{"id":610017,"date":"2023-11-14T00:00:00","date_gmt":"2023-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=610017"},"modified":"2025-12-17T01:58:51","modified_gmt":"2025-12-17T01:58:51","slug":"kuwait-rolls-over-usd-4-bn-deposit-at-cbe","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/kuwait-rolls-over-usd-4-bn-deposit-at-cbe\/","title":{"rendered":"Kuwait rolls over USD 4 bn deposit at CBE"},"content":{"rendered":"<section id=\"610019\" 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=\"610019\">\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\/14\/philip-morris-hikes-cigarette-prices-by-up-to-20\/\">\r\n                            Philip Morris hikes cigarette prices by up to 20% following cigarette tax hike                        <\/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\/14\/philip-morris-hikes-cigarette-prices-by-up-to-20\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/philip-morris-hikes-cigarette-prices-by-up-to-20\/718-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/718.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"718.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/718.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/718.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610019\" class=\"content-area-description single-story post-610019 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-philip-morris tag-tobacco 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\/.3df1943c-b7ee-41a7-8a65-52f6cbd8ad27.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people, and happy hump day to you all. <\/strong>We have a packed issue for you this morning, with highlights including Kuwait rolling over its <strong>CBE deposit<\/strong> and another uptick in imports of <strong>natural gas<\/strong> from Israel after supplies were cut at the outset of the war. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also good news: <\/strong>DP World is breaking ground on a <strong>new logistics zone<\/strong> this month and Afreximbank has extended some <strong>USD 3 bn worth of credit<\/strong> to local corporates doing business across Africa. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>PSA- There\u2019s never been a better time to quit smoking:<\/strong> Cigarette manufacturer Philip Morris has hiked the price of smokes by up to 20% in the wake of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c502a26-498a-4fe8-978a-635fcc380510\" style=\"\" rel=\"noopener\">the cigarette tax hike<\/a> signed into law last week, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/716.pdf\" style=\"\" rel=\"noopener\">a price list (pdf)<\/a> published by the company yesterday. The price of a pack of Merit has risen 15% to EGP 74 while the cheaper L&amp;M brand will now go for EGP 50 a pack, up 19%. Marlboro prices have increased 17-20%, with a standard pack priced at EGP 69 and a pack of Crafted at EGP 59.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A stubborn parallel market:<\/strong> State-owned tobacco manufacturer Eastern Company also increased its prices <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5f2beb7-079c-4d46-811a-1766e6e578e7\" style=\"\" rel=\"noopener\">last week<\/a>, but this hasn\u2019t done much to squeeze the black market, where cigarette prices have risen for local and foreign brands by EGP 5 and EGP 10 respectively, Eastern CEO Hany Aman told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/11\/13\/1734087\" style=\"\" rel=\"noopener\">Al Borsa<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Legislative amendments passed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c502a26-498a-4fe8-978a-635fcc380510\/New%20VAT%20on%20cigarettes%20gets%20final%20sign%20off\" style=\"\" rel=\"noopener\">last week<\/a> introduced a EGP 0.50 VAT on all tobacco products \u2014 and permit manufacturers to raise their prices by 12% annually for the next five years without moving into a higher per-pack tax bracket. The idea is to help companies finance production costs to increase supply and undercut wholesalers who have been selling cigarettes far above the sticker price.<\/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=\"wwtt2\"><\/a> <strong>Bartering to beat the FX crunch?<\/strong> The central bank and Trade Ministry are reportedly studying possible barter trade agreements with Russia, Turkey, and some African countries in a bid to reduce pressure on the country\u2019s FX stocks, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3QteXK4\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing two anonymous government sources. Egyptian Chamber of Chemical Industries head Sherif El Gabaly said that it is likely that we would swap fertilizer for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0d9365e-8b73-4e22-8da8-10a0166b4c26\" style=\"\" rel=\"noopener\">Kenyan tea<\/a> if the barter system gets the go-ahead. <\/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=\"wwtt1\"><\/a> <strong>It\u2019s day one of the Egypt VC Summit: <\/strong>Venture capitalists have descended on the Hilton Hotel in central Cairo today for the <a target=\"_blank\" href=\"https:\/\/www.egyptvcsummit.com\/summit\" style=\"\" rel=\"noopener\">Egypt VC Summit<\/a>, which will run until tomorrow. Flat6Labs\u2019 Dina El Shenoufy, GAFI\u2019s Hossam Heiba, FRA\u2019s Mohamed Farid, and other industry players are set to take to the stage.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>It\u2019s Algeria and diaspora day at the<\/strong><strong><a target=\"_blank\" href=\"https:\/\/press.us9.list-manage.com\/track\/click?u=3f7bc576715ca1a70edef2788&amp;id=80e7e3d74a&amp;e=3a5d1ae863\" style=\"\" rel=\"noopener\">Intra-African Trade Fair<\/a><\/strong> that has been taking place all week at Cairo\u2019s Hilton Hotel. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Environment Ministry will hold its first Harm Reduction Summit i<\/strong><strong>n Cairo<\/strong><strong> today.<\/strong> \u201cThe summit aims to illuminate the concept of harm reduction and mitigate the negative effects of harmful practices on the environment, health and society,\u201d according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/689.pdf\" style=\"\" rel=\"noopener\">a<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/689.pdf\" style=\"\" rel=\"noopener\">press release (pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/689.pdf\" style=\"\" rel=\"noopener\">)<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORIES ABROAD-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s another morning of US politics dominating the international front pages<\/strong>, other than the war on Gaza (which we dive into in this morning\u2019s War Watch, below).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Supreme Court gets an ethics update: <\/strong>This morning, the international press is giving a lot of ink to the US Supreme Court adopting its first formal code of conduct. The move comes following a series of revelations about justices accepting undisclosed trips, gifts, and a bunch of other favors they have been cashing in. (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/supreme-court-ethics-code-conflicts-clarence-thomas-64d393ceb6f05402d762dca06f0f4187\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/us-supreme-court-announces-formal-ethics-code-justices-2023-11-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-13\/supreme-court-adopts-code-of-conduct-amid-ethics-controversies\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/10ee2adc-ee83-4f7c-b66a-79a509a1faa7\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/11\/13\/us\/politics\/supreme-court-ethics-code.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/11\/13\/supreme-court-ethics-code\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/law\/supreme-court-code-of-conduct-scandals-5d8be723?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">WSJ<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/world-us-canada-67408898\" style=\"\" rel=\"noopener\">BBC<\/a>) <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong> Former UK prime minister David Cameron has made a shock return to frontline British politics after Prime Minister Rishi Sunak went ahead with an emergency cabinet reshuffle. Cameron has been named foreign secretary, replacing James Cleverly who takes the place of Suella Braverman as home secretary. (<a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/uk-politics-67407974\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/36a8752c-b73e-4197-94c1-e657d1a65160\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n  <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/p><\/div>\n<\/div>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Qahera News cameraman killed in Gaza:<\/strong> Al Qahera News cameraman Ahmed Fatima has been killed in Gaza, the head of the news department at the channel\u2019s parent company United Media Services said yesterday. The crew was at Al Shifa Hospital covering the Israeli military\u2019s siege when the broadcaster lost contact with them, Ahmed El Tahry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/ahmed.tahry\/posts\/10229027276960717\" style=\"\" rel=\"noopener\">wrote on Facebook<\/a>. The Journalists\u2019 Syndicate <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/bdd2w8f7\" style=\"\" rel=\"noopener\">condemned<\/a> \u201cin the strongest possible terms the continued Zionist aggression against journalists\u201d and called for the prosecution of Israeli military officials for war crimes.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel has targeted and killed 50 journalists in Gaza<\/strong> since the conflict started less than six weeks ago, the <a target=\"_blank\" href=\"https:\/\/reliefweb.int\/report\/occupied-palestinian-territory\/palestine-red-crescent-society-response-report-saturday-october-7th-2023-600-pm-until-sunday-november-12th-2023-2400-am-enar\" style=\"\" rel=\"noopener\">Palestinian Red Crescent said<\/a> yesterday. The war made last month the deadliest for journalists since records began in the early 1990s, according to the Committee to Protect Journalists. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When you need to defend a legally dubious war, who you gonna call?<\/strong>Tony Blair is reportedly being headhunted by the Israeli government to mount a defense of its war effort and quieten the global outcry about its devastating impact on Gaza\u2019s civilians. Israeli PM Netanyahu hopes that Blair\u2019s experience as a Middle East envoy will \u201ctemper international concerns over the civilian cost of Israel\u2019s campaign in Gaza,\u201d <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/israel-said-seeking-to-appoint-uks-tony-blair-as-gaza-humanitarian-coordinator\/\" style=\"\" rel=\"noopener\">Israeli media<\/a> wrote yesterday, citing several unnamed senior officials. Blair\u2019s office <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f140a7f4-2541-4db2-8240-8f13600b3aa0\" style=\"\" rel=\"noopener\">said<\/a> the former UK prime minister is open to getting involved but stressed nothing has been decided yet.<\/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\"><a id=\"wwtt4\"><\/a> <strong>Wall Street banks are split on <\/strong><strong>where they see the Federal Reserve\u2019s interest rate policy heading<\/strong> over the coming year or two as the central bank starts easing in response to cooling inflation. UBS strategists see the Fed slashing rates to 2.5-2.75% by the end of 2024, with the first rate cut coming in March, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-13\/goldman-sachs-morgan-stanley-diverge-on-fed-rate-cut-forecasts?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> wrote. Morgan Stanley also sees deep cuts starting June 2024, bringing rates down to 2.375% by the end of 2025. Goldman Sachs is less optimistic, expecting the first 25 bps cut in 4Q 2024, to be followed by quarterly cuts through mid-2026, leaving rates at 3.5-3.75%. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where does the Fed stand? <\/strong>The Fed\u2019s latest projections show two 25 bps rate cuts next year and rates going down to 3.9% by the end of 2025. Rates <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e5dab6c-5857-4b96-a64d-69534a62b5ec\" style=\"\" rel=\"noopener\">currently stand<\/a> at a 22-year high of 5.25-5.5% following an aggressive monetary tightening cycle. <\/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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2021\/03\/INFINITY-Top-banner-EN-1600x675-v2-02.png\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>How green accelerators address the challenges facing startups in Egypt.<\/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\/philip-morris\/\">Philip Morris<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tobacco\/\">tobacco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"610021 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=\"610021\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/610021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610021\" class=\"content-area-description single-story post-610021 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"www.somabayholidays.com\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/306.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span>Discover your dream vacation: handpicked villas, chalets and apartments for your perfect getaway \u2014 let us make your winter sunshine escape unforgettable. For more information and booking inquiries, please call +20 (0)15 5600 5693, 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=\"\">somabayholidays.com<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610022\" 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=\"610022\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/kuwait-rolls-over-usd-4-bn-cbe-deposit-report\/\">\r\n                            Kuwait renews USD 4 bn deposit at Egypt\u2019s central bank -report                        <\/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\/14\/kuwait-rolls-over-usd-4-bn-cbe-deposit-report\/\" 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\/14\/kuwait-rolls-over-usd-4-bn-cbe-deposit-report\/')\">\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\/14\/kuwait-rolls-over-usd-4-bn-cbe-deposit-report\/\">\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=Kuwait rolls over USD 4 bn CBE deposit -report&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/kuwait-rolls-over-usd-4-bn-cbe-deposit-report\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/kuwait-rolls-over-usd-4-bn-cbe-deposit-report\/&title=Kuwait rolls over USD 4 bn CBE deposit -report\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Kuwait+rolls+over+USD+4+bn+CBE+deposit+-report+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F14%2Fkuwait-rolls-over-usd-4-bn-cbe-deposit-report%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/kuwait-rolls-over-usd-4-bn-cbe-deposit-report\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/691.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610023\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/kuwait-rolls-over-usd-4-bn-cbe-deposit-report\/691-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/691.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"691.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/691.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/691.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610022\" class=\"content-area-description single-story post-610022 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-debt tag-economy tag-egypt-kuwait-relations tag-enterpriseam tag-foreign-reserves tag-kuwait 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\/.7735a6e7-648c-47bb-8683-e7225503d194.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Kuwait has <\/strong><strong>renewed a USD 4 <\/strong><strong>bn deposit<\/strong><strong> with the Central Bank of Egypt<\/strong> (CBE) as officials in Cairo continue to battle an FX crunch, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/54dam8c5\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing what it said were government officials. The deposit includes two USD 2 bn tranches that mature in April and September of next year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Kuwait has had USD 4 bn deposited at the CBE since mid-2015 and has continuously rolled it over. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kuwait pulling the plug would have sent us back to 2017: <\/strong>FX reserves have slowly risen in recent months after we shed some used USD 8 bn following Russia\u2019s invasion of Ukraine; the CBE\u2019s reserves <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03d11741-bd73-46ed-9838-2101985eceed\" style=\"\" rel=\"noopener\">currently stand<\/a> at USD 35.1 bn. Reserves would have declined to the lowest level since April 2017 had Kuwait taken back its money. Saudi Arabia, the UAE, Qatar, Libya, and Kuwait have some USD 30 bn on deposit at the central bank, accounting for 85.5% of our reserves.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And more might be coming: <\/strong>Chatter in the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fce7768-6487-4227-b5ef-860694c72f8a\" style=\"\" rel=\"noopener\">local press last month<\/a> claimed in unconfirmed reports that <strong>Saudi Arabia and the UAE could deposit another USD 5 bn at the CBE<\/strong>, although this could also refer to a rollover of maturing portions of existing deposits. Abu Dhabi Commercial Bank chief economist Monica Malik recently said she had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eebc811-7a6e-4798-ad07-f7d9fc6192ea\" style=\"\" rel=\"noopener\">noted<\/a> a \u201cchange in sentiment\u201d of Gulf countries following the outbreak of the war on Gaza away from their recent reluctance to provide financial support to the country.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-kuwait-relations\/\">Egypt-Kuwait relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kuwait\/\">Kuwait<\/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=\"610024\" 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=\"610024\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/israeli-gas-flows-to-egypt-are-increasing\/\">\r\n                            Israeli gas exports to Egypt increase as Chevron restarts production at Tamar field                        <\/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\/14\/israeli-gas-flows-to-egypt-are-increasing\/\" 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\/14\/israeli-gas-flows-to-egypt-are-increasing\/')\">\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\/14\/israeli-gas-flows-to-egypt-are-increasing\/\">\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=Israeli gas flows to Egypt are increasing&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/israeli-gas-flows-to-egypt-are-increasing\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/israeli-gas-flows-to-egypt-are-increasing\/&title=Israeli gas flows to Egypt are increasing\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Israeli+gas+flows+to+Egypt+are+increasing+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F14%2Fisraeli-gas-flows-to-egypt-are-increasing%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/israeli-gas-flows-to-egypt-are-increasing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/660.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610025\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/israeli-gas-flows-to-egypt-are-increasing\/660-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/660.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"660.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/660.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/660.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610024\" class=\"content-area-description single-story post-610024 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-enterpriseam tag-israel tag-oil-and-gas tag-tamar tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.b3157df1-89dc-4455-bc04-6bd0984d75d0.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>We\u2019re getting more gas from Israel as the Tamar field resumes production:<\/strong> Israeli natural gas exports to Egypt have risen by 60% to 350-400 mn cubic feet a day, up from 250 mn earlier this month, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-13\/israeli-gas-flows-to-egypt-rise-60-this-month-as-risks-ease\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported, citing a person it says is familiar with the situation. The report came as Chevron announced it had resumed production from the Tamar gas field, which was shut last month due to safety concerns stemming from the conflict in Gaza.The company expects production at the field to reach full capacity in the coming days, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/chevron-says-resumes-supplying-customers-tamar-natgas-gas-field-2023-11-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported yesterday, citing industry sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In perspective:<\/strong> This is still only half of pre-war import volumes, which totalled <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef901833-3643-406c-9f73-560e93c578ef\" style=\"\" rel=\"noopener\">800 mn cubi<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef901833-3643-406c-9f73-560e93c578ef\" style=\"\" rel=\"noopener\">c feet per day<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EastMed pipeline could resume next:<\/strong> The East Mediterranean Gas pipeline, which runs from Israel\u2019s Ashkelon to Egypt\u2019s Arish, is also likely to restart operations this week, Bloomberg reported, citing three people it says are familiar with the matter. Chevron has been exporting gas via the Arab Gas Pipeline since EMG\u2019s closure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> Gas flows to Egypt have been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a295943e-e812-4cd6-9a7c-17fe8bff0426\" style=\"\" rel=\"noopener\">gradually picking up<\/a> this month after falling following the closure of the Tamar field. The Madbouly cabinet said at the end of October that gas imports had fallen to zero. An industry insider we spoke to at the time said gas imports had never dropped below 100 mn cubic feet per day \u2014 a fraction of the pre-war volume. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ll be compensated:<\/strong>Chevron and Delek Drilling have offered to compensate Egypt for the reduced gas shipments \u201conce the situation stabilizes,\u201d <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/52dttza7\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/52dttza7\" style=\"\" rel=\"noopener\">sharq Business<\/a> quoted an unnamed Egyptian government official as saying yesterday.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tamar\/\">Tamar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610026\" 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=\"610026\">\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\">Logistics<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dp-world-to-start-building-sokhna-port-logistics-zone-this-month\/\">\r\n                            DP World to start building Sokhna port logistics zone in November 2024                        <\/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\/14\/dp-world-to-start-building-sokhna-port-logistics-zone-this-month\/\" 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\/14\/dp-world-to-start-building-sokhna-port-logistics-zone-this-month\/')\">\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\/14\/dp-world-to-start-building-sokhna-port-logistics-zone-this-month\/\">\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=DP World to start building Sokhna port logistics zone this month&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dp-world-to-start-building-sokhna-port-logistics-zone-this-month\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dp-world-to-start-building-sokhna-port-logistics-zone-this-month\/&title=DP World to start building Sokhna port logistics zone this month\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=DP+World+to+start+building+Sokhna+port+logistics+zone+this+month+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F14%2Fdp-world-to-start-building-sokhna-port-logistics-zone-this-month%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dp-world-to-start-building-sokhna-port-logistics-zone-this-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/685.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610027\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dp-world-to-start-building-sokhna-port-logistics-zone-this-month\/685-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/685.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"685.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/685.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/685.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610026\" class=\"content-area-description single-story post-610026 post type-post status-publish format-standard has-post-thumbnail hentry category-logistics tag-construction tag-dp-world tag-enterpriseam tag-logistics 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\/.77633c7a-42a8-46ff-ab2c-7282bf745814.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A new Ain Sokhna logistics zone will soon be in the works<\/strong><strong>:<\/strong> Emirati state-owned port operator DP World will break ground on its USD 80 mn logistics zone at Ain Sokhna port this month, the company said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/656.pdf\" style=\"\" rel=\"noopener\">a statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/656.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48320146-4e27-40ca-af19-3dca8c1683b6\" style=\"\" rel=\"noopener\">inked the construction agreement<\/a> with the Suez Canal Economic Zone\u2019s Main Development Company (MDC) back in August 2022 and the first phase is expected to be completed by the end of 2024 and is expected to create 6k jobs, according to the statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DP World is no stranger to Egypt: <\/strong>The company has so far deployed USD 1.3 bn in the country, said DP World CEO and Chairman Sultan Ahmed bin Sulayem. DP World is also the main operator of the Ain Sokhna port and has investments including a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17ab43e3-fc0d-45e0-b16f-1ebfdc08dea6\" style=\"\" rel=\"noopener\">USD 520 mn expansion<\/a> ; it is currently adding another 500K TEUs of capacity at the facility, according to the <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2023\/08\/15\/dp-world-to-boost-container-handling-capacity-by-year-end-as-demand-rises\/\" style=\"\" rel=\"noopener\">National<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DP World isn\u2019t the only one interested in the Ain Sokhna Port: <\/strong>Fellow Emirati shipping and logistics giant Abu Dhabi Ports is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/204b2662-f9b2-4611-ae26-99b333b59bf7\" style=\"\" rel=\"noopener\">eyeing up<\/a> big investments in Ain Sokhna and and said in 2021 that it could <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f9b5225-7806-4fa4-bdf2-ea3b7dbbd903\" style=\"\" rel=\"noopener\">invest USD 500 mn<\/a> to develop <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e296366-a7ef-480b-9002-958773f10d74\" style=\"\" rel=\"noopener\">a terminal at Ain Sokhna port<\/a> and another at Safaga port. The port has also been undergoing a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1558642d-7601-4195-a551-3ad914112931\" style=\"\" rel=\"noopener\">USD 20 bn redevelopment plan<\/a> that began in 2021 that saw Hutchison Ports, Cosco and CMA CGM sign a contract to build a new container terminal at the port that would <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30add363-e640-4dcc-b348-577935303ce6\" style=\"\" rel=\"noopener\">triple<\/a> the port\u2019s annual capacity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DP World says it is committed to Egypt:<\/strong> The company will continue to invest in the Ain Sokhna port and other logistics services to bolster maritime trade and support the Egyptian economy, the statement reads. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dp-world\/\">DP World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610028 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=\"610028\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/610028\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610028\" class=\"content-area-description single-story post-610028 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:\/\/efghldg.com\/en\/individual-investors\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/115.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610029\" 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                            \"\r\n            id=\"610029\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/fitch-cuts-bank-credit-ratings-following-sovereign-downgrade\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/695.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610030\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/fitch-cuts-bank-credit-ratings-following-sovereign-downgrade\/695-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/695.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"695.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/695.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/695.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610029\" class=\"content-area-description single-story post-610029 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-banking tag-banque-du-caire tag-cib tag-economy tag-enterpriseam tag-fitch tag-fitch-ratings tag-foreign-exchange tag-national-bank-of-egypt 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\/.6dfcdcee-3bc2-4efb-9bef-b0f298f194b1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Fitch Ratings has downgraded the credit ratings of four major Egyptian banks<\/strong> a week after it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9dd47b4b-5995-4497-94b6-6d9d4bf39af7\" style=\"\" rel=\"noopener\">cut the country\u2019s sovereign credit rating<\/a> deeper into junk territory. The agency cut the ratings of Banque Misr,&nbsp;<a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/banks\/fitch-downgrades-national-bank-of-egypt-to-b-outlook-stable-13-11-2023\" style=\"\" rel=\"noopener\">National Bank of Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/banks\/fitch-downgrades-commercial-international-bank-to-b-outlook-stable-13-11-2023\" style=\"\" rel=\"noopener\">CIB<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/banks\/fitch-downgrades-banque-du-caire-to-b-outlook-stable-13-11-2023\" style=\"\" rel=\"noopener\">Banque du Caire<\/a> to B- from B, reflecting the impact of the government\u2019s credit profile on the lenders, it said yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> Each of the banks hold sizable amounts of government debt on their books and have lent significant sums to public-sector companies, exposing them to the elevated default risk of the government. Economic conditions, including the FX shortage, heightened inflation, and geopolitical uncertainties, also weighed on the banks\u2019 ratings, Fitch said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> Fitch lowered our credit rating to B- from B earlier this month on concerns about the sustainability of government debt, becoming the third major rating agency to do so since October. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fce3ee3-016d-412b-be92-c47ec2ae0e72\" style=\"\" rel=\"noopener\">Moody\u2019s<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c9d2065-c5ad-456f-adb1-867053c60a70\" style=\"\" rel=\"noopener\">S&amp;P Global Ratings<\/a> both lowered their ratings in October.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fitch\/\">Fitch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fitch-ratings\/\">Fitch Ratings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610031\" 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=\"610031\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/afreximbank-extends-usd-3-bn-in-credit-facilities-to-egyptian-firms\/\">\r\n                            Afreximbank extends USD 3 bn in credit facilities to Egyptian firms                        <\/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\/14\/afreximbank-extends-usd-3-bn-in-credit-facilities-to-egyptian-firms\/\" 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\/14\/afreximbank-extends-usd-3-bn-in-credit-facilities-to-egyptian-firms\/')\">\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\/14\/afreximbank-extends-usd-3-bn-in-credit-facilities-to-egyptian-firms\/\">\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=Afreximbank extends USD 3 bn in credit facilities to Egyptian firms&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/afreximbank-extends-usd-3-bn-in-credit-facilities-to-egyptian-firms\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/afreximbank-extends-usd-3-bn-in-credit-facilities-to-egyptian-firms\/&title=Afreximbank extends USD 3 bn in credit facilities to Egyptian firms\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Afreximbank+extends+USD+3+bn+in+credit+facilities+to+Egyptian+firms+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F14%2Fafreximbank-extends-usd-3-bn-in-credit-facilities-to-egyptian-firms%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/afreximbank-extends-usd-3-bn-in-credit-facilities-to-egyptian-firms\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/714.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610032\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/afreximbank-extends-usd-3-bn-in-credit-facilities-to-egyptian-firms\/714-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/714.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"714.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/714.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/714.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610031\" class=\"content-area-description single-story post-610031 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-afreximbank tag-arab-contractors tag-debt-watch tag-elsewedy-electric tag-enterpriseam tag-hassan-allam-construction tag-hassan-allam-holding tag-infrastructure 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\/.16f32060-a69b-4e4d-9a63-02d28dce7aef.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The African Export-Import Bank (Afreximbank) has agreed to extend USD 3 bn of <\/strong><strong>credit facilities to Egyptian companies<\/strong> to help support their infrastructure projects across Africa, <a target=\"_blank\" href=\"https:\/\/www.almasdar.com\/134876\" style=\"\" rel=\"noopener\">Al Masdar<\/a> reported yesterday. The African multilateral lender signed the agreements at this week\u2019s <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/235n3a4u\" style=\"\" rel=\"noopener\">Intra-African Trade Fair<\/a> in Cairo:<\/p>\n<ul>\n<li><strong>Hassan Allam Holding<\/strong> will take out a <a target=\"_blank\" href=\"https:\/\/twitter.com\/afreximbank\/status\/1724162665289789741\" style=\"\" rel=\"noopener\">USD 200 mn credit facility<\/a> to help funds in at least six African countries; <\/li>\n<li><strong>Elsewedy Electric<\/strong> signed an agreement for a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e54763ce-686d-42df-96f7-0bbfbd0bddd6\" style=\"\" rel=\"noopener\">USD 300 mn facility<\/a>; <\/li>\n<li><strong>Arab Contractors<\/strong> will receive a USD 200 mn facility;<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The recipients of the remaining USD 2.3 bn have not been publicly disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- An e-platform for engineering contracts:<\/strong> The bank partnered with the International Cooperation Ministry to launch a digital platform for engineering, procurement and construction contracts, as part of the government\u2019s plan to boost infrastructure investments, the ministry said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/mrym53fm\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/afreximbank\/\">AfreximBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-contractors\/\">Arab Contractors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-construction\/\">Hassan Allam Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610033\" 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=\"610033\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/amendments-to-the-smes-child-act\/\">\r\n                            Egyptian House of Representatives approves legislative amendments to SMEs, Child acts                        <\/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\/14\/amendments-to-the-smes-child-act\/\" 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\/14\/amendments-to-the-smes-child-act\/')\">\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\/14\/amendments-to-the-smes-child-act\/\">\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=Amendments to the SMEs + Child Act&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/amendments-to-the-smes-child-act\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/amendments-to-the-smes-child-act\/&title=Amendments to the SMEs + Child Act\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Amendments+to+the+SMEs+%2B+Child+Act+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F14%2Famendments-to-the-smes-child-act%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/amendments-to-the-smes-child-act\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/693.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610034\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/amendments-to-the-smes-child-act\/693-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/693.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"693.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/693.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/693.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610033\" class=\"content-area-description single-story post-610033 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-asian-infrastructure-investment-bank tag-enterpriseam tag-house-of-representatives tag-legislation-watch tag-smes tag-tax tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.9511ea32-28e8-4c67-882f-53818cd24b25.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was another busy day at the House<\/strong>, with MPs approving amendments to the SMEs Act and Child Act, as well as a number of presidential decrees. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Changes to the <\/strong><strong>SMEs<\/strong><strong> Act: <\/strong>MPs yesterday gave final approval to amendments to the 2020 SMEs law that grants financing handed out by the SMEs Development Agency the same exemptions and benefits afforded under the Banking Act. The amendments also bring the SMEs Act up to date so they align with the 2020 Banking Act rather than the now repealed 2003 Banking Act. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Stronger child protection rules: <\/strong>The House approved <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e7111e3-755b-4f7c-abd6-4bd511c2f72e\" style=\"\" rel=\"noopener\">government-drafted amendments<\/a> to the Child Act to offer more social protection to children and mothers as well as extend maternity leave rights to adoptive mothers of babies less than six months old. The amendments will also introduce tougher penalties for people who fail to properly register the birth of their children or register the same child more than once. The amendments will be up for a final vote in an upcoming session. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- A vote in favor of three presidential decrees: <\/strong>The House greenlit bills <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed23d6b6-3314-4600-8e5c-af1f5ef906a4\" style=\"\" rel=\"noopener\">banning double<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed23d6b6-3314-4600-8e5c-af1f5ef906a4\" style=\"\" rel=\"noopener\">taxation<\/a> on earnings generated from air transport between Egypt and Brazil, a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a75f69fb-ff06-4a7e-91c5-007a61bfedd6\" style=\"\" rel=\"noopener\">CAD 10 mn<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a75f69fb-ff06-4a7e-91c5-007a61bfedd6\" style=\"\" rel=\"noopener\">grant<\/a> from the Canadian government to enhance food security and fight climate change, and Egypt <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2sudnacx\" style=\"\" rel=\"noopener\">joining<\/a> the <a target=\"_blank\" href=\"https:\/\/www.basel.int\/\" style=\"\" rel=\"noopener\">Basel Convention<\/a>, which aims to regulate the trade and disposal of hazardous waste. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>House committee approves Abu Qir metro funding: <\/strong>The House Transport Committee approved an agreement that will see the Asian Infrastructure Investment Bank provide <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1f0b52f-70b7-4ca8-9f7a-3adce86af2e0\" style=\"\" rel=\"noopener\">EUR 250 mn in financing<\/a> for the redevelopment of the Abu Qir railway in Alexandria. The project seeks to convert the railway into an electric, low-carbon, underground metro.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>The House will reconvene on Sunday, 19 November. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/asian-infrastructure-investment-bank\/\">Asian Infrastructure Investment Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"610035\" 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=\"610035\">\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\/14\/israel-continues-siege-of-gaza-city-hospitals-un-says-it-can-no-longer-distribute-aid-as-fuel-runs-out\/\">\r\n                            Israel continues siege of Gaza City hospitals; UN says it can no longer distribute aid as fuel runs out                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/israel-continues-siege-of-gaza-city-hospitals-un-says-it-can-no-longer-distribute-aid-as-fuel-runs-out\/\" 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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All hospitals in northern Gaza are now out of service, including the territory\u2019s largest medical complex Al Shifa, where hundreds of patients <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/live\/2023\/nov\/13\/israel-hamas-war-live-updates-al-shifa-hospital-who-us-strikes-syria-palestine?page=with:block-655260e08f08bbf5dbce122f#block-655260e08f08bbf5dbce122f\" style=\"\" rel=\"noopener\">remain<\/a> inside without access to electricity and water. Medical supplies are dwindling as the Israeli bombardment <a target=\"_blank\" href=\"https:\/\/twitter.com\/palestinercs\/status\/1724031783086256616?s=12&t=4I6hmj4-Nf5kvx8p7DfJlg\" style=\"\" rel=\"noopener\">prevents<\/a> aid trucks from reaching the facility. <strong>At least 32 patients, including six premature babies, have died at Al Shifa<\/strong> in the past three days since fuel ran out. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UN can no longer distribute aid in Gaza:<\/strong> The humanitarian relief effort in Gaza will \u201cgrind to a halt\u201d within 48 hours unless fuel is allowed in, an official at the UN agency for Palestinian refugees <a target=\"_blank\" href=\"https:\/\/twitter.com\/UNRWA\/status\/1724136150716010965\" style=\"\" rel=\"noopener\">said<\/a> yesterday. Signs of collapse were already apparent yesterday as the UN\u2019s aid trucks and two main water distributors <a target=\"_blank\" href=\"https:\/\/twitter.com\/tomwhitegaza\/status\/1724047122004070665?s=12&t=4I6hmj4-Nf5kvx8p7DfJlg\" style=\"\" rel=\"noopener\">ran out<\/a> of fuel, depriving 200k people of drinking water and preventing any further intake of aid from the Rafah border.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The human shield narrative is wearing thin:<\/strong> Israel\u2019s official line that Hamas lie in hiding within Gaza\u2019s hospitals has been strongly rejected by Al Shifa\u2019s management and the <a target=\"_blank\" href=\"https:\/\/twitter.com\/palestinercs\/status\/1724127500433781091?s=12&t=4I6hmj4-Nf5kvx8p7DfJlg\" style=\"\" rel=\"noopener\">Palestinian Red Crescent<\/a>. Human Rights Watch could not <a target=\"_blank\" href=\"https:\/\/twitter.com\/hrw\/status\/1722659776427868597\" style=\"\" rel=\"noopener\">corroborate<\/a> Israel\u2019s claims.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE GROUND-<\/strong> At least <a target=\"_blank\" href=\"https:\/\/news.sky.com\/story\/israel-gaza-war-latest-hamas-al-shifa-hospital-sky-news-live-updates-12978800?postid=6761864#liveblog-body\" style=\"\" rel=\"noopener\">11,240<\/a> Gazans including 4,630 children have been killed since 7 October | <a target=\"_blank\" href=\"https:\/\/www.unrwa.org\/resources\/reports\/unrwa-situation-report-29-situation-gaza-strip-and-west-bank-including-east-Jerusalem\" style=\"\" rel=\"noopener\">102 UN staff<\/a> have lost their lives | Communications are <a target=\"_blank\" href=\"https:\/\/www.unrwa.org\/resources\/reports\/unrwa-situation-report-29-situation-gaza-strip-and-west-bank-including-east-Jerusalem\" style=\"\" rel=\"noopener\">expected to start failing<\/a> on 16 November as telcos run out of fuel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HOSTAGES-<\/strong> Hamas has offered to release 70 women and children in return for a five-day truce to allow in aid, spokesperson Abu Obaida <a target=\"_blank\" href=\"https:\/\/news.sky.com\/story\/israel-gaza-war-latest-hamas-al-shifa-hospital-sky-news-live-updates-12978800?postid=6762462#liveblog-body\" style=\"\" rel=\"noopener\">told<\/a> Qatari mediators. An Israeli official <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/opinions\/2023\/11\/13\/israel-hamas-hostage-deal-qatar-talks\/?itid=hp_opinions_p002_f001\" style=\"\" rel=\"noopener\">said<\/a> separately that the two sides could reach an agreement to release all women and children in return for a temporary ceasefire. This comes a day after it said it was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac6b3c95-16ca-4be8-ac9a-2afd12bc2455\" style=\"\" rel=\"noopener\">suspending negotiations<\/a> due to Israel\u2019s treatment of Al Shifa. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AID<\/strong>- Egypt has <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1236\/512148\/Egypt\/Health\/-hospitals-in--governorates-allocated-to-receive-P.aspx\" style=\"\" rel=\"noopener\">earmarked<\/a> 37 hospitals across eight governorates to receive injured Palestinians | A Turkish vessel carrying equipment to set up <a target=\"_blank\" href=\"https:\/\/english.alarabiya.net\/News\/middle-east\/2023\/11\/13\/Turkish-ship-carrying-field-hospitals-docks-in-Egypt-near-Gaza\" style=\"\" rel=\"noopener\">eight field hospitals<\/a> has <a target=\"_blank\" href=\"https:\/\/twitter.com\/TurkishCairoAmb\/status\/1723977497748906242\" style=\"\" rel=\"noopener\">arrived<\/a> at Al Arish.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIPLOMACY-<\/strong> Indonesia: US <a target=\"_blank\" href=\"https:\/\/www.barrons.com\/news\/indonesian-president-urges-biden-to-do-more-to-stop-atrocities-in-gaza-d924f59b\" style=\"\" rel=\"noopener\">needs \u201cto do more<\/a> to stop the atrocities in Gaza\u201d | EU foreign policy chief Josep Borrell will <a target=\"_blank\" href=\"https:\/\/twitter.com\/josepborrellf\/status\/1724022291082760277?s=12&t=4I6hmj4-Nf5kvx8p7DfJlg\" style=\"\" rel=\"noopener\">trave<\/a><a target=\"_blank\" href=\"https:\/\/twitter.com\/josepborrellf\/status\/1724022291082760277?s=12&t=4I6hmj4-Nf5kvx8p7DfJlg\" style=\"\" rel=\"noopener\">l<\/a> to Palestine, Israel, Bahrain, Saudi Arabia, Qatar, and Jordan this week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EVACUATIONS<\/strong>- Hundreds of European and Arab foreign nationals and dual citizens crossed the Rafah border crossing into Egypt yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REGIONAL ESCALATION- <\/strong>Two Lebanese people were <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/lebanon\/2023\/11\/13\/two-killed-and-journalists-targeted-in-separate-israeli-attacks-on-south-lebanon\/\" style=\"\" rel=\"noopener\">killed<\/a> and five Israeli soldiers were injured during an exchange of fire between Hezbollah and the IDF | Jordan\u2019s King Abdullah <a target=\"_blank\" href=\"https:\/\/news.sky.com\/story\/israel-gaza-war-latest-hamas-al-shifa-hospital-sky-news-live-updates-12978800?postid=6762638#liveblog-body\" style=\"\" rel=\"noopener\">warned<\/a> that Israeli settler attacks on Palestinians in the West Bank could broaden the conflict.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/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=\"610037\" 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=\"610037\">\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\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/\">\r\n                            Orascom Development Egypt and Egypt Kuwait Holding release 3Q 2023 results                        <\/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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<\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610037\" class=\"content-area-description single-story post-610037 post type-post status-publish format-standard hentry category-earnings-watch-2 tag-egypt-kuwait-holding tag-enterpriseam tag-orascom-development-egypt 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\/.320b9c94-b892-4d74-a230-8e190c52cd8e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ODE had a strong quarter, backed by record sales:<\/strong> EGX-listed Orascom Development Egypt (ODE) saw its net income rise 53% from the year before in 3Q 2023, reporting a top line of more than EGP 1 bn, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/699.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a> out yesterday. The property developer logged its highest-ever quarterly net real estate sales, which more than doubled to EGP 5.6 bn. Revenue rose 45% y-o-y to EGP 4.2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hotel side of the business had a good quarter: <\/strong>Revenues for the company\u2019s hotels jumped over 100% in 3Q 2023 on the year before to EGP 895 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For the year to date: <\/strong>ODE\u2019s bottom line is up 33% in the first nine months of 2023 from the same period last year to over EGP 2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EK HOLDING-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EK Holding reported net income of USD 36.1 mn in 3Q 2023<\/strong>, down from USD 63.4 mn in the same quarter last year. Revenues for the quarter came in at USD 201.4 mn, down from USD 273.0 mn in the comparable quarter of 2022. What pundits call a \u201ctough comp\u201d are at play: The company turned in extraordinarily strong numbers when global commodity prices spiked immediately after Russia\u2019s invasion of Ukraine last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a year-to-date basis, the company\u2019s earnings are down, but still above pre-Ukraine <\/strong><strong>war<\/strong><strong> levels: <\/strong>Egypt Kuwait Holding (EKH)\u2019s revenues fell 31% y-o-y to USD 588 mn, after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/93f542f1-4705-4e86-bcb0-f52130e366f4\" style=\"\" rel=\"noopener\">reaching record highs in 9M 2022<\/a> as global urea prices reverted to historical averages, the company said yesterday (<a target=\"_blank\" href=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/ekh\/EKH-9M2023-ER-FINAL.pdf\" style=\"\" rel=\"noopener\">earnings release<\/a> | <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/649.pdf\" style=\"\" rel=\"noopener\">press release<\/a>, both pdf). Net income for the same period came in at USD 137 mn, down around 50% on the same period last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EKH has upped its Egypt investments to USD 200 mn this year:<\/strong> EKH has invested some USD 200 mn in 2023, up from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac2860aa-65df-4ec9-aa79-a76a1d369cdf\" style=\"\" rel=\"noopener\">USD 170 mn<\/a> it announced earlier in February, according to EKH chairman Loay Jassim Al Kharafi. The funds were allocated to capital expenditure and increasing its holdings in subsidiaries by buying out minority shareholders. The increased investments reflect the firm\u2019s \u201cconfidence in the growth potential of EKH\u2019s portfolio companies,\u201d Al Kharafi added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-kuwait-holding\/\">Egypt Kuwait Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-development-egypt\/\">Orascom Development Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610038 advertiser\" class=\"issue-section enterprise-adv\">\n<div 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610039\" 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=\"610039\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/amr-adib-takes-aim-at-the-egp-and-sugar-price-hikes\/\">\r\n                            Egyptian news host Amr Adib takes aim at the EGP and sugar price hikes                        <\/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\/14\/amr-adib-takes-aim-at-the-egp-and-sugar-price-hikes\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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data-image-meta=\"[]\" data-image-title=\"700.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/700.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/700.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610039\" class=\"content-area-description single-story post-610039 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-commodities tag-economy tag-enterpriseam tag-exchange-rate tag-israel-palestine-conflict tag-last-nights-talk-shows tag-middle-east-politics tag-tobacco wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.c9ea50c5-a260-442f-9027-028250b8902d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Amr Adib broke ranks last night from most of his fellow hosts last night<\/strong> who were fixated on the war on Gaza, by shifting his attention to the EGP exchange rate on the parallel market and rising sugar and cigarette prices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGP\u2019s fall in the parallel market has left Adib perplexed:<\/strong> The currency has been stuck at near EGP 50 in the parallel market for the past two weeks, El Heyaka\u2019s Amr Adib said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ASD0K_Kt1qY\" style=\"\" rel=\"noopener\">watch, runtime: 2:43<\/a>) before bringing on economist Samir Sabri to weigh in on the issue (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ivAVm_zo3c4\" style=\"\" rel=\"noopener\">watch, runtime: 11:13<\/a>). \u201cThis is not the real or fair value of the EGP \u2026 No country can have a sustainable economy with such a huge gap between the official and parallel market exchange rate [for the USD]. The gap is so big that it makes it difficult to estimate the cost of projects or investments or attract foreign investors,\u201d said Sabri, who is also a member of the National Dialogue\u2019s investment committee.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Blame consumer worries, they said: <\/strong>\u201cOver the past two weeks, the panic over the collapse of the EGP against the USD increased \u2026 The war near our borders, the major drop in remittances from Egyptians abroad, and the dip in tourism has increased the amount of currency speculation,\u201d Sabri told Adib. Most analysts had suggested a fair value for the EGP was something on the order of 36 to the greenback at the end of 2023 and 38-39 by the end of 2024, Sabri added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s the parallel market price? One greenback is going for EGP 48.68<\/strong>, to hear Adib tell it, though pricing and availability vary widely in the parallel market, where liquidity and pricing are opaque by definition.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also stressing out Adib: Sugar prices<\/strong>, which jumped from their usual EGP 27-30 per kilo to EGP 34-40. The entire world is battling heightened inflation, but commodity prices never see such dramatic jumps, Adib said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=h28KFj8vHJg\" style=\"\" rel=\"noopener\">watch, runtime: 5:21<\/a>). \u201cTraders are taking advantage of the war on Gaza and [sugar being sent to Gaza as] Egyptian aid to hike up prices,\u201d he added, calling on traders to take it easy on already cash-strapped consumers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s behind the rise? <\/strong>\u201cWe are nearing the end of the sugar beet and sugar cane agricultural cycle. We are also nearing Ramadan, which pushes food producers and traders to up their sugar reserves, increasing the demand on sugar,\u201d Assistant Supply Minister Ibrahim Ashmawy told Ala Maso\u2019uleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=cpcKNX_PBoI\" style=\"\" rel=\"noopener\">watch, runtime: 6:33<\/a>). \u201cWe are a free market and obliging traders to respect a certain price is against the constitution.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cigarette prices were also driving Adib nuts: <\/strong>State-owned tobacco giant Eastern Company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5f2beb7-079c-4d46-811a-1766e6e578e7\" style=\"\" rel=\"noopener\">last week hiked<\/a> prices between 12-33%, which in turn increased the prices cigarettes are going for in the black market even further, with some brands going for as high as EGP 125 per pack, Adib said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=iX5EByiaRKg\" style=\"\" rel=\"noopener\">watch, runtime: 1:56<\/a>). <strong>\u201cYou can\u2019t ask people to quit smoking,\u201d<\/strong> Adib told his viewers and argued that the price hikes will not prevent people from smoking.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Live from Rafah: <\/strong>Kelma Akhira\u2019s Lamees El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=LjwglVNZWs8&t=4s\" style=\"\" rel=\"noopener\">watch, runtime: 6:59<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=gXI4M-fBMwo\" style=\"\" rel=\"noopener\">2:47<\/a>) left her studio last night and visited the Rafah border to bring us the latest developments on wounded Gazans receiving treatment at the Arish hospital and the latest on aid convoys going into the besieged territory. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Wall-to-wall Gaza coverage dominated most of yesterday\u2019s talk shows:<\/strong>Masa\u2019a DMC interviewed former Egyptian diplomat Gamal Bayoumi (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1323971214917675\" style=\"\" rel=\"noopener\">watch, runtime: 6:01<\/a>) to discuss all that Egypt has done for the Palestinian cause, while Al Hayah Al Youm spoke to the head of central administration of the North Sinai Governorate on all things Gaza aid (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1064356174790085\" style=\"\" rel=\"noopener\">watch, runtime: 7:52<\/a>). While Ala Maso\u2019uleety spoke to Arab League spokesperson Gamal Roshdy to reiterate the Arab stance on the issue (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=nHebMxOfREE\" style=\"\" rel=\"noopener\">watch, runtime: 18:39<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>COMING SOON TO A TV NEAR YOU- Get ready to tune in for another one-on-one with Satterfield: <\/strong>Yahduth Fi Masr\u2019s Sherif Amer sat down (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=X1zSEUoeCbw\" style=\"\" rel=\"noopener\">watch, runtime: 0:50<\/a>) with the Biden administration\u2019s Middle East humanitarian envoy David Satterfield for an interview that will be aired tonight on MBC Masr. In case you missed it, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/afeb95e1-8686-405d-b1bb-9f0b9673c868\" style=\"\" rel=\"noopener\">El Hadidi hosted Satterfield<\/a> earlier this week for an interview where he came off as a tad unsympathetic for a humanitarian envoy.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exchange-rate\/\">exchange rate<\/a>\n   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data-block-id=\"zpijpec\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-zpijpec-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-zpijpec-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            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         <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/infinity-power-inks-big-senegal-contract-plus-kuwaiti-oil-digital-banks-and-aircraft\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/709.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610043\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/infinity-power-inks-big-senegal-contract-plus-kuwaiti-oil-digital-banks-and-aircraft\/709-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/709.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"709.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/709.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/709.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610042\" class=\"content-area-description single-story post-610042 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-also-on-our-radar tag-aviation tag-banque-du-caire tag-central-bank-of-egypt tag-egyptair tag-energy tag-enterpriseam tag-fintech tag-infinity-power tag-oil-and-gas tag-qnb-alahli tag-renewables tag-senegal tag-taly tag-wind-power wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.a2b80042-f3bb-4630-8d5e-859a17f9567c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENERGY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- <\/strong><strong>Infinity Power to set up battery storage system in Senegal:<\/strong><a target=\"_blank\" href=\"https:\/\/weareinfinitypower.com\/\" style=\"\" rel=\"noopener\">Infinity Power<\/a> \u2014 a joint venture between our friends at Infinity and UAE renewables player Masdar \u2014 has signed a 20-year agreement with Senegalese national utility <a target=\"_blank\" href=\"https:\/\/www.senelec.sn\/\" style=\"\" rel=\"noopener\">Senelec<\/a> to supply 40 MW of clean energy to the country\u2019s grid through a battery energy storage system, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/706.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> yesterday. The system will be supplied with energy generated by Infinity\u2019s <a target=\"_blank\" href=\"https:\/\/weareinfinitypower.com\/in-operation#wind\" style=\"\" rel=\"noopener\">158.7 MW Taiba N\u2019Diaye<\/a> wind farm and will help Senelec stabilize the country\u2019s electrical grid. The value of the agreement was not disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have the full details in this mornin<strong>g\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/climate.enterprise.press\/stories\/2023\/11\/13\/infinity-power-signs-a-20-year-battery-energy-storage-contract-in-senegal-103189\/\" style=\"\" rel=\"noopener\">Enterprise Climate<\/a><\/strong><strong>. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- We\u2019re getting more oil from Kuwait: <\/strong>The Madbouly government wants to increase its imports of Kuwaiti crude oil by 33% to 3 mn barrels per month starting the new year, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/pf4adf28\" style=\"\" rel=\"noopener\">Asharq Business<\/a> citing an unnamed government official. Under the current contract, Egypt imports some 2.25 mn barrels of Kuwaiti crude a month, it also gives Egypt a 9-month grace period on payments. The move to boost Kuwaiti oil imports comes on the back of the Egyptian General Petroleum Corporation\u2019s plan to increase the country\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fce7768-6487-4227-b5ef-860694c72f8a\" style=\"\" rel=\"noopener\">crude imports by 40%<\/a> starting in FY 2024-2025. By bringing monthly crude imports to 7 mn barrels from 5 mn currently, the government hopes to start refining more petroleum products locally to reduce our import bill from refined oil products.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DEBT- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CBE auctions fresh t-bills to refinance FX debt:<\/strong> The Central Bank of Egypt raised USD 1.61 bn in a t-bill auction yesterday to refinance existing debt, according to data on its website. The bills were sold at an interest rate of 5.149%, 55 bps higher than the maturing bills sold in November 2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FINTECH-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- More e-payment platforms hitting the market: <\/strong>Banque du Caire\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe4520c4-14d6-4284-9f27-e0a88b98bbfa\" style=\"\" rel=\"noopener\">digital payments<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe4520c4-14d6-4284-9f27-e0a88b98bbfa\" style=\"\" rel=\"noopener\">subsidiary Taly<\/a> plans to launch two e-payment platforms next month \u2014 one targeting individuals and another targeting businesses \u2014 Taly CEO Magdy Hassan told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/11\/12\/1733477\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The platforms will offer businesses digital payment acceptance, collections, and finance, meanwhile individuals will have access to Taly-issued prepaid cards and invoicing. Last month, Tally started offering merchants payment services, between points of sale and e-commerce payment systems. It\u2019s aiming to have 1 mn clients on board by the end of 1Q 2024 and to record transactions worth some EGP 1 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 capital increase down the line: <\/strong>The company wants to double its capital to EGP 1 bn, Hassan said, without providing a timeline. The additional capital will help the company move forward with any potential investment plans. The company kicked off operations in March 2023 with a capital of EGP 500 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- QNB wants to set up a digital bank:<\/strong> QNB Al Ahli has submitted an application for a digital banking license to the Central Bank of Egypt (CBE), CEO Mohamed Bedeir told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/11\/13\/1733118\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The bank is working to fulfill the recently-amended digital banking regulations, requiring digital banks to possess a minimum of EGP 2 bn in capital.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AVIATION-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EgyptAir is adding more aircraft to its fleet: <\/strong>National flag carrier EgyptAir has placed an order for 18 new aircraft from Boeing to be delivered between early 2025 and 2026, according to a <a target=\"_blank\" href=\"https:\/\/airleasecorp.com\/press\/air-lease-corporation-announces-lease-placement-of-18-new-boeing-737-8-aircraft-with-egyptair\" style=\"\" rel=\"noopener\">press release<\/a>. American outfit <a target=\"_blank\" href=\"https:\/\/airleasecorp.com\/\" style=\"\" rel=\"noopener\">Air Lease Corp<\/a> is providing the aircraft on a long-term lease.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other regional carriers are doing the same: <\/strong>Mideast airlines made purchases of over 100 aircraft on day one of the <a target=\"_blank\" href=\"https:\/\/www.dubaiairshow.aero\/\" style=\"\" rel=\"noopener\">Dubai Air Show<\/a>, reflecting confidence in a tourism bounce-back even as regional tensions flare, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cb64fd4c-4bda-49b3-ac6f-8dce540f7b7b\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. State-owned Emirates and sister airline FlyDubai are among those making the sales team at Boeing very, very happy. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/egyptair\/\">EgyptAir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infinity-power\/\">Infinity Power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qnb-alahli\/\">QNB Alahli<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senegal\/\">Senegal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taly\/\">Taly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wind-power\/\">wind power<\/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=\"610044\" 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=\"610044\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dubai-is-taking-its-taxi-business-to-the-dfm-next-month\/\">\r\n                            Dubai is taking its taxi business to the DFM next month                        <\/a>\r\n                    <\/h3>\r\n\r\n              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<\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dubai-is-taking-its-taxi-business-to-the-dfm-next-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/688.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610045\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dubai-is-taking-its-taxi-business-to-the-dfm-next-month\/688-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/688.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"688.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/688.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/688.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610044\" class=\"content-area-description single-story post-610044 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-dubai-taxi-company tag-efg-hermes tag-enterpriseam tag-financial-markets tag-ipo-watch tag-planet-finance 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\/.0e2fbac5-3ce9-4941-8f62-853262749d05.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai Taxi is going public next month:<\/strong>Dubai\u2019s Road and Transport Authority (RTA) is taking its taxi business to the Dubai Financial Market next month, offering 624.8 mn shares \u2014 representing a 25% stake \u2014 at a nominal value of AED 0.04 per share, the company said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/678.pdf\" style=\"\" rel=\"noopener\">intention to<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/678.pdf\" style=\"\" rel=\"noopener\">float<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/678.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The offering is expected to raise some USD 300 mn, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ddffcd7-76e5-47e3-bc3e-e1fe4267162a\" style=\"\" rel=\"noopener\">Bloomberg<\/a> previously reported. In preparation for the listing, the government has changed the company\u2019s legal status into a public joint stock company and rebranded it from Dubai Taxi Corporation to Dubai Taxi Company.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.dubaitaxi.ae\/\" style=\"\" rel=\"noopener\">Dubai Taxi Company<\/a> (DTC) will hold an eight-day book building process from 21-28 November for retail investors and from 21-29 November for institutional investors. The final offer price will be announced a day later, with the company expected to make its DFM debut on 7 December. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Citi, Emirates NBD and Merrill Lynch are joint global coordinators for the transaction. Joining them on joint bookrunner duties are our friends at EFG Hermes UAE as well as FAB. Emirates NBD is lead receiving bank, while our friends at Mashreq Bank are also serving as receiving bank alongside FAB and others. Rothschild is serving as independent financial advisor.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come? <\/strong>The transport authority is looking to list its parking subsidiary next year, also as part of the government\u2019s plan to list 10 state-owned companies, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-13\/dubai-restarts-privatizations-after-a-year-with-planned-taxi-ipo\" style=\"\" rel=\"noopener\">Bloomberg<\/a> wrote. <\/p><p><a target=\"_blank\" id=\"t.2e9d3d7a5edeba160b0290cbe5155233e5bd4bdd\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">23,955<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +64.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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\">10,790<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: +3.0%)<\/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>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\">9,537<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: -6.6%)<\/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>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\">3,983<\/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: +19.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,412<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +14.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,426<\/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: -0.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,232<\/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: +11.6%)<\/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 82.52<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 3.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+5.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 1,950.20<\/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\">+0.7%<\/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 36,511.39<\/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% (YTD: +122.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 3.4 bn (32.4% above the 90-day average). Foreign investors were net buyers. The index is up 64.1% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Telecom Egypt (+12.4%), Eastern Company (+7.3%) and Alexandria Containers and Cargo Handling (+2.4%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Mopco (-3.9%), Abu Qir Fertilizers (-3.2%) and Heliopolis Housing (-2.9%).<\/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\/dubai-taxi-company\/\">Dubai Taxi Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"610046\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-green-accelerators-address-the-challenges-facing-startups-in-egypt\/\">\r\n                            How green accelerators address the challenges facing startups in Egypt<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-green-accelerators-address-the-challenges-facing-startups-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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In the second installment of our two-part series, we take a look at the technical, regulatory and economic barriers that startups face, and how accelerators are helping startups navigate and mitigate such challenges. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a gap in finding the correct technical support: <\/strong>Access to tech support is a significant barrier startups face when scaling, especially in innovative fields like biotech or AI built to support green initiatives. Most state-owned commercial banks such as NBE and Banque Misr offer technical assistance to SMEs, but these are often not tailored enough to the needs of climate startups \u2014 nor are many accelerator programs, which offer general business development support, but <a target=\"_blank\" href=\"https:\/\/enterprise.press\/wp-content\/uploads\/2022\/05\/Venture_Capital_in_MENA_Climate_Tech_d9fb9bcf5a.pdf\" style=\"\" rel=\"noopener\">fall short of sector-specific<\/a> climate tech support. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We need more climate-focused accelerators:<\/strong> Given that climate tech is a nascent industry, focused tracks for each sector would be beneficial, project lead of <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/showcase\/climaccelerator-egypt\/\" style=\"\" rel=\"noopener\">ClimAccelerator Egypt<\/a> Ola El Houfy told Enterprise. \u201cIf you put biotech next to fintech, they\u2019re not quite the same, so the benefits won\u2019t be tailored. We were able to offer an advanced program based on the needs of the startups \u2013 we ran a co-creation phase prior to the programme asking green startups to tell us exactly what they needed,\u201d she added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still, it\u2019s not always easy to source expertise:<\/strong> ClimAccelerator partnered Schneider Electric to offer startups workshops led by experts. \u201cFor one of our startups <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EGYMAGBSF\/\" style=\"\" rel=\"noopener\">Egymag<\/a>, which produces protein from insects, we ended up having to outsource tech support from abroad,\u201d El Houfy said. <a target=\"_blank\" href=\"https:\/\/www.flat6labs.com\/\" style=\"\" rel=\"noopener\">Flat6Labs<\/a> Chief Programs Officer Yehia Houry \u2014 an accelerator which offers tech support on its <a target=\"_blank\" href=\"https:\/\/www.flat6labs.com\/program\/ebtekar\/\" style=\"\" rel=\"noopener\">Ebtekar<\/a> agritech program \u2014 agreed that it has been difficult to find the correct experts tailored to each startup\u2019s niche, and has resorted to running multiple cycles of the accelerator programme in order to allow enough time to source the appropriate support. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s legal environment is an obstacle to startups:<\/strong> Egyptian startups face rigid regulations surrounding business administration, licensing, and compliance processes. Founders often lack the awareness of hiring, contracting, insurance and labor rights, according to a 2021 AUC <a target=\"_blank\" href=\"https:\/\/fount.aucegypt.edu\/cgi\/viewcontent.cgi?article=1097&context=studenttxt\" style=\"\" rel=\"noopener\">report (pdf)<\/a> on startups and human capital management in Egypt. Moreover, outdated employment laws are not suited to a dynamic labor market. \u201cHiring people is tedious work \u2014 we often end up turning to consultants to help with the legal side of things,\u201d <a target=\"_blank\" href=\"https:\/\/www.changelabs.me\" style=\"\" rel=\"noopener\">Changelabs<\/a> CEO Karim Samra told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Many startups are, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a521c637-8a0f-4fd4-9e66-fde046515b88\" style=\"\" rel=\"noopener\">for regulatory and financial reasons<\/a><\/strong><strong>, headquartered abroad:<\/strong> \u201cRunning a business in Egypt is still rather complex \u2014 being able to manage bank accounts and wire money around in a foreign currency, for example. A lot of companies instead register as an entity abroad in order to expand and raise money,\u201d Samra explained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And recent developments have not made it easier:<\/strong> Our current FX crunch and FX spending limits on credit and debit cards <a target=\"_blank\" href=\"https:\/\/www.enterprise.news\/news\/story\/a8c32d6a-85b6-422b-8864-9718df043157\/Faced%20with%20FX%20spending%20limits,%20startups%20are%20struggling%20to%20keep%20up%20with%20expense%20requirements\" style=\"\" rel=\"noopener\">are a significant challenge<\/a> to early-stage startups based in Egypt. Coupled with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1c1b9b4-919d-41f5-a4f3-85357bcc52ad\" style=\"\" rel=\"noopener\">record high inflation<\/a> and an impending devaluation, these factors stand in the way of startups looking to purchase equipment, scale up, and gain credibility from foreign investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe don\u2019t invest in companies today that are focused on Egypt alone,\u201d <\/strong>Samra told us.\u201cThere\u2019s no startup that\u2019ll be able to raise VC funding in the next 12-18 months without having a clear, actionable strategy around expansion and generating foreign currency, to avoid reliance on the EGP. We\u2019ve introduced our startups to partners in Africa and the Gulf.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Climate tech is still struggling against fintech: <\/strong>Most accelerator programs in Egypt rely on the financial backing of commercial partners and development finance institutions such as Hivos, GIZ, and USAID. Commercially-driven accelerators have a fiduciary responsibility to investors, where they must justify investing in a climate tech startup as opposed to the attractive fintech startup, which typically generates revenues faster. The aim is to help green startups reach the same level of profitability as traditional startups in order to make them enticing enough to further investors down the line. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What can be done to encourage more investment?<\/strong> \u201cWhat has worked best for us, was partnering up with [international development organization] Hivos \u2013 for every USD we invest into a startup, Hivos matches it with a grant. This makes investment more attractive to us, as it\u2019s less risky,\u201d Houry told us. Many others we spoke to agreed that financial matching from development organizations and the government is needed to develop Egypt\u2019s green startup ecosystem. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How can state-led initiatives help? <\/strong>\u201cGiven that the loss and damage fund that was announced at COP27 has still not been clearly defined, I believe there needs to be more ground-level initiatives and cooperation between sectors. We\u2019ve been supporting the state-led <a target=\"_blank\" href=\"https:\/\/enterprise.press\/greeneconomys\/everything-you-need-to-know-about-egypts-initiative-for-green-and-smart-projects\/\" style=\"\" rel=\"noopener\">National Initiative for Smart Green Projects<\/a> by offering our network,\u201d Houry said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And where do development finance institutions (DFIs) step in?<\/strong> \u201cThe state should provide more debt facilities to the most promising companies, identified by working closely with the private sector,\u201d Samra added. \u201cThat\u2019s what we\u2019re trying to do with Hydrofarms, whose water-saving hydroponics systems are desirable to both farmers and the economy, but which have a high upfront cost to build. Imagine if The European Bank for Reconstruction and Development and Agricultural Bank of Egypt stepped in to finance the purchase of these products.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Checking in on our green hydrogen strategy: <\/strong>Prime Minister Moustafa Madbouly called for the swift adoption of our <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/4c8k8ave\" style=\"\" rel=\"noopener\">green hydrogen strategy<\/a> and for updating the country\u2019s energy strategy. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/y7jpfyen\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>Plans to boost electricity production: <\/strong>The Electricity Ministry is working to convert the country\u2019s power generators to combined cycle plants, which would increase their capacity by 50%. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/y7jpfyen\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/flat6labs\/\">Flat6Labs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-startup\/\">PLANET STARTUP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"610048\" 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\/14\/610048\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610048\" class=\"content-area-description single-story post-610048 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>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>14-15 November (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyptvcsummit.com\/summit\" style=\"\">Egypt VC Summit<\/a><\/span><span style=\"font-weight:400;\">, 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>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>19 November (Sunday): House reconvenes.<\/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 style=\"font-weight:400;\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>USD 4 bn rollover | More Israeli gas | Another bank downgrade | USD 3 bn from Afreximbank<\/p>\n","protected":false},"featured_media":610018,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-610017","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"32316fda-f788-4b6c-86c8-283c73298ef8","teaser":"USD 4 bn rollover | More Israeli gas | Another bank downgrade | USD 3 bn from Afreximbank","photo_url":"https:\/\/ent.news\/2023\/11\/719.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Kuwait rolls over USD 4 bn deposit at CBE - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/kuwait-rolls-over-usd-4-bn-deposit-at-cbe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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