{"id":610506,"date":"2023-11-21T00:00:00","date_gmt":"2023-11-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=610506"},"modified":"2025-12-17T02:09:30","modified_gmt":"2025-12-17T02:09:30","slug":"two-saudi-groups-eye-investments-in-egypt-worth-more-than-usd-555-mn","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/two-saudi-groups-eye-investments-in-egypt-worth-more-than-usd-555-mn\/","title":{"rendered":"Two Saudi groups eye investments in Egypt worth more than USD 555 mn"},"content":{"rendered":"<section id=\"610508\" 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=\"610508\">\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\/21\/shoukry-heads-to-beijing-and-madbouly-to-the-house-to-denounce-the-displacement-of-palestinians\/\">\r\n                            Shoukry heads to Beijing and Madbouly to the House to denounce the displacement of Palestinians                        <\/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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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1119.JPG?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1119.JPG\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1119.JPG?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1119.JPG?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610508\" class=\"content-area-description single-story post-610508 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-diplomacy tag-enterpriseam tag-israel-palestine-conflict tag-moustafa-madbouly tag-sameh-shoukry tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.126e4123-bc81-4269-80d0-59ae2d0f953b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, everyone. We have a packed issue for you this morning, so we\u2019re going <\/strong><strong>to jump right in. <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA- You\u2019re looking at another nice day in the capital city<\/strong>, with our favorite weather app calling for clear, sunny skies and a high of 23\u00b0C. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING TODAY-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- Sameh Shoukry is in Moscow to discuss Gaza: <\/strong>The foreign minister is due to meet his Russian counterpart, Sergey Lavrov, alongside a delegation of Arab and Muslim leaders to push for a ceasefire, according to Russian state news agency <a target=\"_blank\" href=\"https:\/\/tass.com\/politics\/1708757\" style=\"\" rel=\"noopener\">Tass<\/a>. The delegation was in Beijing yesterday for the first stop of a tour of P5 UN Security Council members aimed at building momentum for a permanent end to the violence. More on this in this morning\u2019s War Watch, below.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where Russia stands: <\/strong>Moscow has repeatedly pushed for a full ceasefire at the UN Security Council, aligning with China and the rest of the Arab world in condemning Israel\u2019s war. Russian President Vladimir Putin has also become increasingly critical of Israel, marking a pivot away from Russia\u2019s typically warm relations with the country. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SIGN OF THE TIMES- The Arab and Islamic world is talking to China and Russia before it <\/strong><strong>talks to the West<\/strong>, making an end run around Washington. Refusing to back down from their full-throated support for Israel\u2019s war, the US and its European allies are finding themselves increasingly diplomatically isolated as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/facf909e-998b-49cb-981a-0e53bc3aa4b9\" style=\"\" rel=\"noopener\">much of the world demands<\/a> an end to the war.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- Iran has called an emergency Brics meeting: <\/strong>Leaders from Egypt, South Africa, China, Brazil, India, Russia, Saudi Arabia, Ethiopia, Argentia, the UAE, and Iran \u2014 along with UN General Secretary Antonio Guterres \u2014 are attending a Brics video summit today in an effort to de-escalate the crisis in Gaza, the South African presidency <a target=\"_blank\" href=\"https:\/\/www.thepresidency.gov.za\/press-statements\/south-africa-chair-brics-extraordinary-joint-meeting-middle-east-situation-gaza\" style=\"\" rel=\"noopener\">said<\/a> yesterday. <a target=\"_blank\" href=\"https:\/\/en.irna.ir\/news\/85297715\/At-Iran-s-request-BRICS-set-to-hold-extraordinary-session-on\" style=\"\" rel=\"noopener\">Iranian state media<\/a> said the gathering was called by President Ebrahim Raisi.Ittihadiya is yet to confirm who will be representing us at the meeting.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Iran, together with Egypt, Saudi Arabia, the UAE and others will become members of the Brics on 1 January 2024.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO TODAY-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#3- <\/strong><strong>MPs to press PM on Israel\u2019s threats to expel Palestinians into Egypt: <\/strong>Prime Minister Moustafa Madbouly will face questions from MPs today about the measures being taken by the government to prevent Israel from forcibly displacing Gazans into Sinai. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Senior Israeli officials have openly <\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/robinmonotti\/status\/1713148307021652023\" style=\"\" rel=\"noopener\">called for<\/a><\/strong><strong> the ethnic cleansing of Gaza<\/strong> in response to the Hamas terror attack on 7 October, and have tried to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29531fdd-80f2-4d2d-9e77-424d783a7f7c\" style=\"\" rel=\"noopener\">lobby Western governments<\/a> to support a plan to push its inhabitants into the Sinai. An <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29531fdd-80f2-4d2d-9e77-424d783a7f7c\" style=\"\" rel=\"noopener\">Intelligence Ministry report<\/a> recently leaked in the Israeli press recommended that the government forcibly transfer the population over the border into Egypt, though Netanyahu downplayed it as a \u201cconcept paper.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A red line:<\/strong> President Abdel Fattah El Sisi has repeatedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b780254-f15c-4968-a512-b1bdf3180df5\" style=\"\" rel=\"noopener\">denounced<\/a> the proposal and Madbouly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38d297b9-3a78-46f6-ac65-465688169fb3\" style=\"\" rel=\"noopener\">threatened a military response<\/a> if Israel tries to follow through.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>Payment and fintech conference Pafix continues today<\/strong> as part of <strong><a target=\"_blank\" href=\"https:\/\/cairoict.com\/\" style=\"\" rel=\"noopener\">Cairo ICT 2023<\/a><\/strong>at the Egypt International Exhibition Centre in New Cairo. The conference wraps up tomorrow.<\/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\/1117.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY ABROAD-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>Sam Altman is out at OpenAI. But is he returning as CEO to the company he <\/strong><strong>founded? Or taking as many as 700 OpenAI staff and decamping for Microsoft?<\/strong> Not even Microsoft boss Satya Nadella seems to know. Sh*t show at the f*ck factory, indeed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Here are the big beats \u2014 and big, lingering questions \u2014 in the drama <\/strong>that the global business press has dubbed the single largest business story of 2023. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-20\/openai-investors-led-by-thrive-angle-to-bring-back-altman?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/54e36c93-08e5-4a9e-bda6-af673c3e9bb5\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/openai-employees-threaten-to-quit-unless-board-resigns-bbd5cc86\" style=\"\" rel=\"noopener\">WSJ<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>1- OpenAI\u2019s board fired Altman over the weekend <\/strong>in what Silicon Valley insiders are calling a \u201ccoup\u201d led by the company\u2019s chief scientist. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>2- The chief scientist is now threatening to leave with Altman<\/strong>, saying he regrets his actions. (Sure, Fredo.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>3- OpenAI\u2019s board<\/strong> (all of them external folks, none of them shareholders) <strong>has missed two <\/strong><strong>deadlines to bring back Altman and then resign themselves<\/strong>. They\u2019ve been under pressure from major shareholders including Microsoft and venture capital outfit Thrive. Instead, they\u2019ve fired the interim CEO they appointed a few days ago (she\u2019s backing Altman) and hired the guy who used to run Twitch.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>4- Nadella announced in a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/satyanadella\/status\/1726509045803336122\" style=\"\" rel=\"noopener\">stone-cold<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/satyanadella\/status\/1726509045803336122\" style=\"\" rel=\"noopener\">tweet<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/satyanadella\/status\/1726509045803336122\" style=\"\" rel=\"noopener\">post<\/a><\/strong><strong> on Elon Musk\u2019s dumpster fire of a social <\/strong><strong>network<\/strong> that Altman is joining Microsoft. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And as of right now: <\/strong><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/openai-employees-threaten-to-quit-unless-board-resigns-bbd5cc86\" style=\"\" rel=\"noopener\">More than 700 OpenAI staff have threatened to walk<\/a>, Nadella <a target=\"_blank\" href=\"https:\/\/www.theverge.com\/2023\/11\/20\/23970100\/sam-altman-microsoft-openai-satya-nadella-interview\" style=\"\" rel=\"noopener\">doesn\u2019t<\/a><a target=\"_blank\" href=\"https:\/\/www.theverge.com\/2023\/11\/20\/23970100\/sam-altman-microsoft-openai-satya-nadella-interview\" style=\"\" rel=\"noopener\">seem to know whether he employs Altman or not<\/a>, and it seems <a target=\"_blank\" href=\"https:\/\/www.theverge.com\/2023\/11\/20\/23969586\/sam-altman-plotting-return-open-ai-microsoft\" style=\"\" rel=\"noopener\">Altman is still making a play to return to OpenAI<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA- Maybe you don\u2019t want to pay for ChatGPT Plus, after all? <\/strong><a target=\"_blank\" href=\"https:\/\/www.bing.com\/new\" style=\"\" rel=\"noopener\">Microsoft\u2019s Copilot<\/a> (until recently named Bing) is powered by a fairly recent build of ChatGPT and <a target=\"_blank\" href=\"https:\/\/bard.google.com\/chat\" style=\"\" rel=\"noopener\">Google\u2019s Bard<\/a> has exploded out of the gates in recent weeks, now giving users the ability to link Bard to their email as well as to Google\u2019s Docs, Sheets and Slides products, among others.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING THIS WEEK-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- MERIS may be getting some competition: <\/strong>Tomorrow is the last chance to apply for a credit rating license from the FRA after it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d087ef18-4b4b-4559-ac5d-ac851785b9eb\" style=\"\" rel=\"noopener\">loosened<\/a> requirements last year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Get ready for a whole lot of Egypt-bound Gulf investments: <\/strong>The <a target=\"_blank\" href=\"https:\/\/gcc-egyptbf.com\/en\/forum\/forum-program-1\" style=\"\" rel=\"noopener\">EGY-GCC Business<\/a><a target=\"_blank\" href=\"https:\/\/gcc-egyptbf.com\/en\/forum\/forum-program-1\" style=\"\" rel=\"noopener\">Forum<\/a> is kicking off tomorrow and will wrap on Thursday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Education, Education, Education: <\/strong>The <a target=\"_blank\" href=\"https:\/\/educationfair.findadmission.com\/event\/549\" style=\"\" rel=\"noopener\">Worldview Education Fair<\/a> is kicking off Friday with representatives for 20 universities and business schools looking for bright and eager students to enroll.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n  <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/p><\/div>\n<\/div>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE REALIGNMENT- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KSA and China ink currency swap:<\/strong> The People\u2019s Bank of China and the Saudi Central Bank signed a three-year local currency swap agreement worth a maximum of CNY 50 bn or SAR 26 bn (USD 6.9 bn), according to <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N2000938\" style=\"\" rel=\"noopener\">a statement<\/a> from the Saudi Central Bank. The agreement follows warming ties between the countries in the last two years and a shared goal to reduce their exposure to the USD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>And we might be doing a currency swap with KSA:<\/strong> Egypt and Saudi Arabia are studying the possibility of conducting local currency-denominated trade in the coming period, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3SR73gu\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing remarks by Egyptian Commercial Representation Service head Yahya Al Wathiq Billah. The Saudi commerce minister has already submitted a proposal to discuss the possibility of paying a portion of trade operations in local currencies and the proposal will be discussed between the central banks of the two countries before a consensus is reached by 2024, Al Wathiq Billah was quoted as saying. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Local currency trade with India may also be in the works following discussions between Finance Minister Mohamed Maait and the Indian ambassador, the Finance Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5906332c-5d09-4739-a9dd-5f41124e1ef6\" style=\"\" rel=\"noopener\">said<\/a> last week.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HELP GAZA-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Or check out <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/f8ce0f50-10c2-4cca-8e6f-64c32a5c90b7\" style=\"\" rel=\"noopener\">our list of charities<\/a><\/strong><strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WAR ECONOMICS- <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Gas industry in the region is \u201cmore exposed\u201d than oil to the Gaza crisis: <\/strong>The region\u2019s gas industry faces \u201cgreater and more immediate risks\u201d than the oil sector, according to a <a target=\"_blank\" href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/3089279\" style=\"\" rel=\"noopener\">report<\/a> by S&amp;P Global Ratings last week. The report warned that if the conflict spreads outside of Israel and Palestine, pipelines could be targeted and shipping in the Strait of Hormuz could run into difficulties, leading to a complete collapse in Israeli gas imports.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Houthi\u2019s seizure of vessel could jeopardize key Red Sea shipping route<\/strong>: The seizure of a vessel in the Red Sea by Houthi rebels has raised fears of disruptions in a key shipping route, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/two-ships-divert-course-away-red-sea-area-after-vessel-seized-by-houthis-2023-11-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Two ships have already diverted their course as a result and despite initial market resilience, there's a risk that more shipping companies may avoid the region, causing potential delays and increased costs in global supply chains, the newswire reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2021\/03\/INFINITY-Top-banner-EN-1600x675-v2-02.png\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We took stock of our flagship Nexus of Water, Food and Energy climate finance initiative one year on after its launch<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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=\"610510 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=\"610510\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/610510\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610510\" class=\"content-area-description single-story post-610510 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:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/125.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">DISCOVER SOMABAY: <\/span><span>Embark on a journey of discovery in the heart of Somabay, where crystal-clear waters meet golden sands and luxury meets serenity. Experience a world of adventure, relaxation, and natural beauty like no other. From thrilling water sports to world-class golf, Somabay offers it all. Explore vibrant coral reefs, unwind in luxurious spas and savor exquisite cuisine. Your dream destination awaits, where every moment is a discovery.<\/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=\"610511\" 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=\"610511\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/real-estate-tourism-healthcare-in-focus-as-al-lami-group-and-batterjee-eye-egypt\/\">\r\n                            Real estate, tourism, healthcare in focus as Al Lami Group and Batterjee eye Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/real-estate-tourism-healthcare-in-focus-as-al-lami-group-and-batterjee-eye-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The top execs of Al Lami Group and Batterjee Holding were in town as part of a visiting Saudi business delegation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Al Lami Holding Group is aiming to invest some <\/strong><strong>USD 500 mn in Egypt over the next two years in tourism and real estate<\/strong>, company head Muhammad Talaat Al Lami said in an interview with <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3jz8zfts\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>Al Lami plans to open a 500-room hotel in Sharm El Sheikh worth USD 50 mn next year, Al Lami shared. It has also obtained a development license for an 85-acre, USD 100 mn project in the Green Belt area of Sixth October City, where they will break ground on a residential project and commercial mall in the first half of next year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Lami is already a player in our tourism industry<\/strong>, with some USD 3 bn invested in the country, including three hotels in Sharm El Sheikh with a capacity of 2k rooms. By our math, that equates to roughly 1% of our entire hotel room stock.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BATTERJEE EYES PHARMA ACQUISITION<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- KSA\u2019s Batterjee is eyeing a potential acquisition of an EGX-listed pharma company: <\/strong><a target=\"_blank\" href=\"https:\/\/www.batterjeeholding.com\/\" style=\"\" rel=\"noopener\">Batterjee Holding Group<\/a> is reportedly interested in acquiring an EGX-listed pharma company in the next six months, the company\u2019s chairman, Mazen Batterjee, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/wpyjr3mw\" style=\"\" rel=\"noopener\">said<\/a> in an interview. He did not hint at names, but even pricing-in this year\u2019s rally, a number of players look particularly well-priced right now in USD terms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Acquisition talk aside, Batterjee has investments of about USD 55 mn in the pipeline:<\/strong><\/p>\n<ul>\n<li>The group intends to invest some USD 50 mn in the medical and pharma sectors here over the next two years; <\/li>\n<li>A factory producing medical supplies and incubators could also be in the works, with an initial price tag of c. USD 5 mn. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What a week for Saudi investments:<\/strong> Al Lami and Batterjee were speaking during the visit to Cairo of a high-profile Saudi business delegation led by Saudi Trade Minister Majid bin Abdullah Al Qasabi, for a meeting of the Saudi-Egyptian Business Council. Council member Turki Al Hokair said yesterday that his company would invest as much <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69b8b91f-c578-46f3-be19-8ddb6345359a\" style=\"\" rel=\"noopener\">as USD 1.5 bn<\/a> here next year in a range of sectors. And more Saudi investment news is likely coming our way with the <a target=\"_blank\" href=\"https:\/\/gcc-egyptbf.com\/en\/forum\/forum-program-1\" style=\"\" rel=\"noopener\">Egy-GCC Business Forum<\/a> kicking off tomorrow.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-lami\/\">Al Lami<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-egyptian-business-council\/\">Saudi-Egyptian Business Council<\/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=\"610513\" 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=\"610513\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/house-passes-long-awaited-building-reconciliation-law\/\">\r\n                            Egyptian House of Representatives passes long-awaited building reconciliation law                        <\/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\/21\/house-passes-long-awaited-building-reconciliation-law\/\" 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\/21\/house-passes-long-awaited-building-reconciliation-law\/')\">\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\/21\/house-passes-long-awaited-building-reconciliation-law\/\">\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=House passes long-awaited building reconciliation law&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/house-passes-long-awaited-building-reconciliation-law\/\">\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\/21\/house-passes-long-awaited-building-reconciliation-law\/&title=House passes long-awaited building reconciliation law\">\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=House+passes+long-awaited+building+reconciliation+law+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F21%2Fhouse-passes-long-awaited-building-reconciliation-law%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\/21\/house-passes-long-awaited-building-reconciliation-law\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1101.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610514\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/house-passes-long-awaited-building-reconciliation-law\/1101-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1101.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1101.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1101.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1101.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610513\" class=\"content-area-description single-story post-610513 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-construction tag-debt tag-enterpriseam tag-house-of-representatives tag-jica tag-legislation-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\/.126e4123-bc81-4269-80d0-59ae2d0f953b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Draft laws, new and old, got the greenlight <\/strong>in the House today as our elected representatives work through <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11652ab8-fd16-4cdb-a1ad-54b44546bac8\" style=\"\" rel=\"noopener\">58 \u2018priority\u2019 draft laws<\/a> penciled in for this legislative cycle.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The building reconciliation act has finally got the green light: <\/strong>The Madbouly government\u2019s new building reconciliation bill earned the House\u2019s seal of approval after first <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e91cb15-5151-475a-a80d-90205c0e59b3\" style=\"\" rel=\"noopener\">getting<\/a> committee approval nearly two years ago. The law aims to make it easier for owners of unauthorized buildings built by 15 October of this year to legalize their properties in return for paying a reconciliation fee. The law replaces a bill from 2019 that did not specify procedure for how local authorities would collect fees, leading to a backlog of unresponded reconciliation requests and unpaid fines. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Amendments to the Child Law got the nod:<\/strong> The amendments will give more social protections to children and mothers. They also seek to crack down on inconsistent birth registration. Parents who do not register the birth of their child, or who register the same child more than once, will now face a tougher penalty. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Loans, Loans, Loans:<\/strong>A 30-year loan worth JPY 100 bn from the JapanInternational Cooperation Agency (<strong>JICA<\/strong>) to fund the initial stage of Cairo\u2019s Metro Line 4 got the go-ahead. The debt will come at a 0.1% interest rate and offers a grace period of 10 years. A separate agreement with Russia\u2019s <strong>TMH International<\/strong> to import 1.3k train carriages was also approved.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some disgruntlement from the floor: <\/strong>The approval of the loan from Japan got some blowback from MPs Abdel Moneim Imam and Diaa Eddin Dawoud, who rejected the bill on the grounds that it is contributing to what they said is Egypt\u2019s \u201calready-alarming\u201d debt burden. Imam alleged that the transport ministry\u2019s electric train project has cost the country USD 35 bn in loans, a claim that Transport Committee head Alaa Abed rejected. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jica\/\">JICA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610515\" 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=\"610515\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/china-joins-arab-islamic-world-in-call-for-immediate-gaza-ceasefire\/\">\r\n                            China joins Arab, Islamic world in call for immediate Gaza ceasefire                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/china-joins-arab-islamic-world-in-call-for-immediate-gaza-ceasefire\/\" 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\/21\/china-joins-arab-islamic-world-in-call-for-immediate-gaza-ceasefire\/')\">\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\/21\/china-joins-arab-islamic-world-in-call-for-immediate-gaza-ceasefire\/\">\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=China joins Arab, Islamic world in call for immediate Gaza ceasefire&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/china-joins-arab-islamic-world-in-call-for-immediate-gaza-ceasefire\/\">\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\/21\/china-joins-arab-islamic-world-in-call-for-immediate-gaza-ceasefire\/&title=China joins Arab, Islamic world in call for immediate Gaza ceasefire\">\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=China+joins+Arab%2C+Islamic+world+in+call+for+immediate+Gaza+ceasefire+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F21%2Fchina-joins-arab-islamic-world-in-call-for-immediate-gaza-ceasefire%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\/21\/china-joins-arab-islamic-world-in-call-for-immediate-gaza-ceasefire\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1109.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610516\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/china-joins-arab-islamic-world-in-call-for-immediate-gaza-ceasefire\/1109-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1109.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1109.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1109.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1109.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610515\" class=\"content-area-description single-story post-610515 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-china tag-enterpriseam tag-israel tag-israel-palestine-conflict tag-palestine tag-sameh-shoukry 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\/.126e4123-bc81-4269-80d0-59ae2d0f953b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Shoukry, Arab ministers press for ceasefire in Beijing:<\/strong> China\u2019s top diplomat yesterday reiterated its call for an immediate ceasefire in Gaza during talks with a delegation of Arab and Muslim officials in Beijing, calling it a \u201cmatter of life and death\u201d for the Palestinian people. China is \u201cfirmly on the side\u201d of Arab and Islamic countries in the conflict, Chinese Foreign Minister Wang Yi told the multi-country delegation, according to a readout from the Chinese Foreign Ministry. Foreign Minister Sameh Shoukry, as well as the chief diplomats from Palestine, Jordan, Saudi Arabia, and Indonesia, were all part of the talks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No displacement, no collective punishment, says China:<\/strong> \u201cChina opposes any forced displacement and relocation of Palestinian civilians. Israel should stop its collective punishment of the people in Gaza and open humanitarian corridors as soon as possible to prevent a wider humanitarian disaster,\u201d the readout said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The first stop on a global tour:<\/strong> The delegation is embarking on a tour of the five permanent members of the UN Security Council in a bid to press for a ceasefire. Ministers are in Moscow today for talks with Russian officials. Visits to France, the UK and the US will follow. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The US and the UK have refused to back a ceasefire at the Security Council in favor of allowing Israel to continue its devastating military campaign. The two countries abstained on <a target=\"_blank\" href=\"https:\/\/news.un.org\/en\/story\/2023\/11\/1143632\" style=\"\" rel=\"noopener\">a resolution<\/a> put forward by Malta last week that called for \u201curgent humanitarian pauses\u201d instead of a ceasefire.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE GROUND- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another hospital under siege:<\/strong> Israeli forces are closing in on the Indonesian Hospital to the east of Gaza City, a few days after raiding the Al Shifa complex and forcing out most of the patients and medical staff. At least 12 people \u2014 including patients \u2014 <a target=\"_blank\" href=\"https:\/\/www.barrons.com\/news\/100-patients-evacuated-from-gaza-s-indonesian-hospital-hamas-run-ministry-18672e74\" style=\"\" rel=\"noopener\">were reported dead<\/a> and dozens wounded in an Israeli strike at the hospital yesterday. The Israeli military, whose tanks are said to be surrounding the hospital, claimed it was targeting \u201cterrorists\u201d inside the building. The head of the World Health Organization <a target=\"_blank\" href=\"https:\/\/twitter.com\/DrTedros\/status\/1726615275968081978\" style=\"\" rel=\"noopener\">said<\/a> he was \u201cappalled\u201d at the attack. Two hundred patients were evacuated, but 400 hundred remain inside, along with 2k refugees.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also:<\/strong> Twenty-eight of 31 <a target=\"_blank\" href=\"https:\/\/twitter.com\/PalestineRCS\/status\/1726592975176618017\" style=\"\" rel=\"noopener\">premature babies transferred to Egypt<\/a> hospitals from Gaza | <a target=\"_blank\" href=\"https:\/\/twitter.com\/UNRWA\/status\/1726517332875591759\" style=\"\" rel=\"noopener\">UNRWA<\/a>: Refugee shelters \u201cunliveable\u201d due to heavy rain.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/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\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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=\"610517 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=\"610517\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/610517\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610517\" class=\"content-area-description single-story post-610517 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610518\" 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=\"610518\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/fork-n-knife-locks-in-usd-800k-in-seed-funding\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1196.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610519\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/fork-n-knife-locks-in-usd-800k-in-seed-funding\/1196-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1196.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1196.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1196.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1196.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610518\" class=\"content-area-description single-story post-610518 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-enterpriseam tag-food-and-beverage tag-startup-watch tag-startups 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\/.126e4123-bc81-4269-80d0-59ae2d0f953b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Tech-enabled cloud kitchen startup <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forknknife.co\/index.html\" style=\"\" rel=\"noopener\">F<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forknknife.co\/index.html\" style=\"\" rel=\"noopener\">ork N Kn<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forknknife.co\/index.html\" style=\"\" rel=\"noopener\">ife<\/a><\/strong><strong> has raised USD 800k <\/strong>in a seed funding round that drew individual angel investors as well as institutions outside the MENA region, the company said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/1049.pdf\" style=\"\" rel=\"noopener\">a statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/1049.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The investment will help the company expand into European and African markets by the end of the year, it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Series A fundraising underway: <\/strong>The company has started negotiations for its Series A funding round, co-founder and CEO Yasser Nasr Aldin (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/yassernasraldin\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Fork N Knife: <\/strong>Co-founded by Nasr Aldin and Mohamed Haroun (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mharoun\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) in 2022, Fork N Knifehelps restaurants expand their delivery services with lower investment costs through a network of cloud kitchens that carry out operations for food brands.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThe cloud kitchen business domain needed a unique model to solve the real challenges faced by restaurant owners. Instead of reducing fixed costs, as is common in cloud kitchens, we completely eliminated them,\u201d Nasr Aldin said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-and-beverage\/\">food and beverage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610520\" 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=\"610520\">\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\">Education<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/sfe-tanweer-ink-agreement-for-fifth-cosmic-village-school\/\">\r\n                            Sovereign Fund of Egypt, Tanweer sign agreement for fifth Cosmic Village school                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/sfe-tanweer-ink-agreement-for-fifth-cosmic-village-school\/&title=SFE, Tanweer ink agreement for fifth Cosmic Village school\">\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=SFE%2C+Tanweer+ink+agreement+for+fifth+Cosmic+Village+school+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F21%2Fsfe-tanweer-ink-agreement-for-fifth-cosmic-village-school%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\/21\/sfe-tanweer-ink-agreement-for-fifth-cosmic-village-school\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1965.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610521\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/sfe-tanweer-ink-agreement-for-fifth-cosmic-village-school\/1965-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1965.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1965.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1965.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1965.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610520\" class=\"content-area-description single-story post-610520 post type-post status-publish format-standard has-post-thumbnail hentry category-education tag-cosmic-village tag-education tag-education-services tag-enterpriseam tag-hala-el-said-2 tag-planning-ministry tag-public-private-partnership tag-sixth-of-october-city tag-sovereign-fund-of-egypt tag-tanweer 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\/2024\/1\/.2295c315-28cc-47d2-83fb-da603eed57fd.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Cosmic Village\u2019s fifth s<\/strong><strong>chool officially<\/strong><strong> in the work<\/strong><strong>s:<\/strong> The Sovereign Fund of Egypt (SFE) and educational services company Tanweer have signed a partnership agreement to build the fifth school in Sixth October City\u2019s Cosmic Village, <a target=\"_blank\" href=\"https:\/\/tsfe.com\/pressDetails27.html\" style=\"\" rel=\"noopener\">t<\/a><a target=\"_blank\" href=\"https:\/\/tsfe.com\/pressDetails27.html\" style=\"\" rel=\"noopener\">he Fun<\/a><a target=\"_blank\" href=\"https:\/\/tsfe.com\/pressDetails27.html\" style=\"\" rel=\"noopener\">d<\/a> and the <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/58x8f8nw\" style=\"\" rel=\"noopener\">Ma<\/a><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/58x8f8nw\" style=\"\" rel=\"noopener\">dbo<\/a><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/58x8f8nw\" style=\"\" rel=\"noopener\">uly<\/a><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/58x8f8nw\" style=\"\" rel=\"noopener\">cabinet<\/a> said yesterday. The school, which will follow French and Egyptian curricula, will open its doors in September 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s a wrap for schools in the first phase <\/strong>of the Cosmic Village redevelopment, which consists of five schools and a sports club, cabinet <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47d072c6-9580-4f66-b248-7253c93bdd4a\" style=\"\" rel=\"noopener\">said<\/a> earlier this month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Four schools up and running:<\/strong> Prime Minister Mostafa Madbouly inaugurated the first four schools in the Cosmic Village earlier this month, which were developed under public-private partnerships between the SFE and private players in the education sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More PPPs underway:<\/strong> More partnerships with the private sector are in the cards as the education ministry and SFE want to build 100 schools nationwide.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Cosmic Village?<\/strong> The village sits on a <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2017\/08\/24\/educational-cosmic-village-possibly-the-creepiest-way-to-waste-state-resources\/\" style=\"\" rel=\"noopener\">unused plot of state-owned real estate<\/a> spanning 190 acres in Sixth October. In partnership with the private sector, the SFE plans to turn the village into an educational hub aimed at middle-income families. Some 1k students have already begun attending the four schools in the village, but the fund is targeting up to 8k students under the project\u2019s first phase.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cosmic-village\/\">Cosmic village<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education-services\/\">education services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-el-said-2\/\">Hala El-Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planning-ministry\/\">Planning Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-private-partnership\/\">public-private partnership<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sixth-of-october-city\/\">Sixth of October city<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tanweer\/\">Tanweer<\/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=\"610522\" 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=\"610522\">\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\">FINANCIAL SERVICES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/beltone-pushes-into-mortgage-financing-targeting-secondary-market-with-faster-turnaround-times\/\">\r\n                            Beltone pushes into Egypt\u2019s mortgage finance market, targeting secondary market with faster turnaround times                        <\/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\/21\/beltone-pushes-into-mortgage-financing-targeting-secondary-market-with-faster-turnaround-times\/\" 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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Abdelnabi was speaking after the business <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64bba9b2-93c7-4540-8d14-e9de6408d9ff\" style=\"\" rel=\"noopener\">landed a mortgage finance license<\/a> from the Financial Regulatory Authority (FRA) earlier this week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s driving interest in real estate: <\/strong>Fast-rising prices (real estate is the classic Egyptian hedge against inflation and devaluation) and changing market dynamics are making an already-underserved market compelling, Abdelnabi says, noting that there is significant demand for both new-build and secondary sales.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why the secondary market?<\/strong> While there is demand for finance on both the primary and secondary sides of the market, skyrocketing prices have made mortgage financing indispensable to secondary home sales, Abdelnabi said, noting that there is no seller finance in the resale market. With prices rising and financing rare, the secondary market in Egypt is largely at a standstill right now.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> The average prices of residential units <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d4e0572-29fc-4a47-bf2a-45e426753724\" style=\"\" rel=\"noopener\">have risen 38% y-o-y<\/a> in the first seven months of this year in tandem with the building material prices, according to Ayman Sami, country head of real estate advisory firm JLL. Some pundits see real estate prices rising by another <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f35db155-f814-490c-b449-4a7faff07156\" style=\"\" rel=\"noopener\">40% or more in 2024<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Faster access to finance will be key + app coming out in 2024:<\/strong>Beltone Mortgage Finance wants to offer financing products to its customers at a faster pace than current market players, Abdelnabi said. Many mortgage providers take months to make a credit decision and finalize procedures \u2014 particularly in the secondary real estate market. Abdelnabi declined to say how fast Beltone would make decisions, saying it was too early to discuss publicly. The company is also working on a website and mobile app, scheduled to roll out next year, he added, targeting prospective buyers of new-build and resale homes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The mortgage finance license is Beltone\u2019s sixteenth regulated financial product or <\/strong><strong>service<\/strong>, joining a portfolio that includes traditional investment banking services as well as non-bank financial services. The EGX-listed company also has units in non-financial sectors including real estate, tech, and freezones.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beltone-mortgage-finance\/\">Beltone Mortgage Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mortgage-finance\/\">mortgage finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610524\" 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=\"610524\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/cira-educations-net-revenue-jumps-22-while-rising-debt-costs-curb-net-income-in-fy-2022-23\/\">\r\n                            CIRA Education\u2019s net revenue jumps 22% while rising debt costs curb net income in FY 2022-23                        <\/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\/21\/cira-educations-net-revenue-jumps-22-while-rising-debt-costs-curb-net-income-in-fy-2022-23\/\" 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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Tuition revenues \u2014 which make up 93% of CIRA\u2019s revenue \u2014 grew by 21% y-o-y to EGP 1.9 bn despite a Madbouly government-imposed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/764fd781-d222-4c2e-a3e3-10904d55eb35\" style=\"\" rel=\"noopener\">cap<\/a> on tuition fee hikes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Net income pinched by higher interest rates:<\/strong> CIRA Education saw adjusted net income dip by 64% y-o-y to EGP 139.8 mn in FY2022-3,driven by a three-fold increase in net financing costs in the period. Total net financing costs hit USD 400 mn y-t-d, due to rising interest rates and interest payments on the company\u2019s first securitized bond <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b387f20-658e-4fcc-89e6-602f5c20a966\" style=\"\" rel=\"noopener\">issuance<\/a> last November. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-kalla\/\">Mohamed El Kalla<\/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=\"610526 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=\"610526\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/610526\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610526\" class=\"content-area-description single-story post-610526 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610527\" 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=\"610527\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/it-was-all-about-the-upcoming-presidential-elections-on-the-airwaves\/\">\r\n                            It was all about the upcoming presidential elections on the airwaves                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/it-was-all-about-the-upcoming-presidential-elections-on-the-airwaves\/\" 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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Folks in Egypt will cast their ballots on 10-12 December. First-round results are due on 18 December and a runoff, if necessary, will take place in early January 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Let the presidential promises roll in: <\/strong>As we inch closer to the presidential election, more of the candidates have joined our nation\u2019s talking heads to make their case for a better Egypt. The Republican People\u2019s Party\u2019s Hazem Omar joined Ala Maso\u2019uleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=nzX7i0A5PTg\" style=\"\" rel=\"noopener\">watch, runtime: 8:34<\/a>) to promise a \u201c<strong>strong and resilient economy within three years of becoming president<\/strong>.\u201d He also promised to increase industrial and agricultural production and use the country\u2019s resources in a more efficient way. Omar also promised to reduce the budget deficit and restructure our tax system. Head of the Egyptian Social Democratic Party Farid Zahran joined El Hekaya\u2019s Amr Adib to voice his support for the government\u2019s privatization program (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=qTqalvty4jM\" style=\"\" rel=\"noopener\">watch, runtime; 3:21<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Checking in with the remaining candidates: <\/strong>Al Hayah Al Youm followed up on the presidential campaigns of President Abdel Fattah El Sisi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=odVRn9QVsJU\" style=\"\" rel=\"noopener\">watch, runtime: 1:18<\/a>) and Al Wafd\u2019s presidential candidate Abdel Sanad Yamama (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=V2lIv_5qT3s\" style=\"\" rel=\"noopener\">watch, runtime: 1:00<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaza on the airwaves: <\/strong>Head of the Red Crescent\u2019s North Sinai operations Khaled Zayed joined Kelma Akhira\u2019s Lamees El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=9rOT3NOE1D4\" style=\"\" rel=\"noopener\">watch, runtime: 6:49<\/a>) to give us the latest on aid and fuel entering Gaza, as well as the evacuation process of the premature babies from Gaza to Egypt. Meanwhile, Al Hayah Al Youm hosted Palestinian political science professor Ayman Al Raqab (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=X1W1AtgXUqw\" style=\"\" rel=\"noopener\">watch, runtime: 4:36<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=j8zCumZ5-ls\" style=\"\" rel=\"noopener\">6:02<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=2vM_p1yVkFw\" style=\"\" rel=\"noopener\">3:57<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The economy made a brief appearance: <\/strong>Egypt and Saudi plan to ink an investment treaty protecting Saudi investments in Egypt and Egyptian investments in Saudi before the end of the year, General Authority for Investment and Freezones (GAFI) head Hossam Heiba told El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=t7vK6wLcZ_I\" style=\"\" rel=\"noopener\">watch, runtime: 11:16<\/a>). In case you missed it, it\u2019s been a big week for Saudi investment with a Saudi business delegation in town and the <a target=\"_blank\" href=\"https:\/\/gcc-egyptbf.com\/en\/forum\/forum-program-1\" style=\"\" rel=\"noopener\">EGY-GCC Business Forum<\/a> set to kick off tomorrow. We have more in the news well, above. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/election-2023\/\">Election 2023<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610529\" 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 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Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/gas-production-slumps-to-three-year-low-in-september-plus-news-from-infinity-sodic-instapay-and-the-ida\/\">\r\n                            Egypt gas production slumps to three-year low in September. PLUS: News from Infinity x SODIC, InstaPay and the IDA                        <\/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\/21\/gas-production-slumps-to-three-year-low-in-september-plus-news-from-infinity-sodic-instapay-and-the-ida\/\" 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\/21\/gas-production-slumps-to-three-year-low-in-september-plus-news-from-infinity-sodic-instapay-and-the-ida\/')\">\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\/21\/gas-production-slumps-to-three-year-low-in-september-plus-news-from-infinity-sodic-instapay-and-the-ida\/\">\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=Gas production slumps to three-year low in September. PLUS: News from Infinity, SODIC, InstaPay, and the IDA&url=https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/gas-production-slumps-to-three-year-low-in-september-plus-news-from-infinity-sodic-instapay-and-the-ida\/\">\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\/21\/gas-production-slumps-to-three-year-low-in-september-plus-news-from-infinity-sodic-instapay-and-the-ida\/&title=Gas production slumps to three-year low in September. PLUS: News from Infinity, SODIC, InstaPay, and the IDA\">\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=Gas+production+slumps+to+three-year+low+in+September.+PLUS%3A+News+from+Infinity%2C+SODIC%2C+InstaPay%2C+and+the+IDA+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F11%2F21%2Fgas-production-slumps-to-three-year-low-in-september-plus-news-from-infinity-sodic-instapay-and-the-ida%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\/21\/gas-production-slumps-to-three-year-low-in-september-plus-news-from-infinity-sodic-instapay-and-the-ida\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1102.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610531\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/gas-production-slumps-to-three-year-low-in-september-plus-news-from-infinity-sodic-instapay-and-the-ida\/1102-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1102.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1102.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1102.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1102.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610530\" class=\"content-area-description single-story post-610530 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-al-ahram-plastic-company tag-also-on-our-radar tag-commodities tag-energy tag-enterpriseam tag-evs tag-fintech tag-gasc tag-industrial-development-authority tag-infinity tag-instapay tag-manufacturing tag-oil-and-gas tag-sodic 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\/.126e4123-bc81-4269-80d0-59ae2d0f953b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FINTECH-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Non-banking prepaid cards coming to InstaPay? <\/strong>The Central Bank of Egypt (CBE) plans to hand fintech firms licenses to join its digital payment platform InstaPay next year, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/y7ha2vms\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing an unnamed government official. The move will integrate prepaid cards issued by fintech players to the InstaPay network, enabling users to conduct transfers using these cards the way they would prepaid cards issued by banks. The licenses, which could be offered without charge, come in response to requests by fintech firms, who reportedly say InstaPay\u2019s introduction of bill payment services has hurt their operations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GREEN ECONOMY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EV charging stations for SODIC residents: <\/strong>Our friends at local renewables firm Infinity will deploy EV charging stations across all SODIC developments, it said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/1044.pdf\" style=\"\" rel=\"noopener\">a press release (pdf)<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Infinity is a key player in the local EV charging market: <\/strong>The firm has built at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/934069da-ded0-46a7-a775-cb695d98fad6\" style=\"\" rel=\"noopener\">least 190<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/934069da-ded0-46a7-a775-cb695d98fad6\" style=\"\" rel=\"noopener\">charging<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/934069da-ded0-46a7-a775-cb695d98fad6\" style=\"\" rel=\"noopener\">stations<\/a> so far nationwide with plans to up that number to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4376c407-e64d-4210-82ce-321f31931c68\" style=\"\" rel=\"noopener\">300 by 2024<\/a>, part of a plan with the government to eventually set up <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2dd65fe-9507-4ee7-90cc-f2e4a53a5da5\" style=\"\" rel=\"noopener\">3k stations across the country<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENERGY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Domes<\/strong><strong>tic gas production falls to three-year low: <\/strong>Egypt\u2019s natural gas production fell to 4.7 bn cubic meters per day in September, down 6% from August, to hit its lowest level since April 2020, according to figures from the Joint Organizations Data Initiative (JODI). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This isn\u2019t the first time we\u2019ve heard this:<\/strong> Figures picked up by industry publication Mees earlier this year also showed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/846ecdd4-0a16-40f5-8c1e-ef52f3265a06\" style=\"\" rel=\"noopener\">output falling to its lowest level in three years<\/a> in 2Q as production declined, including at the country\u2019s biggest field Zohr.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government has been working to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04355c3e-c3d0-496e-ad31-31632bf594a2\" style=\"\" rel=\"noopener\">increase exploration<\/a> in a bid to reverse declining production.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MANUFACTURING-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- An EGP 1 bn plastic factory in the making: <\/strong>Local plastics manufacturer <a target=\"_blank\" href=\"https:\/\/ahramplastic.com\/about\/en\" style=\"\" rel=\"noopener\">Al Ahram<\/a><a target=\"_blank\" href=\"https:\/\/ahramplastic.com\/about\/en\" style=\"\" rel=\"noopener\">Plastic Company<\/a> is looking to set up an EGP 1 bn packaging material factory in Badr City as part of its expansion plan to double production, CEO Hany Halim told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/11\/19\/1736205\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The new factory will have a production capacity of 60k tons a year, 80% of which will be exported \u2014 namely to European, US, and African markets \u2014 and it is expected to kick off operations within the coming three months, the CEO said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- IDA extends break for industrial investors: <\/strong>The Industrial Development Authority (IDA) has pushed the extension deadline for investors who have not been able to finish construction and obtain licenses for the factories they\u2019ve been allotted land for within the required three-year period until 24 January, the authority said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5d36uynx\" style=\"\" rel=\"noopener\">statement<\/a>. Those who\u2019ve already incurred fines for missing the deadline will get a 50% cut on the penalties if they opt to pay them in installments \u2014 which go up to three years \u2014 or a 75% cut if they make a lump-sum payment. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13becaca-859f-4d08-a629-bdb8beb4d3d3\" style=\"\" rel=\"noopener\">extension was first introduced in<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13becaca-859f-4d08-a629-bdb8beb4d3d3\" style=\"\" rel=\"noopener\">January<\/a> with a 24 July deadline.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>COMMODITIES- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t looks to plug sugar shortage: <\/strong>The Egyptian Sugar and Integrated Industries Company (ESIIC) is thought to have purchased 50k tons of raw sugar via tender from the Dutch agriculture company <a target=\"_blank\" href=\"https:\/\/www.viterra.com\/\" style=\"\" rel=\"noopener\">Viterra<\/a> for delivery 11-26 January, <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/markets\/commodities\/egypt-said-to-buy-around-50-000-metric-tons-raw-sugar-in-tender-traders-pfsybf1p\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing traders. The purchase has set back ESIIC some USD 33.4 mn. Meanwhile, state grain buyer <a target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/egypts-gasc-seeks-raw-sugar-and-or-refined-white-sugar-in-tender\" style=\"\" rel=\"noopener\">GASC has launched<\/a> an international tender for 50k tons of raw sugar and \/ or 50k tons of refined white sugar on behalf of the ESIIC, for delivery between early January and mid-Febraury. Interested traders need to submit their bids before Saturday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> A sugar supply gap has pushed prices to soar up to <a target=\"_blank\" href=\"https:\/\/www.almasryalyoum.com\/news\/details\/3034412\" style=\"\" rel=\"noopener\">EGP 50 per kilo<\/a> and pushed the Supply Ministry to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25d8548e-e21f-4497-b471-ce40e0c0a9e7\" style=\"\" rel=\"noopener\">tap into its reserves<\/a> to help fill the gap. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahram-plastic-company\/\">Al Ahram Plastic Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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\/evs\/\">EVs<\/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\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industrial-development-authority\/\">Industrial Development Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infinity\/\">Infinity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/instapay\/\">InstaPay<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"610532\" 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=\"610532\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/private-equity-firms-are-getting-burned-as-western-ipos-underperform\/\">\r\n                            Private equity firms are getting burned as IPOs underperform                        <\/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\/21\/private-equity-firms-are-getting-burned-as-western-ipos-underperform\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"610533\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/private-equity-firms-are-getting-burned-as-western-ipos-underperform\/1111-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1111.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1111.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1111.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1111.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610532\" class=\"content-area-description single-story post-610532 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance tag-private-equity 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\/.126e4123-bc81-4269-80d0-59ae2d0f953b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Western<\/strong><strong>IPO slump forces PE firms to buy back companies: <\/strong>As investor optimism on IPOs <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec48eba4-ed50-4c78-9be3-e7d09f924ada\" style=\"\" rel=\"noopener\">in US and EU markets<\/a> continues to flounder, private equity firms are looking to re-acquire public companies they owned or held minority stakes in, reports the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/645206d6-28ce-4ac7-8c5e-ceb40764cc84\" style=\"\" rel=\"noopener\">Financial Times<\/a>. With share prices in newly-listed companies well below their initial IPO level, firms have cheap purchases on their hands, industry executives said. However, firms reinvesting in companies with one failed IPO will be pressured to improve them if the plan is to relist in the future. \u201cIn order to relist, there need to be fundamental changes to the company,\u201d one buyout executive told the salmon-colored paper.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other stories worth knowing about on this fine fall morning:<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- AI boom drives the Nasdaq to a 22-month high:<\/strong> The Nasdaq 100 climbed to fresh peaks at the closing bell yesterday, while the S&amp;P 500 closed at its highest since August. Investors rallied ahead of tech giant Nvidia\u2019s earnings results, due to be out today, as well as Sam Altman\u2019s new addition to the team at Microsoft (we\u2019ve covered the story above). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- US 10-year yields fell to around 4.4%<\/strong> as investors continued to believe that the Federal Reserve has reached the end of its aggressive tightening cycle after it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e5dab6c-5857-4b96-a64d-69534a62b5ec\" style=\"\" rel=\"noopener\">held rates unchanged<\/a> at the start of this month. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Oil inched up more than 2% on the back of anticipated OPEC+ supply cuts<\/strong>: Brent crude was up 2.1% at USD 82.32 a barrel, as prolonged production cuts are expected to be announced at an OPEC+ meeting next Sunday. An additional cut of 1 mn barrels per day could also be on the cards for the cartel after oil prices began slumping towards the end of October, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b2828be2-a3a7-4b3f-bb50-d816ee7162ca\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports, citing a source it says is in the know. <\/p><p><a target=\"_blank\" id=\"t.b783686dcad17b3e1f9743a1c51227e0e8f12fa5\" 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<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\">24,760<\/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: +69.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,119<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +6.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,575<\/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\">0.0% (YTD: -6.2%)<\/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>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\">4,002<\/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: +20.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,547<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +18.4%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,496<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +0.6%)<\/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>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\">4,342<\/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\">0.0% (YTD: +14.5%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 82.32<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2.88<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.6%<\/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>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 1,980.30<\/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\">-0.2%<\/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>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 37,428.44<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2% (YTD: +127.0%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 4.1 bn (53.2% above the 90-day average). Regional investors were net buyers. The index is up 69.6% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Juhayna (+2.8%), Sidi Kerir Petrochemicals (+2.5%) and E-Finance (+0.8%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Talaat Moustafa Group (-3.3%), Egypt Kuwait Holding (-3.2%) and Qalaa Holding (-3.1%).<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span 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<p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/international-cooperation-ministry-reviews-nwfes-progress-one-year-into-the-program\/\">\r\n                            International Cooperation Ministry reviews the NWFE\u2019s progress, one year into the program<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n  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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1099.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1099.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1099.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1099.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-610534\" class=\"content-area-description post-610534 goinggreen type-goinggreen status-publish has-post-thumbnail hentry category-going-green tag-development-finance tag-energy tag-enterprise-going-green tag-enterpriseam tag-food tag-going-green tag-nwfe tag-water wpautop entry\">\n\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\"> <strong>An NWFE update on the program\u2019s first anniversary: <\/strong>Bilateral and multilateral lenders have committed a total of USD 7.2 bn to the Nexus for Water, Food and Energy (NWFE) program in the past year, International Cooperation Minister Rania Al Mashat <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/ettuzux8\" style=\"\" rel=\"noopener\">said<\/a> on Sunday, during a conference in Sharm El Sheikh. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>The NWFE program \u2014 launched ahead of last year\u2019s COP27 climate summit \u2014 is the government\u2019s flagship initiative aiming to raise blended finance for nine climate adaptation and renewables projects worth a combined USD 15 bn. The program wants to reduce Egypt\u2019s emissions levels, improve air quality and ensure access to reliable and clean energy sources, all in line with the country\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e159042-29f4-48a3-8499-809e5f8c53a8\" style=\"\" rel=\"noopener\">nationally determined contributions<\/a> (NDCs). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And we have big renewables ambitions:<\/strong> Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06e7e381-df4d-4d89-94c7-428dba34d5a3\" style=\"\" rel=\"noopener\">ramped up<\/a> its renewables target to 42% of the country\u2019s energy mix by 2030 instead of 2035 last July and upgraded its emissions reduction goal to 80 mn tons by 2030 from a previous goal of 70 mn tons. The government is aiming to produce <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46eb0c0b-2e62-47e0-8423-05c5359f3275\" style=\"\" rel=\"noopener\">42% of its energy<\/a> from renewable sources by 2030 and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04dda22d-b376-4d76-bf9a-50f917a5ac39\" style=\"\" rel=\"noopener\">60% by 2040<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going? <\/strong>NWFE is funneling the funds towards renewable energy projects, five projects in the field of agriculture and food security, and three in irrigation and water resources, the International Cooperation Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/196346a6-9073-4ec3-be85-d7263213092b\" style=\"\" rel=\"noopener\">said<\/a> last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENERGY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Modernizing Egypt\u2019s energy sources: <\/strong>The International Cooperation Ministry wants to reduce Egypt\u2019s CO2 emissions by 17 mn tons a year through the closure and decommission <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb47fa0e-86be-4684-9bfb-ee1067524e29\" style=\"\" rel=\"noopener\">5 GW of gas-fired power plants<\/a> by 2025, saving the country USD 1.2 bn a year spent on providing the plants with fuel for operations, according to the <a target=\"_blank\" href=\"https:\/\/moic.gov.eg\/ar\/news\/1222?fbclid=IwAR0rUcT5c4SfXBAXlzvbuXNKstbWRdry_F3KPn1DYNmHFZNLmeSiZ_sG5N4\" style=\"\" rel=\"noopener\">NWFE energy pillar report<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Privat<\/strong><strong>e secto<\/strong><strong>r involvement:<\/strong> Contracts for some 3.7 GW of renewable energy projects have already been signed between the Electricity Ministry and various private sector firms including a contract with UAE\u2019s Masdar, Infinity Power, and Hassan Allam Utilities for a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/189cc88e-5bd1-40a3-9fd7-aed956392111\" style=\"\" rel=\"noopener\">10 GW wind farm<\/a> in Sohag at a cost of USD 10 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Financing the projects: <\/strong>Development partners have so far committed USD 3.2 bn to the energy pillar, that includes funding from the European Bank for Reconstruction and Development (EBRD)\u2019s High Impact Partnership Fund for Climate action and the World Bank\u2019s Transformative Carbon Assets Fund, in addition to funding from the European Investment Bank (EIB), the French Development Agency (AFD), the African Development Bank (AfDB), the Asian Infrastructure Investment Bank (AIIB), the UK, Denmark, and the Netherlands.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EBRD is behind the majority of the funds:<\/strong> The EBRD \u2014 the main financing partner for the NWFE\u2019s energy pillar \u2014 has mobilized some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6de6e137-c444-4227-8153-71e7742f4808\" style=\"\" rel=\"noopener\">USD 1.3<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6de6e137-c444-4227-8153-71e7742f4808\" style=\"\" rel=\"noopener\">bn<\/a> in the form of soft development financing grants and other forms of financing. Part of this includes <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb47fa0e-86be-4684-9bfb-ee1067524e29\" style=\"\" rel=\"noopener\">USD 300 mn<\/a> to help in the decommissioning of power plants. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FOOD- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The NWFE\u2019s food pillar also needs USD bns: <\/strong>The NWFE initiative wants to implement five projects that will support Egypt\u2019s food security and require investments of USD 3.35 bn, The International Cooperation Ministry said in the <a target=\"_blank\" href=\"https:\/\/moic.gov.eg\/ar\/news\/1226?fbclid=IwAR3Ea2-4RFNqa4BDSP8mWsrrCdS4EtwBU5k2MZ90q0Oun9HRM-qsdFFSoNk\" style=\"\" rel=\"noopener\">NWFE\u2019s food pillar report<\/a>. The World Bank, the International Fund for Agricultural Development (IFAD), and the Islamic Development Bank are all acting as lead partners in food pillar projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ple<\/strong><strong>dges of USD 1.74 bn have been made so far:<\/strong><\/p>\n<ul>\n<li><strong>IFAD<\/strong> is committing <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/196346a6-9073-4ec3-be85-d7263213092b\" style=\"\" rel=\"noopener\">USD<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/196346a6-9073-4ec3-be85-d7263213092b\" style=\"\" rel=\"noopener\">200 mn<\/a><\/strong>to the food track and is looking to increase its investments in projects supporting rural communities tackling climate change and the capabilities of smallholders;<\/li>\n<li>The <strong>African Development Bank <\/strong>(AfDB) has said it will provide more than <strong><a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/43575\" style=\"\" rel=\"noopener\">USD 1 bn<\/a><\/strong> to the NWFE, split between the program\u2019s water, food and energy tracks;<\/li>\n<li>A number of <strong>undisclosed organizations<\/strong> are <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/073f0563-1a97-45de-afc4-97c50b515bac\" style=\"\" rel=\"noopener\">partnering with IFAD<\/a> to provide another <strong>USD 775 mn<\/strong>;<\/li>\n<li>The Islamic Development Bank, AIIB, EIB and the French Development Agency have also committed funds, the report said, without detailing their commitments. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enhancing resilience and adaptability:<\/strong> NWFE will direct funds towards projects that adapt crop production in the Nile Valley and the Delta to climate change, enhance agricultural resilience in the northern Delta region affected by sea level rise, boost flexibility in the most remote and needy areas, modernize irrigation systems in old agricultural lands, and establish an <a target=\"_blank\" href=\"https:\/\/www.undrr.org\/terminology\/early-warning-system\" style=\"\" rel=\"noopener\">early warning system.<\/a><a target=\"_blank\" href=\"https:\/\/www.undrr.org\/terminology\/early-warning-system\" style=\"\" rel=\"noopener\"><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATER- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The water pillar has more than enough funding:<\/strong> The International Cooperation Ministry has secured funding of USD 2.3 bnto support its water resource development strategy, which requires USD 1.4 bnin investments, the ministry said in the <a target=\"_blank\" href=\"https:\/\/moic.gov.eg\/ar\/news\/1225\" style=\"\" rel=\"noopener\">NWFE\u2019s water report<\/a>. The projects aim to tackle irrigation \u2014 modernizing practices and establishing water desalination plants.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What kind of projects are being funded?<\/strong> Egypt will launch five water desalination plants in four governorates with a capacity of 525k cubic meters per day, rising to 1.75 mn cm\/d by 2050, the report said. Solar irrigation systems will be expanded to support the reduction of CO2 emissions and make systems less vulnerable to future energy crises, while the third prong of the pillar will implement projects modernizing agricultural practices to boost water usage efficiency. Some 7.5 mn beneficiaries who rely on traditional irrigation practices are expected to benefit from the projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind the funding?<\/strong> The AfDB, EBRD, Islamic Development Bank, IFAD, World Bank and AIIB have all pledged funds to the water pillar. <\/p>\n<ul>\n<li>The <strong>EIB<\/strong>, a main development partner for the NWFE\u2019s water pillar, announced that it could commit some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f937b85f-53c2-4742-ab81-a431b6347423\" style=\"\" rel=\"noopener\">USD 1.5 bn<\/a> for water treatment projects on the sidelines of COP27 last year. <\/li>\n<li>Technical missions for the projects have been carried out, supported by two grants of EUR 280k from the Technical Assistance Fund for Middle-Income Countries of the <strong>African Development Bank;<\/strong><\/li>\n<li>And EUR 500k from the <strong>African Water Facility,<\/strong> the report notes.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Oriental Weavers factory goes green:<\/strong> Oriental Weavers will start operating one of its Tenth of Ramadan factories <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50188578-5108-4d70-8eec-e327016cdb31\" style=\"\" rel=\"noopener\">using renewable energy<\/a>.<\/li>\n<li><strong>Jan De Nul inks Mediterranean link MoU:<\/strong> Belgian maritime services provider Jan De Nul will start studying a project to export renewable energy of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f11057c-ce21-4aac-9de0-2ed7241aa9de\" style=\"\" rel=\"noopener\">at least 2 GW<\/a> from Egypt to Europe via a Mediterranean link, under an MoU inked with the EETC. <\/li>\n<li><strong>Our annual carbon emissions from transport cut by 1.1 mn tons:<\/strong> Projects implemented under the NWFE initiative have cut the transport sector\u2019s annual carbon emissions <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64bba9b2-93c7-4540-8d14-e9de6408d9ff\" style=\"\" rel=\"noopener\">by around 1.1 mn tons<\/a> a year.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/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\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nwfe\/\">NWFE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"610536\" 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\/21\/610536\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-610536\" class=\"content-area-description single-story post-610536 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;\">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;\">26 November (Sunday): The 36th OPEC and non-OPEC Ministerial Meeting takes place in Vienna.<\/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>1 January (Monday): Egypt to join the Brics.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 January (Sunday): Coptic Christmas.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17 January (Wednesday): A delegation of Egyptian companies to visit Istanbul.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 January (Thursday): Revolution day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FEBRUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11 February (Sunday): The deadline to apply for the Chicago Booth Executive Program<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9 April (Tuesday): Eid El Fitr (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Wednesday): National holiday in observance of Labor Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">5 May (Sunday): Coptic Easter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 May (Monday): Sham El Nessim (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 May (Wednesday): Chicago Booth Executive Program<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-19 June (Saturday-Wednesday): Eid El Adha (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 June (Sunday): June 30 Revolution Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 July (Sunday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 July (Tuesday): Revolution Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 September (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.airport-technology.com\/sponsored\/dates-announced-for-egypt-international-airshow-2024\/\" style=\"\">Egypt International Airshow<\/a><\/span><span style=\"font-weight:400;\">, El Alamein International Airport.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 September (Sunday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Saudi investments galore | SFE + Tanweer | Beltone pushes into mortgage finance | Building reconciliation law finally passed<\/p>\n","protected":false},"featured_media":610507,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-610506","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"53bd6479-27a1-42f1-97ae-d2b1d7424f9b","teaser":"Saudi investments galore | SFE + Tanweer | Beltone pushes into mortgage finance | Building reconciliation law finally passed","photo_url":"https:\/\/ent.news\/2023\/11\/1120.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Two Saudi groups eye investments in Egypt worth more than USD 555 mn - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/two-saudi-groups-eye-investments-in-egypt-worth-more-than-usd-555-mn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Saudi groups eye investments in Egypt worth more than USD 555 mn\" \/>\n<meta property=\"og:description\" content=\"Saudi investments galore | SFE + 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