{"id":612032,"date":"2023-12-17T00:00:00","date_gmt":"2023-12-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=612032"},"modified":"2025-12-17T02:42:23","modified_gmt":"2025-12-17T02:42:23","slug":"shipping-giants-pause-red-sea-transit-amid-rising-number-of-attacks","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/shipping-giants-pause-red-sea-transit-amid-rising-number-of-attacks\/","title":{"rendered":"Shipping giants pause Red Sea transit amid rising number of attacks"},"content":{"rendered":"<section id=\"612034\" 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=\"612034\">\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\/12\/17\/the-future-of-the-madbouly-cabinet-in-question-election-results-are-out-tomorrow\/\">\r\n                            The future of the Madbouly cabinet in question + Election results are out tomorrow                        <\/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-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1063.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1063.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612034\" class=\"content-area-description single-story post-612034 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-cabinet-shuffle tag-elections-2023 tag-enterpriseam tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.60206e28-5b92-45f4-b99a-899a28522a5f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people. <\/strong>We kick off this morning\u2019s report with everyone\u2019s favorite parlor game: Talk of a cabinet shuffle. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Is there a cabinet shuffle in the works? <\/strong>The usual post-election talk of a cabinet shuffle has begun, with well-connected MP and TV presenter Mostafa Bakry taking to the airwaves (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=2zU10UtKfq4\" style=\"\" rel=\"noopener\">watch<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=2zU10UtKfq4\" style=\"\" rel=\"noopener\">, runtime: 6:48<\/a>) to say he expects changes around the cabinet table just before or after the inauguration. The law permits President Abdelfattah El Sisi to shuffle his ministers before the inauguration \u2014 or after it, should he be reelected \u2014 Bakry explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When\u2019s the inauguration?<\/strong> Bakry expects it on 3 April, saying that under constitutional amendments introduced in 2019, the president\u2019s term lasts for six years from the date he last took the oath of office.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adib wants more transparency: <\/strong>El Hekaya\u2019s Amr Adib called on the Madbouly government to be more transparent and share updates on the anticipated cabinet shuffle. (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Hr2li0js18U\" style=\"\" rel=\"noopener\">watch, runtime: 1:30<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>We\u2019ll have election results tomorrow: <\/strong>The National Elections Authority (NEA) will hold a press conference at 2pm CLT to announce results of this month\u2019s presidential poll, according to a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2yx3xmtb\" style=\"\" rel=\"noopener\">statement<\/a>. The domestic press has already called the election for President Abdel Fattah El Sisi. None of the candidates filed complaints about irregularities in the voting or counting process, the statement said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TIGHTENING CARD LIMITS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>CIB has imposed further limits on the use of credit cards for FX spending: <\/strong>Credit card holders will only be allowed to spend EGP 7.75k worth of FX transactions a month while in Egypt, regardless of the number of credit cards they hold, the lender told users on Thursday. The restriction went into effect on Friday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank does not appear to have made changes to spending limits for cardholders who <\/strong><strong>travel abroad<\/strong>, saying in an <a target=\"_blank\" href=\"https:\/\/www.cibeg.com\/-\/media\/project\/downloads\/fees-and-charges\/personal-english\/new-international-limits-for-debit-and-credit-cards---e.pdf\" style=\"\" rel=\"noopener\">fact sheet (pdf)<\/a> that you need to reach out 3-7 days before traveling to activate your card \u2014 and reconcile with them within 90 days of that date. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not clear whether other banks have taken similar measures<\/strong>, but given how in-sync the industry has been, we expect it will be only a matter of time before others follow suit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The central bank in October <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e68118bf-ed08-46df-a7d6-46dc4559afec\" style=\"\" rel=\"noopener\">capped<\/a> FX spending inside Egypt for credit cards to the equivalent of USD 250 a month per card.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CRYSTAL BALL TIME-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Analysts at HSBC now expect the USD to change hands for EGP 40-45 in 1Q 2024<\/strong>, compared to a previous forecast of 35-40, Asharq Business <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1735691186818449421\" style=\"\" rel=\"noopener\">said in a post on X<\/a>. HSBC thinks the Finance Ministry will separately need to tighten fiscal policy to offset <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff49ee89-5a9a-422b-a6d3-99cd78e21b65\" style=\"\" rel=\"noopener\">record-high debt service costs<\/a>. The official USD-EGP exchange rate has remained pegged at 30.96 since March. The USD is changing hands at 48-53 in the parallel market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGP 40-45 appears to be the consensus<\/strong>, suggesting the USD is overly strong on the prallel market. Fitch Solutions\u2019 research unit <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f38c2d4-faff-47be-b455-cff0a54bba5d\" style=\"\" rel=\"noopener\">BMI sees<\/a> the EGP weakening to 40-45 against the greenback by the end of 1Q 2024. EFG Hermes lead MENA economist Mohamed Abu Basha <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd5e5da8-31cd-45c6-b958-b8a46f77e544\" style=\"\" rel=\"noopener\">sees<\/a> the \u201cEGP 40 mark [against the greenback] as being an eventual area of stability for the EGP when the FX market clears.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our IMF-borrowing threshold might get a USD 8 bn top-up<\/strong> after the lender <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/imf-board-approves-plan-boost-lending-resources-without-shareholding-changes-2023-11-07\/\" style=\"\" rel=\"noopener\">approved<\/a> a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7478e480-df5b-4599-a9d6-45e9788ab1ee\" style=\"\" rel=\"noopener\">proposed 50% increas<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7478e480-df5b-4599-a9d6-45e9788ab1ee\" style=\"\" rel=\"noopener\">e<\/a> to borrowing quotas allocated to member countries, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/12\/16\/1746192\" style=\"\" rel=\"noopener\">Al Borsa<\/a> writes separately, quoting the same HSBC report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#2- IIF forecasts 3.3% growth: <\/strong>The Institute of International Finance (IIF) sees Egypt\u2019s economy growing 3.3% in the current fiscal year as record inflation, FX shortage, supply bottlenecks, and the impact of the conflict in Gaza curb both consumption and exports. The IIF also sees the country suffering from a USD 7 bn funding gap during the fiscal year 2023-2024, according to a report picked by <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2p2c88z9\" 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>That\u2019s slightly below gov\u2019t estimates:<\/strong> The Madbouly government has recently downgraded its growth forecast for the year to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82b04b9f-4f92-4d51-a562-bd3cb27436bf\" style=\"\" rel=\"noopener\">3.5%<\/a> from prior forecasts which put growth at <a target=\"_blank\" href=\"https:\/\/www.enterprise.news\/news\/story\/0d289316-dd69-4504-a2ae-cfa6bcbf94b7\" style=\"\" rel=\"noopener\">4.2%<\/a>. Meanwhile, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18f5a345-3af0-4908-af1b-d9a8a46852a1\" style=\"\" rel=\"noopener\">IMF<\/a>, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b2f9b1b3-dd65-41f5-a301-4613e12d726e\" style=\"\" rel=\"noopener\">World Bank<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c9d2065-c5ad-456f-adb1-867053c60a70\" style=\"\" rel=\"noopener\">S&P Global<\/a> have all recently penciled in 3.5-3.7% growth in FY 2023-24.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The good news:<\/strong> The IIF sees the IMF restarting its long-stalled review of our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd3e36a4-25a3-4129-9e86-f88ce45ca113\" style=\"\" rel=\"noopener\">USD 3 bn loan<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd3e36a4-25a3-4129-9e86-f88ce45ca113\" style=\"\" rel=\"noopener\">program<\/a> in the beginning of 2024 on the back of the widely anticipated post-election EGP devaluation and shift to a flexible exchange rate. There has been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a94a949-f75e-4fd7-a9da-0a8bea3bd687\" style=\"\" rel=\"noopener\">recent chatter<\/a> that the IMF could as much as quadruple its assistance package, which would give policymakers the firepower needed to properly float the EGP.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/uaeform.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/135.jpg?ssl=1\"\/><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING TODAY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Negotiators take another crack at the GERD: <\/strong>Representatives from Egypt, Ethiopia, and Sudan were back at the table yesterday for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54befe91-5ef8-48b6-9d14-c3fe0d4a1389\" style=\"\" rel=\"noopener\">another round of talks<\/a> aimed at breaking the deadlock over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD) in Addis Ababa. Discussions continue through tomorrow; it\u2019s the fourth round since President Abdel Fattah El Sisi and Ethiopian Prime Minister Abiy Ahmed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a70fe3ef-254a-41e4-8335-5db25860d457\" style=\"\" rel=\"noopener\">agreed to restart negotiations<\/a> in July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Sugar export ban extended: <\/strong>The Trade Ministry has extended for three months its ban on the export of sugar, according to a decision published in the Official Gazette. The ban, which runs through March 2024, exempts surplus quantities beyond local market needs. The ministry has also stepped up warnings to wholesalers and retailers against hoarding and price gouging as it looks to calm soaring prices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- MoIC launches digital platform to support the private sector: <\/strong>The International Cooperation Ministry will launch a digital platform to provide financial and technical support to private sector companies. The platform will be dubbed Hafez.<\/p>\n<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<\/p><\/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 <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#1- It\u2019s interest rate week: <\/strong>The CBE\u2019s Monetary Policy Committee will meet on Thursday to review rates. <strong>Our poll of analysis sees the bank leaving rates on hold.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Palestine lights up the silver screen: <\/strong><a target=\"_blank\" href=\"https:\/\/elgounafilmfestival.com\/\" style=\"\" rel=\"noopener\">El Gouna Film Festival<\/a> continues this week with a special program spotlighting Palestinian narratives \u2014 <a target=\"_blank\" href=\"https:\/\/elgounafilmfestival.com\/article\/335\" style=\"\" rel=\"noopener\">Windows on Palestine<\/a> \u2014 in collaboration with the <a target=\"_blank\" href=\"https:\/\/www.palestinefilminstitute.org\/\" style=\"\" rel=\"noopener\">Palestine Film Institute<\/a>. The gathering wraps up on Thursday.<\/p>\n<p><strong>** <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4cecab8-ad0f-43be-9a33-d958d1de380c\" style=\"\" rel=\"noopener\">EnterprisePM<\/a><\/strong><strong> has a run-down <\/strong>of the most notable films at the festival. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Kuwait\u2019s ruling emir, Sheikh Nawaf Al Ahmad Al Sabah, died <\/strong><strong>yesterday at age 86<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.cmgs.gov.kw\/Weekly-Statement?enc=QWw3Q8QhPZMhGweMWa\/3aA==\" style=\"\" rel=\"noopener\">Kuwaiti cabinet statement<\/a>. The emir had been admitted to hospital for an emergency health problem <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ff534b7-45d7-45b5-a739-fa5c8f3eed09\" style=\"\" rel=\"noopener\">at the end of November<\/a>. Al Sabah\u2019s half-brother, Crown Prince Sheikh Mishal Al Ahmad Al Sabah, has been announced as the new emir, the statement said. <strong>Egypt has declared a three-day mourning period<\/strong>, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/29puun39\" style=\"\" rel=\"noopener\">Ittihadiya<\/a> said. (<a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/12\/16\/world\/middleeast\/sheikh-nawaf-dead.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/2ea257fb-efee-48a2-80a6-fe7d3efdeb80\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20231216-kuwait-emir-sheikh-nawaf-dies-aged-86-royal-court\" style=\"\" rel=\"noopener\">France24<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2023\/12\/16\/middleeast\/kuwait-sheikh-nawaf-dies-intl\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/kuwait-emir-sheikh-nawaf-dies-d4a0e02fd3e5aee29a220686c8df8654\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/kuwaits-state-tv-cuts-koranic-verses-possible-signal-death-royal-family-2023-12-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel\u2019s war in Gaza continues to dominate front pages <\/strong>around the world. The <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/bethlehem-west-bank-israel-hamas-war-a42bbd967c27a68f71f8aace59387963\" style=\"\" rel=\"noopener\">AP<\/a> looks at how Gazans prepared to observe Christmas. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/us-stresses-safety-gaza-civilians-israel-unrelenting-attacks-2023-12-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-16\/netanyahu-faces-protests-as-more-hostage-death-details-emerge?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> are looking at the latest from Netanyahu, while the <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/national-security\/2023\/12\/16\/biden-netanyahu-israel-support-gaza\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> is breaking down what Biden\u2019s support of Israel could mean for US foreign policy. We have the latest on Gaza in the news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At least 61 people have drowned off the coast of Libya<\/strong>, with women and children among the dead, the International Organization for Migration writes. The boat full of migrants heading for Europe is believed to have left from Zwara, west of Tripoli, near the border with Tunisia.<\/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\/cabinet-shuffle\/\">cabinet shuffle<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elections-2023\/\">Elections 2023<\/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=\"612036 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=\"612036\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/612036\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612036\" class=\"content-area-description single-story post-612036 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\/137.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=\"612037\" 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=\"612037\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/worlds-largest-shipping-firms-pause-red-sea-transit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1047.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612038\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/worlds-largest-shipping-firms-pause-red-sea-transit\/1047-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1047.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1047.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1047.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1047.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612037\" class=\"content-area-description single-story post-612037 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-cma-cgm tag-enterpriseam tag-hapag-lloyd tag-logistics tag-maersk tag-suez-canal wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.90bc41ad-ddc4-40ae-9727-5f80bce049bc.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>New headwinds for the Suez Canal?<\/strong> Four of the world\u2019s largest shipping firms, including Mediterranean Shipping (MSC), AP Moller-Maersk, CMA CGM, and Hapag-Lloyd, have said that they are pausing transit through the Red Sea due to repeated attacks on shipping by Houthi groups in Yemen, company representatives tell Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The halt in transit is hopefully just a temporary measure:<\/strong> \u201cWe are not happy with the decision and hope that navigation returns to normal,\u201d Maersk\u2019s MENA Chief Group Representative, Hany El Nady, tells us. \u201cThe Suez Canal is the most suitable and safest navigation route for international trade to cross \u2026 unlike the open sea, which is not devoid of its own risks.\u201d The news was first reported by the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/maersk-hapag-lloyd-rethink-red-sea-voyages-after-attacks-on-ships-f117b471\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> and <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/middle-east\/20231216-french-shipping-group-cma-cgm-pauses-all-container-shipments-through-the-red-sea?utm_term=France24_en&utm_campaign=twitter&utm_source=nonli&utm_medium=social\" style=\"\" rel=\"noopener\">France 24<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talks to boost security for vessels: <\/strong>Maersk is in talks with the European Union, the International Maritime Organization, and others to form an alliance for safer transit in the Red Sea, El Nady says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The situation has been escalating for some time:<\/strong> Attacks on ships passing along the Red Sea have been making headlines since Israel started its war on Gaza, as the Iranian-backed Houthis in Yemen look to pressure Israel. While Israeli ships were originally the sole target, armed Houthi groups <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/yemens-houthis-say-they-will-target-ships-red-sea-en-route-israel-2023-12-09\/\" style=\"\" rel=\"noopener\">upped the ante<\/a> last week by announcing that they will target all shipping companies that work with Israeli ports, regardless of nationality.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the past few days:<\/strong><\/p>\n<ul>\n<li><strong>Egyptian forces intercepted a flying object <\/strong>that <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5rbn9dkt\" style=\"\" rel=\"noopener\">crashed<\/a> near the coast of Sinai\u2019s Dahab. <\/li>\n<li><strong>The US military shot down 14 drones<\/strong> in the Red Sea that were allegedly <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-16\/red-sea-shipping-chaos-as-us-military-defends-threat-to-commercial-vessels\" style=\"\" rel=\"noopener\">launched<\/a> from Houthi-controlled areas of Yemen.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s too early to predict the impact on our Suez Canal receipts: <\/strong>The Suez Canal Authority has yet to release a statement on potential impact of the companies\u2019 decisions, but how much it bites will be directly proportional to how long it lasts. While it\u2019s not clear how much of the traffic passing through the Suez Canal belongs to the four shipping lines, they account for more than 50% of global sea shipping. Around 12% of the world\u2019s trade and 22% of all global shipping containers pass through Suez Canal each year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bad news for global supply chains: <\/strong>The price of freight globally is likely to become more expensive and push up global inflation with it, Mohamed Daoud, the vice president of the Arab Academy for Science, Technology and Maritime Transport, told us. Some companies are already paying fines for the delayed arrival of goods to various ports, a senior executive at a shipping company told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alternative routes via the Cape of Good Hope add an additional 10-14 days and rack up <\/strong><strong>the fuel bill<\/strong>, according to Al Nady. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US is pushing for the \u201cbroadest possible\u201d maritime coalition to protect ships in the <\/strong><strong>Red Sea,<\/strong> the US envoy for Yemen told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/us-seeks-broadest-possible-red-sea-maritime-coalition-against-houthi-attacks-2023-12-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a> last week. The Biden administration has been careful in the past two months on retaliating the Iran-backed Houthis\u2019 attacks to avoid opening a new war front that would cause the oil prices to jump to unprecedented heights.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Want to go deeper into how shipping firms are adapting to the Gaza war?<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/5d23f68b-e026-4523-b144-72e884e483e4\" style=\"\" rel=\"noopener\">Enterprise<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/5d23f68b-e026-4523-b144-72e884e483e4\" style=\"\" rel=\"noopener\">Logistics has the low-down<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SCA EXTENDS TRANSIT FEE CUTS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SCA extends transit<\/strong><strong> fee reductions for multiple classes of vessels:<\/strong> The Suez Canal Authority (SCA) has extended transit fee reductions granted to <a target=\"_blank\" href=\"https:\/\/www.suezcanal.gov.eg\/English\/Navigation\/NavigationCirculars\/Pages\/PC4.2020_13-12-2023.aspx\" style=\"\" rel=\"noopener\">LNG tankers<\/a>, <a target=\"_blank\" href=\"https:\/\/www.suezcanal.gov.eg\/English\/Navigation\/NavigationCirculars\/Pages\/PC3.2018_13-12-2023.aspx\" style=\"\" rel=\"noopener\">dry bulk vessels<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.suezcanal.gov.eg\/English\/Navigation\/NavigationCirculars\/Pages\/PC1.2018_13-12-2023.aspx\" style=\"\" rel=\"noopener\">oil tankers<\/a>, among others until 30 June 2024. Vessels operating between a number of regions, including the US Gulf, India, and the Caribbean will receive rebates ranging from 25-75%. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/edition\/logistics\/66ab5350-edca-4d43-b27d-1e4c5a4c7e71\" style=\"\" rel=\"noopener\">Enterprise Logistics has the rundown.<\/a> <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cma-cgm\/\">CMA CGM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hapag-lloyd\/\">Hapag-Lloyd<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maersk\/\">Maersk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/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=\"612039\" 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=\"612039\">\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\">POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/cbe-to-keep-interest-rates-steady-poll\/\">\r\n                            Central Bank of Egypt is expected to keep interest rates unchanged this week - poll                        <\/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\/12\/17\/cbe-to-keep-interest-rates-steady-poll\/\" 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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Cooling inflation at home and the US Federal Reserve <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e85e6761-fae3-4acd-9327-e62118539734\" style=\"\" rel=\"noopener\">leaving rates unchanged<\/a> last week will factor in the MPC\u2019s thinking, analysts tell us. Seven of the nine we surveyed see the CBE holding rate steady when the Monetary Policy Committee (MPC) meets. The other two expect policy makers to raise rates, with one penciling in a 50-100-bps hike and the other a 200-300-bps hike. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This would be uneventful meeting #3: <\/strong>The central bank has held interest rates steady during its past two meetings in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ab746c7-b281-466c-9e94-67a3a6a729c4\" style=\"\" rel=\"noopener\">November<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd8f3352-c9f5-427e-a7f8-6e36242c1043\" style=\"\" rel=\"noopener\">September<\/a>. The overnight deposit rate stands at 19.25%, while the overnight lending rate is 20.25%, and the main operation and disc. rates are at 19.75%. Rates have risen 1.1k bps since March 2022, with the bank last hiking rates in its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7294f380-2b22-4086-a174-42fc034b474b\" style=\"\" rel=\"noopener\">August meeting<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflation has been cooling:<\/strong> Monthly urban inflation eased for the second consecutive month in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a23e2e09-f05f-4f4d-b2cd-867786df738c\" style=\"\" rel=\"noopener\">November<\/a> to 34.6% y-o-y \u2014 its lowest level in six months. Easing inflation came on the back of an increasingly favorable base effect, which could extend further, but that would be tied to the timing and scale of the anticipated currency float, Al Ahly Pharos\u2019 <strong>Israa Ahmed<\/strong> told Enterprise. Inflation is expected to continue to ease in December, according to securities banking and macro analyst <strong>Heba Monir<\/strong>(<a target=\"_blank\" href=\"https:\/\/eg.linkedin.com\/in\/heba-monir-15612518\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), who sees annual urban inflation easing to 34.4% this month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But more can be done: <\/strong>For rate hikes to have the desirable impact on inflation rates, currency stability is needed, banking expert <strong>Mohamed Abdel Aal<\/strong> said. \u201cRaising rates means more costly borrowing for companies, forcing them to raise prices to help offset this increase in borrowing costs and creating even more inflationary pressure,\u201d he said. He pointed to the shortage of exported goods and a weak EGP as some of the most important factors in determining inflation levels at the moment. The best way for the CBE to control EGP liquidity is by \u201cproviding FX liquidity alongside raising rates,\u201d <strong>EFG Hermes Research<\/strong> said in a report. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rate hikes will soon serve a different purpose: <\/strong>Interest rates, at a later time, will be an effective tool to accompany the anticipated float of the EGP against the USD as it protects the currency against dollarization, banking expert <strong>Tarek Metwally<\/strong> (<a target=\"_blank\" href=\"https:\/\/eg.linkedin.com\/in\/tarek-metwally-44059968\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) says. A float is widely expected at some point after the presidential election as authorities look to comply with the terms of the USD 3 bn IMF loan and release almost USD 700 mn in vital financing \u2014 and potentially a commitment to even more funding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t rule out a hike: <\/strong>There may be a need for \u201cimmediate monetary tightening\u201d to contain inflation after the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/404ad3aa-5e2b-4642-b79a-d7ea249afca2\" style=\"\" rel=\"noopener\">IMF shifted<\/a> its focus from exchange rate policies to helping officials get a grip on soaring inflation, EFG Hermes Research said. Our friends at EFG Hermes are expecting the CBE to hike rates 200-300 bps when it meets, revising an earlier forecast that saw it leaving interest rates on hold. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It doesn\u2019t have to be as drastic: <\/strong>The central bank may make do with a modest 50-100-bps hike to spare the already strained state budget the extra cost that comes with every rate hike, <strong>Ali Metwally,<\/strong> an analyst at UK-based risk assessment firm <a target=\"_blank\" href=\"https:\/\/www.infospectrum.net\/\" style=\"\" rel=\"noopener\">Infospectrum<\/a>, told us. This is the most likely scenario, seeing as more drastic rate hikes \u201cwill push our debt burden and budget deficit higher and put us at risk of defaulting on payments and make Egyptian bonds even less appealing,\u201d he 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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poll\/\">POLL<\/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=\"612041\" 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=\"612041\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/oci-to-sell-entire-50-stake-in-fertiglobe-to-adnoc-for-usd-3-62-bn\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1046.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612042\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/oci-to-sell-entire-50-stake-in-fertiglobe-to-adnoc-for-usd-3-62-bn\/1046-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1046.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1046.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1046.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1046.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612041\" class=\"content-area-description single-story post-612041 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-adnoc tag-adx tag-enterpriseam tag-fertiglobe tag-ma-watch tag-nassef-sawiris tag-oci-global wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.41887f2d-c92d-43d2-a0e0-3c67af4d90d5.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>OCI is selling its share in Fertiglobe: <\/strong>Nassef Sawiris-owned chemical producer <a target=\"_blank\" href=\"https:\/\/oci-global.com\/\" style=\"\" rel=\"noopener\">OCI<\/a> has inked a binding agreement to offload its entire 50% stake in ammonia and urea producer <a target=\"_blank\" href=\"https:\/\/fertiglobe.com\/\" style=\"\" rel=\"noopener\">Fertiglobe<\/a> to the <a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/\" style=\"\" rel=\"noopener\">Abu Dhabi National Oil Company<\/a> (Adnoc) for USD 3.62 bn, according to statements by the three companies (<a target=\"_blank\" href=\"https:\/\/oci-global.com\/news-stories\/press-releases\/oci-announces-agreement-for-the-sale-of-fertiglobe-to-adnoc\/\" style=\"\" rel=\"noopener\">here<\/a>, <a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/en\/news-and-media\/press-releases\/2023\/adnoc-to-acquire-ocis-stake-in-fertiglobe\" style=\"\" rel=\"noopener\">here<\/a>, and <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1042.pdf\" style=\"\" rel=\"noopener\">here, pdf<\/a>). The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 per share and is expected to close in 2024, according to the statements.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, who will own what? <\/strong>The transaction will see Adnoc up its stake in Fertiglobe \u2014 a joint venture between Adnoc and OCI \u2014 to 86.2%. The remaining 13.8% of shares will continue to be traded in free float on the Abu Dhabi Securities Exchange (ADX).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fertiglobe has a big presence in Egypt: <\/strong>Fertiglobe is currently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7f65631-b26f-45aa-a4de-a2daadb77981\" style=\"\" rel=\"noopener\">working<\/a> with the Sovereign Fund of Egypt and Norwegian renewables developer Scatec on a 50-100 MW green hydrogen plant in Ain Sokhna. The <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/fertiglobe\/\" style=\"\" rel=\"noopener\">largest<\/a> fertilizer producer in the MENA region also recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce49e9e0-e5ac-4a4b-ab10-86a56d08ec26\" style=\"\" rel=\"noopener\">shipped<\/a> the world\u2019s first ISCC PLUS-certified (International Sustainability and Carbon Certification) green ammonia from the company\u2019s pilot green hydrogen electrolyzer in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s upside for OCI: <\/strong>\u201cThe purchase consideration additionally includes a two-year earn-out mechanism linked to free cash flow metrics and commodity pricing that may allow OCI to participate in future nitrogen market upside,\u201d OCI said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This isn\u2019t the end of the road for Sawiris and Adnoc: <\/strong>OCI and Adnoc have agreed to explore joint investments in decarbonization and product distribution projects in North America and Europe, OCI said. Sawiris\u2019 private investment office <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/nns-advisers-limited\/about\/\" style=\"\" rel=\"noopener\">NNS<\/a> will also be investing in Fertiglobe, \u201cdemonstrating NNS\u2019s deep conviction \u2026 in the material value creation that lies ahead for Fertiglobe under ADNOC\u2019s stewardship,\u201d Nassef Sawiris said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax:<\/strong> Following news of the agreement being made official, Fertiglobe\u2019s shares inched up 0.3% during trading on Friday to AED 3.01 a share \u2014 6.1% below the premium penciled into the agreement. Euronext-listed OCI\u2019s shares dropped 13.7% to EUR 20.12 a share by the end of trading Friday<\/p>\n<p class=\"tag-border-left\">A SPORTS M&amp;A, TOO-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nassef\u2019s V Sports to welcome new minority stakeholder: <\/strong>US-based investment group <a target=\"_blank\" href=\"https:\/\/www.atairos.com\/\" style=\"\" rel=\"noopener\">Atairos<\/a> will acquire a minority stake in V Sports \u2014 a joint venture between Nassef Sawiris and American b\u2019naire Wes Edens that owns the British Aston Villa FC, the football club <a target=\"_blank\" href=\"https:\/\/www.avfc.co.uk\/news\/2023\/december\/15\/v-sports-announces-investment-from-atairos\/\" style=\"\" rel=\"noopener\">said<\/a> on Friday. The transaction will not affect the ownership of Aston Villa FC, which will continue to be 100% owned by V Sports, which will maintain \u201cfull control of all decisions\u201d at the club.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><b>CORRECTION- <\/b>We incorrectly cited share price data from an Adnoc subsidiary that was not involved in the agreement.<font face=\"Arial\">&nbsp;<\/font><span style=\"background-color: transparent;\">We have since amended the story on our website.<\/span><\/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\/adnoc\/\">ADNOC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adx\/\">ADX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertiglobe\/\">Fertiglobe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nassef-sawiris\/\">Nassef Sawiris<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oci-global\/\">OCI Global<\/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=\"612043\" 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=\"612043\">\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\">Real estate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/new-capital-to-break-ground-on-second-phase-by-3q-2024-at-the-latest\/\">\r\n                            NAC to break ground on second phase by 3Q 2024 at the latest                        <\/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\/12\/17\/new-capital-to-break-ground-on-second-phase-by-3q-2024-at-the-latest\/\" 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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Rising costs mean the second phase of the project could cost more than the c. EGP 300 bn spent on phase one, Abbas added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Consultant TBA within two weeks:<\/strong> The company is in the process of choosing one of the urban consultants that it has shortlisted for the second phase and will announce its decision before year end, Abbas added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ACUD\u2019s plans for an IPO are still full-steam ahead: <\/strong>The company will appoint advisors in 1Q 2024 to advise on its anticipated IPO on the EGX in 2Q 2024, Abbas said. The company is yet to determine whether to list its own shares or those of its subsidiaries, he added. The company earlier this month tapped Jobmaster to help it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98575a69-d468-418a-bec8-147d30a089ef\" style=\"\" rel=\"noopener\">restructure<\/a> its HR systems, policies and procedures, and organizational chart ahead of the IPO. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> The company could raise <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/621b0392-bb53-40e1-b530-5b8522acfbce\" style=\"\" rel=\"noopener\">more than EGP 150 bn<\/a> via a public share sale on the EGX. The company, a joint venture between the military and the Housing Ministry, could offer 5-10% of its shares on the bourse.<\/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\/acud\/\">ACUD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khaled-abbas\/\">Khaled Abbas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-administrative-capital\/\">new administrative capital<\/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=\"612045\" 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=\"612045\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/another-truce-on-the-cards\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1067.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612046\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/another-truce-on-the-cards\/1067-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1067.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1067.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1067.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1067.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612045\" class=\"content-area-description single-story post-612045 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-enterpriseam tag-israel tag-israel-palestine-conflict tag-middle-east-politics tag-palestine tag-war-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.8bd41053-3b85-4f7f-874a-ab16d69d6016.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt sees hope of a new ceasefire<\/strong><strong>: <\/strong>Israeli officials seem more willing to reach a new agreement for a ceasefire in Gaza and the release of Palestinian hostages in exchange for the release of more Hamas-held hostages, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-qatar-explore-revival-deal-gaza-hostages-wsj-2023-12-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing what it says are two Egyptian security officials. Meanwhile, the head of Israel\u2019s intelligence agency on Friday met with the Qatari prime minister, who has also served as a mediator. Israeli Prime Minister Benjamin Netenyahu <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-qatar-explore-revival-deal-gaza-hostages-wsj-2023-12-16\/\" style=\"\" rel=\"noopener\">refused<\/a> to comment on the matter, saying that he wouldn\u2019t relay information to Hamas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Netenyahu refuses to slow down:<\/strong> The Israeli Prime Minister said during a speech yesterday that he would continue the war on Gaza \u201cuntil victory,\u201d reiterating the Israeli plan to demilitarize Gaza and put it under Israel control after the war. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT: <\/strong>Washington is <a target=\"_blank\" href=\"https:\/\/www.voanews.com\/a\/washington-urges-israel-to-scale-down-its-gaza-offensive-\/7400127.html\" style=\"\" rel=\"noopener\">urging<\/a> Israel to be more targeted with its operations \u2014 and to <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/12\/14\/us\/politics\/israel-gaza-hamas-us.html\" style=\"\" rel=\"noopener\">wrap up<\/a> its war in Gaza by year\u2019s end. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ANOTHER AID CORRIDOR<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AID- Another aid doorway opens: <\/strong>The <a target=\"_blank\" href=\"https:\/\/twitter.com\/EylonALevy\/status\/1735710677178654907\" style=\"\" rel=\"noopener\">Israeli government<\/a> has temporarily opened the Kerem Shalom crossing for aid deliveries into Gaza seeing as the Rafah crossing can only accommodate the entry of 100 trucks a day \u2014 half of the agreed upon amount. \u201cThe US has pledged to finance the upgrading of the Rafah crossing as quickly as possible\u201d so that it becomes capable of handling all aid deliveries and become the sole aid delivery point between Egypt and Gaza, the Israeli government said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">BY THE NUMBERS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>QUICK UPDATES- <\/strong><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2chx8jan\" style=\"\" rel=\"noopener\">At least 18,787<\/a> Palestinians have been killed since 7 October, the majority of them women and children | An Israeli <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/gaza-dahdouh-aljazeera-conflict-journalism-b17e6f5c5d987e4f834a0cc3fdc043de\" style=\"\" rel=\"noopener\">strike<\/a> killed a Palestinian Al Jazeera cameraman, pushing the total number of journalists killed during the war to <a target=\"_blank\" href=\"https:\/\/cpj.org\/2023\/12\/journalist-casualties-in-the-israel-gaza-conflict\/\" style=\"\" rel=\"noopener\">64<\/a> | It was one of the more violent days between Israel and Hezbollah since the war began (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=WmBcxM0mhTw\" style=\"\" rel=\"noopener\">watch, runtime: 5:09<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"612047 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=\"612047\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/612047\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612047\" class=\"content-area-description single-story post-612047 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=\"612048\" 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=\"612048\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/talk-shows-mourn-the-passing-of-sheikh-nawaf\/\">\r\n                            Egypt\u2019s talk shows mourn the passing of Kuwaiti emir Sheikh Nawaf                        <\/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\" 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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/talk-shows-mourn-the-passing-of-sheikh-nawaf\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1062.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612049\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/talk-shows-mourn-the-passing-of-sheikh-nawaf\/1062-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1062.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1062.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1062.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1062.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612048\" class=\"content-area-description single-story post-612048 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-cabinet-shuffle tag-enterpriseam tag-kuwait tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.f7400384-6148-4d30-bb53-5e6e47976af0.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>RIP Sheikh Nawaf. <\/strong>The nation\u2019s talking heads were clad in black as they mourned the death of Kuwaiti emir Sheikh Nawaf Al Ahmad Al Sabah, who passed yesterday. The Kuwaiti ruler\u2019s death received airtime from Kelma Akhira (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=eo7ggqkkVLA\" style=\"\" rel=\"noopener\">0:46<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=6P4LnSRF6Tk\" style=\"\" rel=\"noopener\">3:14<\/a>), Ala Mas\u2019ouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=UXMaX20x3Tg\" style=\"\" rel=\"noopener\">watch, runtime: 5:09<\/a>), El Hekaya (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=HNwx4r0xcBw\" style=\"\" rel=\"noopener\">watch, runtime: 11:07<\/a>), Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=DEpjHghssFw\" style=\"\" rel=\"noopener\">watch, runtime: 2:07<\/a>), and Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=377741341301547\" style=\"\" rel=\"noopener\">watch, runtime: 1:07<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ELSEWHERE ON THE AIRWAVES- <\/strong>An unidentified flying object crashed a few kms from Sinai\u2019s Dahab after the Egyptian military shot it down. Maj. Gen. Samir Ragheb told Adib (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=wxBaCjh_Q3I\" style=\"\" rel=\"noopener\">watch, runtime: 3:03<\/a>). The Egyptian military intercepted the drone, Ragheb said. Officials have not publicly said where they believe it originated.<\/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\/cabinet-shuffle\/\">cabinet shuffle<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"612050\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF 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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/more-players-can-set-up-investment-funds-plus-funds-for-takaful-and-karama-italian-interest-in-our-food-sector-new-investments-from-cairo-3a\/\">\r\n                            More players can set up investment funds. PLUS: Funds for Takaful and Karama, Italian interest in our food sector, new investments from Cairo 3A                        <\/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\/12\/17\/more-players-can-set-up-investment-funds-plus-funds-for-takaful-and-karama-italian-interest-in-our-food-sector-new-investments-from-cairo-3a\/\" 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\/12\/17\/more-players-can-set-up-investment-funds-plus-funds-for-takaful-and-karama-italian-interest-in-our-food-sector-new-investments-from-cairo-3a\/')\">\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\/12\/17\/more-players-can-set-up-investment-funds-plus-funds-for-takaful-and-karama-italian-interest-in-our-food-sector-new-investments-from-cairo-3a\/\">\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=More players can set up investment funds. PLUS: Funds for Takaful and Karama, Italian interest in our food sector, new investments from Cairo 3A&url=https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/more-players-can-set-up-investment-funds-plus-funds-for-takaful-and-karama-italian-interest-in-our-food-sector-new-investments-from-cairo-3a\/\">\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\/12\/17\/more-players-can-set-up-investment-funds-plus-funds-for-takaful-and-karama-italian-interest-in-our-food-sector-new-investments-from-cairo-3a\/&title=More players can set up investment funds. PLUS: Funds for Takaful and Karama, Italian interest in our food sector, new investments from Cairo 3A\">\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=More+players+can+set+up+investment+funds.+PLUS%3A+Funds+for+Takaful+and+Karama%2C+Italian+interest+in+our+food+sector%2C+new+investments+from+Cairo+3A+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F12%2F17%2Fmore-players-can-set-up-investment-funds-plus-funds-for-takaful-and-karama-italian-interest-in-our-food-sector-new-investments-from-cairo-3a%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\/12\/17\/more-players-can-set-up-investment-funds-plus-funds-for-takaful-and-karama-italian-interest-in-our-food-sector-new-investments-from-cairo-3a\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1053.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612052\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/more-players-can-set-up-investment-funds-plus-funds-for-takaful-and-karama-italian-interest-in-our-food-sector-new-investments-from-cairo-3a\/1053-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1053.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1053.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1053.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1053.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612051\" class=\"content-area-description single-story post-612051 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-cairo-3a tag-egypt-italy-relations tag-enterpriseam tag-financial-regulatory-authority tag-food-security tag-ibrd tag-italy tag-smes tag-takaful-and-karama tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.74f0baf1-2834-4e7b-a3bd-d4421e82e932.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>FRA ALLOWS MORE PLAYERS TO SET UP INVESTMENT FUNDS:<\/strong> MSME finance and consumer finance companies can now create and manage investment funds in partnership with commercial and investment banks and ins. firms according to recent regulatory amendments from the Financial Regulatory Authority (FRA). (<a target=\"_blank\" href=\"http:\/\/tinyurl.com\/55tkfps3\" style=\"\" rel=\"noopener\">FRA statement<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MORE FUNDING FOR TAKAFUL, KARAMA:<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c5f1c0f-aa31-40cb-9de1-7c1f24ab10c0\" style=\"\" rel=\"noopener\">A USD 500 mn loan<\/a> from the World Bank\u2019s International Bank for Reconstruction and Development (IBRD) got the sign off from President Abdel Fattah El Sisi. The funding will be used to expand the successful Takaful and Karama cash-based welfare programs. (The Official Gazette)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ITALY IS INTERESTED IN OUR FOOD SECTOR: <\/strong>Prime Minister Moustafa Madbouly hosted an Italian delegation to discuss boosting food cooperation with Italy. Partnerships in land reclamation and advanced agricultural techniques, plus the establishment of flour mills, could be in store. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/bdm8atx3\" style=\"\" rel=\"noopener\">Cabinet statement<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MMMMM\u2026 CHICKEN: <\/strong>Agricultural commodities outfit <a target=\"_blank\" href=\"https:\/\/www.cairothreea.com\/\" style=\"\" rel=\"noopener\">Cairo 3A<\/a> wants to invest some EGP 1 bn in Egypt\u2019s poultry sector in 2024. (<a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=16122023&id=0b9566d6-fd80-42a3-afcf-8c59286ff08c\" style=\"\" rel=\"noopener\">Al Shorouk<\/a>) <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/cairo-3a\/\">Cairo 3A<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-italy-relations\/\">Egypt-Italy relations<\/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\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ibrd\/\">IBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/italy\/\">Italy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/takaful-and-karama\/\">Takaful and Karama<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/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=\"612053\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"612054\" 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=\"612054\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/federal-reserve-officials-look-to-rein-in-rate-cut-expectations-ecb-keeps-rates-unchanged\/\">\r\n                            Federal Reserve officials look to rein-in rate cut expectations + ECB keeps rates unchanged                        <\/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\/12\/985.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"985.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/985.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/985.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612054\" class=\"content-area-description single-story post-612054 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-european-central-bank tag-financial-markets tag-interest-rates tag-planet-finance tag-us-federal-reserve 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\/12\/.cef94e69-3826-48b4-aaeb-21d8d794d27a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Fed looks to chill market speculation about imminent rate cuts: <\/strong>Federal Reserve officials have been quick to urge caution to bullish markets that have priced in interest rate cuts as <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-14\/goldman-revises-fed-call-now-seeing-earlier-and-faster-cuts\" style=\"\" rel=\"noopener\">early as March<\/a>, insisting that more encouraging inflation data is needed before the central bank can consider reversing its tightening cycle, according to the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5d0f1f35-d4da-43a2-bf77-ce0112c2e647\" style=\"\" rel=\"noopener\">Financial Times<\/a>. The Fed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e85e6761-fae3-4acd-9327-e62118539734\" style=\"\" rel=\"noopener\">kept rates unchanged<\/a> at 5.25-5.5% in the wake of cooling inflation during its latest meeting on Wednesday. Officials also penciled in no further rate hikes in their projection, with expectations to lower rates by 75 bps next year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>The Fed\u2019s Atlanta President Raphael Bostic slated rate cuts for \u201csometime in the third quarter\u201d of 2024 if inflation falls as expected, telling <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/feds-bostic-sees-two-rate-cuts-2024-likely-starting-third-quarter-2023-12-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a> that he did not feel that rate cuts were \u201cimminent.\u201d It is \u201cpremature to be even thinking\u201d about cuts starting in March, the Fed\u2019s New York President John Williams told <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/12\/15\/feds-john-williams-says-the-central-bank-isnt-really-talking-about-rate-cuts-right-now.html\" style=\"\" rel=\"noopener\">CNBC<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are signs that \u201cthe inflation fight is not won,<\/strong>\u201d one analyst told the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/12\/15\/business\/dealbook\/wall-street-rally-fed-pivot.html\" style=\"\" rel=\"noopener\">New York Times<\/a>. Consumer spending is still going strong, evidenced by robust retail sales data from last week. This, along with growth in the economy and labor markets, could once again trigger inflation. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It is more or less the same story on the other side of the Atlantic: <\/strong>The European Central Bank (ECB) kept rates unchanged for the second consecutive month when it met on Thursday as eurozone inflation dips, it <a target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2023\/html\/ecb.mp231214~9846e62f62.en.html#:~:text=end%20of%202024.-,Key%20ECB%20interest%20rates,4.75%25%20and%204.00%25%20respectively.\" style=\"\" rel=\"noopener\">announced<\/a>. ECB president Christine Lagarde pushed back against predictions of imminent rate cuts, saying that \u201cthere is still work to be done,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/europe\/ecb-has-tough-job-fight-rate-cut-bets-inflation-falls-2023-12-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> wrote. <\/p><p><a target=\"_blank\" id=\"t.f8a11b0e1547b119675523df02d831822b2f6980\" 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-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>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\">24,723<\/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: +69.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,543<\/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: +10.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,498<\/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: -7.0%)<\/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>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\">4,001<\/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\">+0.5% (YTD: +20.0%)<\/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>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\">4,719<\/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: +22.9%)<\/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\">7,576<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,549<\/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: +19.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 76.55<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2.49<\/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\">+4.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,036<\/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\">-0.5%<\/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>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 42,254<\/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: +156.1%)<\/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 0.2% at Thursday\u2019s close<\/strong> on turnover of EGP 3.84 bn (21.2% above the 90-day average). Foreign investors were net sellers. The index is up 69.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Edita (+5.3%), Beltone Financial Holding (+4.6%) and Credit Agricole (+3.6%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Egypt Kuwait Holding (-4.0%), CIRA Education (-2.7%) and TMG Holding (-2.3%).<\/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\/european-central-bank\/\">European Central Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/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=\"612056\" 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\/12\/17\/612056\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612056\" class=\"content-area-description single-story post-612056 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\">DECEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-21 December (Thursday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/elgounafilmfestival.com\" style=\"\">El Gouna Film Festival<\/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;\">16-18 December (Saturday-Monday): Egypt, Ethiopia, and Sudan to resume talks over the filling of the Grand Ethiopian Renaissance Dam (GERD).<\/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\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JANUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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;\">1 January (Monday): Private-sector minimum wage to rise to EGP 3.5k.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>7 January (Sunday): Coptic Christmas <\/span><span style=\"\">(national holiday)<\/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;\">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 \/ Police Day <\/span><span style=\"\">(national holiday).<\/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>11 February (Sunday): The deadline to apply for the Chicago Booth Executive Program <\/span><span style=\"font-weight:400;\">in El Gouna<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 February 2024 (Sunday): <\/span><span>Deadline for bidders for <\/span><span style=\"font-weight:400;\">23 blocks in an international oil and gas bid round.<\/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;\">MARCH<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20 March (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: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) (national holiday).<\/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) (national holiday).<\/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) (national holiday).<\/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 (national holiday).<\/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) (national holiday)<\/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 (national holiday).<\/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 (national holiday).<\/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<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;\">The Grand Egyptian Museum could be officially open to visitors some time between February and May 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:400;\">Q1 2024: Opening of the newly 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;\">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>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 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;\">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 style=\"font-weight:700;\">2025<\/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;\">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>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;\">2027<\/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;\">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>End of 2027: <\/span><span>Trial operations at the Dabaa nuclear power plant expected to take place.<\/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>RIP Sheikh Nawaf | Bad news for Suez Canal | Interest rate week | USD at 45?<\/p>\n","protected":false},"featured_media":612033,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-612032","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"b5f8bc1a-2f46-429b-a266-15a3153ebb03","teaser":"RIP Sheikh Nawaf | Bad news for Suez Canal | Interest rate week | USD at 45?","photo_url":"https:\/\/ent.news\/2023\/12\/1064.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>Shipping giants pause Red Sea transit amid rising 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