{"id":614509,"date":"2024-02-04T00:00:00","date_gmt":"2024-02-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=614509"},"modified":"2025-12-17T03:37:20","modified_gmt":"2025-12-17T03:37:20","slug":"central-bank-surprises-with-200-bps-rate-hike","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-surprises-with-200-bps-rate-hike\/","title":{"rendered":"Central Bank surprises with 200-bps rate hike"},"content":{"rendered":"<section id=\"614511\" 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=\"614511\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/gem-is-preparing-for-the-grand-opening-soon\/\">\r\n                            The Grand Egyptian Museum will open its doors soon                        <\/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\/02\/04\/gem-is-preparing-for-the-grand-opening-soon\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/gem-is-preparing-for-the-grand-opening-soon\/138-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/138.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"138.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/138.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/138.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614511\" class=\"content-area-description single-story post-614511 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-grand-egyptian-museum tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.f5049825-ca2a-4293-8597-a5263f1247e6.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 welcome to a new workweek. <\/strong>We get underway this morning with the central bank hiking rates by 200 bps and yet another update on prospects for an expanded IMF package, the arrival of which looks to be at least several days away. <\/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- We\u2019re in for more funds from the EU: <\/strong>The European Union has approved additional financial and economic support to Egypt, EU CommissionerOliv\u00e9r V\u00e1rhelyi told Foreign Minister Sameh Shoukry during a phone call on Friday, according to a Foreign Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid02WGCt7XJqXEy7gwfZozMiWNY4PpN4TRWD4GAosetXPtQ97LJF6x3xk8rn3x2NhVRol\" style=\"\" rel=\"noopener\">statement<\/a>. The statement did not disclose the details of the additional funding, but the EU <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3829007f-fd17-467f-a426-049bee528e90\" style=\"\" rel=\"noopener\">welcomed<\/a> in the \u201cgolden age of EU-Egyptian relations\u201d with a EUR 9 bn investment pledge last month following a Shoukry-led delegation visiting Brussels<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fine print: <\/strong>Out of the EUR 9 bn, \u201cwe have already mobilized EUR 5.8 bn in investments in Egypt,\u201d V\u00e1rhelyi said at the time. It is also unclear how much of the remaining EUR 3.2 bn is part of a concrete pledge of fresh capital from the EU and related bodies and how much is private-sector investment the EU hopes will come through. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#2- The GEM is almost <\/strong><strong>ready<\/strong><strong>: <\/strong>Officials are putting the final touches on the Grand Egyptian Museum (GEM) with the aim of having the museum ready by the end of this month and officially open its door to visitors shortly after that, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid027Y3FfKf66xJTpMzMfmpujBrxfMQbCBWVdbPcwvQYtTZS4TTpJGzeLBieYhHYEeYZl\" style=\"\" rel=\"noopener\">statement<\/a>. The museum has been partially open for some time now, hosting a number of events and exhibitions \u2014 Enterprise held the first business event there more than a year ago \u2014 but the galleries displaying its permanent collection have not been open to visitors.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a><strong>#3- Robo-advisors are coming to Egypt: <\/strong>The Financial Regulatory Authority (FRA) will \u201cin the coming weeks\u201d publish its robo-advisor regulations and license requirements, FRA boss Mohamed Farid said yesterday, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/02\/03\/1762322\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports. The license will allow local firms to integrate robo-advisors \u2014 automated and potentially AI-driven financial advisors that offer a variety of services \u2014 into their operations. <\/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\"><strong>#1- Senate reconvenes to discuss agricultural exports: <\/strong>After a two-week break, the Senate is reconvening todiscuss a report on the government\u2019s strategy to promote EU-bound agricultural exports. Agricultural exports increased 25% y-o-y to bring in USD 3.5 bn in 2023, which showcases the country\u2019s \u201ccapacity to double agricultural exports to European markets in the coming years in order to narrow the gap between imports and exports and generate greater revenues of FX,\u201d the report argues.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Committees, assemble: <\/strong><\/p><ul>\n<li>The<strong> Industry Committee<\/strong> will discuss a proposal to establish agricultural industries in the New Valley governorate;<\/li>\n<li>the <strong>Agricultural Committee <\/strong>will review smart irrigation techniques currently in place;<\/li>\n<li>the <strong>Economics Committee <\/strong>will discuss taking advantage of <a target=\"_blank\" href=\"https:\/\/www.comesa.int\/\" style=\"\" rel=\"noopener\">Comesa<\/a> and the African Continental Free Trade Area to open free economic zones in Africa;<\/li>\n<li>the <strong>Energy Committee <\/strong>will review the government\u2019s strategy to expand renewable energy sources.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>The French foreign minister is in town: <\/strong>French Foreign Minister St\u00e9phane S\u00e9journ\u00e9 is in Cairo to discuss bilateral relations and Israel\u2019s war on Gaza with Foreign Minister Sameh Shoukry as part of a wider regional tour, according to the <a target=\"_blank\" href=\"https:\/\/www.sis.gov.eg\/Story\/191446\/Egypt%2C-France-FMs-to-hold-talks-on-Sunday?lang=en-us\" style=\"\" rel=\"noopener\">State Information Service<\/a>. A joint press conference is planned for after the meeting, before S\u00e9journ\u00e9 leaves for Amman, followed by Tel Aviv, Ramallah, and Beirut.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>#3- Blinken is in the region: <\/strong>US Secretary of State Antony Blinken is landing in the Middle East today, for his fifth trip to the region since Israel\u2019s war on Gaza started. Blinken\u2019s four-day itinerary includes Saudi Arabia, Egypt, Qatar, Israel, and the West Bank, a State Department <a target=\"_blank\" href=\"https:\/\/www.state.gov\/secretary-blinkens-travel-to-saudi-arabia-egypt-qatar-israel-and-the-west-bank\/\" style=\"\" rel=\"noopener\">statement<\/a> said. The trip will focus on ways to prevent the spread of the conflict in Gaza and the attacks by Yemen\u2019s Houthis in the Red Sea. A specific timeline of Blinken\u2019s trip has not been released.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of Gaza- <\/strong>An Egyptian official has denied Israeli claims that Egypt has signed off or will be signing off on an arrangement with Israel regarding the Philadelphi Corridor, Al Qahera News reported (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=mo1t7x2xCDg\" style=\"\" rel=\"noopener\">watch, runtime: 00:25<\/a>)<\/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>#1- S&amp;P Global will be out with <\/strong><strong>Egypt\u2019s<\/strong><strong> purchasing managers\u2019 index for January tomorrow. <\/strong>The index last <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06ab7cae-4ca9-48ab-b8f6-3d047796526f\" style=\"\" rel=\"noopener\">clocked in<\/a> at 48.5 in November, marking the 37th straight month the country's non-oil economy has been in contraction.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">`<strong>#2- Attention, gold miners: <\/strong>The deadline for the \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c667137-11a1-49ae-9442-7fb5bb683dc4\" style=\"\" rel=\"noopener\">three times extended<\/a> \u2014 international gold and minerals <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf657661-8a77-4cbc-835e-e1cc26ef5a58\" style=\"\" rel=\"noopener\">exploration tender<\/a> from the Shalateen Mining Company is this Thursday. <\/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>Fancy studying in New Zealand?<\/strong>The government of New Zealand is offering full scholarships for postgraduate degrees in food security and agriculture, climate change and the environment, renewable energy, and good governance. Applications for the New Zealand Manaaki scholarship are open until 29 February. Check it out, <a target=\"_blank\" href=\"https:\/\/www.nzscholarships.govt.nz\/\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want funding for your climate project? <\/strong>Egyptian climate projects in their pre-feasibility study stage can now apply to take part in the Climate Finance Accelerator and receive access to investors, coaching, and networking. The application door closes on Monday, 12 February. Read more and apply <a target=\"_blank\" href=\"https:\/\/docs.google.com\/forms\/d\/e\/1FAIpQLSd8LJ0_Y9dZ3kXSATx1lPcOpH9p8VAx_tKHYoXvPCUlbjpDbg\/viewform\" style=\"\" rel=\"noopener\">here<\/a>. <\/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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br><\/strong><strong>Want to read EnterpriseAM Egypt in Arabic or know some who would? <\/strong>Check out the Arabic version of the website <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/ar\" style=\"\" rel=\"noopener\">here<\/a> or subscribe <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/ar\/user\/news-letters\" style=\"\" rel=\"noopener\">here<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking for an end-of-day news wrap <\/strong>or thoughts on what to watch or where to go tonight? <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Sign up<\/a> for EnterprisePM, delivered to your inbox just in time for the drive home or post-work unwind, Sunday through Thursday.<br>***<\/p><p class=\"tag-border-left\">RED SEA WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Suez Canal receipts almost halved in January:<\/strong> Suez Canal receipts fell 47% y-o-y to USD 428 mn in January as the number of ships passing through the waterway dropped almost 37% to 1.4k last month thanks to Houthi attacks on shipping in the Red Sea, Suez Canal Authority boss Osama Rabie told Kol Youm (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=2TpmrWrVZuU\" style=\"\" rel=\"noopener\">watch, runtime: 9:28<\/a>).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest: <\/strong>French shipping giant CMA CGM has again suspended shipments through the Red Sea until further notice due to the heightened risk of attacks from Yemen\u2019s Houthis, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/cma-cgm-halts-red-sea-transit-security-risks-source-2024-02-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> wrote, citing sources it says have knowledge of the situation. The shipping firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26e50e17-7afe-4390-ad14-52ff4cfc7da1\" style=\"\" rel=\"noopener\">returned to the Red Sea<\/a> in January, after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7012e03f-8dda-4b2a-ae40-ba7144b132a8\" style=\"\" rel=\"noopener\">pausing transit<\/a> in December.<\/p><p class=\"tag-border-left\">THE BIG STORIES ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- O<\/strong><strong>ne story dominates the international front pages this morning: <\/strong>The US and the UK hit 36 Houthi facilities in Yemen yesterday, just a day after the US launched airstrikes on some 85 targets in Iraq and Syria with reported ties to Iran\u2019s Revolutionary Guards Corps (IRGC), killing 40 and compounding fears of regional escalation, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us-launches-retaliatory-strikes-iraq-syria-nearly-40-reported-killed-2024-02-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported. \u201cOur response began [on Friday]. It will continue at times and places of our choosing,\u201d US President Joe Biden said in a <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/02\/02\/statement-from-president-joe-biden-on-u-s-military-operation-in-the-middle-east\/#:~:text=Our%20response%20began%20today.,an%20American%2C%20we%20will%20respond.\" style=\"\" rel=\"noopener\">statement<\/a>. The attacks come in response to an Iran-backed attack that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac6beab6-3658-4103-b61a-90b476ca8dce\" style=\"\" rel=\"noopener\">killed three US servicemen<\/a> in Jordan last week. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iraq summoned its US charge d\u2019affaires in Baghdad <\/strong>to insist on \u201cits refusal that its lands be an arena for settling scores or showing force being warring countries,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MOFA.IQ\/posts\/pfbid02P7keNQ68MoNv718wDhtxnXzZExohZo76PT9yPwjBK3QwVojGity3sjvZAg13fqPnl\" style=\"\" rel=\"noopener\">statement<\/a> from the Iraqi Foreign Ministry. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- More signs of thawing Egypt-Iran relations:<\/strong> Foreign Minister Sameh Shoukry called his Iranian counterpart Hossein Amirabdollahian on Thursday to discuss bilateral ties and developments in Gaza, an Iranian foreign ministry <a target=\"_blank\" href=\"https:\/\/en.mfa.ir\/portal\/newsview\/739254\/Iran-FM-talks-Gaza-bilateral-ties-with-Egyptian-counterpart\" style=\"\" rel=\"noopener\">statement<\/a> wrote. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Egypt and Iran have been in talks for some time now about normalizing ties, with the two countries\u2019 presidents meeting for the first time in November and speaking of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad68fc23-5738-4674-9dc1-4a506e1c89b4\" style=\"\" rel=\"noopener\">restoring ties<\/a> in a phone call a month later. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN THE TECH WORLD- Inching closer to the world\u2019s first AI Act: <\/strong>EU officials <a target=\"_blank\" href=\"https:\/\/twitter.com\/EU2024BE\/status\/1753428600542384290\" style=\"\" rel=\"noopener\">have signed off<\/a> on the \u201cfinal compromise text\u201d for the AI Act \u2014 the world\u2019s first. The landmark legislation that was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a94a949-f75e-4fd7-a9da-0a8bea3bd687\" style=\"\" rel=\"noopener\">voted on<\/a> last month aiming to safeguard the use of AI. The act now awaits the greenlight from EU lawmakers. <\/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\/grand-egyptian-museum\/\">Grand Egyptian Museum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614513 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=\"614513\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/614513\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614513\" class=\"content-area-description single-story post-614513 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\/2652.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Escape to Somabay,<\/span><span style=\"\"> where the sun-kissed shores await your arrival. Immerse yourself in the<\/span><span> warmth of a perfect vacation, starting each day with the radiant embrace of the sun. Unwind, explore, and create unforgettable memories in this paradise by the sea.<\/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=\"614514\" 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=\"614514\">\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\/02\/04\/cbe-hikes-rates-for-first-time-since-august\/\">\r\n                            Central Bank of Egypt hikes rates to keep inflation in check                        <\/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\/02\/04\/cbe-hikes-rates-for-first-time-since-august\/\" 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 first rate hike since <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7294f380-2b22-4086-a174-42fc034b474b\" style=\"\" rel=\"noopener\">August<\/a> aims to reinforce the downward trajectory of inflation as pressures mount amid geopolitical uncertainty, disruption of shipping in the Red Sea, and supply chain setbacks \u201craised uncertainty surrounding the inflation outlook.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where rates now stand:<\/strong> The Monetary Policy Committee (MPC) raised rates by 200 bps, leaving the overnight deposit rate to 21.25%, the overnight lending rate to 22.25%, and the main operation and disc. rates to 21.75%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Only a few saw this coming: <\/strong>Only two of the nine analysts we spoke to for our customary <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77990506-c8e6-4ba3-a7a4-205e229c7be6\" style=\"\" rel=\"noopener\">interest rate poll<\/a> anticipated the hike. Ahmed Hafez, head of Research at Beltone Holding, predicted a 150-200 bps hike as ongoing discussions with the IMF have signaled a shift in priorities toward inflation targeting, suggesting a probable monetary tightening in the coming months. Meanwhile, Economist Mona Bedeir deemed monetary tightening \u201can urgent necessity at the current stage.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another step towards a larger <\/strong><strong>IMF<\/strong><strong> package: <\/strong>\u201cGiven the ongoing talks and discussions with the IMF and that we\u2019re so close to reaching a staff-level agreement, I\u2019m sure that part of [the conditions] include further monetary tightening,\u201d Hafez told Enterprise. \u201c<strong>I don\u2019t think this 200 bps hike is the end of it.<\/strong> Our initial expectation was of a 300 bps hike during the first half of 2024 \u2026 Another 100-200 bps hike should be enough to anchor inflation expectations,\u201d Hafez said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Further hikes down the road? <\/strong>The anticipated currency devaluation will likely be paired with interest rate hikes, analysts suggest. Two of those we spoke to for our poll expected the CBE to move forward with a devaluation paired with a rate hike, without specifying when it could happen \u2014 Zilla Capital\u2019s Head of Research Aya Zoheir saw the CBE raising rates by 300-500 bps in tandem with a devaluation, while IBIS Consulting Economist Ali Metwally penciled in a 300 bps rate hike paired with a devaluation that will see the EGP trading at 40-55 against the greenback. Abu Dhabi Commercial Bank\u2019s Monica Malek separately told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/egypts-central-bank-raises-interest-rates-by-200-bps-statement-2024-02-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a> that the hike likely comes ahead of a widely anticipated devaluation of the EGP and the announcement of a larger IMF package. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s all about timing<\/strong>, suggests Goldman Sachs\u2019 Farouk Soussa. \u201cThe authorities\u2019 preferred strategy is to bring the parallel rate under control before unifying the exchange rate,\u201d he told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-01\/egypt-talks-on-imf-led-deal-prolonged-with-10-billion-on-table?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. \u201cThis means bringing demand for USD down through tighter policies and increasing supply through external borrowing. When the parallel rate is at a more reasonable level, the unification of the currency becomes easier through a devaluation.\u201d The rate hike could be seen as a first step in that process, the business information service suggests.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>S<\/strong><strong>peaking of: <\/strong>Societe Generale sees the government devaluing to 40-45 against the greenback, up from the current official rate of EGP 30.9, <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1753436569703153857\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing a research note from the bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rate hikes got ink in the foreign press: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/egypts-central-bank-raises-interest-rates-by-200-bps-statement-2024-02-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-01\/egypt-unexpectedly-hikes-rate-in-sign-imf-deal-devaluation-near\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary policy<\/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=\"614516\" 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=\"614516\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/egypt-is-within-striking-distance-of-imf-agreement-fund-chief-says\/\">\r\n                            Egypt is within striking distance of IMF agreement, Fund chief says                        <\/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\/02\/04\/egypt-is-within-striking-distance-of-imf-agreement-fund-chief-says\/\" 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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Both because it matters to the Egyptian economy and the Egyptian people, but also because it matters more broadly in regional context,\u201d she said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Fund is happy with our progress:<\/strong> An IMF delegation spent <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ce5a6d0-407b-42ea-a58b-ae7eaab021f3\" style=\"\" rel=\"noopener\">almost more than two weeks in Cairo<\/a>, meeting Egyptian officials to iron out the details of the agreement. <strong>The delegation wrapped up its visit on Thursday<\/strong>, having extended its stay by at least two days. Egyptian authorities made \u201cexcellent progress\u201d on the conditions that should be met before the Fund moves forward with the long-stalled first and second reviews of Egypt\u2019s USD 3 bn loan program, delegation head Vladkova Hollar said in a <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2024\/02\/01\/pr-2434-egypt-statement?s=09\" style=\"\" rel=\"noopener\">statement<\/a>. <strong>The two sides \u201cagreed on the main policy elements of the program.<\/strong> The authorities expressed a strong commitment to act promptly on all critical aspects of Egypt\u2019s economic reform program.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But no word on how big the package will be: <\/strong>There\u2019s no consensus on how big the loan will be, with local and international outlets putting the figure between USD 6-10 bn. Our sources agree, with seven who have knowledge of the talks putting the package in that range. It appears we have two options: Go for a gradual, managed float and take on less funding \u2014 or go for a full float and get a larger assistance package.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The one thing we know:<\/strong> In all cases, the value of the program will include the USD 3 bn the IMF had originally committed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The IMF and Egyptian authorities will continue discussions virtually \u201cto finalize the Memorandum of Economic and Financial Policies (MEFP), and identify the magnitude of additional support from the IMF and other bilateral and multilateral development partners,\u201d Hollar said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How long before we have a package in place? <\/strong>It\u2019s unclear, but chatter in policymaking circles is that it could take as long as 8-10 days. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Will it be \u201cdevalue, then get a package\u201d? Or \u201cget more money, then devalue\u201d? <\/strong>It\u2019s anyone\u2019s guess, but it appears the answer lies in part on how much money we ultimately sign up for.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Will that bilateral support include a massive UAE real estate buy? <\/strong>Chatter ripped through Egypt on Wednesday night and Thursday that officials had lined up a USD 22 bn land sale to the United Arab Emirates. Officials have privately downplayed the idea. We think there were (or are) early-stage talks on investment, but last week\u2019s rumors were heavily overblown. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Read more: <\/strong>EnterpriseAM last week ran a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08f51e36-cd3a-411d-a974-659fd3601066\" style=\"\" rel=\"noopener\">deep dive<\/a> into everything you need to know about our imminent IMF package and EGP devaluation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>International coverage: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a80efad8-ce4d-473d-b656-7538e7389312\" style=\"\" rel=\"noopener\">Financial Times<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-02\/imf-boss-says-deal-with-egypt-close-after-rate-hike-caps-talks?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> had the story.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kristalina-georgieva\/\">Kristalina Georgieva<\/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=\"614518\" 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=\"614518\">\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\">Coffee With<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/serial-entrepreneur-sherif-el-zayat-on-why-hes-stepping-down-as-ceo-of-ek-holding-and-what-comes-next\/\">\r\n                            Serial entrepreneur Sherif El Zayat on why he\u2019s stepping down as CEO of EK Holding \u2014 and what comes next                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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       <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/79.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614519\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/serial-entrepreneur-sherif-el-zayat-on-why-hes-stepping-down-as-ceo-of-ek-holding-and-what-comes-next\/79-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/79.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"79.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/79.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/79.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614518\" class=\"content-area-description single-story post-614518 post type-post status-publish format-standard has-post-thumbnail hentry category-agreements-and-mous-totalling-eur-67-7-bn-inked-at-egypt-eu-investment-conference tag-coffee-with tag-egx tag-egypt-kuwait-holding tag-enterpriseam tag-goodseal tag-sherif-el-zayat tag-united-glass-company 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\/2\/.00e0f65a-4fd9-4d1e-877f-1458ba17870e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Sh<\/strong><strong>erif El Zayat<\/strong><strong> stepped down as CEO of EK Holding on Thursday, 1 February 2024, to <\/strong><strong>start a new chapter <\/strong>that will see him focusing on the growth of two family-owned packaging businesses and other ventures that could see him deploy tens of mns of USD in Egypt in the years to come. <strong>His passion: Manufacturing for export. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Zayat will stay on at EKH until the end of March, helping settle in new managing <\/strong><strong>director <\/strong><strong>Jon Rokk<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/jon-rokk-3349212\/?originalSubdomain=ae\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), who formally took the reins on Thursday. Rokk has more than 30 years of experience in a list of industries that overlaps nicely with the business that El Zayat helped take to the next level, including oil, gas, petrochemicals, and infrastructure. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s Jon Rokk?<\/strong> He was most recently chief operating officer of South Tees Development in the United Kingdom, where he oversaw \u201cEurope's largest regeneration project in the energy transition and renewable energy sectors, with investments exceeding GBP 2 bn,\u201d EK Holding <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/81.pdf\" style=\"\" rel=\"noopener\">will say in a statement (pdf)<\/a> later this morning. Rokk has a decade of regional experience, particularly in Qatar, the UAE and Oman, and has worked on acquisitions in the UK, China and the Mideast. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Zayat grew EK Holding\u2019s bottom line nearly 7x since 2015 to USD 241 mn at the end of <\/strong><strong>2022 <\/strong>(and USD 137 mn in 9M 2023). That\u2019s no mean feat when you consider that (a) most of the company\u2019s lines of business generate revenue in EGP, (b) many of those businesses (gas distribution and electricity come immediately to mind) are highly regulated or have USD-linked expenses, and (c) we\u2019ve had more than one devaluation in that period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Longtime Enterprise readers know El Zayat as a serial entrepreneur. <\/strong>He and his brother Ahmed led the acquisition and turnaround of Al Ahram Beverages, which they transformed from a failing, state-owned enterprise into an industry pioneer that they later sold to Heineken in a landmark transaction. El Zayat stayed on for a period post-acquisition before leaving to build Misr Glass Manufacturing, which he <a target=\"_blank\" href=\"https:\/\/www.packaging-gateway.com\/news\/middle-east-glass-acquires-misr-glass-manufacturing-4816213\/\" style=\"\" rel=\"noopener\">exited to Middle East Glass in 2016<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We spoke on Thursday at his home in Maadi. <\/strong>Edited excerpts from our conversation:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE: Why are you stepping down now? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SHERIF EL ZAYAT: <\/strong>It was simply time for someone else to take on the challenge. I told Loay [Al Kharafi, EK Holding\u2019s chairman and largest shareholder] maybe nine or ten months ago that I felt it would soon be time to start focusing on my personal businesses. That started a search process that saw us choose Jon as the next CEO. We\u2019ve been doing handover meetings, visiting our various investments, in the last while. I\u2019m leaving EK Holding in good hands. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: You had a good run with EK. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SEZ:<\/strong> Yes, alhamdulillah [smiles]. Look at our share price. Last year, we paid our highest dividends ever \u2014 USD 150 mn in dividends, or 11 cents per share. CIB paid out USD 50 mn and they\u2019re what \u2026 five times \u2026 ten times larger than us? <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve built EK Holding into a much larger, much more resilient business<\/strong>, one that can perform in any economic cycle. From power generation and distribution to gas distribution, fertilizers, building materials, upstream, and district chilling, the business aligns with Egypt\u2019s macro drivers and will thrive. EK today is robust and very well-positioned to continue growing in the years to come. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: What are the personal businesses you want to focus on as you step away from EK? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SEZ:<\/strong>There are two: <a target=\"_blank\" href=\"https:\/\/www.goodsealpack.com\/\" style=\"\" rel=\"noopener\">GoodSeal Packaging<\/a>, which makes aseptic bags and bag-in-box solutions for the food industry, and <a target=\"_blank\" href=\"https:\/\/ugc-eg.com\/\" style=\"\" rel=\"noopener\">United Glass Containers Co (UGC)<\/a>, which is best known for making ampules and vials for the pharma industry. GoodSeal is the newer of the two \u2014 we started about three years ago and today we export 70-80% of our production to Europe, including Scotland and Germany. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I love the food packaging market: <\/strong>The industry as a whole is worth USD 350 bn globally right now and that\u2019s going to be USD 550 bn in the next seven years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our focus is all on import substitution in Egypt and on exports, exports, exports.<\/strong> What makes us unique is that we develop low-emission products. We\u2019re taking market share away from high-plastic products, and the fun is working with multinationals to create and produce packaging with CO2 emissions that are 70-80% lower than mainstream options. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of the great things about the business is that I own 70% of it <\/strong>and the rest of the shareholders are family and friends. It\u2019s time to really focus on how to grow these two businesses heavily, to take them to the next level. <strong>There\u2019s the potential to grow the two businesses by multiples \u2014 multiples. <\/strong>They\u2019re smaller than EK, of course, but the growth potential is incredible. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: Do you have any plans to invest outside of Egypt? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SEZ:<\/strong>No, I\u2019m committed to investing a lot more in my country. I believe so much in Egypt as a hub for exports \u2014 in harnessing Egyptian knowledge and expertise and competitive advantages. We\u2019re not living up to our potential as an export powerhouse. <strong>Europe imports USD 3 tn in products \u2014 and from Egypt? Peanuts. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">We have a huge advantage against China, against India \u2014 even against European companies themselves. The Chinese pay a lot of customs duties. They have huge freight costs. Europeans? High labor and high raw materials costs. <strong>Egypt has zero customs access to Europe, our freight costs and time to market are much lower<\/strong>, we have cheaper raw materials and cheaper labor. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When you have good quality control systems and you train your people, nobody can <\/strong><strong>compete with Egypt. <\/strong>The problem is in companies taking the time to learn the markets and hone the unique value proposition they\u2019re offering their offshore clients. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">And it\u2019s not just Europe \u2014 I\u2019m really excited about Africa, too, for the same reasons and more. It\u2019s zero customs because of Comesa, for example, but when you sell to Africa, you\u2019re eligible for export subsidies from the Egyptian government. Maybe they\u2019re slow in paying the subsidies, but they come.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: How are GoodSeal and Untied dealing with the FX challenge right now? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SEZ:<\/strong>It obviously helps that while we do sell in the domestic market, we\u2019re very focused on exports. For us, the big thing has become simply to \u201cthink\u201d in USD. Six months ago, I told the management team that even though our financials are in EGP, even though we\u2019re an entirely Egyptian business, we\u2019re going to track our P&L in USD. That\u2019s how we measure growth, success, profitability \u2014 in USD terms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: You mentioned earlier that you\u2019re mulling over some new investments\u2026<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SEZ:<\/strong>And I\u2019m not going to tell you about that now. When the time comes. Look, I love my country and I\u2019m going to build companies here \u2014 projects that will demand tens of mns of USD. I\u2019m excited \u2014 about food packaging, for sure, and about pharma packaging, where I see massive room to grow. And there are other things. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">But the joy of running a private company after being CEO of a publicly traded corporation? It will be really nice not to have everyone know everything about the business, about the strategy. You have less ability to maneuver a public business outside the spotlight. You\u2019re judged quarter by quarter by quarter. The market doesn\u2019t appreciate a decision that sees the margins come down because you\u2019re making the right call to invest in something you absolutely know will pay off in much higher growth in the years to come. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: We\u2019ve known each other for a lot of years\u2014<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SEZ:<\/strong>Yes. [Smiles]<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: \u2014and this is as happy as I\u2019ve seen you in a long time. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SEZ:<\/strong>I loved my time with EKH. We took it places \u2014 and it has lots of room to grow. But in looking at the potential of my personal businesses? I don\u2019t remember the last time I was this excited about building a business. The only thing that would make it better would be having my sons join me as they finish their university education. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">If there\u2019s one thing more fun than being an entrepreneur, it\u2019s building the next generation of entrepreneurs. And if your kids want to join you? If there\u2019s a chance they could share your passion? What more can you ask for in life? All I want is to have fun and see my children be happy.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-kuwait-holding\/\">Egypt Kuwait Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goodseal\/\">GoodSeal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sherif-el-zayat\/\">Sherif El Zayat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-glass-company\/\">United Glass Company<\/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=\"614520\" 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=\"614520\">\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\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/govt-introduces-bookkeeping-scheme-to-account-for-fx-price-differentials\/\">\r\n                            Egypt\u2019s Finance Ministry introduces bookkeeping scheme to account for FX price differentials                        <\/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\/02\/04\/govt-introduces-bookkeeping-scheme-to-account-for-fx-price-differentials\/\" target=\"_blank\">\n         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photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/110.JPG?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614521\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/govt-introduces-bookkeeping-scheme-to-account-for-fx-price-differentials\/110-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/110.JPG?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"110.JPG\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/110.JPG?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/110.JPG?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614520\" class=\"content-area-description single-story post-614520 post type-post status-publish format-standard has-post-thumbnail hentry category-tax tag-central-bank-of-egypt tag-enterpriseam tag-finance-ministry tag-foreign-exchange tag-tax 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\/2\/.87a3e1d9-94d4-4fa5-b3e1-389ef8dd611d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FinMin wants to soften the blow of the FX crunch on the books:<\/strong> The Finance Ministry wants to change the way businesses calculate their foreign exchange costs to determine their tax base, according to a resolution published in the Official Gazette. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What does it mean? <\/strong>The decision seeks to account for the price differences between the FX rates on the official and parallel markets throughout the previous year, targeting companies whose operations necessitate the use of foreign currency, with a specific focus on importers and exporters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new regs have been brewing for at least a couple of weeks:<\/strong> Enterprise was the first to report last month that the government was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f3b92fdb-f3f8-407c-b5ec-3d91fc8c96be\" style=\"\" rel=\"noopener\">putting together new rules<\/a> that would enable companies to account for FX price differentials from the volatile exchange rate. The difference between the official and parallel market exchange rates throughout 2023 was calculated at an average of 26.64%, a source at the Tax Authority told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In detail:<\/strong> The accounting scheme will augment FX costs booked by companies throughout 2023 by the following percentages:<\/p>\n<ul>\n<li>January-April: 9%<\/li>\n<li>May-August: 24%<\/li>\n<li>September-October: 34%<\/li>\n<li>November-December: 60%<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the rules come with strings attached:<\/strong> The FinMin intends to apply the scheme only to the difference between FX revenues generated from exports and FX costs arising from imports in a bid to discourage companies from selling foreign currency on the black market, one source said. The rules also don\u2019t apply to the official list of goods \u2014 including fuel, wheat, and meds \u2014 seeing companies are able to source USD at the official rate for such purchases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The Finance Ministry and central bank officials will meet today to set the mechanism by which the new rules will be implemented and iron out the legal details, our source said. The decision will not go into effect until both parties agree on a framework. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/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=\"614522\" 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=\"614522\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/our-net-foreign-liabilities-inch-up-to-new-record-high\/\">\r\n                            Egypt\u2019s net foreign liabilities inch up to record high in December                        <\/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\/02\/04\/our-net-foreign-liabilities-inch-up-to-new-record-high\/\" 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\/02\/04\/our-net-foreign-liabilities-inch-up-to-new-record-high\/')\">\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\/02\/04\/our-net-foreign-liabilities-inch-up-to-new-record-high\/\">\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=Our net foreign liabilities inch up to new record high&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/our-net-foreign-liabilities-inch-up-to-new-record-high\/\">\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\/02\/04\/our-net-foreign-liabilities-inch-up-to-new-record-high\/&title=Our net foreign liabilities inch up to new record high\">\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=Our+net+foreign+liabilities+inch+up+to+new+record+high+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F04%2Four-net-foreign-liabilities-inch-up-to-new-record-high%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\/02\/04\/our-net-foreign-liabilities-inch-up-to-new-record-high\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/118.JPG?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614523\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/our-net-foreign-liabilities-inch-up-to-new-record-high\/118-jpg-26\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/118.JPG?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"118.JPG\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/118.JPG?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/118.JPG?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614522\" class=\"content-area-description single-story post-614522 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-foreign-exchange 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\/2\/.d8ff8abd-5e86-4d8f-bdda-237d02f432ba.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s net foreign asset deficit hit a new record high in December<\/strong>,as pressure on the nation\u2019s external position continues to take its toll. Our net foreign asset deficit inched up to over USD 27.2 bn, after having narrowed to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40dfd0b8-91ce-452a-aa38-14002bd040cf\" style=\"\" rel=\"noopener\">USD 27 bn in November<\/a>, according to Enterprise calculations based on <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/111.png\" style=\"\" rel=\"noopener\">Central Bank of Egypt figures<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Commercial banks dragged the figure down<\/strong>,with net foreign assets in commercial banks rising to a deficit of USD 16.2 bn in December, compared to a USD 15.8 bn deficit recorded the month before. This comes after two months of net foreign assets narrowing in the banking system. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But on the plus side, the central bank saw slight improvement<\/strong>,with its net foreign asset deficit reducing to negative USD 11 bn in December, from negative USD 11.2 bn in the previous month. This marks the second month in a row wherein the bank\u2019s net foreign assets witnessed marginal improvements.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614524\" 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=\"614524\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/eipico-ibnsina-pharma-delta-sugar-join-egx30-after-index-review-efg-tops-egypt-brokerage-league-table-in-january\/\">\r\n                            EIPICO, Ibnsina Pharma, Delta Sugar join Egypt\u2019s EGX30 after index review                        <\/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\/02\/04\/eipico-ibnsina-pharma-delta-sugar-join-egx30-after-index-review-efg-tops-egypt-brokerage-league-table-in-january\/\" 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\/02\/04\/eipico-ibnsina-pharma-delta-sugar-join-egx30-after-index-review-efg-tops-egypt-brokerage-league-table-in-january\/')\">\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\/02\/04\/eipico-ibnsina-pharma-delta-sugar-join-egx30-after-index-review-efg-tops-egypt-brokerage-league-table-in-january\/\">\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=EIPICO, Ibnsina Pharma, Delta Sugar join EGX30 after index review + EFG tops Egypt brokerage league table in January&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/eipico-ibnsina-pharma-delta-sugar-join-egx30-after-index-review-efg-tops-egypt-brokerage-league-table-in-january\/\">\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\/02\/04\/eipico-ibnsina-pharma-delta-sugar-join-egx30-after-index-review-efg-tops-egypt-brokerage-league-table-in-january\/&title=EIPICO, Ibnsina Pharma, Delta Sugar join EGX30 after index review + EFG tops Egypt brokerage league table in January\">\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=EIPICO%2C+Ibnsina+Pharma%2C+Delta+Sugar+join+EGX30+after+index+review+%2B+EFG+tops+Egypt+brokerage+league+table+in+January+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F04%2Feipico-ibnsina-pharma-delta-sugar-join-egx30-after-index-review-efg-tops-egypt-brokerage-league-table-in-january%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\/02\/04\/eipico-ibnsina-pharma-delta-sugar-join-egx30-after-index-review-efg-tops-egypt-brokerage-league-table-in-january\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/108.JPG?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614525\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/eipico-ibnsina-pharma-delta-sugar-join-egx30-after-index-review-efg-tops-egypt-brokerage-league-table-in-january\/108-jpg-30\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/108.JPG?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"108.JPG\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/108.JPG?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/108.JPG?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614524\" class=\"content-area-description single-story post-614524 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-arqaam-securities tag-b-investments tag-brokerage-league tag-capital-markets tag-ci-capital tag-cira-education tag-credit-agricole tag-delta-sugar tag-efg-hermes tag-egx tag-eipico tag-enterpriseam tag-ibnsina-pharma tag-tndr 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\/2\/.e2599faf-77d5-40f6-b5cc-2f3ab1c04849.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s in and who\u2019s out of the EGX30?<\/strong> EIPICO, Ibnsina Pharma, and Delta Sugar have been added to the EGX30, following the bourse\u2019s semi-annual review, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/82.pdf\" style=\"\" rel=\"noopener\">EGX statement (pdf)<\/a>. CIRA Education, Credit Agricole, and B Investments were removed from the index to join the broader EGX70 index.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New eligibility criteria for EGX30 listing: <\/strong>EGX30 stocks now must trade for 95% of the trading days, instead of 65%, during the review period to maintain their spot in the index. The move aims to enhance liquidity and activity in the market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- EFG Hermes once again topped the EGX\u2019s brokerage league table in January, <\/strong>with a market share of 13.4%, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/121.pdf\" style=\"\" rel=\"noopener\">EGX figures (pdf)<\/a>. Arqaam Securities came in second place (10.9%), followed by Thndr Securities (7.8%), and CI Capital (5.8%). EFG Hermes continues its streak heading into the new year, having had a monopoly over the top spot in every month <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e00ba88-9e68-4da7-954b-6631712ff711\" style=\"\" rel=\"noopener\">but one<\/a> in 2023.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arqaam-securities\/\">Arqaam Securities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/b-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/brokerage-league\/\">brokerage league<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/credit-agricole\/\">Credit Agricole<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/delta-sugar\/\">Delta Sugar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eipico\/\">Eipico<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ibnsina-pharma\/\">Ibnsina Pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tndr\/\">Tndr<\/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=\"614526 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=\"614526\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/614526\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614526\" class=\"content-area-description single-story post-614526 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614527\" 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=\"614527\">\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\/02\/04\/talking-heads-weigh-in-on-whether-the-government-is-planning-the-usd-22-bn-sale-of-egyptian-land-to-gulf-investors\/\">\r\n                            Is the Egyptian government planning the USD 22 bn sale of Egyptian land to Gulf investors?                        <\/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\/02\/04\/talking-heads-weigh-in-on-whether-the-government-is-planning-the-usd-22-bn-sale-of-egyptian-land-to-gulf-investors\/\" target=\"_blank\">\n                   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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/talking-heads-weigh-in-on-whether-the-government-is-planning-the-usd-22-bn-sale-of-egyptian-land-to-gulf-investors\/&title=Talking heads weigh in on whether the government is planning the USD 22 bn sale of Egyptian land to Gulf investors?\">\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=Talking+heads+weigh+in+on+whether+the+government+is+planning+the+USD+22+bn+sale+of+Egyptian+land+to+Gulf+investors%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F04%2Ftalking-heads-weigh-in-on-whether-the-government-is-planning-the-usd-22-bn-sale-of-egyptian-land-to-gulf-investors%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\/02\/04\/talking-heads-weigh-in-on-whether-the-government-is-planning-the-usd-22-bn-sale-of-egyptian-land-to-gulf-investors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/139.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614528\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/talking-heads-weigh-in-on-whether-the-government-is-planning-the-usd-22-bn-sale-of-egyptian-land-to-gulf-investors\/139-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/139.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"139.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/139.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/139.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614527\" class=\"content-area-description single-story post-614527 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-devaluation tag-economy tag-enterpriseam tag-exchange-rate tag-imf 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\/2\/.8dba397b-6c71-488c-9b01-553f1b24c528.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uncertainty was the overarching theme on the airwaves last night. <\/strong>If a devaluation is happening, when and by how much? Is the government selling off a huge plot of land to Gulf investors? The talking heads took their time speculating yesterday evening. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Coming to you straight from the rumor mill: <\/strong>No two people appear to be on the same page on whether or not the government will soon ink an agreement selling a huge piece of land in the North Coast\u2019s Ras El Hekma to Gulf investors for USD 22 bn. It is unclear where the news originated from but social media and media reports have had a lot to say since Wednesday, when the story first broke out.Government and industry sources Enterprise spoke to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63b2b3c7-e986-4f86-9d55-0e234c19c738\" style=\"\" rel=\"noopener\">denied<\/a> that we are nearing an agreement with such a large sum, but one of them explained that foreign investors have been eying Ras El Hekma for some time now. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moussa is very pro the idea: <\/strong>Ala Masouleety\u2019s Ahmed Moussa came to the agreement's defense after it was met with scrutiny from Egyptians.\u201cRas El Hekma will be a global city on Egyptian soil. Its development has been discussed since 1975 \u2014 it\u2019s not a new topic,\u201d Moussa said (<a target=\"_blank\" href=\"https:\/\/web.facebook.com\/watch\/live\/?ref=watch_permalink&v=1220665252076964\" style=\"\" rel=\"noopener\">watch, runtime: 84:19<\/a>). \u201cWhat about this project upsets you? It\u2019ll bring in investment, it\u2019ll include a green residential area, a tourism and entertainment hub, a medical complex, universities, and advanced industrial areas.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adib and El Hadidi want more transparency: <\/strong>\u201cIf the agreement is this big, why aren\u2019t we being informed? Why not tell us how much we\u2019re getting? The [government\u2019s] silence is suspicious,\u201d Adib said (<a target=\"_blank\" href=\"https:\/\/fb.watch\/p_h8mtFOty\/\" style=\"\" rel=\"noopener\">watch, runtime: 3:15<\/a>). Kelma Akhira\u2019s Lamees El Hadidi echoed his statements. She called on the government to announce the details of the agreement, explaining that \u201cthe economy isn\u2019t run on voice notes or rumors, but on facts and transparency\u201d (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=DofuCXWFJE8\" style=\"\" rel=\"noopener\">watch, runtime: 5:36<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another thing the nation\u2019s talking heads were speculating about: The when of the <\/strong><strong>imminent EGP devaluation. <\/strong>The central bank will devalue the currency \u201cwithin weeks,\u201d House Budget Committee head Fakhri El Fiqi told El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=SOfkvwh02K0\" style=\"\" rel=\"noopener\">watch, runtime: 8:44<\/a>). El Hadidi, meanwhile, seemed confident that a devaluation will be happening \u201csoon.\u201d She expressed her hopes that this devaluation \u2014 which would mark the fifth time the country has devalued the EGP since 2016 \u2014 will bridge the gap between the official and black market exchange rates (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=3n8r9dvbQic\" style=\"\" rel=\"noopener\">watch, runtime: 2:07<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s about a lot more than just devaluating:<\/strong> \u201cIf we don\u2019t make the right choices following the devaluation \u2014 simplifying bureaucratic processes, bringing in more transparency, supporting industry and exports, and making room for the private sector \u2014 we will fall into the same predicament within a year and a half,\u201d El Hadidi warned. Devaluation chatter was also heard on El Hekaya (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=RWiGPlGJgEM\" style=\"\" rel=\"noopener\">watch, runtime: 21:13<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- More high-interest CDs on the way? <\/strong>Local banks might soon be rolling out new certificates of deposit (CDs) with yields of over 27% after the central bank hiked interest rates by 200 bps on Thursday, banking expert Tarek Metwally told El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=nCH647J_l0I\" style=\"\" rel=\"noopener\">watch, runtime: 5:46<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/a>\n  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   <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\/02\/04\/all-about-the-economy-in-the-foreign-press\/\">\r\n                            The Economist believes Egypt deserves another bail out                        <\/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\/02\/04\/all-about-the-economy-in-the-foreign-press\/\" target=\"_blank\">\n                    Open in 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/all-about-the-economy-in-the-foreign-press\/2790-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2790.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2790.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2790.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2790.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614530\" class=\"content-area-description single-story post-614530 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-economy tag-enterpriseam 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\/2\/.cccaddd4-6567-434b-b77f-a825cf9285cc.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s coverage in the international press is still all about the economy<\/strong>, with&nbsp;<a target=\"_blank\" href=\"https:\/\/www.economist.com\/leaders\/2024\/02\/01\/egypt-doesnt-deserve-a-bail-out-but-should-get-one\" style=\"\" rel=\"noopener\">The Economist<\/a>&nbsp;saying that the country is too big to fail and the world should bail it out again even though previous economic reforms didn\u2019t turn out as planned. \u201cThe wider Middle East, already burning, cannot afford a conflagration in Egypt, too. At a minimum, it would render Egypt incapable of helping broker or implement a peace deal between Israel and the Palestinians,\u201d the article reads. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"614532\" 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=\"614532\">\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\/02\/04\/savers-pour-egp-565-bn-into-high-yield-cds-plus-news-from-efg-hermes-flat6labs-azimut-egyptair\/\">\r\n                            Savers pour EGP 565 bn into Egyptian banks\u2019 high-yield CDs                        <\/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\/02\/04\/savers-pour-egp-565-bn-into-high-yield-cds-plus-news-from-efg-hermes-flat6labs-azimut-egyptair\/\" 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\/02\/04\/savers-pour-egp-565-bn-into-high-yield-cds-plus-news-from-efg-hermes-flat6labs-azimut-egyptair\/')\">\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\/02\/04\/savers-pour-egp-565-bn-into-high-yield-cds-plus-news-from-efg-hermes-flat6labs-azimut-egyptair\/\">\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 565 bn into high-yield CDs. PLUS: News from EFG Hermes, Flat6Labs, Azimut, EgyptAir&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/savers-pour-egp-565-bn-into-high-yield-cds-plus-news-from-efg-hermes-flat6labs-azimut-egyptair\/\">\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\/02\/04\/savers-pour-egp-565-bn-into-high-yield-cds-plus-news-from-efg-hermes-flat6labs-azimut-egyptair\/&title=Savers pour EGP 565 bn into high-yield CDs. PLUS: News from EFG Hermes, Flat6Labs, Azimut, EgyptAir\">\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+565+bn+into+high-yield+CDs.+PLUS%3A+News+from+EFG+Hermes%2C+Flat6Labs%2C+Azimut%2C+EgyptAir+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F04%2Fsavers-pour-egp-565-bn-into-high-yield-cds-plus-news-from-efg-hermes-flat6labs-azimut-egyptair%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\/02\/04\/savers-pour-egp-565-bn-into-high-yield-cds-plus-news-from-efg-hermes-flat6labs-azimut-egyptair\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1662.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614533\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/savers-pour-egp-565-bn-into-high-yield-cds-plus-news-from-efg-hermes-flat6labs-azimut-egyptair\/1662-jpeg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1662.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1662.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1662.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1662.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614532\" class=\"content-area-description single-story post-614532 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-aviation tag-azimut-egypt-asset-management tag-banking tag-banque-misr tag-cds tag-efg-hermes tag-efg-holding tag-egyptair tag-enterpriseam tag-flat6labs tag-national-bank-of-egypt 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\/2\/.099ec5ca-45cd-4d79-b046-65720fc0a4d0.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\"> BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>High-yield CDs reel in EGP 565 bn:<\/strong> Savers have so far put away EGP 565 bn into the high-yield certificates of deposit (CDs) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca07962e-49c3-4cb5-ab1d-89a6443c7602\" style=\"\" rel=\"noopener\">introduced<\/a> last month by the National Bank of Egypt (NBE) and Banque Misr, <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/5evn5a4b\" style=\"\" rel=\"noopener\">Youm 7<\/a> reported on Thursday. NBE has racked up some EGP 365 bn, while Banque Misr has attracted EGP 200 bn from the 12-month CDs that offer either a one-time return of 27% upon maturation or monthly payouts at a 23.5% annualized rate. <\/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\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Hermes<\/strong><strong> to trim back global operations: <\/strong>Our friends at EFG Hermes will reportedly shutter its frontier operations, close its Singapore office, and fully exit Pakistan, according to an internal memo cited by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-02\/efg-hermes-to-close-frontier-businesses-considers-uk-exit\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The lender is also considering exiting its UK operations and is reassessing its businesses in Nigeria and Kenya, which will operate on an execution-only basis for the time being, the outlet added. EFG Holding declined to comment when Enterprise reached out.<\/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\">STARTUPS <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Flat6Labs backs Estonian AI portfolio company in USD 1 mn round: <\/strong>Cairo-headquartered regional VC firm Flat6Labs participated in a USD 1.05 mn <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7158826306736959488\/\" style=\"\" rel=\"noopener\">funding round<\/a> for Estonia-based AI visual analysis startup and Flat6Labs portfolio company <a target=\"_blank\" href=\"https:\/\/cognitiwe.ai\/\" style=\"\" rel=\"noopener\">CognitiweAI O\u00dc<\/a>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/69.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. <a target=\"_blank\" href=\"https:\/\/www.techone.vc\/\" style=\"\" rel=\"noopener\">TechOne Venture Capital<\/a>, <a target=\"_blank\" href=\"https:\/\/www.11.vc\/\" style=\"\" rel=\"noopener\">Eleven Ventures<\/a>, <a target=\"_blank\" href=\"https:\/\/dominovc.com\/\" style=\"\" rel=\"noopener\">Domino Ventures<\/a> and <a target=\"_blank\" href=\"https:\/\/caucasus.vc\/\" style=\"\" rel=\"noopener\">Caucasus Ventures<\/a> also participated in the round, the statement added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CAPITAL MARKETS- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More from Azimut:<\/strong> Asset manager <a target=\"_blank\" href=\"https:\/\/azimut.eg\/\" style=\"\" rel=\"noopener\">Azimut<\/a> aims to set up a new metals investment fund and \u201cother investment products\u201d in the coming period, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/02\/03\/1762359#:~:text=%D9%82%D8%A7%D9%84%20%D8%A3%D8%AD%D9%85%D8%AF%20%D8%A3%D8%A8%D9%88%20%D8%A7%D9%84%D8%B3%D8%B9%D8%AF%20%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3,%E2%80%9D%D8%8C%20%D8%A7%D9%84%D8%B0%D9%89%20%D8%AA%D8%AF%D9%8A%D8%B1%D9%87%20%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9%20%D8%AD%D8%A7%D9%84%D9%8A%D8%A7%D9%8B.\" style=\"\" rel=\"noopener\">Al Borsa<\/a> quotes CEO Ahmed Abou El Saad as saying. The company, alongside Evolve Holdings, founded Egypt\u2019s first <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0f44c41-ff88-4e13-bc3f-aa66ea6f7f9a\" style=\"\" rel=\"noopener\">gold investment<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0f44c41-ff88-4e13-bc3f-aa66ea6f7f9a\" style=\"\" rel=\"noopener\">fund<\/a> last summer, whose first tranche was over <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ffa4509-4326-4177-bb87-b17ed8d17558\" style=\"\" rel=\"noopener\">15x oversubscribed<\/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\">AVIATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EgyptAir sells Airbuses to support fleet transformation:<\/strong> US-based aircraft leasing company Azorra has purchased 12 Airbus A220-300 planes from national flag carrier EgyptAir, a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/71.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from Azzora\u2019s legal counsel for the transaction Matouk Bassiouny & Hennawy (MBH) said. The transaction will support EgyptAir\u2019s \u201congoing fleet transformation,\u201d the statement added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/azimut-egypt-asset-management\/\">Azimut Egypt Asset Management<\/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\/cds\/\">CDs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptair\/\">EgyptAir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/flat6labs\/\">Flat6Labs<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614534\" 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=\"614534\">\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\/02\/04\/erdogan-taps-new-central-bank-governor\/\">\r\n                            Turkey\u2019s Erdogan taps new central bank governor                        <\/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\/02\/04\/erdogan-taps-new-central-bank-governor\/\" target=\"_blank\">\n                    Open in new tab                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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/erdogan-taps-new-central-bank-governor\/136-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/136.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"136.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/136.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/136.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614534\" class=\"content-area-description single-story post-614534 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance tag-reddit tag-turkey 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\/2\/.53c6ac2c-d6c4-4ef6-b228-6883034659bf.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Turkey has a new central bank governor:<\/strong> Turkish President Recep Tayyip Erdogan has appointed <a target=\"_blank\" href=\"https:\/\/tcmb.gov.tr\/wps\/wcm\/connect\/en\/tcmb+en\/main+page+site+area\/decision+making\/fatih+karahan\" style=\"\" rel=\"noopener\">Fatih Karahan (bio)<\/a> as the new head of the country\u2019s central bank after its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05a7c3df-4010-4790-bf68-518fbe3cc5d0\" style=\"\" rel=\"noopener\">former governor Hafize Gaye Erkan<\/a> stepped down, claiming to be facing a smear campaign from local media, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-02\/turkish-central-bank-governor-hafize-gaye-erkan-resigns?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> wrote. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Karahan: <\/strong>He has experience working as an economist at the New York Fed and Amazon. He taught at Columbia University and New York University and received his PHD in economics from the University of Pennsylvania. He has been serving as the central bank\u2019s deputy governor since July 2023. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Too much change for an already fragile economy: <\/strong>Erkan held the position for a mere eight months but resigned following allegations that her father was involved in the bank\u2019s affairs. The TRY fell against the greenback following the news, dipping 0.5% to 30.5 per USD \u2014 the currency is down 23% against the USD since Erkan assumed her position in June. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO ON PLANET FINANCE-<\/strong><strong>Plans laid for delayed Reddit IPO: <\/strong>Social media platform Reddit has chosen the New York Stock Exchange for its market debut penciled in for March. The company is aiming for an initial valuation of USD 5 bn when it goes public, down from a USD 10 bn valuation in 2021, an unnamed source told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b96965dc-5c05-4cee-b378-d20eda0ed4eb\" style=\"\" rel=\"noopener\">Financial Times<\/a>.<\/p><p><a target=\"_blank\" id=\"t.1aeb0f6c3541fc4e908fc47b33e394dd02497e6e\" 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<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\">28,434<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +14.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/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-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>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\">21.25% 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\">22.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,914<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: -0.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,456<\/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: -1.3%)<\/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>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\">4,229<\/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: +4.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,959<\/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\">+1.1% (YTD: +4.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,616<\/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: -1.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,655<\/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: +2.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 77.33<\/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\">-1.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2.08<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,054<\/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\">-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 43,050<\/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: +1.8%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.5% on Thursday\u2019s close<\/strong>on turnover of EGP 5.2 bn (49.7% above the 90-day average). Regional investors were net sellers. The index is up 14.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Delta Sugar (+8.6%), Juhayna (+6.8%) and Madinet Masr (+6.2%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Egypt Kuwait Holding (-8.3%), CIB (-3.5%) and Eastern Company (-2.3%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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             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                                   <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614536\" class=\"content-area-description single-story post-614536 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\">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;\">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>19-21 February (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypes.com\/?utm_source=search&utm_medium=cpc&utm_term=egyps&utm_content=&utm_campaign=visprom\" style=\"\">Egypt Energy Show<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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>10 March (Sunday): First day of Ramadan (TBC). <\/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 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;\">25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.<\/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:400;\">29 April (Monday): The government\u2019s car export scheme expires.<\/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: 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\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>IMF update | Blinken in the region | 1-on-1 with Sherif El Zayat | GEM will soon open its doors | More funds from the EU?<\/p>\n","protected":false},"featured_media":614510,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-614509","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c1516c77-4012-49e2-86c3-5d4fb80177b4","teaser":"IMF update | Blinken in the region | 1-on-1 with Sherif El Zayat | GEM will soon open its doors | More funds from the 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