{"id":612555,"date":"2023-12-25T00:00:00","date_gmt":"2023-12-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=612555"},"modified":"2025-12-17T02:53:42","modified_gmt":"2025-12-17T02:53:42","slug":"red-sea-transit-resumed","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/red-sea-transit-resumed\/","title":{"rendered":"Red Sea transit resumed?"},"content":{"rendered":"<section id=\"612557\" 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=\"612557\">\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\/25\/egypt-submits-proposal-to-end-war-on-gaza-maersk-is-preparing-to-head-back-to-the-red-sea\/\">\r\n                            Egypt submits proposal to end war on Gaza + Maersk is preparing to head back to the Red Sea                        <\/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\/25\/egypt-submits-proposal-to-end-war-on-gaza-maersk-is-preparing-to-head-back-to-the-red-sea\/\" target=\"_blank\">\n                    Open in new tab     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href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/egypt-submits-proposal-to-end-war-on-gaza-maersk-is-preparing-to-head-back-to-the-red-sea\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1628.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612558\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/egypt-submits-proposal-to-end-war-on-gaza-maersk-is-preparing-to-head-back-to-the-red-sea\/1628-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1628.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1628.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1628.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1628.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612557\" class=\"content-area-description single-story post-612557 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-red-sea 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\/.ae5e249a-0da1-4ac6-b222-a9576bcb9855.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning and a very Merry Christmas. <\/strong>We have a brisk issue for you this morning led by debt and investment news. <\/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 HERE AT HOME- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>El Sisi, Madbouly, Maait talk budget:<\/strong> President Abdel Fattah El Sisi met with Prime Minister Moustafa Madbouly, and Finance Minister Mohamed Maait to review the performance and targets of this year\u2019s state budget amid ongoing economic and geopolitical headwinds, according to an <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/3t9je9yb\" style=\"\" rel=\"noopener\">Ittihadiya readout<\/a>.El Sisi instructed the government to ramp up development and services projects that bear \u201ca direct impact on the citizens.\u201d<\/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\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>House committee discusses green hydrogen incentives: <\/strong>The House Energy and Environment Committee will start discussing a package of incentives aimed at stimulating Egypt\u2019s green hydrogen industry, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a10abfdb-9dc8-4c91-ab5d-8513537de698\" style=\"\" rel=\"noopener\">greenlit by the cabinet in May<\/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\">WAR WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>Egypt submits 3-step proposal to end the war \u2014 and Israel may be ready to listen: <\/strong>Egypt has submitted a proposal for a truce in Israel\u2019s war on Gaza that would see the release of hostages and the formation of a PA-Hamas government in Gaza, Israel media outlet <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/egypt-submits-proposal-to-end-war-free-hostages-form-pa-hamas-government-in-gaza\/\" style=\"\" rel=\"noopener\">The Times of Israel<\/a> reports, citing Israeli officials. <\/p>\n<ul>\n<li><strong>Stage #1- A two-week ceasefire is implemented<\/strong>, wherein 40 Israeli captives are released for 120 Palestinian hostages. Israel will withdraw its tanks and allow aid to enter Gaza. <\/li>\n<li><strong>Stage #2-<\/strong><strong>Egypt-mediated talks between Palestinian factions <\/strong>commence, with the eventual aim of forming a PA-Hamas led government in the West Bank and Gaza \u2014 one that would oversee the reconstruction of Gaza, paving the way for Palestinians to hold presidential and parliamentary elections.<\/li>\n<li><strong>Stage #3- A comprehensive ceasefire and the release of all remaining Israeli hostages<\/strong>, in return for the release of a to-be-determined number of Palestinian captives, and the subsequent withdrawal of Israeli forces from Gaza, enabling the return of displaced Gazans to their homes. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel shows openness: <\/strong>Israeli authorities are not entirely opposed to the proposal and may be open to negotiations, the Israeli publication reported.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That being said, <\/strong>Israeli Prime Minister Benjamin Netanyahu vowed to fight deeper into Gaza yesterday. This came after he lost 10 of his troops in a single day and five the day before, marking the worst two-day losses for the Israeli army since early November, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-pushes-control-northern-gaza-biden-netanyahu-discuss-outlook-2023-12-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> wrote.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>PIJ is <\/strong><strong>in town:<\/strong> A delegation from the Palestinian Islamic Jihad (PIJ) \u2014 which has a hold over several Israeli hostages \u2014 landed in Cairo yesterday to hold discussions on a path to \u201cend the Israeli aggression,\u201d a PIJ official was quoted as saying by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-pushes-control-northern-gaza-biden-netanyahu-discuss-outlook-2023-12-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. The visit follows a similar one by Hamas leader <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e10d6c6-bd6d-4c34-9856-68d12aa5f45b\" style=\"\" rel=\"noopener\">Ismail<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e10d6c6-bd6d-4c34-9856-68d12aa5f45b\" style=\"\" rel=\"noopener\">Haniyeh<\/a> last week, where he discussed a new ceasefire to let aid reach Gaza and release more hostages.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A LITTLE TO THE NORTH-<\/strong> Turkey launched airstrikes against Kurdistan Workers Party (PKK) targets in northern Iraq and Syria on Saturday. The Turkish Defense Minister <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/yc2stz56\" style=\"\" rel=\"noopener\">said<\/a> the attacks have destroyed 29 targets and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-says-12-soldiers-killed-clashes-with-kurdish-militants-2023-12-23\/\" style=\"\" rel=\"noopener\">come in response<\/a> to the 12 Turkish soldiers killed by PKK fighters over the past few days. <\/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\">RED SEA WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>Crisis averted? <\/strong>AP Moller-Maersk, the world\u2019s second-largest shipping line, is <a target=\"_blank\" href=\"https:\/\/www.maersk.com\/news\/articles\/2023\/12\/15\/maersk-operations-through-red-sea-gulf-of-aden%5C\" style=\"\" rel=\"noopener\">gearing<\/a><a target=\"_blank\" href=\"https:\/\/www.maersk.com\/news\/articles\/2023\/12\/15\/maersk-operations-through-red-sea-gulf-of-aden%5C\" style=\"\" rel=\"noopener\">up<\/a> to resume operations in the Red Sea after the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad68fc23-5738-4674-9dc1-4a506e1c89b4\" style=\"\" rel=\"noopener\">US-led naval coalition<\/a> promised to patrol the Red Sea. \u201cWith the initiative in operation, we are preparing to allow for vessels to resume transit through the Red Sea both eastbound and westbound,\u201d the shipping giant said in a statement, adding that this will happen \u201cas soon as operationally possible.\u201d The resumption of Red Sea transit is huge news for our draining FX reserves, as it means the Suez Canal will resume operations like normal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A turn of events: <\/strong>Just <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad68fc23-5738-4674-9dc1-4a506e1c89b4\" style=\"\" rel=\"noopener\">a day earlier<\/a>, the firm pushed the arrival dates for over 150 of its tankers, with some delays extending until March, giving us the impression that the trade disruptions could last for months to come. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Could others soon follow? <\/strong>So far, Maersk has been the only company to announce that it will be resuming Red Sea transit, but seeing how quickly the decision to pause transit spread among shipping and oil giants and how much time and money the decision to go around the Cape of Good Hope is costing them, it shouldn\u2019t be long before we hear similar announcements from the likes of Maersk. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jordan<\/strong><strong> is prepared regardless of what happens next: <\/strong>Egypt and Jordan have activated the Arab Line \u2014 a sea-land route that links Aqaba in south Jordan with Nuweiba in Sinai \u2014 in efforts to ensure smooth shipping movement after Houthi attacks on vessels crossing the Red Sea resulted in a number of shipping and oil companies pausing all Red Sea transit, Jordan\u2019s state news agency <a target=\"_blank\" href=\"https:\/\/petra.gov.jo\/Include\/InnerPage.jsp?ID=266780&lang=ar&name=news\" style=\"\" rel=\"noopener\">Petra<\/a> wrote. This came after Jordanian Transport Ministry fast-tracked the new line in response to Red Sea disruptions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How will it work?<\/strong> The new route reduces transportation costs and facilitates the transport of Jordanian exports to the US and Europe.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Hundreds of vessels have been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad68fc23-5738-4674-9dc1-4a506e1c89b4\" style=\"\" rel=\"noopener\">rerouting away from the Red Sea<\/a> and around the Cape of Good Hope in efforts to avoid the repeated attacks from Yemen\u2019s armed Houthi group on vessels bound for Israeli ports, passing through the waterway.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ira<\/strong><strong>n says it has nothing to do with it<\/strong><strong>: <\/strong>Iran\u2019s Foreign Minister Hossein Amirabdollahian has denied US claims that Yemen\u2019s Houthis are reliant on Iranian-provided monitoring systems to launch attacks on ships in the Red Sea, describing such claims as \u201cbaseless,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-23\/iran-calls-intelligence-tying-it-to-red-sea-attacks-baseless?srnd=premium-uk\" style=\"\" rel=\"noopener\">Bloomberg<\/a> wrote. The attacks \u201care a completely Yemeni decision in support and defense of Gaza,\u201d Amirabdollahian 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\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re well into the Christmas news slowdown<\/strong>, which has left things fairly quiet in the western press with no single story standing out. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest on Gaza is back on the front pages<\/strong>, after the latest Israeli attacks on central Gaza left at least 70 dead. (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-news-12-24-2023-9451d609ecdf85d14795caa628e2a127\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-airstrikes-kill-dozens-gaza-officials-say-christmas-bloodshed-2023-12-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/en\/news\/thp\/2023-12-24\/a-weekend-of-combat-in-gaza-kills-more-than-a-dozen-israeli-soldiers-a-sign-of-hamas-entrenchment?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6e7a8788-6a30-4686-abd4-0b7496e86bff\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2023\/12\/24\/israel-hamas-war-central-gaza\/?itid=hp-top-table-main_p001_f002\" style=\"\" rel=\"noopener\">Washington Post<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a><strong>Jim Ratcliffe officially owns 25% of Man. United:<\/strong> British b\u2019naire Jim Ratcliffe has acquired a non-controlling 25% stake in Manchester United for around USD 1.3 bn, in a transaction that values the sports club at around USD 6.3 bn. (<a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/football\/2023\/dec\/24\/jim-ratcliffe-manchester-united-old-trafford-the-glazers-football\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sports\/soccer\/ratcliffe-becomes-minority-shareholder-manchester-united-2023-12-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/bf1c2181-1b4b-407f-af6e-f741b786c22e\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-24\/jim-ratcliffe-buys-manchester-united-stake-from-glazer-family\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/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\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\/red-sea\/\">Red Sea<\/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=\"612559 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=\"612559\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/612559\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612559\" class=\"content-area-description single-story post-612559 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\/139.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=\"612560\" 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=\"612560\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/jaz-hotel-group-adds-hotels-cruise-ships-to-portfolio-in-egp-3-5-bn-expansion\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1625.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612561\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/jaz-hotel-group-adds-hotels-cruise-ships-to-portfolio-in-egp-3-5-bn-expansion\/1625-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1625.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1625.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1625.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1625.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612560\" class=\"content-area-description single-story post-612560 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-enterpriseam tag-hospitality tag-jaz-hotel-group tag-ma-watch tag-travco 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\/.c15a3e26-016c-4244-afe2-5f1a59babebc.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Jaz Hotel Group\u2019s EGP 3.5 bn expansion: <\/strong>Travco subsidiary <a target=\"_blank\" href=\"https:\/\/www.jazhotels.com\/\" style=\"\" rel=\"noopener\">Jaz Hotel Group<\/a> has acquired two hotels near the Pyramids and six cruise ships for a total of EGP 3.5 bn, CEO Alaa Akel told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/12\/24\/1749408\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Joining Jaz\u2019s portfolio: <\/strong>The company has purchased Cataract Pyramids \u2014 to be rebranded to <a target=\"_blank\" href=\"https:\/\/www.jazhotels.com\/newopenings\" style=\"\" rel=\"noopener\">Jaz Palmira Pyramids<\/a> \u2014 and Oasis hotels \u2014 rebranding to Jaz Oasis Pyramids, Akel said. Jaz Palmira will add 400 hotel rooms to the group\u2019s portfolio, while Jaz Oasis Pyramids will add 300 rooms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Update and upgrade: <\/strong>The group will work on renovating the hotels and aims to have Palmira Pyramids ready to receive guests by the summer. Work on Jaz Oasis is expected to take a little longer, he said without giving a timeline. The group will also upgrade its newly-acquired ships \u2014 which will bring the number of cruise ships under its ownership to 26. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even more in the pipeline: <\/strong>The group plans to inaugurate its EGP 6 bn Giza Palace hotel in February. It will also wrap up construction on seven new hotels in 2024, which are expected to bring up the group\u2019s room capacity to 20k rooms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Jaz Hotel Group:<\/strong> The group\u2019s hotel portfolio currently stands at 59 hotels with over 15.6k rooms across Egypt. It operates hotels in Giza, Marsa Alam, Marsa Matrouh, Sharm El Sheikh, and Hurghada. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The Madbouly cabinet last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7d890a43-f5f1-49b4-9e3e-886f9c91e363\" style=\"\" rel=\"noopener\">approved<\/a> an EGP 50 bn tourism initiative that will see the government offer financial incentives to encourage hospitality players to increase their hotel room capacity. <\/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\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jaz-hotel-group\/\">Jaz Hotel Group<\/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\/travco\/\">Travco<\/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=\"612562\" 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=\"612562\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/valu-phd-aur-leasing-close-securitization-bond-issuances\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1547.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612563\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/valu-phd-aur-leasing-close-securitization-bond-issuances\/1547-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1547.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1547.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1547.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1547.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612562\" class=\"content-area-description single-story post-612562 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-al-ahly-pharos tag-aur-leasing-and-factoring tag-debt-watch tag-efg-hermes tag-efg-holding tag-enterpriseam tag-palm-hills-developments tag-securitization tag-valu 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\/.ab84c68d-1647-4817-8ee0-53cfdab61659.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It has been a very busy day on the debt front<\/strong>, with not one, not two, but three securitization issuances announced in the past 24 hours.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>These new issuances bring the total value of securitized bonds issued in Egypt so far this year to nearlyEGP 86.3 bn, up almost 90% from 2022, according to data tracked by Enterprise.<\/p>\n<p class=\"tag-border-left\">VALU WRAPS EGP 953 MN ISSUANCE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fintech platform Valu has closed a EGP 953.1 mn securitized bond issuance,<\/strong>which was backed by a receivables portfolio, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1548.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> yesterday. The four-tranche issuance has tenors between six and 12 months, all rated prime 1.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No. 7:<\/strong> The issuance, which is part of an extended EGP 9 bn securitization program, brings Valu\u2019s total securitizations to seven, following a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3dcfebda-9e38-4fdd-a044-0e9f164a8cce\" style=\"\" rel=\"noopener\">EGP 922-mn issuance<\/a> in September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who subscribed?<\/strong> Arab Banking Corporation (ABC), aiBANK, and Al Ahli Bank of Kuwait (ABK) were subscribers to the issuance. AAIB and our friends at EFG Hermes were underwriters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> EFG Hermes was the sole financial advisor, sole transaction manager, bookrunner, and arranger. ALC Alieldean Weshahi &amp; Partners acted as counsel, Baker Tilly as auditor, and AAIB as custodian bank.<\/p>\n<p class=\"tag-border-left\">PALM HILLS CLOSES EGP 421 MN ISSUANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PHD closes thirds securitization issuance of the year: <\/strong>Our friends at real estate developer Palm Hills Development (PHD) closed a EGP 421 mn securitized bond issuance, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1606.pdf\" style=\"\" rel=\"noopener\">press release<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1606.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a> from PHD and EFG Hermes, the transaction\u2019s sole financial advisor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The issuance, the second in a EGP 5 bn program, came in three tranches with tenors ranging from 13 months to seven years and ratings of AA+, AA, and A from MERIS.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGP 1.5 bn+ in 2023: <\/strong>PHD has securitized over EGP 1.5 bn of its receivables portfolio this year, after closing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/71ea69a9-3880-49c8-9a89-cc3fdd32c4a3\" style=\"\" rel=\"noopener\">EGP 638 mn<\/a> issuance in February and another <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/089e8eb3-22fd-423c-8846-df49be75fa82\" style=\"\" rel=\"noopener\">EGP 472.5 mn<\/a> issuance in July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The buyers: <\/strong>Ahli United Bank and Al Baraka Bank subscribed to the issuance. Al Baraka Capital, AAIB, and CIB were transaction underwriters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Hermes<\/strong><strong> ran the show,<\/strong> acting as sole financial advisor, bookrunner, and underwriter. ALC Alieldean Weshahi &amp; Partners acted as legal advisor, AAIB was the transaction\u2019s custodian, while KPMG was auditor. <\/p>\n<p class=\"tag-border-left\"> AUR LEASING AND FACTORING RAISES EGP 1.8 BN- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Private equity outfit Aur Capital and Al Ahly Pharos have closed a EGP 1.79 bn <\/strong><strong>securitized bond issuance for Aur Leasing and Factoring<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1602.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The three-tranche issuance is the second in an EGP 8 bn three-year program and is backed by a EGP 3.1 bn portfolio of Aur leasing\u2019s contracts. The tranches have tenors ranging between 2-5 years and an A+ rating by Middle East Rating Services (MERIS).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Issuance #3 for 2023: <\/strong>This is the third time Aur Leasing and Factoring taps the securitization market this year. The firm kicked off its EGP 8 bn securitization program over the summer, with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43729159-94e6-4dff-a092-9c0be573d5fc\" style=\"\" rel=\"noopener\">a EGP 1.1 bn issuance<\/a>. Prior to that it closed a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9378bbab-9733-488f-af78-137f68a6374d\" style=\"\" rel=\"noopener\">EGP 790 mn securitized bond issuance<\/a> in April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong>Al Ahly Pharos and Aur Capital\u2019s Aur Advisory were financial advisors and lead managers on the transaction. Al Ahly Pharos also acted as arranger and joined the Arab African International Bank (AAIB), and Suez Canal Bank as underwriters. AAIB also acted as the custodian and placement agent. Dreny &amp; Partners acted as the legal advisor and KPMG as auditor.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-pharos\/\">Al Ahly Pharos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aur-leasing-and-factoring\/\">Aur Leasing and Factoring<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"612564\" 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=\"612564\">\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\">FX WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/smes-scramble-to-pay-suppliers-as-credit-card-limits-bite\/\">\r\n                            Egyptian SMEs scramble to pay suppliers as credit card limits bite                        <\/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\/25\/smes-scramble-to-pay-suppliers-as-credit-card-limits-bite\/\" 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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Every business that needs to pay Google or Microsoft \u2014 or that wants to run an ad campaign online, pay for cloud infrastructure, subscribe to a monitoring service, or pay for an industry-specific software tool \u2014 needs access to foreign currency. That\u2019s an increasingly nasty \u201cbusiness continuity challenge\u201d for companies nationwide that don\u2019t have (a) offshore arms and (b) access to foreign currency (FX) through offshore revenue streams or deep-pocketed foreign investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where things stand now: <\/strong>The Central Bank of Egypt in October <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e68118bf-ed08-46df-a7d6-46dc4559afec\" style=\"\" rel=\"noopener\">restricted<\/a> foreign-currency (FCY) transactions on local-currency credit cards to EGP 7,750 per month (about USD 250 at the official rate) and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">stopped<\/a> the use of local-currency (LCY) debit cards abroad. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are zero exceptions: <\/strong>Three major banks we spoke with said they make no exceptions for companies that can prove their online FCY expenses are key to the running of their businesses, whether for access to email, productivity tools, or cloud infrastructure. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Early-stage startups are the most vulnerable, followed closely by existing businesses <\/strong><strong>with no FCY-denominated revenues. <\/strong>The impact of the central bank\u2019s moves on startups largely depends on what stage of investment the company is in, Acasia Ventures managing partner Aly El Shalakany tells us. \u201cEarly-stage startups may not have offshored yet, meaning that they probably still don\u2019t have a foreign bank account. These inputs used to be covered by corporate debit or credit cards. Now, this has become incredibly difficult,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Small- and medium-sized businesses, agencies, and local professional services firms <\/strong><strong>face a tougher challenge<\/strong>, a managing partner at a prominent agency told us. \u201cWe don\u2019t have an offshore entity because we\u2019ve never needed one, so now we\u2019re scrambling because there\u2019s no clear end in sight to the restrictions. We\u2019re fortunate that we have just about enough revenue from clients outside Egypt to cover our [foreign currency] online expenses, but it\u2019s tight.\u201d<\/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 WORKAROUNDS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The alternative: Buying FX on the parallel market <\/strong>and depositing it to your FCY account here in Egypt, then using a USD-denominated debit card to pay offshore expenses. \u201cWe do it, but we\u2019re not comfortable with it. Our bank has warned us that there isn\u2019t a 100% chance we\u2019ll be covered if our [debit] card were hacked,\u201d said the CEO of a medium-sized manufacturer. \u201cI already source on the [parallel market] to cover the import of my production inputs, so it\u2019s just more pressure.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How does that work? Many banks have had a no-questions-asked approach to cash FCY <\/strong><strong>deposits <\/strong>for some months now, allowing some businesses to source their hard currency needs on the parallel market and then deposit into their accounts to cover key imports. They\u2019re allocated 85% of the amount they deposit in FCY and take the rest in local currency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More established startups are in a better place, as are non-tech players with reliable <\/strong><strong>foreign currency revenues: <\/strong>\u201cWe haven\u2019t been super affected by the decision,\u201d says Hussein El Kheshen (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/husseinelkheshen\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), the co-founder and CTO of online real estate marketplace Sakneen, pointing to the company\u2019s FX funds abroad from previous investments. \u201cSecondly, it\u2019s always been easier to subscribe to software abroad anyway, [due to Egypt\u2019s hefty tax on software paid for in FX], so we had already been paying for our software services from abroad prior to the FX restriction.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Name that tax: <\/strong>The Tax Authority began this year requiring global tech companies to charge and remit 15% value-added tax on services sold in Egypt. It is also now demanding that Egyptian companies withhold 20% of the value of any service paid for abroad and provide the seller with a withholding tax receipt. <strong>The catch: <\/strong>Global players won\u2019t talk to small- and medium-size businesses about withholding tax, leaving most companies no choice but to \u201cgross up\u201d their payments and remit the 20% to the state. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Outsourcing payments? <\/strong>\u201cWe [own] an offshore company that handles [software and marketing payments], but it\u2019s a huge problem for young local startups, who will now have to look outside,\u201d co-founder of the women-targeted health and wellbeing startup Motherbeing Youssef El Samaa (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/yousefelsammaa\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cLocal\u201d outsourcing: <\/strong>Closer to home, some companies \u2014 including <a target=\"_blank\" href=\"https:\/\/raya-it.net\/microsoft-solutions\/\" style=\"\" rel=\"noopener\">Microsoft<\/a> and <a target=\"_blank\" href=\"https:\/\/www.google.com\/partners\/agency?id=2450619460\" style=\"\" rel=\"noopener\">Google<\/a> \u2014 have local partners who will take payment in EGP, then take care of paying the offshore provider. The cost: Significant markups, payment 12 months in advance, and much less flexibility when it comes to adding seats or changing plans. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How have younger startups been meeting obligations? <\/strong>One startup had to use multiple credit cards, including employees\u2019 personal cards, to meet payments, one founder told us, pointing specifically to payments for social media ads, which are strictly pay-as-you-go. \u201cOur total marketing costs are up 13% and our indirect tech costs are up 15%. It\u2019s been rough,\u201d the founder said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Paying in FCY by bank transfer is possible if you have the cash <\/strong>\u2014 but not from all vendors, and generally only if you\u2019re paying a year in advance, delivering a hit to cashflows.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While some companies are looking to open offshore arms<\/strong>, especially in the Gulf, others are seeking virtual bank accounts that can be opened abroad, El Samaa said.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Alone among the big global tech players, Google has gotten the memo: <\/strong>Google gave Egyptian clients paying with local credit cards a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b42a502-cdff-4f42-a3a2-72eacbe36022\" style=\"\" rel=\"noopener\">two-month extension<\/a> starting in November on payments that were due shortly after the CBE announced its decision, allowing them to use Workspace services until January.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\">\n<p class=\"tag-border-left\">NOT WHAT FOREIGN INVESTORS WANT TO SEE<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No FX? No investment. <\/strong>Venture capital investors \u2014 already a rare breed in Egypt since the end of the \u201cfreemoney\u201d days \u2014 are less inclined to invest in companies that only generate EGP revenues \u2014 even if they are growing, El Samaa said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThese regulations just cement venture capital firms\u2019 reluctance to invest in Egypt,\u201d<\/strong> El Shalakany said. The revenues of Egyptian startups are already down 50% in USD terms and the LCY cost of the USD expenses is up 2x. \u201cIt\u2019s a double whammy of sorts,\u201d El Shalakany said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It might be time to expand abroad:<\/strong> \u201cIn the short-term, business will have to survive by going to other markets,\u201d El Shalakany said. \u201cThis will result in a level of brain-drain, of course, but thinking beyond Egypt is one of the main ways to hedge this risk. This means that you may have to reallocate resources that would\u2019ve increased business in Egypt to other markets.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The gov\u2019t is in an unenviable position, <\/strong>ElShalakany says. \u201cThis is probably not the biggest priority for the government right now, given the current economic landscape. Obviously, you also don\u2019t want the economy to stall as that would create a much bigger problem. I do have to stress that this is not about the policy not being done with good intentions. It could be benefiting the majority of the people in the economy \u2014 but for people in this minority [startups and small businesses], this can be detrimental to your business for the short-to-medium term.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cBut it\u2019s not all doom and gloom,\u201d El Shalakany added.<\/strong> \u201cIt\u2019s over dramatic to say that this makes Egypt an uninvestable market. Despite the challenges, Egypt is a large market with great talent and people that are building very innovative solutions. As long as you can build innovative products and there\u2019s a market for them, people will buy and you can have a successful business\u201d, El Shalakany 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\/acasia-ventures\/\">Acasia Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hussein-el-kheshen\/\">Hussein El Kheshen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/motherbeing\/\">Motherbeing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sakneen\/\">Sakneen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/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=\"612566 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=\"612566\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/612566\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612566\" class=\"content-area-description single-story post-612566 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=\"612567\" 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=\"612567\">\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\">Enterprise explains<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/its-presidential-election-season-in-the-us-of-a-heres-what-you-need-to-know\/\">\r\n                            It\u2019s presidential election season in the US of A. Here\u2019s what you need to know.                        <\/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\/25\/its-presidential-election-season-in-the-us-of-a-heres-what-you-need-to-know\/\" 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\/25\/its-presidential-election-season-in-the-us-of-a-heres-what-you-need-to-know\/')\">\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\/25\/its-presidential-election-season-in-the-us-of-a-heres-what-you-need-to-know\/\">\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=It\u2019s presidential election season in the US of A. 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On a federal level, one of the cases Trump is facing is the federal indictment accusing him of plotting to overturn the 2020 election. Trump <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/12\/23\/us\/politics\/trump-appeals-court-immunity.html\" style=\"\" rel=\"noopener\">argues he is immune<\/a> to the charges as he was president at the time. Lawyers working on the case won\u2019t be celebrating New Year\u2019s Eve this year as written briefs in the case are to be filed on 2 January, and the appeals court will hear oral arguments on 9 January. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a state level, the Colorado Supreme Court ruling <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.axios.com\/2023\/12\/19\/trump-colorado-ballot-2024-supreme-court?stream=top&utm_source=alert&utm_medium=email&utm_campaign=alerts_all\" style=\"\" rel=\"noopener\">has already pushed Trump<\/a><\/strong><strong> off the <\/strong><strong>ballot there<\/strong>, with judges staying the ruling from taking effect until 4 January, \"subject to further appellate proceedings.\" The ruling is expected to be appealed all the way to the US Supreme Court if needed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This might not really matter at the end of the day.<\/strong> Trump lost the state to Biden by over 13 percentage points in 2020. He also lost it to Hillary Clinton by almost five percentage points four years earlier. In fact, The Centennial state is seen as <a target=\"_blank\" href=\"https:\/\/www.270towin.com\/states\/Colorado\" style=\"\" rel=\"noopener\">a safe democratic one<\/a> and no Republican presidential candidate has carried it since George W Bush in 2004. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Legal questions aside, the first stage of the elections is the primaries and caucuses<\/strong>, which are state-level contests to select delegates who will vote for their party\u2019s nominee at the national conventions. These start in January and end in June, with some variation depending on the state. The most important dates are: <\/p>\n<ul>\n<li><strong>15 January: Iowa caucuses<\/strong>, the first-in-the-nation contest that often sets the tone for the rest of the race.<\/li>\n<li><strong>23 January: New Hampshire primary<\/strong>, another early and influential state that can make or break a candidate\u2019s momentum.<\/li>\n<li><strong>5 March: Super Tuesday<\/strong>, when 14 states and territories hold their primaries or caucuses, accounting for about a third of the total delegates.<\/li>\n<li><strong>11 June: Last day of primaries and caucuses<\/strong>, when the District of Columbia wraps up the process.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The second stage is the national conventions<\/strong>, which are party gatherings where the delegates formally nominate their presidential and vice-presidential candidates. The Republican National Convention is scheduled for July 15-18, and the Democratic National Convention for August 19-22. The conventions are also a chance for the parties to showcase their platforms, speakers, and unity (or lack thereof).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We typically would also have a period of national campaigning that includes three <\/strong><strong>televised presidential debates and one vice presidential tete-a-tete<\/strong>. This was once seen as a sacrosanct part of the electoral process, but we wouldn\u2019t be so sure it would happen this year. As Trump has shown during this stage of the Republican primaries, he doesn\u2019t have, or even need, to attend debates. He might opt against joining the Democratic nominee on stage. If tradition holds, however, we should expect the first presidential debate to be held in September with two more in October. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Whatever happens, the US President is scheduled to be inaugurated on 20 January, 2025<\/strong>\u2026 we guess. Everything could be up in the air judging by how ugly the situation in DC turned last time around. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WAIT \u2014 that\u2019s not all. <\/strong>Americans, as the old adage goes, elect everyone from the president to the dogcatcher. All 435 seats in the House of Representatives are up for grabs this fall, as are 34 six-year Senate seats, 18 of them held by Democrats. Former presidential hopeful Bernie Sanders and Maine\u2019s Angue King, who caucus with the Dems, are also up for re-election. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER: The Electoral College, not the popular vote, ultimately decides who <\/strong><strong>becomes president.<\/strong> Each state is allocated electors equal to its congressional representation (senators plus representatives). Voters in each state choose electors, pledged to presidential candidates. Taking the popular vote in a state usually means a candidate gets all its electoral votes (except in Maine and Nebraska). A candidate needs 270 of 538 electoral votes to take the presidency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- A candidate can be elected president without a majority of the popular vote<\/strong>, as happened in the 2000 and 2016 elections.<\/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\">DEMOCRACY \u2014 IT\u2019S NOT JUST FOR AMERICANS<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Do you crave more than just American politics? <\/strong>2024 is a big year for elections around the world.<\/p>\n<ul>\n<li><strong>South African general election, TBD<\/strong>. This is expected to be really competitive for the first time since the end of apartheid. The ruling African National Congress (ANC), led by President Cyril Ramaphosa, will face a tough challenge from the opposition Democratic Alliance (DA), the Economic Freedom Fighters (EFF), and other parties.<\/li>\n<li><strong>Taiwanese presidential and legislative elections, 13 January.<\/strong> The island nation will elect its president, vice president, and members of the Legislative Yuan. <\/li>\n<li><strong>Pakistan general election, 8 February<\/strong>. Pakistan will elect its members of the National Assembly and four provincial assemblies. <\/li>\n<li><strong>Indonesian general election, 14 February<\/strong>. The fourth-most populous country in the world will elect its president, vice president, and members of the People\u2019s Consultative Assembly.<\/li>\n<li><strong>Russian presidential election, 17 March. <\/strong>Keep moving folks, not much happening here.<\/li>\n<li><strong>South Korean legislative election, 10 April.<\/strong> The East Asian country will elect its members of the National Assembly, the unicameral legislature. <\/li>\n<li><strong>Indian general election, April-May.<\/strong> The world\u2019s largest democracy will elect its 18th Lok Sabha, or lower house of parliament, as well as members of state assemblies. The ruling Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, will seek to retain its majority and fend off the opposition Indian National Congress and other regional parties. <\/li>\n<li><strong>Mexican general election, 2 June<\/strong>. The second-largest country in Latin America will elect its president, members of the Congress of the Union, and governors of 32 states. <\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-explains\/\">Enterprise Explains<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/government\/\">government<\/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=\"612569\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/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\/25\/al-ahly-financial-services-launches-sukuk-arm-plus-locally-made-pv-cells-semiconductors-tvs\/\">\r\n                            Al Ahly Financial Services launches sukuk arm. PLUS: Locally-made PV cells, semiconductors, TVs                        <\/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\/25\/al-ahly-financial-services-launches-sukuk-arm-plus-locally-made-pv-cells-semiconductors-tvs\/\" 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\/25\/al-ahly-financial-services-launches-sukuk-arm-plus-locally-made-pv-cells-semiconductors-tvs\/')\">\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\/25\/al-ahly-financial-services-launches-sukuk-arm-plus-locally-made-pv-cells-semiconductors-tvs\/\">\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=Al Ahly Financial Services launches sukuk arm. PLUS: Locally-made PV cells, semiconductors, TVs&url=https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/al-ahly-financial-services-launches-sukuk-arm-plus-locally-made-pv-cells-semiconductors-tvs\/\">\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\/25\/al-ahly-financial-services-launches-sukuk-arm-plus-locally-made-pv-cells-semiconductors-tvs\/&title=Al Ahly Financial Services launches sukuk arm. PLUS: Locally-made PV cells, semiconductors, TVs\">\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=Al+Ahly+Financial+Services+launches+sukuk+arm.+PLUS%3A+Locally-made+PV+cells%2C+semiconductors%2C+TVs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F12%2F25%2Fal-ahly-financial-services-launches-sukuk-arm-plus-locally-made-pv-cells-semiconductors-tvs%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\/25\/al-ahly-financial-services-launches-sukuk-arm-plus-locally-made-pv-cells-semiconductors-tvs\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1609.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612572\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/al-ahly-financial-services-launches-sukuk-arm-plus-locally-made-pv-cells-semiconductors-tvs\/1609-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1609.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1609.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1609.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1609.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612571\" class=\"content-area-description single-story post-612571 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-edventures tag-enterpriseam tag-investment-watch tag-semiconductors tag-sukuk 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\/.aeda1cf1-50c9-4435-8585-417336a2e1f7.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>From startups, to food and beverages and TVs<\/strong>, it\u2019s a morning full of investment news. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AL AHLY FINANCIAL SERVICES LAUNCHES SUKUK ARM: <\/strong>Al Ahly Financial Services has launched its sukuk company \u2014 dubbed Al Ahly Sukuk. The new company will \u201cprovide innovative and sustainable investment opportunities, and to support projects and activities in ways consistent with Islamic principles.\u201d (<a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1608.pdf\" style=\"\" rel=\"noopener\">Press release, pdf<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EDVENTURES TO INVEST BIG NEXT YEAR:<\/strong> Nahdet Misr VC arm Edventures wants to invest around USD 5 mn in local and regional startups next year, allocating around USD 500k to each of the 10-12 companies it will be investing in. (<a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/12\/24\/1749391\" style=\"\" rel=\"noopener\">Al Borsa)<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE FOOD AND BEVERAGE PRODUCER TO SET UP SHOP IN EGYPT: <\/strong>Emirati food and beverage company <a target=\"_blank\" href=\"https:\/\/www.almalaky.com\/\" style=\"\" rel=\"noopener\">Al Malaky Royal<\/a> is looking to set up a factory in Egypt with investments of no less than USD 3 mn. (<a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/12\/24\/1749298\" style=\"\" rel=\"noopener\">Al Borsa<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>LOCALLY-MADE PV CELLS AND SEMICONDUCTORS: <\/strong>China\u2019s private equity firm Hony Capital and building materials manufacturer China National Building Material (CNBM) have expressed interest in investing in the local manufacture of PV cells and semiconductors. (<a target=\"_blank\" href=\"http:\/\/tinyurl.com\/ejf5n5ws\" 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>TV TIME: <\/strong>Chinese electronics firm <a target=\"_blank\" href=\"https:\/\/www.tcl.com\/global\/en\" style=\"\" rel=\"noopener\">TCL<\/a><a target=\"_blank\" href=\"https:\/\/www.tcl.com\/global\/en\" style=\"\" rel=\"noopener\"><\/a> is in talks with the Egyptian government to set up a factory for producing televisions in Assiut in partnership with a local agent. Some 45% of the factory\u2019s output will be made from local components. (<a target=\"_blank\" href=\"http:\/\/tinyurl.com\/3rpryjdy\" style=\"\" rel=\"noopener\">Al Mal<\/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\/edventures\/\">EdVentures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/semiconductors\/\">semiconductors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/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=\"612573\" 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=\"612573\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                   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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1614.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"612574\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/25\/cryptobros-are-savoring-their-comeback-and-looking-forward-to-more-in-24\/1614-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1614.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1614.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1614.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1614.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612573\" class=\"content-area-description single-story post-612573 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-cryptocurrency tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.c4cf7104-5663-4341-9ef8-c2f37d3cea0f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Crypto is having a moment in the financial press <\/strong>as journalists take stock of the segment\u2019s turnaround in 2023, with BTC soaring over 160% this year despite back-to-back legal scandals ranging from FTX\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1f899c6c-12fb-4e3d-93d2-4da3fa462a01\" style=\"\" rel=\"noopener\">Sam Bankman-Fried<\/a> after being found guilty of criminal fraud and Binance\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23f319e6-fa3c-4931-b7cb-560bd0a2f564\" style=\"\" rel=\"noopener\">Changpeng Zhao<\/a> facing money-laundering charges. \u201cIt was the year of crypto\u2019s resiliency,\u201d global advisory StonTurn crypto expert Kyla Curley told <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2023\/12\/24\/tech\/crypto-2023-bitcoin-sbf\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We could be looking at another solid year for crypto: <\/strong>The <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2023\/12\/04\/investing\/bitcoin-price-rally-spot-etf\/index.html\" style=\"\" rel=\"noopener\">anticipated approval<\/a> of the first-ever <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0ed1265-8dcf-49d6-982f-ae189aa63174\" style=\"\" rel=\"noopener\">spot BTC exchange-traded fund<\/a> early 2024 is expected to further cement market sentiment, allowing traditional investors to track BTC prices without owning it and making crypto more accessible to mainstream investors. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Markets outside North America and Western Europe are shrugging off their suspicion <\/strong><strong>of the asset class: <\/strong>Emirati crypto firm <a target=\"_blank\" href=\"https:\/\/phoenixgroupuae.com\/\" style=\"\" rel=\"noopener\">Phoenix<\/a> made its ADX debut earlier this month, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-05\/crypto-firm-phoenix-jumps-50-after-371-million-abu-dhabi-ipo\" style=\"\" rel=\"noopener\">soaring 35%<\/a> on its first day trading. Turkey and Nigeria both took steps signaling that they have started taking crypto more seriously: Turkey has <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-23\/erdogan-hires-a-crypto-asset-lecturer-to-the-central-bank-s-rate-setting-board?srnd=economics-central-banks\" style=\"\" rel=\"noopener\">added a crypto expert<\/a> to its central bank\u2019s Monetary Policy Committee and the Nigerian central bank <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/nigerian-central-bank-lifts-ban-crypto-trading-2023-12-23\/\" style=\"\" rel=\"noopener\">lifted<\/a> a two-year ban on crypto trading. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some go so far as to suggest that investors in emerging markets have helped fuel <\/strong><strong>crypto\u2019s recovery this year<\/strong>, with a blogger on the <a target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/digital-assets\/2023\/12\/24\/bitcoins-rise-as-financial-game-changer-in-emerging-markets\/?sh=3b9088ed537c\" style=\"\" rel=\"noopener\">Forbes<\/a> contributor platform claiming folks in markets with unstable local currencies are turning to crypto as a hedge against inflation and depreciation. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Crypto firms are trying to buy Washington\u2019s approval: <\/strong>Crypto firms are increasing donations to US politicians to help elect pro-crypto legislators and forward favorable legislation for the industry, as the digital assets market falls under increased scrutiny, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b8c081d2-2613-4199-8579-120e313626d6\" style=\"\" rel=\"noopener\">Financial Times<\/a> wrote. Crypto outfits including Coinbase and Circle as well as venture capital firm Andreessen Horowitz have donated some USD 78 mn to a political action committee that takes donations to spend on elections to be directed to \u201cpro-crypto leadership.\u201d<\/p><p><a target=\"_blank\" id=\"t.3861a9e559cd0be05963a8f8f7e44ff271747b6c\" 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\">23,822<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.0% (YTD: +63.2%)<\/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 30.82<\/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\">11,691<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +11.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,490<\/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: -7.1%)<\/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>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\">4,023<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +20.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,755<\/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: +23.8%)<\/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>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\">7,698<\/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: +3.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro S<\/strong><strong>to<\/strong><strong>xx 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\">4,521<\/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: +19.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 79.1<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/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 2.61<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,069<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 43,556<\/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: +163.5%)<\/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 2.0% at today\u2019s close<\/strong> on turnover of EGP 3.2 bn (1.8% below the 90-day average). Local investors were net sellers. The index is up 63.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Mopco (+5.8%), Alexandria Containers and Goods (+4.3%) and Edita (+2.7%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>GB Corp (-5.8%), Heliopolis Housing (-5.4%) and E-Finance (-5.1%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a quiet morning for global markets. <\/strong>Shares are trading sideways in Shanghai and Tokyo. Korea and Australia are closed for the Christmas holiday, as are markets in Europe and North America.<\/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\/cryptocurrency\/\">cryptocurrency<\/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\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"612575\" 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\/25\/612575\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-612575\" class=\"content-area-description single-story post-612575 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\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JANUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 January (Monday): Egypt to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/625a6a24-800b-46c9-b6ea-6a1158ee3640\" style=\"\">join<\/a><\/span><span style=\"font-weight:400;\"> 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 and minimum pension rate to rise to EGP 1.3k.<\/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>9 January (Tuesday): B Investments\u2019 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/12\/1248.pdf\" style=\"\">general assembly (pdf)<\/a><\/span><span> to look into capital increase ahead of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a461dfe3-788c-4372-a4f4-12d212a4f53e\" style=\"\">Orascom Financial Holding (OFH) acquisition<\/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;\">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): Deadline to apply for the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39dc4a75-8ed5-46ed-a296-30a40cf2f166\" style=\"\">Chicago Booth Executive Program<\/a><\/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): Deadline to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec344c3-9e08-4b6a-9656-143e62bbf536\" style=\"\">bid for 23 blocks<\/a><\/span><span style=\"font-weight:400;\"> in an international oil and gas tender.<\/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): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a48ac77-0c93-4364-bc1f-c6abf5bea2ed\" style=\"\">End of sugar export ban<\/a><\/span><span>.<\/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>29 May (Wednesday): Virtual launch of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.chicagobooth.edu\/executiveeducation\/programs\/management\/executive-program-el-gouna\" style=\"\">Chicago Booth Executive Program<\/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: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;\">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>February-May: The Grand Egyptian Museum could officially <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/737b1347-f02b-4ee0-87c1-032c0c858611\" style=\"\">open to visitors<\/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>June 2024: Gov\u2019t expects to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cfdc99d8-291f-4b7c-8af8-8e1cccc74de5\" style=\"\">finalize sale<\/a><\/span><span style=\"font-weight:400;\"> 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>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;\">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:400;\">2024: Standard Chartered Bank to open a branch in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight: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: 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>Lots of debt news | New hotels | The crypto renaissance | SMEs vs. credit card limits.<\/p>\n","protected":false},"featured_media":612556,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-612555","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"88764f58-8766-4899-8fdf-bafc40697ca4","teaser":"Lots of debt news | New hotels | The crypto renaissance | SMEs vs. credit card limits.","photo_url":"https:\/\/ent.news\/2023\/12\/1631.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>Red Sea transit resumed? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/red-sea-transit-resumed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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