{"id":614093,"date":"2024-01-28T00:00:00","date_gmt":"2024-01-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=614093"},"modified":"2025-12-17T03:28:05","modified_gmt":"2025-12-17T03:28:05","slug":"sp-sees-egp-losing-half-its-value","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/sp-sees-egp-losing-half-its-value\/","title":{"rendered":"S&#038;P sees EGP losing half its value"},"content":{"rendered":"<section id=\"614095\" 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=\"614095\">\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     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style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.3a23f0a9-cc51-48aa-9702-b40b44b7103f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people, and happy Sunday. <\/strong>We\u2019re kicking off the week with a lot of econ news, between more devaluation speculations, Citibank cutting outlook on local USD bonds, and the CBE gearing up for its first meeting of the year. But before we dive into all that, we\u2019ve got a very special announcement for you. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Today isn\u2019t just any old Sunday, it's the launch day of EnterpriseAM KSA.<\/strong> Our newest addition to the Enterprise suite is written for decision makers in Saudi Arabia as well as executives, investors, and others doing business or deploying capital there. It will be published at 7am KSA, Sunday through Thursday. You can also check our newly launched EnterpriseAM UAE edition <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/ksaform.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1829.jpg?ssl=1\"><\/a> <\/p><p class=\"tag-border-left\">WATCH THIS SPACE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#1- Bond issuance on the HKEX?<\/strong>The Finance Ministry plans to list bonds on the Hong Kong Exchange (HKEX) after the two sides agreed to sign an agreement regarding the matter, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0nEJcrFbvyJvnxd1HdFux1ZVVyxwQsyyM8wiSw6Q1JP7yyrx4nrSv9Pd8KLm2n1wCl\" style=\"\" rel=\"noopener\">Finance Ministry readout<\/a>. The two sides also agreed to sign an agreement to eliminate dual taxation between Egypt and Hong Kong later this year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CORRECTION ON 28 JANUARY 2024: <\/strong><i>We have amended the story to clarify that the Finance Ministry wants to issue bonds dominated in the local currency of Hong Kong and not the EGP.<\/i><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- It\u2019s business<\/strong><strong> as usual at the local gold market: <\/strong>Gold shops have not halted operations or shut their doors over the weekend after soaring demand pushed prices to record highs, the gold division at the Federation of Egyptian Chambers of Commerce said in a <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/y978yaf3\" style=\"\" rel=\"noopener\">statement<\/a>. Sales were only suspended for brief moments in some stores as people were processing the rapidly fluctuating buying and selling prices<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where prices are at: <\/strong>The price of 24 karat gold rose to an <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/35th5r9t\" style=\"\" rel=\"noopener\">unprecedented EGP 4,400 per gram<\/a> yesterday \u2014 up almost 17% from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac8cde39-4c2f-45c4-bc6e-47cbc7d0529a\" style=\"\" rel=\"noopener\">prices recorded during the last week of December<\/a>. These prices are highly inflated and are \u201cin no way representative of actual gold prices,\u201d the division said in another statement seen by Enterprise. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflated prices everywhere: <\/strong>The Giza Chamber of Commerce\u2019s electrical appliances division advised customers against purchasing any appliances at the moment, seeing as current prices are extremely inflated due to exchange rate instability, <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/bdyk97s7\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Red Sea disruptions hit our coffee supply:<\/strong> Several coffee suppliers have temporarily halted sales to supermarkets and retailers in efforts to preserve their stocks as Red Sea disruptions and the country\u2019s FX crunch make it more difficult to import the usual quantities, according to <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/01\/27\/1760118\" style=\"\" rel=\"noopener\">Al Borsa<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2228.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>Our friend<\/strong><strong>s at ALC Alieldean Weshahi &amp; Partners have opened a joint-venture law office in Riyadh wit<\/strong><strong>h leading Saudi firm Mithaq Law Office. <\/strong>The firm, known as Mithaq Law Firm in Association with ALC Alieldean Weshahi and Partners, will have a team of 20 multilingual professionals in Riyadh and plans to have a presence in other major business centers in the region, the firm said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2229.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Mithaq-ALC tie-up is a member of the Grimaldi Alliance<\/strong>, a global network with more than 500 lawyers in Italy, London, and New York, as well as 2k others in more than 70 jurisdictions. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The aim is to provide a one-stop shop for the needs of clients in Saudi Arabia and beyond<\/strong>, ALC Senior and Managing Partner Bahaa Alieldean told us in Riyadh last week at a reception for the launch. The gathering was attended by a who\u2019s who of the Saudi business community, including senior executives and shareholders of major corporate groups and professional services firms. The event was hosted at Al Zarqaa Majlis.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why a direct office now? <\/strong>\u201cWe have worked for more than a decade now with large Saudi conglomerates with units operating in industries including banking, real estate, infrastructure, and media, serving them on matters in Egypt and abroad,\u201d said Alieldean. \u201cOur goal is to serve the needs of the fast-growing Saudi market that sees both international investors flocking to the Kingdom and Saudi businesses committing more capital at home. The joint venture with Mithaq was a logical next step, giving us a direct presence in Riyadh and the ability together to serve clients by the joint venture\u2019s pool of Saudi, Egyptian, and international lawyers.\u201d<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Egypt v Congo: <\/strong>The Pharaohs will face the DR Congo in Afcon\u2019s round of 16 tonight at 10:00pm CLT. Egypt\u2019s soccer officials sacrificed a cow and distributed the meat to the poor in Cairo in an attempt to bring the team better luck, team spokesman Mohamed Morad told <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/egypt-cow-africa-cup-56f25c2cecd2e7a5aeb6d4f026ac5975\" style=\"\" rel=\"noopener\">Associated Press<\/a> on Friday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA- Brace for a windy week: <\/strong>We\u2019re in for a chilly, windy couple of days, with all areas across the country expected to see declining temperatures until Wednesday, according to the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/ema.gov.eg\/posts\/pfbid0Qjft8oJZdesMhFXnL89LTVqnMDW8PPhhAvqqtg3UqYRhECt2FvDH2aYfUFt58ir9l\" style=\"\" rel=\"noopener\">Egyptian Meteorological Authority<\/a>. Expect daytime highs ranging from 16-18\u2103 from today through Wednesday, and lows of 9-12\u2103. <\/p><p class=\"tag-border-left\">HAPPENING THIS WEEK- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>The Central Bank of Egypt\u2019s Monetary Policy Committee will hold its first meeting of the year <\/strong><strong>on Thursday <\/strong>to review rates. We\u2019ll be out with our customary pre-MPC poll later this week. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s also Fed week: <\/strong>The Federal Reserve kicks off its two-day policy meeting on Tuesday. Economists are expecting the Fed to keep rates unchanged and wait until the summer before it cuts rates, according to a <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/fed-cut-q2-probably-june-economists-less-dovish-than-markets-2024-01-23\/\" style=\"\" rel=\"noopener\">Reuters poll<\/a>. Majority of economists polled see the Fed leaving rates at their current 22-year high at 5.25-5.5% when it meets later this week to ensure that \u201crecent progress in inflation is sustainable.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Setting the stage: <\/strong>The European Central Bank <a target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2024\/html\/ecb.mp240125~f738889bde.en.html\" style=\"\" rel=\"noopener\">kept rates unchanged<\/a> \u2014 at a record-high 4% \u2014 when it met on Thursday. The bank reaffirmed its position to keep rates high for a \u201csufficiently long duration\u201d to bring inflation down to its target 2% from its current level of 2.9%. <\/p><p class=\"tag-border-left\">CYBERSECURITY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>B.TECH <\/strong><strong>denies data breach allegations: <\/strong>Consumer electronics retailer B.TECH \u201cfirmly denies all circulated allegations of a recent data breach,\u201d the company said in a statement to Enterprise. The company reassured its customers that their data is secure and has not been compromised, following claims that its database has been hacked and thousands of customers' personal data has been leaked. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The allegation: <\/strong>A cybercriminal by the name <a target=\"_blank\" href=\"https:\/\/twitter.com\/H4ckManac\/status\/1750757973167661201\" style=\"\" rel=\"noopener\">Tanaka claims<\/a> that B.TECH\u2019s database has been breached and leaked on a hacking forum. The information leaked includes customers\u2019 IDs, names, phone numbers, addresses, and emails. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound familiar?<\/strong>Last year saw reports alleging that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64121833-7675-4fb0-b223-e5da836c416e\" style=\"\" rel=\"noopener\">two Egyptian blue chip<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64121833-7675-4fb0-b223-e5da836c416e\" style=\"\" rel=\"noopener\">companies<\/a> were hacked by LockBit \u2014 the world\u2019s most successful ransomware gang \u2014 compromising personal and financial data. The hacks suggest that LockBit has turned its sights on Egypt and other emerging markets \u2014 likely banking on companies here taking a less-sophisticated approach to cybersecurity.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of those hits was on Fawry: <\/strong>We had a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4457b19-b82f-4016-9455-edd61d94f112\" style=\"\" rel=\"noopener\">chat with Fawry CEO Ashraf Sabry<\/a>, who explained to us the nitty gritty of what happened and the steps the company is taking to prevent this from happening again.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ongoing disruptions to shipping in the Red Sea continue to dominate global headlines <\/strong><strong>this morning<\/strong> on what\u2019s shaping up to be the first business day of a very busy week for news. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The conflict in the Red Sea and the shipping disruptions to which it is giving rise look set <\/strong><strong>to drive volatility in natural gas prices this year<\/strong>, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/7db41566-9d72-4253-bb95-67046e4fd0c7\" style=\"\" rel=\"noopener\">International Energy Agency warned<\/a> on Friday in its most recent quarterly report. Also impacting price volatility: The war in Ukraine and potential delay to the start of operations at a number of natural gas plants. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ONE THING TO READ that puts it all in context:<\/strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b4fa4132-680b-4494-aa32-980aa9dab9de\" style=\"\" rel=\"noopener\">The risks of relying on superpowers to<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b4fa4132-680b-4494-aa32-980aa9dab9de\" style=\"\" rel=\"noopener\">protect global trade<\/a> (the FT\u2019s Big Read this morning)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We have more on the story in the news well, below. <\/strong><\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Lula is coming to town: <\/strong>Brazilian President Luiz In\u00e1cio Lula da Silva is coming to Cairo on 15-16 February to meet with President Abdel Fattah El Sisi, the fellow Brics-member\u2019s state-run news agency <a target=\"_blank\" href=\"https:\/\/agenciabrasil.ebc.com.br\/en\/politica\/noticia\/2024-01\/lula-visit-egypt-ethiopia-guyana-february\" style=\"\" rel=\"noopener\">Agencia Brasil<\/a> reported, without disclosing any details. Lula will then head off to the Ethiopian capital to attend an African Union assembly.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Another financing agreement with the ITFC will be sealed in February:<\/strong> The International Islamic Trade Finance Corporation (ITFC) will ink its annual work program \u2014 worth a combined USD 1.5 bn \u2014 with Egypt next month, according to a Planning Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/pfbid0YGwwT3d4z7gWe7K8wktnHVfw9hF2erMZvVZRe7xKDyEcpbMuDGn5znbxEmE8FTmrl\" style=\"\" rel=\"noopener\">statement<\/a>. The statement did not provide any details on which areas the fresh funds will support. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Funds for a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc00990a-fff9-4b3e-a398-4893843cdcda\" style=\"\" rel=\"noopener\">high speed electric railway line<\/a><\/strong><strong> will also get the sign-off next month<\/strong>from the Islamic Development Bank, according to Planning Minister Hala El Said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614097 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=\"614097\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/614097\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614097\" class=\"content-area-description single-story post-614097 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\/2024\/1\/1736.jpg?ssl=1\"><\/a><\/span><\/p>\n<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=\"614098\" 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=\"614098\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/sp-sees-the-egp-losing-half-its-value\/\">\r\n                            S&amp;P expects Egypt\u2019s EGP to trade close to the black market rate                        <\/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\/2024\/01\/28\/sp-sees-the-egp-losing-half-its-value\/\" 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\/2024\/01\/28\/sp-sees-the-egp-losing-half-its-value\/')\">\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\/2024\/01\/28\/sp-sees-the-egp-losing-half-its-value\/\">\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=S&#038;P sees the EGP losing half its value&url=https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/sp-sees-the-egp-losing-half-its-value\/\">\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\/2024\/01\/28\/sp-sees-the-egp-losing-half-its-value\/&title=S&#038;P sees the EGP losing half its value\">\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=S%26%23038%3BP+sees+the+EGP+losing+half+its+value+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F01%2F28%2Fsp-sees-the-egp-losing-half-its-value%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\/2024\/01\/28\/sp-sees-the-egp-losing-half-its-value\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2275.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614099\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/sp-sees-the-egp-losing-half-its-value\/2275-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2275.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2275.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2275.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2275.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614098\" class=\"content-area-description single-story post-614098 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-citigroup tag-economy tag-enterpriseam tag-exchange-rate tag-sp wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.2f17e1f2-4a5f-41de-bde6-6a768554201b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>S&amp;P sees a devaluation in our future:<\/strong> S&amp;P Global Ratings is expecting authorities to devalue the EGP to half its current value to unlock the remainder of the IMF package, the rating agency said in a <a target=\"_blank\" href=\"https:\/\/www.spglobal.com\/ratings\/en\/research\/articles\/240125-bulletin-red-sea-attacks-intensify-egypt-s-foreign-currency-shortage-12981068\" style=\"\" rel=\"noopener\">report<\/a>. Once the devaluation is through, S&amp;P sees the EGP trading at \u201ca level that is more in line with the parallel market rate, which is currently at about 60 USD \/ EGP.\u201d The rating agency thinks that \u201cmore clarity on exchange rate policy would benefit trade and economic growth and trigger an increase in remittance inflows.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The central bank has maintained the USD \/ EGP exchange rate at 30.9 since March, despite EGP continuing to fall against the greenback in the parallel market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No shocker here:<\/strong> Everyone agrees that a devaluation is on the way and it\u2019s just a question of when and how much. Last we heard, traders are optimistic that the devaluation will be smaller than expected after IMF officials <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/404ad3aa-5e2b-4642-b79a-d7ea249afca2\" style=\"\" rel=\"noopener\">indicated<\/a> that a full float of the EGP may not be in the cards for the immediate future, saying that the Fund is prioritizing getting inflation under control over exchange-rate reform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We should know more soon: <\/strong>Representatives from the IMF <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ce5a6d0-407b-42ea-a58b-ae7eaab021f3\" style=\"\" rel=\"noopener\">were in town last week<\/a> to discuss the two long-awaited stalled reviews of the loan program. Although not much has been revealed about the visit, an IMF spokesperson promised updates when the visit wraps up. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It's not looking good for the country\u2019s banks:<\/strong> \u201cWe expect Egyptian banks' foreign-currency liquidity positions will continue to deteriorate,\u201d the report reads, pointing to the FX crunch. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40dfd0b8-91ce-452a-aa38-14002bd040cf\/\" style=\"\" rel=\"noopener\">Net foreign assets in commercial banks<\/a> was at a negative USD 15.8 bn in November. <\/p>\n<p class=\"tag-border-left\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Citibank cuts bullish outlook for Egyptian USD bonds: <\/strong>Citibank has downgraded its recommendation for Egypt\u2019s USD bonds issued in October to \u201cmarketweight,\u201d after giving the bonds an \u201c <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af942136-2361-4cfe-983d-dc78c025450c\" style=\"\" rel=\"noopener\">overweight\u201d recommendation<\/a> last year, <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/2cj64d7m\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports. \u201cIn contrast to our previously optimistic outlook, we now believe the situation has changed with a significant increase in interest rates expected over the next few months, with few signs of positive catalysts so far,\u201d Citibank strategists wrote in a note seen by the outlet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>A marketweight rating is given to fixed-income securities to indicate that their yields align with market expectations \u2014 the rating varies depending on if the yield spread is over, under, or in line with market expectations. <\/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\/citigroup\/\">Citigroup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exchange-rate\/\">exchange rate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp\/\">S&amp;P<\/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=\"614100\" 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=\"614100\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/egypt-transfers-ownership-of-govt-hqs-to-the-sovereign-fund-of-egypt\/\">\r\n                            Egypt transfers ownership of government HQs to the Sovereign Fund of Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/egypt-transfers-ownership-of-govt-hqs-to-the-sovereign-fund-of-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The ministries listed under the decision will continue operating in their current buildings until they are moved to the new capital or another location, the decision read.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The buildings include several Cairo landmarks: <\/strong>The decision transfers the ownership of both the land and buildings of many Cairo landmarks, including the headquarters of the Foreign Ministry on the Nile Corniche. The list also includes the headquarters for the ministries of trade, tourism, transport, justice, education, housing, health, supply, social solidarity, military production, and the National Authority for Military Production, as well as units from the Local Development Ministry and the headquarters of the Green Trade Initiative.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The transfer comes as part of a larger plan to revamp Downtown Cairo: <\/strong>The SFE is close to finalizing its plan to revamp Downtown Cairo, with hopes to start working on the project over the coming months, SFE boss Ayman Soliman told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/with-government-relocated-egypt-set-unveil-overhaul-downtown-cairo-2024-01-24\/#:~:text=CAIRO%2C%20Jan%2024%20(Reuters),months%2C%20its%20chief%20executive%20said.\" style=\"\" rel=\"noopener\">Reuters<\/a>. The SFE\u2019s blueprint for the area is being drawn up alongside the European Bank for Reconstruction and Development and two other international advisers, and will be revealed in the coming weeks, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Downtown could be set for some big changes: <\/strong>Soliman \u201cdid not rule out\u201d reports that a skyscraper could be constructed on the former headquarters of the National Democratic Party next to the Egyptian Museum. The former Interior Ministry compound will be turned into a business park that will cater primarily to startups and tourism and is set to include a three-star Moxy hotel by Marriott, Soliman added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>An Emirati-led consortium had been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/750eb2f1-7cf3-421f-9043-c63941a6c7d3\" style=\"\" rel=\"noopener\">awarded<\/a> the bid to develop the former NDP headquarters, Soliman told El Hekaya\u2019s Amr Adib earlier this month. However, the agreement had not yet been finalized at the time and Soliman provided no further details.<\/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\/new-administrative-capital\/\">new administrative capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/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=\"614102 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=\"614102\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/614102\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614102\" class=\"content-area-description single-story post-614102 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\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=\"614103\" 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=\"614103\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">RED SEA WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/houthi-strike-on-tanker-carrying-russian-fuel-puts-further-pressure-on-the-egyptian-economy\/\">\r\n                            Houthis strike tanker carrying Russian fuel + Suez Canal revenues down 44%                        <\/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\/2024\/01\/28\/houthi-strike-on-tanker-carrying-russian-fuel-puts-further-pressure-on-the-egyptian-economy\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The attack set fire to one of the ship\u2019s cargo tanks, the company said in a <a target=\"_blank\" href=\"https:\/\/www.trafigura.com\/news-and-insights\/responses\/statement-re-marlin-luanda\/\" style=\"\" rel=\"noopener\">statement<\/a> on Friday shortly after the attack. The company confirmed that the fire had been fully extinguished and that all crew members were safe and thanked Indian, US, and French naval vessels for assistance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US strikes back: <\/strong>Hours after the attack on the fuel tanker, the US Navy launched an attack on what it said was a \u201cHouthi anti-ship missile aimed into the Red Sea and which was prepared to launch,\u201d US Centcom said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/CENTCOM\/status\/1751071115147985236\" style=\"\" rel=\"noopener\">statement on X<\/a>. The US Navy spotted the missile and \u201cdetermined it presented an imminent threat to merchant vessels and the US Navy ships in the region.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There had been an understanding that Russian ships wouldn\u2019t be attacked: <\/strong>Senior Houthi official Muhammed Al Bukhaiti had said that only American, British, and Israeli \u2014 or Israeli-linked \u2014 ships would be targeted and reassured other nations that \u201cfor all other countries, including Russia and China, their shipping in the region is not threatened\u201d in a 19 January interview with Russian newspaper <a target=\"_blank\" href=\"https:\/\/iz.ru\/1636450\/2024-01-19\/v-ansar-allakh-garantirovali-bezopasnost-sudam-rf-i-knr-v-krasnom-more\" style=\"\" rel=\"noopener\">Izvestia<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chinese firms have been betting on Houthi promises:<\/strong> A number of smaller Chinese shipping lines have been flocking to fill the vacuum of ships navigating the Red Sea route under their \u201cperceived immunity\u201d from Houthi missiles, wrote the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/41b3491c-d6b3-4da0-a272-239e51cfd7c6\" style=\"\" rel=\"noopener\">Financial Times<\/a> one day before the attack on the Trafigura-operated vessel. One of the opportunistic shipping companies emphasizes on its website that its ships prominently display the Chinese flag and sail though the Red Sea with Chinese navy escorts, the salmon-colored paper adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US is pressing China to help bring pressure to bear on the Houthis<\/strong>, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f4fe30ce-3cbf-47f0-a1ad-7574b59f6f04\" style=\"\" rel=\"noopener\">Financial<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f4fe30ce-3cbf-47f0-a1ad-7574b59f6f04\" style=\"\" rel=\"noopener\">Times<\/a> notes.Beijing, worried about how the disruptions could impact its own exports, is now reportedly pushing Tehran to tell its proxies that enough is enough. <strong>Don\u2019t play ball? Business ties with China are at stake<\/strong>, diplomats have reportedly warned Iran, according to an exclusive from <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/china-presses-iran-rein-houthi-attacks-red-sea-sources-say-2024-01-26\" style=\"\" rel=\"noopener\">Reuters<\/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\">THE EGYPT ANGLE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Suez Canal Authority (SCA) revenues will be \u201cseverely affected\u201d<\/strong> this year if commercial vessels continue to divert their routes from the waterway, SCA boss Osama Rabie told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/59709\/%D8%B1%D8%A8%D9%8A%D8%B9-%D9%84%D9%80%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D8%AA%D8%B1%D8%A7%D8%AC%D8%B9-%D8%A5%D9%8A%D8%B1%D8%A7%D8%AF%D8%A7%D8%AA-%D9%82%D9%86%D8%A7%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3-44-%D9%81%D9%8A-%D9%8A%D9%86%D8%A7%D9%8A%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The Houthi attacks have increased costs and risks for maritime lines and pushed many companies to reroute around the Cape of Good Hope or even <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a84ea54-215b-4a3e-8010-534d1559908c\" style=\"\" rel=\"noopener\">look to air freight<\/a> and overland routes as alternatives. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers:<\/strong> Suez Canal receipts have fallen 44% y-o-y to USD 802 mn in January 2024, Rabie told the outlet. Egypt has lost about USD 150 mn in Suez Canal revenues due to ongoing Red Sea disruptions, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87769ba7-3953-43ee-8af4-32276afe3647\" style=\"\" rel=\"noopener\">estimates<\/a> shared by Bloomberg\u2019s chief emerging markets economist Ziad Daoud earlier in the month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deutsche Ba<\/strong><strong>nk warns about what a full disruption to Suez Canal traffic would mean for<\/strong><strong> our economy: <\/strong>Egypt could lose around USD 2 bn in revenues over a three-month period if disruption in the Red Sea leads to ins. premiums rising to \u201cunsustainable levels\u201d that it effectively stops Suez Canal traffic, the multinational lender warned in a research note seen by Enterprise. However, Deutsche Bank put the risk of a full closure of the channel as \u201cunlikely\u201d and instead predicted that \u201cEgypt is likely to witness a partial \u2014 but not complete \u2014 loss in its revenue stream from the Suez Canal.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But even if we avoid a shutdown, a prolonged conflict will worsen our FX crisis<\/strong><strong>: <\/strong>\u201cCumulative pressures, in the event of a prolonged conflict, could further exacerbate Egypt's existing FX shortages,\u201d the bank warns. With US President Biden acknowledging the minimal effect of recent strikes in Yemen and the Houthis\u2019 commitment to target ships until a ceasefire is implemented in Gaza, there is a slim chance that the Houthis will change tactics anytime soon, the note adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Improvements in our currency account deficit are predicted to be undone: <\/strong>Our current account deficit is predicted to widen to 3.4% in the fiscal year 2023-2024, from the 1.2% recorded in the previous fiscal year, on the back of a reduction in tourism and energy exports, Deutsche Bank added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it\u2019s not all doom and gloom from Deutsche Bank<\/strong>, which still believes that inflation will continue to its downward path throughout the year and that refugee flows and regional instability will increase the likelihood of expanded and additional support packages from multinational lenders and organizations. <\/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\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/red-sea-watch\/\">RED SEA WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614105\" 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=\"614105\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/hedging-is-off-the-table-for-wheat-contracts-el-moselhi\/\">\r\n                            Egypt\u2019s Supply Ministry doesn\u2019t want to hedge wheat contracts                        <\/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\/2024\/01\/28\/hedging-is-off-the-table-for-wheat-contracts-el-moselhi\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The Oil Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5509f320-a92c-4c1c-a7a4-fffcfdbb7302\" style=\"\" rel=\"noopener\">last year<\/a> purchased hedging contracts to protect it from soaring oil prices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hedging is still on the table: <\/strong>The government is considering purchasing hedging contracts to guard against expected volatility in the price of certain commodities following disruption in the Red Sea that has upended global supply chains, Assistant Supply Minister Ibrahim Ashmawy <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79609299-4e73-451b-a04b-3ac6bb4ef8ab\" style=\"\" rel=\"noopener\">said earlier this month<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Wheat leaves the EMX:<\/strong> The Supply Ministry has temporarily halted wheat trading on the Egyptian Mercantile Exchange (EMX), \u201cdue to crazed price speculations and bids by some traders,\u201d <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1751218476876697750\" style=\"\" rel=\"noopener\">El Moselhi<\/a> said. The commodity will be back on the EMX once that issue is settled. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where do our wheat reserves stand? <\/strong>The country\u2019s strategic reserves of wheat currently stand at 4.2 months, the minister <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/msitgovegypt\/posts\/pfbid0T6cxAwjwor83oVsY62ytrBjKRDc9UxZSMWaPj6zQxwAHR4aT54fvr2Y1hvWAkHMil?locale=ar_AR\" style=\"\" rel=\"noopener\">said yesterday<\/a>.<\/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\/ali-el-moselhi\/\">Ali El Moselhi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-mercantile-exchange\/\">Egyptian Mercantile Exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-ministry\/\">Supply Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/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=\"614107\" 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=\"614107\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/dxwand-secures-usd-4-mn-to-step-up-ai-research-and-regional-expansion\/\">\r\n                            Egypt-born AI startup DXwand secures USD 4 mn to step up AI research and regional expansion                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/dxwand-secures-usd-4-mn-to-step-up-ai-research-and-regional-expansion\/\">\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=DXwand secures USD 4 mn to step up AI research and regional expansion&url=https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/dxwand-secures-usd-4-mn-to-step-up-ai-research-and-regional-expansion\/\">\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\" 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 <\/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\/2024\/01\/28\/dxwand-secures-usd-4-mn-to-step-up-ai-research-and-regional-expansion\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2239.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614108\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/dxwand-secures-usd-4-mn-to-step-up-ai-research-and-regional-expansion\/2239-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2239.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2239.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2239.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2239.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614107\" class=\"content-area-description single-story post-614107 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-ai tag-algebra-ventures tag-enterpriseam tag-shorooq-partners tag-startup-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.c23f3b69-f1dc-49c1-aec6-5b60dcbb8d56.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Algebra Ventures, Shorooq Partners, and Dubai Future District Fund invest big in <\/strong><strong>AI startup: <\/strong>Homegrown artificial intelligence startup <a target=\"_blank\" href=\"https:\/\/dxwand.com\/\" style=\"\" rel=\"noopener\">DXwand<\/a> has raised USD 4 mn in a Series A round led by local tech-focused VC firm Algebra Ventures, UAE-based VC firm Shorooq Partners, and the UAE government-backed Dubai Future District Fund, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2210.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> released on Thursday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going?<\/strong> The company plans to use the fresh funds for regional expansion \u2014 though specific areas of expansion were not stated \u2014 and for its research and development in generative AI, and retrieval augmented generation (RAG). The company currently has offices in Cairo and Dubai, along with a HQ in Wyoming. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DXwand?<\/strong> DXwand is an Egyptian AI startup founded in 2018. DXwand has developed software to automate customer service conversations, using a language model that understands different slang in both Arabic and English. The platform extracts information from these conversations and presents it to businesses. The company\u2019s software also specializes in knowledge mining \u2014 a form of AI that quickly learns vast amounts of information \u2014 and generative AI. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We sat down with DXwand co-founder and CEO Ahmed Mahmoud for our <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d471773f-0bcc-48b0-915c-894afaba3aaa\" style=\"\" rel=\"noopener\">Founder of<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d471773f-0bcc-48b0-915c-894afaba3aaa\" style=\"\" rel=\"noopener\">the<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d471773f-0bcc-48b0-915c-894afaba3aaa\" style=\"\" rel=\"noopener\">Week column<\/a><\/strong><strong> back in 2022. <\/strong><\/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\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shorooq-partners\/\">Shorooq Partners<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614109\" 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=\"614109\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/another-ceasefire-agreement-brewing-icj-orders-israel-to-prevent-genocide\/\">\r\n                            Another ceasefire agreement brewing + ICJ orders Israel to prevent genocide                        <\/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\/2024\/01\/28\/another-ceasefire-agreement-brewing-icj-orders-israel-to-prevent-genocide\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The US-led agreement is in its final stages, with expectations that it will be finalized within two weeks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To move things forward: <\/strong>CIA head William Burns will reportedly meet with Egyptian intelligence chief Abbas Kamel, Israel\u2019s Mossad head David Barnea, and Qatari Prime Minister Mohamed Bin Abdul Rahman Al Thani, in France in the coming few days, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us-cia-chief-help-broker-gaza-hostage-deal-source-2024-01-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> wrote. The talks will center on the agreement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>If Burns\u2019 meetings go well and make enough progress, the Biden administration will send Middle East coordinator Brett McGurk to the region to help finalize the agreement. <\/p>\n<p class=\"tag-border-left\">DIPLOMACY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Biden jumps on the phone with El Sisi: <\/strong>US President Joe Biden and President Abdel Fattah El Sisi affirmed that \u201call efforts must now be made to conclude an agreement that would result in the release of all hostages together with a prolonged humanitarian pause in the fighting,\u201d according to a US embassy <a target=\"_blank\" href=\"https:\/\/eg.usembassy.gov\/readout-of-president-bidens-call-with-president-abdel-fattah-al-sisi-of-egypt-3\/\" style=\"\" rel=\"noopener\">readout<\/a>. The two also renewed their commitment to reject the displacement of Palestinains and affirmed the importance of a two-state solution to ensure security and stability in the region, an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0jn19cwYVU6yXY1mDmBp3JpkLhSKZPz2TMgmCiad3JwQYQM1Fm8YnJgDrGRRDneBYl\" style=\"\" rel=\"noopener\">statement<\/a> following the call said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But El Sisi wasn\u2019t picking up the phone for everybody: <\/strong>The Egyptian president <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/sissi-said-to-rebuff-israeli-request-for-phone-call-with-netanyahu\/\" style=\"\" rel=\"noopener\">reportedly<\/a><a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/sissi-said-to-rebuff-israeli-request-for-phone-call-with-netanyahu\/\" style=\"\" rel=\"noopener\"><\/a> refused to receive a phone call from Netenyahu.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UN\u2019s Palestinian refugee organization loses funding: <\/strong>The US \u2014 the UN Relief and Works Agency\u2019s (UNRWA) biggest donor \u2014 along with the UK, Italy, Canada, Finland, and Australia <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-26\/us-halts-unrwa-funding-over-claims-staff-joined-oct-7-attacks?utm_source=google&utm_medium=bd&cmpId=google\" style=\"\" rel=\"noopener\">have suspended<\/a> additional funding to UNRWA over Israeli allegations that several staff members took part in the 7 October attacks. The UN has preemptively fired several employees over the accusations and is investigating the allegations. <\/p>\n<p class=\"tag-border-left\">ICJ ORDERS ISRAEL TO PREVENT GENOCIDE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ICJ gives its verdict: <\/strong>The International Court of Justice (ICJ) has ordered Israel to limit harm to civilians in Gaza and prevent acts of genocide, but did not order an immediate ceasefire in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2247.pdf\" style=\"\" rel=\"noopener\">ruling (pdf)<\/a> shared on Friday. The court also found that there is \u201cplausible claim\u201d of genocide that Israel must answer for. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt welcomed the ruling<\/strong> and called \u201con Israel to immediately implement all the measures contained in the ICJ decision,\u201d in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid08WAqYN6QKVY1BAozGmWv5DH2TcizAP15nmdoNQH8BTFD9Xu1Nv7YG3Pc9cNUsQKMl\" style=\"\" rel=\"noopener\">statement<\/a> from the Foreign Ministry, but added that Egypt is \u201clooking forward to the ICJ requesting an immediate ceasefire in Gaza, as the court has ruled in similar cases.\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\">ON THE GROUND-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israeli forces <\/strong><strong>killed 20 Palestinians in Gaza City<\/strong> who had been standing in line for humanitarian aid, the Gaza Health Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MOHGaza1994\/posts\/pfbid0tQJ5gbdAAjpzsa5TrZcL2ebj9L2kvw5cjUGrLjhWqqA6GtyGmta9fHcwhAQFAu3Ml\" style=\"\" rel=\"noopener\">said<\/a> on Thursday. Gaza is being made \u201ccompletely uninhabitable,\u201d as Israeli attacks on infrastructure and protected facilities like hospitals, coupled with increasingly cold weather, have put many more civilians at risk of dying, the UN Human Rights Office <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/deadly-attacks-gaza-cold-weather-making-it-uninhabitable-un-2024-01-26\/\" style=\"\" rel=\"noopener\">warned<\/a> on Friday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More than just numbers: <\/strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MOHGaza1994\/posts\/pfbid02WrGx4sfiTR5DosFTHeZgBp5ThJZcjRXsKaN2YRbQo3GXWv4Tugx3T6rK5C6AwaCvl\" style=\"\" rel=\"noopener\">At least 26,257 Palestinians<\/a> have now been killed in Gaza since October 7 and most of the enclave\u2019s 2.3 mn population have been displaced from their homes and have been pushed into ever-smaller areas in the south. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614111 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=\"614111\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/614111\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614111\" class=\"content-area-description single-story post-614111 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614112\" 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=\"614112\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/the-economy-dominated-the-airwaves-last-night\/\">\r\n                            Egypt\u2019s President Abdel Fattah El Sisi acknowledges high prices and economic headwinds                        <\/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 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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2270.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614113\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/the-economy-dominated-the-airwaves-last-night\/2270-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2270.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2270.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2270.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2270.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614112\" class=\"content-area-description single-story post-614112 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-exchange-rate tag-ittihadiya tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.20bbfce0-0fad-4810-9b08-6010333c0a82.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was an econ-heavy on the airwaves <\/strong>with President Abdel Fattah El Sisi\u2019s comments on prices leading the conversation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cLife is expensive<\/strong>,\u201d El Sisi said during comments made on the sidelines of Police Day ceremonies on Wednesday (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=BbAHUHMDCtE&ab_channel=%D8%B1%D8%A6%D8%A7%D8%B3%D8%A9%D8%AC%D9%85%D9%87%D9%88%D8%B1%D9%8A%D8%A9%D9%85%D8%B5%D8%B1%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9\" style=\"\" rel=\"noopener\">watch, runtime: 17:01<\/a>), adding that the people of Egypt are enduring and putting up with it. \u201cWe need to endure some more to live and grow and overcome this challenge,\u201d he said. The president acknowledged the magnitude of the economic headwinds facing the country, telling journalists that geopolitical tension surrounding Egypt\u2019s borders comes at a hefty price for our economy. El Sisi\u2019s remarks also got airtime on Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=773241508177614\" style=\"\" rel=\"noopener\">watch, runtime: 4:48<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A solution on the horizon? <\/strong>The second round of the National Dialogue will address the country\u2019s economic challenges and look to find solutions, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of life being expensive: <\/strong>The nation\u2019s talking heads took note of the repeated jumps in commodities prices \u2014 steel, poultry, and dairy products \u2014 due exchange rate volatility. Head of the metals chamber at the Federation of Egyptian Industries Mohamed Hanafi, joined Kelma Akhira\u2019s Lamees El Hadidi to outline the drivers behind the increase in steel prices (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=749883003384678\" style=\"\" rel=\"noopener\">watch, runtime: 7:45<\/a>). Meanwhile, Poultry Producers Union head Tharwat El Zeini told El Hadidi that poultry feed prices climbed about 35% in a single week (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=701486042184366\" style=\"\" rel=\"noopener\">watch, runtime: 5:33<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Markets are confused <\/strong><strong>by the unstable exchange rate <\/strong>and there must be a method to end the black market trading of the greenback, head of the Internal Trade Committee of the Importers Division of the Federation of Chambers of Commerce Matta Bishay told Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=932394178407266\" style=\"\" rel=\"noopener\">watch, runtime: 7:39<\/a>). He pointed to the need for the government to be transparent with citizens and importers about its plan to address the issue.<\/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\/exchange-rate\/\">exchange rate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ittihadiya\/\">Ittihadiya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- 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   \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/boycott-of-western-goods-boosts-demand-for-locally-made-products\/\">\r\n                            Demand for Egyptian-made products soars amid current Gaza boycott                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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     <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2250.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614116\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/boycott-of-western-goods-boosts-demand-for-locally-made-products\/2250-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2250.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2250.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2250.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2250.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614115\" class=\"content-area-description single-story post-614115 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-israel-palestine-conflict wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.70fd8610-bbce-47b3-af84-09cec3f74ee3.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Local brands take the spotlight amid steadfast boycott in Egypt:<\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2024-01-26\/israel-hamas-war-starbucks-coke-mcdonald-s-hit-by-middle-east-boycotts\" style=\"\" rel=\"noopener\">Bloomberg<\/a> is out with a piece delving into the impacts of the consumer boycott of Western goods and brands perceived to be aligned with Israel on local brands. Sales of a local Egyptian soda brand, left unnamed in the article, have reportedly tripled since Israel\u2019s war on Gaza as consumers avoid brands that are seen as complicit in Israel\u2019s occupation of Palestine or from countries that are supportive of Israel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong><strong>Literary accolades: <\/strong>Ahmed Naji\u2019s Rotten Evidence: Reading and Writing in an Egyptian Prison has been chosen as a finalist for the US\u2019 National Book Critics Circle autobiography category. (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/book-critics-awards-judy-blume-lorrie-moore-bf76549ea8eae3092f85b15170d6caff\" style=\"\" rel=\"noopener\">Associated Press<\/a>)<\/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\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/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=\"614117\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614118\" 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=\"614118\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/savers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming\/\">\r\n                            Savers pour EGP 471 bn into high-yield CDs. PLUS: Mining tender + subsea cable incoming.                        <\/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\/2024\/01\/28\/savers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming\/\" 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\/2024\/01\/28\/savers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming\/')\">\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\/2024\/01\/28\/savers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming\/\">\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=Savers pour EGP 471 bn into high-yield CDs. PLUS: Mining tender + subsea cable incoming.&url=https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/savers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming\/\">\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\/2024\/01\/28\/savers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming\/&title=Savers pour EGP 471 bn into high-yield CDs. PLUS: Mining tender + subsea cable incoming.\">\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=Savers+pour+EGP+471+bn+into+high-yield+CDs.+PLUS%3A+Mining+tender+%2B+subsea+cable+incoming.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F01%2F28%2Fsavers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming%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\/2024\/01\/28\/savers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2244.JPG?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614119\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/savers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming\/2244-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2244.JPG?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2244.JPG\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2244.JPG?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2244.JPG?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614118\" class=\"content-area-description single-story post-614118 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-banking tag-banque-misr tag-enterpriseam tag-mining tag-national-bank-of-egypt tag-telecom-egypt tag-vodafone-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.615b7d56-f932-48a6-a76f-7e640ab57407.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">BANKING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Savers have put away some EGP 471 bn into the newly introduced high-yield <\/strong><strong>certificates of deposit <\/strong>(CDs) from the National Bank of Egypt (NBE) and Banque Misr (BM), <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/4b4kbyn3\" style=\"\" rel=\"noopener\">Youm 7<\/a> reports. Savers have poured some EGP 305 bn in CDs with NBE and EGP 166 bn with BM\u2019s. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The NBE and Banque Misr <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca07962e-49c3-4cb5-ab1d-89a6443c7602\" style=\"\" rel=\"noopener\">introduced<\/a> the record-high yield, 12-month CDs earlier this month, offering either a one-time return of 27% upon maturation or monthly payouts at a 23.5% annualized rate.<\/p><p class=\"tag-border-left\">TELECOMS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt, Jordan to lay out subsea cable:<\/strong> Telecom Egypt inked an agreement with Jordanian telecom service provider <a target=\"_blank\" href=\"https:\/\/naitel.jo\/default.aspx?l=1&amp;pg=1\" style=\"\" rel=\"noopener\">NaiTel<\/a> on Thursday to build a subsea cable \u2014 dubbed Coral Bridge \u2014 linking Sinai\u2019s Taba to the Jordanian coastal city of Aqaba,according to statements from <a target=\"_blank\" href=\"https:\/\/ir.te.eg\/en\/CorporateNews\/PressRelease\/193\/Telecom-Egypt-and-NaiTel-join-forces-to-build-a-new-subsea-cable-Coral-Bridge-between-Egypt-and-Jordan\" style=\"\" rel=\"noopener\">Telecom Egypt<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02azkn8gKF3fQw7HG1TsPScY61yTg3QtBhmQmL5GtTdKGiniazhvpuKu1caL8MsWdvl\" style=\"\" rel=\"noopener\">cabinet<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Vodafone\u2019s shared services unit wants to scale up:<\/strong><a target=\"_blank\" href=\"https:\/\/www.vodafone.com\/careers\/professional-career-areas\/shared-services\" style=\"\" rel=\"noopener\">Vodafone Intelligent Solutions<\/a> (_VOIS) is planning to expand its operations in the country by 15% annually after teaming up with partners in the public and private sectors, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02wD1xbMHC1JqTb6guynrpFsxL42sYkowKcJFwcVHfU2PVZKTormiH2Tnd8nqn86gml\" style=\"\" rel=\"noopener\">cabinet readout<\/a>. VOIS currently employs over 9k people in Egypt.<\/p><p class=\"tag-border-left\">MINING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mining tender in March?<\/strong> The government is gearing up to launch an international mining tender for three minerals in March, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/59612\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B7%D8%B1%D8%AD-%D9%85%D8%B2%D8%A7%D9%8A%D8%AF%D8%A9-%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%84%D9%84%D8%AA%D9%86%D9%82%D9%8A%D8%A8-%D8%B9%D9%86-3-%D9%85%D8%B9%D8%A7%D8%AF%D9%86-%D9%81%D9%8A-%D9%85%D8%A7%D8%B1%D8%B3\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing an unnamed government official. The tender will cover an unspecified number of areas for mining mineral raw materials and for phosphate-, sulfur- and potash-bearing minerals.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodafone-egypt\/\">Vodafone Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614120\" 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=\"614120\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/bond-rally-will-help-debt-ridden-ems-borrow-some-more\/\">\r\n                            Bond rally will help debt-ridden EMs borrow some more                        <\/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        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data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2276.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614120\" class=\"content-area-description single-story post-614120 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-emerging-markets 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\/2024\/1\/.a612cd64-b3d4-4003-8b45-1fd15cdb6870.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Investor appetite for riskier debt is good news for EM borrowers: <\/strong>Investors are rushing to add bonds (risky or not) to their portfolio \u2014 wanting to cash in on the anticipated interest rate cuts \u2014 helping emerging markets gain greater access to global debt markets and giving them a helping hand to refinance their debt, writes the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c2572557-f8c8-4653-afda-bf922e4e1694\" style=\"\" rel=\"noopener\">Financial Times<\/a>. This move will help debt-ridden EMs borrow some more rather than default. \u201cI do think there is a chance that some who have been excluded from markets will have access now,\u201d said Morgan Stanley\u2019s Simon Waever.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt is among the lucky ones:<\/strong> Egypt, along with nine other developing nations, has seen its borrowing costs fall, leaving debt distress territory \u2014 a USD-borrowing cost that is 10% higher than that of US treasury. That gives the country the needed steam to tap debt markets and avoid defaulting, according to the salmon-colored paper.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Emerging markets sealed some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d944b07a-e50a-42e9-8ce4-7820e4e9689f\" style=\"\" rel=\"noopener\">USD 24.4 bn<\/a> in sovereign and corporate debt sales in the first four days of the new year, making it the busiest-ever start to a year for EUR- and USD-denominated debt issuance in emerging markets.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH NOTING- Musk seeks funding for OpenAI challenger xAI:<\/strong> Elon Musk is looking to raise USD 6 bn in equity capital for his AI startup xAI. Musk is targeting family offices in Hong Kong, sovereign wealth funds in the Middle East, and investors from Japan and South Korea to climb aboard his latest venture. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/28983bdc-2a38-4103-beae-08d9542ab69d\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p><p><a target=\"_blank\" id=\"t.ccece80b8786a92bb415a7df223d24c9b3225a63\" 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 markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27,666<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +11.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,162<\/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: +1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,568<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,163<\/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: +2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,891<\/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: +2.5%)<\/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>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\">7,635<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.4% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,635<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2% (YTD: +2.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 83.6<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 2.71<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+5.5%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,036<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 42,134<\/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: -0.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.3% at Wednesday's close<\/strong> on turnover of EGP 5.0 bn (55.6% above the 90-dayaverage). Regional investors were net buyers. The index is up 11.1% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> TMG Holding (+8.4%), CIRA Education (+2.6%) and Credit Agricole Egypt (+1.9%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Palm Hills Development (-2.4%), GB Corp (-1.9%) and CIB (-1.8%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/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=\"614122\" 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\/2024\/01\/28\/614122\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614122\" class=\"content-area-description single-story post-614122 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>30 January (Tuesday): The IMF\u2019s World Economic Outlook report <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imf.org\/en\/Publications\/WEO\/Issues\/2024\/01\/30\/world-economic-outlook-update-january-2024\" style=\"\">due<\/a><\/span><span> to be published.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FEBRUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 February (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 February (Thursday): OPEC+ oil market monitoring <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-02\/opec-plans-oil-market-monitoring-meeting-in-early-february-as-fresh-cuts-start?srnd=premium-middle-east\" style=\"\">online meeting<\/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;\">4 February (Sunday): The Senate meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">8 February (Thursday): Deadline to apply to Shalateen Mining Company\u2019s international gold exploration tender.<\/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 style=\"font-weight:400;\">15-16 February (Thursday-Friday): Brazilian President Luiz In\u00e1cio Lulada Silva meets with President El Sisi in Cairo. <\/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:400;\">28 March (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 March (Friday): Egypt removed from JPMorgan Chase\u2019s Emerging Local Markets Index Plus.<\/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>15-21 April (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imfconnect.org\/content\/imf\/en\/annual-meetings\/FutureMeetings.html\" style=\"\">The IMF \/ World Bank Spring Meetings<\/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:400;\">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>28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabia-host-world-economic-forum-meeting-april-2024-01-18\/\" style=\"\">meeting<\/a><\/span><span style=\"font-weight:400;\"> on \u2018global collaboration, growth, and energy.\u2019<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Wednesday): National holiday in observance of Labor Day (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">5 May (Sunday): Coptic Easter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 May (Monday): Sham El Nessim (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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 style=\"font-weight:400;\">18 July (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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 style=\"font-weight:400;\">5 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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>25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank\u2019s (AIIB) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aiib.org\/en\/news-events\/events\/annual-meetings\/2024\/index.html\" style=\"\">2024 annual meeting<\/a><\/span><span style=\"font-weight:400;\">, Samarkand, Uzbekistan.<\/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:400;\">17 October (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-27 October (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imfconnect.org\/content\/imf\/en\/annual-meetings\/FutureMeetings.html\" style=\"\">The World Bank and IMF annual meetings<\/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;\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">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;\">January 2024: The Red Sea Ports Authority is set to finalize an agreement with the Abu Dhabi Ports Group for the operation and maintenance of the tourist passenger terminal in the Sharm El Sheikh Sea Port.<\/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;\">February 2024: Egypt will sign a USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>February 2024: <\/span><span>Funds from the Islamic Development Bank for the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fbed47f-67d7-4a25-ac45-4dc2dccce283\" style=\"\">high speed electric railway<\/a><\/span><span style=\"font-weight:400;\"> will get the sign off. <\/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;\">1Q 2024: Egyptian-Qatari Joint Supreme Committee.<\/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;\">1Q 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;\">1H 2024: The European Union is set to hold an investment conference in Egypt during spring.<\/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 style=\"font-weight:400;\">End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>B.TECH says no breach here | DXwand closes round | Egypt v Congo | Inching closer to Downtown revamp | Another ceasefire in Gaza?<\/p>\n","protected":false},"featured_media":614094,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-614093","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"1219ca4e-4cf4-4dc1-8fad-4a447036de29","teaser":"B.TECH says no breach here | DXwand closes round | Egypt v Congo | Inching closer to Downtown revamp | Another ceasefire in Gaza?","photo_url":"https:\/\/ent.news\/2024\/1\/2279.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>S&amp;P sees EGP losing half its value - 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\/sp-sees-egp-losing-half-its-value\/\" \/>\n<meta property=\"og:locale\" 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