comprehensive and detailed portfolio update,\u201d the company told Reuters. <\/p><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>Remember:<\/strong> Capricorn\u2019s new leadership is scaling back the company\u2019s operations to focus only on Egypt and putting a new focus on dividend payouts. Its former board was ousted earlier this year by activist investors who weren\u2019t happy with plans for a merger with Israel\u2019s NewMed Energy. The company will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cabe33c6-d30b-42c9-96e1-daea85459741\" style=\"\" rel=\"noopener\">pay out USD 575 mn<\/a> to shareholders this year despite a rise in receivables outstanding from Egypt. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>M&amp;A WATCH-<\/strong><\/p><p><strong>Gulf <\/strong><strong>investors want in on local rebar steel manufacturer: <\/strong>A Saudi-Emirati investment fund will acquire a 50% stake in local rebar steel manufacturer Al Refaey Steel in a USD 200 mn transaction, chairman Hisham El Refaey told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/11\/08\/1732547\" style=\"\" rel=\"noopener\">Al Borsa<\/a> on Thursday. The fresh investment will go towards expanding the company\u2019s production capacity and setting up a plant for billet production in the Suez Canal Economic Zone \u2014 the production from both will go towards exports. The two sides have inked an initial agreement, with the final contract to be signed mid-November. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MANUFACTURING-<\/strong><\/p><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>#1- Gov\u2019t looks at Russian, Chinese firms to locally manufacture railcars: <\/strong>The National Egyptian Railway Industries Company (NERIC), a joint-venture between the state and the private sector, is negotiating with Russia\u2019s <a target=\"_blank\" href=\"https:\/\/tmholding.ru\/en\/about_us\/\" style=\"\" rel=\"noopener\">Transmashholding<\/a> and <a target=\"_blank\" href=\"https:\/\/english.crcc.cn\/\" style=\"\" rel=\"noopener\">China Railway Construction Corporation (CCRC)<\/a> to produce 500 railway cars in NERIC\u2019s Port Said factory, sources reportedly told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/11\/08\/1732551\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The Transport Ministry was going to award the contract to Hungarian firm <a target=\"_blank\" href=\"https:\/\/www.ganzmotor.hu\/\" style=\"\" rel=\"noopener\">Ganz Motor<\/a>, but it held off on finalizing the agreement until it received more offers that meet its new requirement of a 70% minimum local component quota. <\/p><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>Both companies are familiar with the local market: <\/strong>Transmashholding has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c91dc55-656b-4978-ba5a-5bbc69598417\" style=\"\" rel=\"noopener\">previously<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c91dc55-656b-4978-ba5a-5bbc69598417\" style=\"\" rel=\"noopener\">supplied Egypt<\/a> with a number of railcars, as part of an <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2018\/09\/26\/railway-signs-egp-22-bn-contract-with-transmashholding-for-1300-railcars\/\" style=\"\" rel=\"noopener\">EGP 22 bn contract<\/a>. The company is also providing technical support and spare parts for the delivered railcars. Meanwhile, CCRC is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1038c78f-9a09-43cf-a58e-8d9cf988ffd7\" style=\"\" rel=\"noopener\">reportedly<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1038c78f-9a09-43cf-a58e-8d9cf988ffd7\" style=\"\" rel=\"noopener\">part<\/a> of a consortium bidding for the first phase of the USD 23 bn high-speed electric rail network. <\/p><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>A lot of railway news: <\/strong>The news comes shortly after the TransMEA 2023 transport expo wrapped up. The expo saw Egypt ink a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yeana2hk\" style=\"\" rel=\"noopener\">long list of agreements<\/a> on maritime, logistics, and land transport. <\/p><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>#2- Updates on IDG\u2019s upcoming projects: <\/strong>Samcrete Holding\u2019s industrial arm, Industrial Development Group (IDG), will submit financial and technical offers for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/494d8930-d04f-4c4b-a747-eb30b0ee5de8\" style=\"\" rel=\"noopener\">the new Beni Suef dry port<\/a> it is developing and operating in cooperation with Alexandria-based logistics company <a target=\"_blank\" href=\"https:\/\/sssc-eg.com\/home\/\" style=\"\" rel=\"noopener\">Star Shine Shipping &amp; Logistics (SSSC)<\/a> during 1Q 2024, Samcrete\u2019s Chief Investment Officer Refky Kamel told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/54d22pty\" style=\"\" rel=\"noopener\">Al<\/a><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/54d22pty\" style=\"\" rel=\"noopener\">Mal<\/a>. IDG will invest some USD 160 mn developing the 61-feddan port, Kamel said, saying earlier reports the facility would cost USD 500 mn were untrue. IDG will also work with SSSC on a planned 2-mn square meter industrial complex in New October City. The company was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e81641b-4cd6-4e0f-b18f-7fa285d623d3\" style=\"\" rel=\"noopener\">awarded the land for the complex in March<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FINTECH-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Local fintech platform <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cashcall.net\/\" style=\"\" rel=\"noopener\">Cashcall<\/a><\/strong><strong> plans to step into <\/strong><strong>new markets, including the UAE and Pakistan<\/strong>, having already inked strategic partnerships with fintech players there, cofounder and CEO Ahmed Mahrous told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/jthnnjw4\" style=\"\" rel=\"noopener\">Al Mal<\/a>. Mahrous didn\u2019t provide any details on the planned expansion. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Cashcall:<\/strong> The fintech platform started operation in 2018. It offers a range of e-payment services, including Cashless \u2014 a service catered for gated communities \u2014 and <a target=\"_blank\" href=\"https:\/\/www.cashcall.net\/open-finance\/\" style=\"\" rel=\"noopener\">Open Finance<\/a> \u2014 a platform that allows the unbanked access NBFS. <\/p><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>FINANCE-<\/strong><\/p><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>Future cooperation between the Egyptian and Saudi FinMins?<\/strong>The Egyptian and Saudi Finance Ministries inked an MoU to boost cooperation, that includes launching a high-level dialogue between the two sides and exploring areas of cooperation, according to a Finance Ministry <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/54j83edb\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-refaey-steel\/\">Al Refaey Steel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capricorn-energy\/\">Capricorn Energy<\/a>\n          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class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/samcrete\/\">Samcrete<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transmashholding\/\">Transmashholding<\/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=\"609874\" 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=\"609874\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/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\/12\/moodys-lowers-us-credit-rating-outlook-on-the-back-of-debt-affordability-concerns\/\">\r\n                            Moody\u2019s lowers US credit rating outlook on the back of debt affordability concerns                        <\/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\/12\/moodys-lowers-us-credit-rating-outlook-on-the-back-of-debt-affordability-concerns\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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           <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/543.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"609875\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/moodys-lowers-us-credit-rating-outlook-on-the-back-of-debt-affordability-concerns\/543-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/543.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"543.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/543.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/543.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609874\" class=\"content-area-description single-story post-609874 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-moodys tag-planet-finance tag-us 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\/.56e557b5-c4a5-4062-8bf3-e6c83173f16d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Bad news for the US as Moody\u2019s lowers credit rating outlook:<\/strong>Rating agency Moody\u2019s downgraded its outlook on the US\u2019 sovereign credit rating to negative from stable on Friday, reports <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/moodys-changes-outlook-united-states-ratings-negative-2023-11-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. The move was driven by rising fiscal deficits and Treasury yields reaching <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26d29a77-2f34-4ee8-a0e9-d2aa3447101d\" style=\"\" rel=\"noopener\">16-year highs<\/a> placing pressure on debt affordability. \"It is hard to disagree with the rationale, with no reasonable expectation for fiscal consolidation any time soon,\" Natixis head economist Christopher Hodge said. \"Deficits will remain large ... and as interest costs take up a larger share of the budget, the debt burden will continue to grow.\"<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Fitch Ratings <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98333b95-5b4e-4f6b-8949-636b2a3f3e2e\" style=\"\" rel=\"noopener\">downgraded<\/a> the US\u2019 sovereign credit rating from A AA to AA+ in August, citing future fiscal challenges and questions over whether a dysfunctional Congress will continue to be able to raise the debt ceiling when needed.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No change on the horizon:<\/strong> The downgrade was driven by the \u201ccontinued political polarization\u201d in Congress that looks unlikely to break anytime soon, wrote Moody\u2019s in a statement. \"Any type of significant policy response that we might be able to see to this declining fiscal strength probably wouldn't happen until 2025 because of the reality of the political calendar next year,\" Moody\u2019s senior vice president William Foster told Reuters in an <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/moodys-analyst-sees-polarization-around-us-budget-issues-persisting-next-year-2023-11-11\/\" style=\"\" rel=\"noopener\">interview<\/a>.<\/p><p><a target=\"_blank\" id=\"t.5c5b0076124cdb5d7f3978c9aa68cffd0ac45756\" 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\">24,313<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.4% (YTD: +66.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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\">10,841<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,553<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: -6.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3,969<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +19.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,415<\/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\">+1.6% (YTD: +15.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,361<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.3% (YTD: -1.2%)<\/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>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\">4,197<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 81.43<\/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\">+1.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.03<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 1,937.70<\/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\">-1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 36,982.95<\/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\">-0.9% (YTD: +123.9%)<\/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 1.4% at Thursday\u2019s close<\/strong> on turnover of EGP 4.43 bn (75.9% above the 90-day average). Local investors were net buyers. The index is up 66.5% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>CIB (+4.1%), Telecom Egypt (+3.8%) and Edita (+3.5%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Fawry (-4.6%), E-Finance (-3.8%) and Credit Agricole (-2.7%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moodys\/\">Moody\u2019s<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"609876\" 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\/12\/609876\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-609876\" class=\"content-area-description single-story post-609876 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 style=\"font-weight:400;\">, 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\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>Fawry denies hack | Inflation eases | Elsewedy, Ezz El Arab auto assembly | Euro-unclear | More talk, little 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