{"id":610191,"date":"2023-11-16T00:00:00","date_gmt":"2023-11-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=610191"},"modified":"2025-12-17T02:02:37","modified_gmt":"2025-12-17T02:02:37","slug":"as-pressure-mounts-on-the-egp-the-eu-is-readying-a-multi-bn-eur-investment-package","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/as-pressure-mounts-on-the-egp-the-eu-is-readying-a-multi-bn-eur-investment-package\/","title":{"rendered":"As pressure mounts on the EGP, the EU is readying a multi-bn EUR investment package"},"content":{"rendered":"<section id=\"610193\" 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=\"610193\">\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\/16\/eu-reportedly-readying-financial-support-package-as-egp-pressures-mount\/\">\r\n                            EU reportedly readying Egyptian financial support package as EGP pressures mount                        <\/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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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\/.4679052e-431f-4fc9-94ed-9f2b0112ab6b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. We have a big issue for you this morning<\/strong> as the workweek roars to a close.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two BIG STORIES HERE AT HOME: The European Union is said to be mulling a <\/strong><strong>package of investment<\/strong><strong>in Egypt that could clock in at nearly USD 10 bn <\/strong>\u2014 and that it wants to \u201cexplore options with member states to help Egypt address its heavy debt burden.\u201d That would be very welcome news indeed, possibly giving the central bank a bit of breathing room to tackle a float of the EGP as pressure builds. The greenback broke past the EGP 50 mark yesterday on the parallel market and forwards have hit a new low, as we note below. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE: Eastern faces monopoly complaint. <\/strong>Two major cigarette distributors have filed a complaint with the Egyptian Competition Authority alleging that Eastern Company and a key shareholder have engaged in unfair competitive practices. We have that story in the news well, below.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MAJOR EU ASSISTANCE PACKAGE COMING? <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a><strong>WATCH THIS SPACE- Brussels is putting together a major financial <\/strong><strong>assistance package for Egypt:<\/strong> The EU plans to marshal bns of EUR of investment for Egypt and potentially provide debt relief in some form as the bloc tries to help stabilize the economy and curb migration across the Mediterranean in the wake of the conflict in Gaza, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-15\/eu-speeds-up-plan-to-bolster-egypt-amid-israel-gaza-crisis\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported yesterday, citing sources familiar with the matter. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The plan: The EU wants to mobilize <\/strong><strong>EUR 9 bn of investment (USD 9.8 bn) in sectors including digital, energy, agriculture and transport<\/strong> \u2014 and hold an investment conference in spring 2024. It would also include measures to strengthen the country\u2019s border security and crack down on smuggling as part of plans for a wider strategic partnership with Egypt.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is much more ambitious than what we\u2019ve heard so far:<\/strong> Sparse details reported by the Financial Times last month claimed that the bloc was looking to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a8283b46-9606-47dc-af53-fe7fbd0570ae\" style=\"\" rel=\"noopener\">fund job creation<\/a> and the green transition, as well as provide access to more Ukrainian grain and fertilizers.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>VdL will be in Cairo this weekend:<\/strong> EU Commission President Ursula von der Leyen will visit Cairo for talks with President Abdel Fattah El Sisi on Saturday, her spokesperson, Eric Mamer, <a target=\"_blank\" href=\"https:\/\/twitter.com\/MamerEric\/status\/1724837743350460639\" style=\"\" rel=\"noopener\">said<\/a> yesterday. Mamer didn\u2019t get into what\u2019s on the agenda, though Bloomberg\u2019s sources suggested that the rescue package will be a key focus of the talks. VdL will head to Jordan to meet with King Abdullah following the meeting.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key line:<\/strong> \u201cThe EU was already exploring a partnership but now wants to accelerate the push given Cairo\u2019s strategic significance and concerns about increasing refugee flows,\u201d Bloomberg writes. The story was reported by the business information service\u2019s Brussels bureau.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BNS MORE FROM AFREXIMBANK?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>A lot more Afreximbank funding could also be in the works: <\/strong>The continental lender is looking to extend USD 11 bn in credit facilities to a number of Egyptian companies, the bank\u2019s director of trade and corporate finance Ayman El Zoghby told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2kp32fb6\" style=\"\" rel=\"noopener\">CNBC Arabia<\/a> yesterday. Afreximbank inked 65 agreements worth a combined USD 40 bn during this week\u2019s <a target=\"_blank\" href=\"https:\/\/www.intrafricantradefair.com\/en\" style=\"\" rel=\"noopener\">Intra-African Trade Fair<\/a> in Cairo, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/417bce08-0b70-4e19-80fb-7313d8a99fc3\" style=\"\" rel=\"noopener\">USD 3 bn<\/a> of which went to projects led by Egyptian corporates. The bank is also looking to set up its own freezone in Egypt and aims to finish up the necessary paperwork during 1Q 2024. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MOUNTING PRESSURE ON THE EGP<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> EGP WATCH- Pressure continued to build on the EGP in the parallel and <\/strong><strong>derivatives markets yesterday<\/strong>, raising pressure on policymakers to move ahead with a true float of the currency.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- The USD \/ EGP breaks the 50.0 barrier in the parallel market:<\/strong> The EGP weakened to a record low against the greenback in the parallel market yesterday. Local media reported the currency changing hands at more than 50.0 per USD yesterday, more than 60% below the official exchange rate of 30.9.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Currency forwards hit a fresh record low:<\/strong> Non-deliverable forwards (NDF) contracts have fallen to a record low since the war in Gaza began last month. The three-month EGP contract is down 14% over the period to 37.7 and the 12-month NDF has slid 11% since late September to 47.0, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-15\/egypt-devaluation-bets-are-back-with-vote-near-and-war-next-door?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How to think about the gap between forwards and the parallel market. <\/strong>In a nutshell: Black market = our current mental state. Forwards = future direction of travel. Forwards often miss the mark, but the market for them is a lot more liquid \u2014 and a vastly more transparent \u2014 than the parallel market. The parallel market is disproportionately influenced by the sentiment of individual sellers rather than by corporates making (comparatively) large purchases to cover L\/Cs and transfers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Retail sentiment matters: <\/strong>The greenback was already changing hands at EGP 40-41 in the parallel market \u2014 30% lower than the official rate \u2014 in the middle of October, but <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e68118bf-ed08-46df-a7d6-46dc4559afec\" style=\"\" rel=\"noopener\">the CBE\u2019s decision<\/a> to impose restrictions on credit card use triggered a rush out of the EGP. Within a week, the exchange rate had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e47177c-5303-472c-a810-72f84824becc\" style=\"\" rel=\"noopener\">weakened to 48.00<\/a> from 42.00. It has since slid further due to anxiety about the impact of the war on the Egyptian economy.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The gap between CIB\u2019s London- and Egypt-listed securities is widening:<\/strong> CIB\u2019s London-listed depository receipts are now trading at a 46% discount to the bank\u2019s shares on the EGX, the widest the gap has been since 1997.<\/p><p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Analysts are split over how soon after next month\u2019s election the central bank will <\/strong><strong>float<\/strong><strong> the <\/strong><strong>currency:<\/strong> Analysts at Societe Generale think the central bank could move soon after the presidential election, while Deutsche Bank and Morgan Stanley are forecasting a move in the first quarter of 2024, according to Bloomberg.<\/p><p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>The sooner the better:<\/strong> \u201cThe later authorities adjust the valuation of the currency, the more they\u2019ll need to do. Time is certainly against them,\u201d SocGen emerging markets strategist Gergely Urmossy told Bloomberg.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bloomberg is now factoring in Egypt\u2019s refusal to take in Palestinian refugees into its <\/strong><strong>outlook: <\/strong>\u201cAdding to the negative outlook, hopes are fading that Egypt will quickly receive any meaningful financial assistance related to its role in supporting Palestinians fleeing Israel\u2019s bombardment of the Gaza Strip,\u201d it writes.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>Read the latest budget figures through your fingers (or not at all):<\/strong> Sharply higher borrowing costs mean that the Finance Ministry\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/864.pdf\" style=\"\" rel=\"noopener\">fiscal report (pdf)<\/a> isn\u2019t exactly light reading material.<\/p><ul>\n<li><strong>Interest bill more than doubles:<\/strong>We spent EGP 391.8 bn on debt service in the first two months of the fiscal year. That\u2019s 160% higher than the EGP 149.9 bn spent in the same period last year.<\/li>\n<li><strong>That\u2019s almost double <\/strong><strong>revenues<\/strong><strong>:<\/strong> The government brought in EGP 206.9 bn during the two-month period. The debt service bill alone was almost double this.<\/li>\n<li><strong>Budget deficit widens:<\/strong> The surging interest bill caused the budget deficit to widen to 3.2% of GDP in the two-month period from 1.4% the year before.<\/li>\n<li><strong>New forecasts are probably going to be needed:<\/strong> The government forecast interest payments to rise 45% to EGP 1.12 tn across the entire 2023-24 fiscal year. We\u2019ve spent more than a third of this in just the first two months.<\/li>\n<\/ul><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n  <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/p><\/div>\n<\/div>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a><strong>PSA- Attention, shopaholics: <\/strong>The Central Bank of Egypt (CBE) has doubled the limit on daily and monthly prepaid cards, financial inclusion accounts, and mobile wallets, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/906.pdf\" style=\"\" rel=\"noopener\">a circular (pdf)<\/a> published yesterday. Individuals can now withdraw, transfer, or make purchases of up to EGP 60k a day, up from EGP 30k, while the monthly limit has doubled to EGP 200k.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s also good news for registered companies and microenterprises: <\/strong>Registered companies and microenterprises can now use EGP 80k a day and EGP 400k a month, double the previous allowance.<\/p><p><strong>Worry not, unregistered microenterprises and the self-employed: <\/strong>The daily and monthly limit for unregistered microbusiness and self-employed workers is doubling to EGP 60k a day and EGP 200k a day, the same as for individuals.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HELP GAZA-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Or check out <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/f8ce0f50-10c2-4cca-8e6f-64c32a5c90b7\" style=\"\" rel=\"noopener\">our list of charities<\/a><\/strong><strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/911.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORIES ABROAD-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was all going so well at the big Biden-Xi meet:<\/strong> Presidents Biden and Xi agreed to restore military communications and strengthen cooperation in several areas including AI in a potentially landmark meeting in San Fran aimed at patching things up between the two rivals. In what was only their second face-to-face meeting since Biden entered the White House in 2021, the discussions took place against the backdrop of rising tensions between the two superpowers over tech supremacy and Beijing\u2019s ambitions regarding Taiwan.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But then\u2026<\/strong> In a move almost certain to undo any goodwill generated during the sit-down, <strong>Biden again referred to the Chinese president as a dictator in an off-the-cuff remark<\/strong> at a media briefing. When asked by a reporter whether he still considers Xi a dictator, the US president responded by saying, \u201cWell, look, he is.\u201d *facepalm*<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One Fed official thinks it\u2019s too soon to declare victory against inflation: <\/strong>One Federal Reserve official is trying to temper the market elation that greeted this week\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5906332c-5d09-4739-a9dd-5f41124e1ef6\" style=\"\" rel=\"noopener\">soft inflation report<\/a>, yesterday cautioning that the slower-than-expected figures don\u2019t necessarily mean that the central bank is done raising rates. The Fed needs to be \u201cthoughtful, take our time, not rush to judgment and not make declarations,\u201d head of the San Francisco Fed, Mary Daly, told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ce61eb61-dc4b-4ae4-be5d-a78a1384737b\" style=\"\" rel=\"noopener\">Financial Times<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This matters to markets: Stocks soared on Tuesday and Wednesday<\/strong> after new US inflation data stoked optimism that the Federal Reserve will call time on its tightening cycle and not raise rates further.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SIGN OF THE TIMES-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Could AI be the answer to the scourge of \u201c<\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1dc7496f-1a51-408c-a5e9-ba59d3417de6\" style=\"\" rel=\"noopener\">fake weather news<\/a><\/strong><strong>\u201d our elected <\/strong><strong>representatives recently tried to outlaw? <\/strong>AI research lab Google DeepMind has developed an <a target=\"_blank\" href=\"https:\/\/deepmind.google\/discover\/blog\/graphcast-ai-model-for-faster-and-more-accurate-global-weather-forecasting\/\" style=\"\" rel=\"noopener\">AI model<\/a> that can generate 10-day weather forecasts in under one minute and with greater accuracy than the industry gold-standard weather simulation system. \u201cWe believe this marks a turning point in weather forecasting,\u201d the lab said in a peer-reviewed <a target=\"_blank\" href=\"https:\/\/www.science.org\/doi\/10.1126\/science.adi2336\" style=\"\" rel=\"noopener\">study<\/a> published this week<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">More on the story here: <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ca5d655f-d684-4dec-8daa-1c58b0674be1\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/weather\/2023\/11\/14\/weather-forecasting-artificial-intelligence-google\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/science-environment-67383755\" style=\"\" rel=\"noopener\">BBC<\/a>.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-eu-relations\/\">Egypt-EU relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ursula-von-der-leyen\/\">Ursula von der Leyen<\/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=\"610195 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=\"610195\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/610195\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610195\" class=\"content-area-description single-story post-610195 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"www.somabayholidays.com\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/306.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span>Discover your dream vacation: handpicked villas, chalets and apartments for your perfect getaway &mdash; let us make your winter sunshine escape unforgettable. For more information and booking inquiries, please call +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>.<\/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=\"610196\" 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=\"610196\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/tobacco-distributors-file-antitrust-complaint-against-eastern-and-its-new-uae-shareholder\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/331.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610197\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/tobacco-distributors-file-antitrust-complaint-against-eastern-and-its-new-uae-shareholder\/331-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/331.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"331.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/331.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/331.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610196\" class=\"content-area-description single-story post-610196 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-competition-watch tag-eastern-company tag-enterpriseam tag-global-investment-holding tag-philip-morris tag-tobacco tag-united-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\/.4b624eef-f5f2-4517-a0bc-59ef8a1eb5e4.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>There are signs of unrest in our local tobacco industry: <\/strong>The Egyptian Competition Authority (ECA) has received a complaint from tobacco distributors JTI-Nakhla and Al Mansour International Distribution Company (AMIDC). The complaint alleges that state-owned tobacco manufacturer Eastern Company and its new majority shareholder Global Investment Holding (GIH) are engaging in monopolizing practices, a senior government official told Enterprise on condition of anonymity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>JTI-Nakhla and AMIDC think they\u2019re unfairly being pushed out of the market: <\/strong>JTI-Nakhla, the local arm of Japan Tobacco International, and AMIDC accuse Eastern Tobacco of blocking them agreeing to new contracts (or renewing old ones) to have Eastern manufacture their cigarettes, according to our source.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters: <\/strong>Eastern Company and Philip Morris\u2019 local subsidiary, United Tobacco, are the only licensed tobacco manufacturers in Egypt. Other companies in the local market that sell cigarettes either import them from abroad or enter into operation contracts with Eastern, which manufactures their cigarettes for them.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eastern playing ball has never been more important: <\/strong>Tobacco distributors\u2019 reliance on Eastern Company has increased with new amendments to cigarette tax laws <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c502a26-498a-4fe8-978a-635fcc380510\" style=\"\" rel=\"noopener\">passed<\/a> earlier this month, according to our source at the ECA. The new law bans the import of middle-range cigarettes that many tobacco companies focus on, meaning that JTI-Nakhla and AMIDC have no other choice but to manufacture those product lines locally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>This isn\u2019t the first time JTI-Nakhla and AMIDC have alleged monopolistic practices. The two had twice <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/023f4634-226f-4734-8f83-4f842972bafd\" style=\"\" rel=\"noopener\">boycotted<\/a> a tender offering up the rights to become our second licensed tobacco manufacturer, citing concerns about monopolistic practices and what they claimed were unfair tender conditions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our two tobacco manufacturers are connected at the hip: <\/strong>The UAE\u2019s Global Investment Holding became Eastern\u2019s largest shareholder in September after it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2faf2678-e1de-4680-a046-b73c3abab8df\" style=\"\" rel=\"noopener\">bought<\/a> a 30% stake from the government\u2019s Holding Company for Chemical Industries for USD 625 mn. Unconfirmed local media reports also <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/53myde2y\" style=\"\" rel=\"noopener\">claimed<\/a> that GIH is part-owned by an investor in the country\u2019s other tobacco manufacturer, United Tobacco. Eastern Company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0959c415-48e7-4770-a114-3aed25887651\" style=\"\" rel=\"noopener\">acquired<\/a> a 24% stake in United Tobacco in May 2022 as part of an agreement that would allow the Philip Morris subsidiary to become the second company to locally manufacture tobacco products.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IT\u2019S BEEN AN EVENTFUL WEEK FOR EASTERN-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s earnings season: <\/strong>EGX-listedEastern Company saw its new revenue fall 32.5% to EGP 3.1 bn in 1Q FY2023 from EGP 4.6 bn in the same period last year, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/887.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a> out on Tuesday. Net income fared slightly better and dropped 20.0% y-o-y in the quarter to EGP 1.1 bn from EGP 1.4 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax: <\/strong>Eastern Company shares fell 2.0% to close at EGP 27.7 on Wednesday after it released its earnings.<\/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\/competition-watch\/\">competition watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-investment-holding\/\">Global Investment Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/united-tobacco\/\">UNited Tobacco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610198\" 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=\"610198\">\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\/16\/unemployment-inches-up-to-7-1-in-the-third-quarter-of-2023\/\">\r\n                            Egypt\u2019s unemployment inches up to 7.1% in the third quarter of 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/unemployment-inches-up-to-7-1-in-the-third-quarter-of-2023\/\" 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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Unemployment was down 0.3 percentage points compared with the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1545535-894e-40fd-a7b3-7e92dbb96e2d\" style=\"\" rel=\"noopener\">same period last year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Unemployment rates among both men and women held steady:<\/strong> The male unemployment rate was unchanged from the previous quarter 4.8% in 3Q2023, but was down from 5.2% in the third quarter of the previous year. Unemployment among women dipped to 17.2% (-0.1 percentage points from the last quarter) and down from 19.1% in 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>More young people are out of work<\/strong>: Folks aged 15-29 accounted for 64.3% of all jobless people in 3Q 2023, compared to 61.8% the previous quarter. Capmas doesn\u2019t provide an official rate of youth unemployment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- By definition, the official unemployment rate only includes people who are<\/strong><strong> looking for work.<\/strong> The labor force participation rate \u2014 which counts everyone aged 15-64 either in work or actively looking for work \u2014 came in at 44.6%, up from 43.0% in the last quarter and up from 42.7% in the third quarter of 2022<strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT: <\/strong>Egypt\u2019s labor force now stands at 32 mn, up 3.2% on the previous quarter. Men make up 82% of the workforce and women make up 18%.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/employment\/\">employment<\/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=\"610200\" 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=\"610200\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/dices-founders-have-bought-back-another-third-of-their-company\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610200\" class=\"content-area-description single-story post-610200 post type-post status-publish format-standard hentry category-uncategorized tag-enterpriseam tag-ma-watch tag-retail tag-textiles wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.d85b5fb9-9412-4d41-ad75-fcb483f0c5e1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Dice founder\u2019s reacquisition bid has finally wrapped:<\/strong> The founders of EGX-listed <a target=\"_blank\" href=\"https:\/\/dice.eg\/company\/\" style=\"\" rel=\"noopener\">Dice Sports and Casual Wear<\/a> have bought back 545 mn shares of the company at EGP 0.80 per share through a mandatory tender offer (MTO), according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/877.jpg\" style=\"\" rel=\"noopener\">statement<\/a> on the EGX yesterday. The founding family\u2019s Toma Company for Commercial and Industrial Investments raised the family\u2019s total stake in the company by 30.5% at a cost of EGP 436 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So how much of the company has the founders clawed back? <\/strong>The family now owns 63.4% of the company after buying back 30.5% of the company through the re-acquisition bid and selling 3.9% of the company on Tuesday, according to an EGX <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/891.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a>. It held 32.9% before the transaction started. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is a smaller chunk of the company than they were hoping to reclaim<\/strong>: The founders submitted an MTO <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df261897-a904-4a77-8734-e52d4ee1a53c\" style=\"\" rel=\"noopener\">last month<\/a> to buy back over 838 mn shares \u2014 or 46.9% \u2014 of their company in bid to get to c.80%. Only around two-thirds of the shareholders responded to the offer. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next for Dic<\/strong><strong>e?<\/strong> Post-acquisition, the founders are looking to upgrade and expand Dice\u2019s production lines, launch new products, and increase the company\u2019s market share. The founders also want to boost Dice\u2019s exports and step into new markets across the region.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> In September this year, they submitted an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601b9074-a068-43d2-b1ba-b2d1a527ad2b\" style=\"\" rel=\"noopener\">initial bid<\/a> that would have restored a 90% total stake in Dice after selling over half the company to public investors during an IPO on the EGX in 2017.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> Beltone Financial Holding\u2019s Beltone Securities acted as broker on the transaction, while its investment banking unit acted as financial advisor. Matouk Bassiouny &amp; Hennawy served as counsel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><i>Correction on 25 November 2023: An earlier version of this story miscalculated the stake Toma Company for Commercial and Industrial Investments holds in Dice post acquisition.&nbsp;<\/i><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/textiles\/\">textiles<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610201 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"610201\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/610201\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610201\" class=\"content-area-description single-story post-610201 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/efghldg.com\/en\/citizenship\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/119.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610202\" 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=\"610202\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/israel-raids-hospital-and-finds-patients-and-doctors\/\">\r\n                            Israel raids hospital \u2014 and finds patients and doctors                        <\/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\/16\/israel-raids-hospital-and-finds-patients-and-doctors\/\" target=\"_blank\">\n                    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data-attachment-id=\"610203\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/israel-raids-hospital-and-finds-patients-and-doctors\/908-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/908.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"908.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/908.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/908.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610202\" class=\"content-area-description single-story post-610202 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-diplomacy tag-enterpriseam tag-israel tag-israel-palestine-conflict tag-middle-east-politics tag-palestine tag-un tag-war-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.260aa3da-6cbd-4fc9-a445-49f7b236714d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>24 hours into the Al Shifa Hospital raid, Israeli forces are struggling to find <\/strong><strong>the Hamas Starkiller Base: <\/strong>Israeli troops <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/live\/2023\/nov\/15\/israel-hamas-war-live-updates-israeli-military-al-shifa-hospital-gaza-operation?page=with:block-6555428e8f08945e7e4cfc1d#block-6555428e8f08945e7e4cfc1d\" style=\"\" rel=\"noopener\">withdrew<\/a> from Gaza\u2019s main hospital yesterday after finding scant evidence of the \u201cbeating heart\u201d of Hamas they had alleged was inside the facility. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel and its backers in Washington justified the siege on the hospital by claiming that Hamas had located a large command center underneath the complex.<\/strong> After raiding the premises for 24 hours, the IDF produced only <a target=\"_blank\" href=\"https:\/\/twitter.com\/idfonline\/status\/1724855402230108624\" style=\"\" rel=\"noopener\">images<\/a> of a few guns and pieces of military equipment \u2014 items that Hamas <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/world-middle-east-67423274?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=655524ad25a3f53728285f53%26Hamas%20claims%20Israeli%20military%20planted%20weapons%20found%20at%20hospital%262023-11-15T21%3A22%3A31.838Z&ns_fee=0&pinned_post_locator=urn:asset:b234451f-d5bf-42d4-aee6-3d326a4f5adc&pinned_post_asset_id=655524ad25a3f53728285f53&pinned_post_type=share\" style=\"\" rel=\"noopener\">accused<\/a> Israel of planting at the scene. The armed Palestinian group and the hospital\u2019s management have repeatedly denied that militants operate on the premises and have called for an international investigation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Destruction and humiliation: <\/strong>Healthcare officials from inside the hospital <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2023\/nov\/15\/all-men-16-years-and-above-raise-your-hands-how-al-shifa-raid-unfolded\" style=\"\" rel=\"noopener\">have shared<\/a> terrified accounts of the few hundred patients and thousands of refugees and medical workers who have been trapped inside without fuel and basic supplies for almost a week. Some 1k Palestinian men were <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/live\/2023\/nov\/15\/israel-hamas-war-live-updates-israeli-military-al-shifa-hospital-gaza-operation?page=with:block-6555428e8f08945e7e4cfc1d#block-6555428e8f08945e7e4cfc1d\" style=\"\" rel=\"noopener\">stripped naked<\/a> in the courtyard by Israeli soldiers and searched for explosives, while troops reportedly <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/world-middle-east-67423274?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=655539b51ec331355f96327b%26Al-Shifa%20official%20speaks%20of%20%27major%20destruction%27%20after%20Israeli%20raid%262023-11-15T21%3A55%3A06.307Z&ns_fee=0&pinned_post_locator=urn:asset:1c84c15e-b490-4d26-9340-e9244820f2d3&pinned_post_asset_id=655539b51ec331355f96327b&pinned_post_type=share\" style=\"\" rel=\"noopener\">destroyed<\/a> hospital equipment and bulldozers demolished part of the hospital entrance. Not a single bullet was fired from within the complex during the raid, general director of hospitals in Gaza, Mohamed Zaqout, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3jrc54wu\" style=\"\" rel=\"noopener\">said<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Security Council finally acts: <\/strong>The UN Security Council <a target=\"_blank\" href=\"https:\/\/news.un.org\/en\/story\/2023\/11\/1143632\" style=\"\" rel=\"noopener\">has passed<\/a> a Malta-proposed resolution calling for \u201chumanitarian pauses and the release of hostages.\u201d Twelve of the 15 member countries voted in favor, while Russia, the UK, and the US abstained. The US had previously vetoed two resolutions calling for a ceasefire, calling for a humanitarian pause instead.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel has no intention of pausing:<\/strong> Israel\u2019s ambassador to the UN Gilad Erdan called the resolution \u201cdisconnected from reality and meaningless\u201d and vowed to continue the operation until Hamas is \u201cdestroyed.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HOSTAGES- <\/strong>Hamas has tentatively agreed to release at least 50 captive women and children in return for a three-day ceasefire, increased aid shipments to the strip, and the release of an unknown number of Palestinian women and children detained in Israeli prisons, an Arab diplomat reportedly told the <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/national-security\/2023\/11\/15\/hamas-israel-gaza-hostage-deal\/\" style=\"\" rel=\"noopener\">Washington Post<\/a>. Israel is yet to respond to the proposal, which Qatar is attempting to broker.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE GROUND- <\/strong><\/p>\n<ul>\n<li>Around 70% of Gazans no longer <a target=\"_blank\" href=\"https:\/\/twitter.com\/UNLazzarini\/status\/1724758966767407386\" style=\"\" rel=\"noopener\">have access<\/a> to clean water;<\/li>\n<li>Fuel has entered Gaza for the first time since 7 October. All of <a target=\"_blank\" href=\"https:\/\/twitter.com\/TomWhiteGaza\/status\/1724741048029593945\" style=\"\" rel=\"noopener\">the 23k liters<\/a> of diesel that entered will go to UN aid trucks;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/x.com\/Paltelco\/status\/1724727009673101574?s=20\" style=\"\" rel=\"noopener\">Paltel<\/a>: Fuel shortage to trigger complete communications blackout in coming hours.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIPLOMACY-<\/strong><\/p>\n<ul>\n<li>ASEAN defense ministers <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/indonesia-asean-defense-ministers-meeting-37a7a9da2f067af890ee8f7255913472\" style=\"\" rel=\"noopener\">called<\/a> for an end to the war;<\/li>\n<li>Iran\u2019s <a target=\"_blank\" href=\"https:\/\/en.mfa.ir\/portal\/newsview\/733996\" style=\"\" rel=\"noopener\">foreign minister met<\/a> with UN and Red Cross officials to discuss the situation in Gaza;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-live-updates-11-15-2023-0963b86b73fb248951571a4114ea4f39\" style=\"\" rel=\"noopener\">Erdogan<\/a>: Israel is a \u201cterrorist state\u201d;<\/li>\n<li>El Sisi <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yevsnzdr\" style=\"\" rel=\"noopener\">received<\/a> the French Defense Minister Sebastien Lecornu;<\/li>\n<li>Foreign Minister Sameh Shoukry held a <a target=\"_blank\" href=\"https:\/\/twitter.com\/MfaEgypt\/status\/1724761859302084814\" style=\"\" rel=\"noopener\">presser<\/a> with his Irish counterpart, Micheal Martin, at which they called for an immediate ceasefire.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"610204\" 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=\"610204\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/efg-holding-e-finance-palm-hills-macro-group-report-3q-earnings\/\">\r\n                            EFG Holding, E-Finance, Palm Hills + Macro Group report 3Q earnings                        <\/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\/16\/efg-holding-e-finance-palm-hills-macro-group-report-3q-earnings\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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          <a href=\"https:\/\/api.whatsapp.com\/send?text=EFG+Holding%2C+E-Finance%2C+Palm+Hills+%2B+Macro+Group+report+3Q+earnings+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F16%2Fefg-holding-e-finance-palm-hills-macro-group-report-3q-earnings%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\/16\/efg-holding-e-finance-palm-hills-macro-group-report-3q-earnings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610205\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/efg-holding-e-finance-palm-hills-macro-group-report-3q-earnings\/530-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"530.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610204\" class=\"content-area-description single-story post-610204 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-aibank tag-banking tag-e-aswaaq tag-e-finance tag-earnings-watch tag-efg-hermes tag-efg-holding tag-enterpriseam tag-fintech tag-healthcare tag-macro-group tag-non-banking-financial-services tag-palm-hills-developments tag-real-estate 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\/.6757a1ab-7d37-4274-8d1c-1522973edd04.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EFG Holding income, revenues up on investment, commercial bank growth:<\/strong>EFG Holding\u2019s net income after tax and minority interest rose 24% y-o-y to EGP 395 mn in 3Q 2023 on the back of strong growth at its investment bank and aiBank, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/900.pdf\" style=\"\" rel=\"noopener\">earn<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/900.pdf\" style=\"\" rel=\"noopener\">ings release<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/900.pdf\" style=\"\" rel=\"noopener\">(p<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/900.pdf\" style=\"\" rel=\"noopener\">df)<\/a>. Revenues during the quarter climbed 27% y-o-y to EGP 3 bn. Net income and revenues are each up by more than two-thirds on a year-to-date basis.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong><\/p>\n<ul>\n<li><strong>Investment bank<\/strong> revenues <strong>rose 30%<\/strong> y-o-y to <strong>EGP 1.4 bn<\/strong> during the July-September quarter backed by the increase in brokerage revenues in Egypt and the UAE, asset management incentive fees in Egypt, and private equity management fees.<\/li>\n<li><strong>aiBank\u2019s <\/strong>revenues <strong>climbed 53%<\/strong> y-o-y to <strong>EGP 890 mn<\/strong>, while its bottom line more than tripled y-o-y to EGP 345 mn. The growth was driven by higher interest income and higher fees and commissions on trade finance.<\/li>\n<li>Consumer finance platform<strong> valU\u2019s<\/strong> top line <strong>more than doubled<\/strong> to reach <strong>EGP 314 mn<\/strong>. Revenues across the group\u2019s NBFI division were flat due to a pull-back in revenues at its leasing operations and Tanmeyah.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some love for Valu:<\/strong> \u201cWhile we saw broad-based strength across our multiple verticals this quarter, the outstanding contributions from our innovative fintech company Valu were a strategically important part of the EFG Finance story,\u201d <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/835.pdf\" style=\"\" rel=\"noopener\">said (pdf)<\/a> EFG Holding Group CEO Karim Awad.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>RECORD SALES AT PALM HILLS-<\/strong><\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Real estate developer Palm Hills Developments reported both strong revenue and s<\/strong><strong>ales <\/strong><strong>growth in 9M 2023<\/strong> on the back of strong demand and higher prices, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/897.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company\u2019s top line climbed 18% y-o-y to EGP 11.3 bn during the January-September period, resulting in a 15% increase in net income to EGP 1 bn. <\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>New sales doubled y-o-y to EGP 35 bn over the nine-month period<\/strong> on the back of rising prices and higher sales volumes, PHD said. Sales in West Cairo surged more than 140% to EGP 19 bn, largely thanks to its Badya project, where sales more than tripled following a 65% increase in sales and higher prices. Strong performance at its Hacienda Bay project helped North Coast sales to more than double to EGP 9.8 bn, while East Cairo sales rose 44% to EGP 6 bn.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>The need for speed: <\/strong>\u201cWe are still pursuing the strategy of spending more on construction and accelerating the execution pace in the key projects, to hedge from cost inflation,\u201d said CEO Yasseen Mansour. \u201cTherefore, we spent more than EGP 5 bn in 9M2023 both on commercial and residential projects.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A STRONG QUARTER FOR E-FINANCE-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E-Finance earnings cross EGP 1 bn mark for the first time:<\/strong> E-Finance\u2019s net income afterminority interest jumped 68% y-o-y in 9M 2023 to EGP 1.1 bn, topping the nine-figure mark for the first time, the fintech player said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/841.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company generated EGP 2.8 bn during the nine-month period, up 43% y-o-y, driven by strong growth at its digital operations business. The company\u2019s quarterly revenues also crossed the EGP 1 bn threshold for the first time, rising 52% y-o-y to more than EGP 1 bn. Net income more than doubled to EGP 429.0 mn in the July-September period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong><\/p>\n<ul>\n<li>Revenues at its flagship <strong>digital operations<\/strong> business <strong>grew 45%<\/strong> y-o-y to <strong>EGP 2.5 bn<\/strong>during 9M 2023, contributing 90% of the group\u2019s total revenues. The business\u2019s growth was driven by solid results in its transaction revenue, cloud hosting services, and its build and operate services.<\/li>\n<li><strong>eCards<\/strong> revenues <strong>slipped 1%<\/strong> to <strong>EGP 213.7 mn<\/strong>. After inter-company eliminations, revenues were 39% higher at EGP 162.6 mn thanks to a doubling of card management revenues.<\/li>\n<li>The top line of the company\u2019s e-ticketing arm <strong>E-Aswaaq <\/strong>climbed 71% to EGP 161.0 mn on the back of solid growth in the subsidiary\u2019s digital platforms and applications across tourism and e-commerce, as well as its digital Agri-lending platform.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThe group has kicked off the second half of the year on an impressive note and has booked record results across the board,\u201d Chairman Ibrahim Sarhan said. \u201cNet income surpassing the EGP 1 bn mark for the first time \u2026 reflects our ability to generate strong returns from our higher margin revenue streams.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MACRO GROUP SEES INCOME DIP, REVENUES RISE<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A jump in costs <\/strong><strong>weighs on Macro Group\u2019s bottom line: <\/strong>Pharma and cosmeceuticals firm Macro Group saw its net income slip 24% y-o-y in 9M 2023 to EGP 98 mn, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/854.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company attributed the dip in income to a 540% y-o-y jump in net finance costs and a drop in net operating income. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Revenues were up: <\/strong>Revenues increased 13% y-o-y during the first nine months of the year to EGP 590 mn, driven by an increase in pricing, which helped offset a 19% y-o-y dip in volumes sold. The revenues were driven by skincare sales, which made up 40% of the company\u2019s revenues for the period, followed by haircare (18%) and female care (13%). The company also recorded a 33% y-o-y increase in export revenues and a 9% y-o-y jump in e-commerce revenues. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>\u201cMoving ahead, our foremost priority is to enhance product volumes, revenue, and profitability, even in the face of the persistent economic challenges,\u201d company chairman Ahmed Elnayeb said in the release. <\/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>ALSO REPORTING- Ibnsina Pharma reported 3Q 2023 net income of EGP 42.0 mn <\/strong>(+35% over the same period last year) on net revenues of EGP 9.1 bn. The distributor claimed a market share of 24% in the quarter and <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/907.pdf\" style=\"\" rel=\"noopener\">said (pdf)<\/a> it expects to \u201cretrieve \u2026 previous profitability levels once interest rates start to decline.\u201d<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aibank\/\">aiBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-aswaaq\/\">e-Aswaaq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/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\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/macro-group\/\">Macro Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610206\" 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=\"610206\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/egypt-ventures-appoints-ayman-ismail-as-new-board-chairman\/\">\r\n                            Egypt Ventures appoints Ayman Ismail as new board chairman                        <\/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\/16\/egypt-ventures-appoints-ayman-ismail-as-new-board-chairman\/\" 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\/16\/egypt-ventures-appoints-ayman-ismail-as-new-board-chairman\/')\">\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\/16\/egypt-ventures-appoints-ayman-ismail-as-new-board-chairman\/\">\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=Egypt Ventures appoints Ayman Ismail as new board chairman&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/egypt-ventures-appoints-ayman-ismail-as-new-board-chairman\/\">\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\/16\/egypt-ventures-appoints-ayman-ismail-as-new-board-chairman\/&title=Egypt Ventures appoints Ayman Ismail as new board chairman\">\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=Egypt+Ventures+appoints+Ayman+Ismail+as+new+board+chairman+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F16%2Fegypt-ventures-appoints-ayman-ismail-as-new-board-chairman%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\/16\/egypt-ventures-appoints-ayman-ismail-as-new-board-chairman\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/902.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610207\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/egypt-ventures-appoints-ayman-ismail-as-new-board-chairman\/902-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/902.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"902.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/902.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/902.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610206\" class=\"content-area-description single-story post-610206 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-ayman-ismail tag-egypt-ventures tag-enterpriseam tag-moves 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\/.165e9416-1288-4fe5-9ac1-2dd93fac3df8.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt Ventures has a new board chairman:<\/strong>Ayman Ismail (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/aymanism\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) has been appointed as chairman of the board at fintech-focussed accelerator <a target=\"_blank\" href=\"https:\/\/egyptventures.com\/\" style=\"\" rel=\"noopener\">Egypt Ventures<\/a>, according to a recent <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/aymanism_honored-to-be-appointed-as-the-chairman-of-activity-7130564277471432707-f89r\/?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">post<\/a> by Ismail on LinkedIn. Harvard- and MIT-educated Ismail has ample experience working with Egypt\u2019s startups, having founded NGO accelerator Nahdet El Mahrousa as well as AUC Venture Lab, Egypt\u2019s first university-based incubator and accelerator. He\u2019s also an associate professor at AUC and is chairman of Paymob.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hear from the man himself:<\/strong> Ismail shared his <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9198bbef-0cf8-4c6c-bf0a-dea8d50a04ce\" style=\"\" rel=\"noopener\">morning routine<\/a> with us back in 2019.<\/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\/ayman-ismail\/\">Ayman Ismail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-ventures\/\">Egypt Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610208 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=\"610208\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/610208\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610208\" class=\"content-area-description single-story post-610208 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610209\" 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=\"610209\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/our-nations-talkshow-hosts-reminded-us-that-theres-still-an-election-going-on\/\">\r\n                            Our nation\u2019s talkshow hosts reminded us that there\u2019s still an election going on!_StoryTags_! Middle East politics, Israel-Palestine conflict, election 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/our-nations-talkshow-hosts-reminded-us-that-theres-still-an-election-going-on\/\" 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\" 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href=\"https:\/\/api.whatsapp.com\/send?text=Our+nation%E2%80%99s+talkshow+hosts+reminded+us+that+there%E2%80%99s+still+an+election+going+on+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F16%2Four-nations-talkshow-hosts-reminded-us-that-theres-still-an-election-going-on%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\/16\/our-nations-talkshow-hosts-reminded-us-that-theres-still-an-election-going-on\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/898.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610210\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/our-nations-talkshow-hosts-reminded-us-that-theres-still-an-election-going-on\/898-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/898.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"898.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/898.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/898.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610209\" class=\"content-area-description single-story post-610209 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows 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\/.2e2718a3-5ada-4832-8468-91a604ecfc24.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The nation\u2019s talking heads toned things down a little to ease us into the weekend.<\/strong>Coverage was still dominated by the war on Gaza, but next month\u2019s presidential election and the economy made brief appearances. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Campaign 2023: <\/strong>Yahduth Fi Masr\u2019s Sherif Amer brought together a panel of Egyptian journalists to discuss the presidential candidates\u2019 campaigns. \u201cEver since the war on Gaza broke out, the coverage of the presidential elections decreased to a scary extent,\u201d Al Shorouk Editor in Chief Emad El Din Hussein told Amer (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=mfIdTj2mtBk\" style=\"\" rel=\"noopener\">watch, runtime: 3:04<\/a>). Fellow journalist Mohamed Fathy highlighted the need for presidential candidates to up their social media presence (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VhvkDeFSoIg\" style=\"\" rel=\"noopener\">watch, runtime: 3:11<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to catch a campaign up close and in person? <\/strong>Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=707117701342291\" style=\"\" rel=\"noopener\">watch, runtime: 0:43<\/a>) laid out the weekend campaign schedules for a number of the presidential candidates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Palestinian officials on the airwaves: <\/strong>\u201cThe current priority at the moment is to completely put a stop to the violence in Gaza \u2026 We have lost almost 12k Gazans,\u201d Palestinian presidential advisor Mahmoud Al Habbash told Yahduth Fi Masr (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=4cHjUvsb7r8\" style=\"\" rel=\"noopener\">watch, runtime: 5:05<\/a>). \u201cWe are losing people with every passing second \u2026 We are in a race with time to put an end to this violence, all other issues can be revisited at a later time,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israeli hospital raid sparks outrage: <\/strong>Our nation's talking heads also turned their attention to the Israeli raid on one of Gaza\u2019s largest hospitals that has been dominating headlines in the region and across the globe. The hospital has no supplies of electricity, water, or food, and dwindling medical supplies, Palestinian Health Minister Mai Al Kaila told Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1174571287280269\" style=\"\" rel=\"noopener\">watch, runtime: 7:17<\/a>). \u201cThe situation at Al Shifa Hospital is disastrous \u2026 there are still corpses at the hospital, whose bodies are decomposing,\u201d she added. We have more on the story in this morning\u2019s War Watch, above. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Big spenders: <\/strong>The Central Bank of Egypt yesterday announced that it is doubling the limit on withdrawals, purchases, and transactions using prepaid cards and online banking for individuals to EGP 60k a day and EGP 200k a month. The move comes following a wave of inflation that pushed up prices, which in turn increased spending, economic analyst Ahmed Shawky told Salet El Tahrir (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=yfC2HkCfjls\" style=\"\" rel=\"noopener\">watch, runtime: 10:18<\/a>). \u201cIt is also a message of reassurance that there is liquidity in the banking sector,\u201d he said. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/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=\"610211\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 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   <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/mec-buys-back-ucp-shares-from-us-shareholder-plus-news-from-hassan-allam-thales-elsewedy-electric-oriental-weavers\/\">\r\n                            MEC buys back UCP shares from US shareholder. PLUS: News from Hassan Allam, Thales, Elsewedy Electric, Oriental Weavers                        <\/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\/16\/mec-buys-back-ucp-shares-from-us-shareholder-plus-news-from-hassan-allam-thales-elsewedy-electric-oriental-weavers\/\" 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\/16\/mec-buys-back-ucp-shares-from-us-shareholder-plus-news-from-hassan-allam-thales-elsewedy-electric-oriental-weavers\/')\">\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\/16\/mec-buys-back-ucp-shares-from-us-shareholder-plus-news-from-hassan-allam-thales-elsewedy-electric-oriental-weavers\/\">\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=MEC buys back UCP shares from US shareholder. 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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/903.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/903.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610212\" class=\"content-area-description single-story post-610212 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-amarenco-solarize tag-elsewedy-electric tag-energy tag-enterpriseam tag-hassan-allam-construction tag-ma-watch tag-oriental-weavers tag-technology tag-thales tag-united-company-of-pharmacists wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.7d804317-ac3a-4f8b-a151-0db4ad218c45.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>M&amp;A WATCH-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HO Group is now the sole owner of UCP:<\/strong><a target=\"_blank\" href=\"https:\/\/www.unitedgroup-ho.com\/\" style=\"\" rel=\"noopener\">HO Group<\/a> \u2019s pharma arm <a target=\"_blank\" href=\"https:\/\/bit.ly\/46cgZ7j\" style=\"\" rel=\"noopener\">Middle East<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/46cgZ7j\" style=\"\" rel=\"noopener\">Chemicals<\/a> (MEC) has bought back a 50% stake in its subsidiary pharma distributor <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/united-company-of-pharmacies-ucp-\/about\/\" style=\"\" rel=\"noopener\">United Company of Pharmacists<\/a> (UCP), giving it full ownership of the company, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/ntbnndkd\" style=\"\" rel=\"noopener\">Al Mal<\/a> reported, citing sources close to the matter. MEC bought back its shares from US-based wholesale company <a target=\"_blank\" href=\"https:\/\/www.cencora.com\/\" style=\"\" rel=\"noopener\">Cencora<\/a> (formerly known as AmerisourceBergen) in a USD 50 mn transaction. The pharma distributor has been on the lookout for new finance sources to resolve a growing debt problem. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Goodbye, rumored Saudi shareholder: <\/strong>Asharq Business <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d06c6dc1-fa9c-4d06-92dd-5d51809730fe\" style=\"\" rel=\"noopener\">reported earlier this month<\/a> that Saudi Arabia\u2019s medical supplies giant Tamer Group was close to acquiring a 30% stake in UCP from Cencora. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TECH- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Safer Egyptian cities: <\/strong>Our friends at Hassan Allam Construction have inked an agreement with French defense and security firm Thales to develop a digital platform, based on big data and AI, that will enhance and automate security systems in cities across Egypt and the region, the two companies said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/890.pdf\" style=\"\" rel=\"noopener\">joint statement (pdf)<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>INFRASTRUCTURE- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewedy Electric grows footprint in Saudi: <\/strong>The Saudi arm of Elsewedy Electric has signed a SAR 59 mn (USD 15.7 mn) agreement with the state-owned electricity distributor <a target=\"_blank\" href=\"https:\/\/www.se.com.sa\/en\" style=\"\" rel=\"noopener\">Saudi Electricity Company<\/a> to build a new turnkey underground cable project in Mecca, it said in a <a target=\"_blank\" href=\"https:\/\/bit.ly\/3R0QPjN\" style=\"\" rel=\"noopener\">LinkedIn post<\/a> yesterday. The project will link a new 110\/13.8 kV substation with the existing 110 kV network in Mecca, and it comes as part of a wider plan to increase the capacity of the electricity network in larger cities in the country. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENERGY- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oriental Weavers factory goes green:<\/strong> Oriental Weavers will start operating one of its Tenth of Ramadan factories using renewable energy, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/848.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. Under an agreement with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60548492-02b9-4618-bc39-692a8ef2b0e3\" style=\"\" rel=\"noopener\">Amarenco Solarize<\/a>, the solar power producer will provide the factory with a solar power station with a capacity of 1.3 MW, covering 80% of the factory\u2019s energy consumption. The move will reduce the factory\u2019s carbon emissions by 2.3k tons a year. <\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amarenco-solarize\/\">Amarenco Solarize<\/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\/energy\/\">energy<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oriental-weavers\/\">Oriental Weavers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/thales\/\">Thales<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-company-of-pharmacists\/\">United Company of Pharmacists<\/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=\"610214\" 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=\"610214\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/saudi-stocks-lure-foreign-investors-back-after-october-outflows\/\">\r\n                            Saudi stocks lure foreign investors back after October outflows                        <\/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\/16\/saudi-stocks-lure-foreign-investors-back-after-october-outflows\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                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wp-post-image\" alt=\"\" data-attachment-id=\"610215\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/saudi-stocks-lure-foreign-investors-back-after-october-outflows\/905-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/905.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"905.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/905.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/905.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610214\" class=\"content-area-description single-story post-610214 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-adq tag-capital-markets tag-chimera-investment tag-enterpriseam tag-financial-markets tag-lunate tag-planet-finance tag-saudi-arabia tag-tadawul wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.4f189ee0-4d68-4762-820b-8f247aae3031.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investors go running back to Saudi Arabia: <\/strong>Foreign investors have bought SAR 12.7 bn (USD 3.4 bn) worth of Saudi stocks in just the first two weeks of the month, after having sold SAR 26 bn (USD 6.9 bn) last month when they rushed to exit the Saudi market, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-15\/foreign-flows-are-resuming-to-saudi-stocks-after-october-exodus?srnd=premium-middle-east#xj4y7vzkg\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported. Mounting concerns that the Israel-Hamas war could escalate into a regional conflict and volatility in the oil market scared off investors from the Saudi market, but investors are returning on the back of promising equity valuations, according to the outlet.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of MENA\u2019s biggest asset managers is going to get even bigger:<\/strong> Abu Dhabi\u2019s Chimera Investment and ADQ are in reportedly talks to add another USD 50 bn worth of assets to an existing USD 50 bn joint fund Lunate, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-15\/abu-dhabi-s-adq-chimera-set-to-commit-billions-more-to-new-fund?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported, citing unnamed sources it says are in the know. Lunate was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d93707b4-9ff3-4be0-b16c-d84b263290f4\" style=\"\" rel=\"noopener\">announced<\/a> in September and plans to invest in \u201cprivate equity, venture capital, private credit, real assets, public equities, and public credit,\u201d according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1044.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH NOTING- <\/strong><\/p><ul>\n<li><strong>Dangers remain for China\u2019s economic recovery despite promising October<\/strong><strong> figures:<\/strong> Analysts are still concerned about China\u2019s economic health despite industrial output and retail y-o-y figures for October beating expectations, pointing to the struggling property sector and lack of reforms. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/china-factory-output-retail-sales-beat-expectations-boost-economic-recovery-2023-11-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li><strong>Mor<\/strong><strong>occo\u2019s Neo Motors eyes IPO: <\/strong>Morocco\u2019s first carmaker <a target=\"_blank\" href=\"https:\/\/www.neomoteur.com\/\" style=\"\" rel=\"noopener\">Neo Motors<\/a> is targeting a domestic listing on the Casablanca Stock Exchange to help it expand into EV production. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-15\/morocco-s-first-carmaker-plans-ipo-to-expand-into-ev-production\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/li>\n<\/ul><p><a target=\"_blank\" id=\"t.723b3c1b3e8ce7acbb742944330f275a87c94305\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">24,139<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +65.4%)<\/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<\/strong><strong>CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,023<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.5% (YTD: +5.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,566<\/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: -6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">3,961<\/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: +18.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,503<\/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: +17.3%)<\/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>FTS<\/strong><strong>E<\/strong><strong> 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\">7,487<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,316<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +13.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 81.18<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 3.15<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1,964.30<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 37,654.40<\/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\">+5.8% (YTD: +126.8%)<\/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>T<\/strong><strong>he EGX30 rose 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 3.4 bn (29.9% above the 90-day average). Local investors were net buyers. The index is up 65.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Palm Hills Development (+5.7%), Alexandria Containers and Cargo Handling (+5.1%) and E-Finance (+5.0%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Telecom Egypt (-2.9%), Eastern Company (-2.0%) and Ezz Steel (-1.9%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chimera-investment\/\">Chimera Investment<\/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\/lunate\/\">Lunate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tadawul\/\">Tadawul<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610216\" 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=\"610216\">\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\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/my-morning-routine-raoul-vaswani-managing-director-of-bafra-industries\/\">\r\n                            My Morning Routine: Raoul Vaswani, managing director of Bafra Industries                        <\/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\/16\/my-morning-routine-raoul-vaswani-managing-director-of-bafra-industries\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking to us this week is Raoul Vaswani (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/raoul-vaswani-43892517\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), managing director of luxury leather goods manufacturer <a target=\"_blank\" href=\"https:\/\/bafraindustries.com\/\" style=\"\" rel=\"noopener\">Bafra Industries<\/a>, the company behind <a target=\"_blank\" href=\"https:\/\/momentsbags.com\/\" style=\"\" rel=\"noopener\">Moments<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My name is Raoul Vaswani and I am the managing director of Bafra Industries<\/strong>. Bafra is a family-owned business in Alexandria established by my father and we create high-end leather bags and wallets as well as printed products and corporate goods.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My mornings start with my childrens\u2019 feet in my ribs and my wife poking me to go and <\/strong><strong>make coffee<\/strong>, but I love it because it means I have a happy, healthy family. After getting my two sons ready for school, I try to do some exercise, either with a trainer or at the gym. I spend a lot of time driving between Alexandria and Cairo, so it\u2019s normally the time when I catch up on emails, calls and read Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The work day tends to go in different directions<\/strong>, so I find it helps to always have a paper and pen in front of me for doodling or mind maps. I might never look at it again but the process of putting pen to paper has a way of embedding thoughts in my head. My work day starts with breaking down my tasks for the day, because if I sit and think about everything that needs to be done it can become overwhelming. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I try to balance day-to-day problem solving with planning for the future of the company:<\/strong> If we\u2019re always looking at what\u2019s happening today we\u2019ll wake up at some point in time and we\u2019ll no longer be relevant. I\u2019m attending a trade fair next week in Dubai to try and see if we can reopen some export channels. We currently sell 100% of our products in Egypt and if we can\u2019t restart exports in the next year or two, I don\u2019t see our business being sustainable, at least not in its current form.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We consider ourselves a teaching factory: <\/strong>We train our employees starting with basic skills until they can get involved in more advanced tasks and later make a product from scratch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yet that\u2019s become harder and harder over time<\/strong>, as few of the younger generation in Egypt are enthusiastic about learning a trade, especially as there\u2019s still a certain stigma associated with working with your hands. Even when labeled artisanal craftsmanship, manual labor is often seen as something less worthy than sitting at a desktop on a computer in Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I think there\u2019s <\/strong><strong>satisfaction <\/strong><strong>in creating something:<\/strong> When you see something that you havebeen involved in the creation of, there is an emotion attached to it on every level. My father\u2019s 74 years old and he'll still sometimes go to the factory and if he's in a bad mood, roll up his sleeves and just go and cut leather.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve tried to increase the number of women that we hire within our production cycle<\/strong>, generally as we find they are more willing and eager to learn. However, due to societal pressures, once they get married they often don\u2019t return to the workforce.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The younger generation want Made in Egypt brands:<\/strong> Trends no longer lean towards flashy bags with branding, customers want brands that they can relate to. For a lot of people in Egypt, that's about saying, okay this is an Egyptian brand that's supporting local workmanship and is something that we can be proud to say is Egyptian made. As a traditional brand we need to balance this with not alienating our existing customer base, which tends to sit in the 40-50 plus age bracket. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Customers connect with sustainability: <\/strong>The leather industry globally comes under a lot of pressure for not being environmentally friendly, due to the volume of water used in the tanning process, or the fact that it\u2019s an animal-based product. Yet we have customers who come in on a daily basis and tell us that they have had bags for 20-30 years or that they\u2019ve inherited from their mothers and are still in perfect condition. There\u2019s a lot that can be done to improve production processes from an environmental perspective but people also connect with sustainability and longevity in products. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Life is work and work is life \u2014 it\u2019s all one and the same:<\/strong> I don\u2019t think it\u2019s a good mindset to work in order to take a two-week holiday, as work becomes something you\u2019re trying to get to the end of. I try to prioritize my day and be as productive as possible in those areas. Happiness comes from meaning and purpose. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I also just finished the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.imdb.com\/title\/tt27713897\/\" style=\"\" rel=\"noopener\">Arnold<\/a><\/strong><strong> [Schwarzenegger] documentary on Netflix:<\/strong> I'm fascinated by him or people like <a target=\"_blank\" href=\"https:\/\/timgrover.com\/\" style=\"\" rel=\"noopener\">Tim Grover<\/a> who have this kind of elite mentality. I don\u2019t necessarily know if I would want to lead my life that way, but I think it\u2019s great that there are people out there that are just wired towards success. I also enjoyed the <a target=\"_blank\" href=\"https:\/\/podcasts.apple.com\/gb\/podcast\/three-little-words\/id1543712438\" style=\"\" rel=\"noopener\">Three Little Words<\/a> podcast by John Bishop and Tony Pitts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The best piece of advice I think I have would be the idea that perception creates reality<\/strong>;everyone\u2019s version of the world is different, formed by their own thought process. It\u2019s a liberating idea, as it means you don\u2019t always feel the need to convince people or have arguments once you realize that for the most part everything is a fabricated concept. <\/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\/bafra-industries\/\">Bafra Industries<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raoul-vaswani\/\">Raoul Vaswani<\/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=\"610218\" 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\/16\/610218\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610218\" class=\"content-area-description single-story post-610218 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>19-22 November (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cairoict.com\/\" style=\"\">Cairo ICT<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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;\">23 November (Thursday): The Saudi Egyptian Real Estate Investment Conference.<\/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>10-12 December (Sunday-Tuesday): Voting <\/span><span>in presidential<\/span><span style=\"font-weight:400;\"> election takes place in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-14 December (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/foodafrica-expo.com\/\" style=\"\">Food Africa Expo<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 December (Wednesday): End of sugar export ban.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in December:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Gov\u2019t expects to finalize sale of a stake in military-owned bottled drinks company Safi<\/span><\/li>\n<li><span style=\"font-weight:400;\">Gov\u2019t expects to finalize stake sale for military-owned fuel retailer Wataniya.<\/span><\/li>\n<li><span style=\"font-weight:400;\">Gov\u2019t expects to finalize sale of Zafarana wind farm<\/span><\/li>\n<li><span style=\"font-weight:400;\">Kenyan trade conference in Egypt.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2023: The inauguration of the Grand Egyptian Museum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3Q 2023: E-Finance <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3MhzDCI\" style=\"\">to launch in Saudi Arabia<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2023: EGX to launch its new futures exchange.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2023: EGX to launch a shariah-compliant index.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2023: A Developments\u2019 first phase of the Lazoghly development completed.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2024: Standard Chartered Bank to open a branch in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 February 2024 (Sunday): Deadline for bidders for oil and gas expansion in the 23 new regions.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Q1 2024: Opening of the new developed Pyramids Plateau in Giza.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">June 2024: Gov\u2019t expects to finalize sale of Beni Suef combined-cycle power plant.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2024: Gov\u2019t expects to finalize sale of four water desalination plants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2024: Gov\u2019t to launch the Cairo Ring Road BRT buses.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> the 12th session of the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2Q 2025: Safaga Terminal 2 to start operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JANUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 January (Sunday): Coptic Christmas.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17 January (Wednesday): A delegation of Egyptian companies to visit Istanbul.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 January (Thursday): Revolution day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FEBRUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11 February (Sunday): The deadline to apply for the Chicago Booth Executive Program<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9 April (Tuesday): Eid El Fitr (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Wednesday): National holiday in observance of Labor Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">5 May (Sunday): Coptic Easter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 May (Monday): Sham El Nessim (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 May (Wednesday): Chicago Booth Executive Program<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-19 June (Saturday-Wednesday): Eid El Adha (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 June (Sunday): June 30 Revolution Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 July (Sunday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 July (Tuesday): Revolution Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 September (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.airport-technology.com\/sponsored\/dates-announced-for-egypt-international-airshow-2024\/\" style=\"\">Egypt International Airshow<\/a><\/span><span style=\"font-weight:400;\">, El Alamein International Airport.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Sunday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>6 October (Sunday): Armed Forces Day.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>EUR 9 bn from EU? | USD at EGP 50 on black market | Earnings season wrapping up<\/p>\n","protected":false},"featured_media":610192,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-610191","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"99e840dc-8376-4698-abbf-ea6b6bf73e12","teaser":"EUR 9 bn from EU? | USD at EGP 50 on black market | Earnings season wrapping up","photo_url":"https:\/\/ent.news\/2023\/11\/914.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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