{"id":614678,"date":"2024-02-06T00:00:00","date_gmt":"2024-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=614678"},"modified":"2025-12-17T03:41:06","modified_gmt":"2025-12-17T03:41:06","slug":"business-activity-saw-modest-deterioration-in-jan","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/business-activity-saw-modest-deterioration-in-jan\/","title":{"rendered":"Business activity saw \u201cmodest deterioration\u201d in Jan"},"content":{"rendered":"<section id=\"614680\" 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=\"614680\">\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\/06\/blinken-has-landed-in-the-region\/\">\r\n                            US Secretary of State Antony Blinken landed in the KSA yesterday                        <\/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\/06\/blinken-has-landed-in-the-region\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"405.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/405.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/405.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614680\" class=\"content-area-description single-story post-614680 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-antony-blinken tag-enterpriseam tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<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\/.2928abfc-aa2e-4e38-8a79-940424612877.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>The news cycle is beginning to pick up. We have econ, M&amp;A, and diplo news for you this morning. <\/p><p class=\"tag-border-left\">THE BIG STORY HERE AT HOME- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Twelve-month non-deliverable forwards have dipped and stabilized yesterday at c. EGP 57.00 to the greenback \u2014 down from a high of nearly 67 just a few days ago, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-05\/egypt-s-pound-gains-on-black-market-easing-path-for-devaluation\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing market data. The EGP has strengthened on the parallel market as well after falling last week to &gt;70 to the greenback, underscoring our view that the plunge was fuelled by speculation, not fundamentals. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The greenback was changing hands at <\/strong>EGP 48-56 yesterday, according to domestic media reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>MEANWHILE- <\/strong><strong>Oxford Economics sees the EGP falling to 55-60 to the USD in banks by the end of the year<\/strong> if the central bank moves to a flexible exchange rate regime, it said in a report picked up by <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/markets\/currencies\/egyptian-pound-forecast-to-drop-to-least-55-by-year-end-nu2whdhk\" style=\"\" rel=\"noopener\">Zawya<\/a>. Meanwhile, Capital Economics <a target=\"_blank\" href=\"https:\/\/www.capitaleconomics.com\/publications\/middle-east-north-africa-economics-update\/egypt-hikes-interest-rates-new-imf-deal\" style=\"\" rel=\"noopener\">sees the EGP falling further<\/a> to sit at 65 against the greenback, giving color to a November <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ff534b7-45d7-45b5-a739-fa5c8f3eed09\" style=\"\" rel=\"noopener\">report<\/a> where it suggested that policymakers need to loosen their grip on the exchange rate soon to maintain the balance of payments and attract fresh capital inflows.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Everyone is singing the same tune: <\/strong>Last week, S&amp;P Global Ratings <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/544d13ae-78ee-4bf0-af44-34935958906c\" style=\"\" rel=\"noopener\">said it is expecting<\/a> authorities to devalue the EGP to half its current official value to unlock the remainder of the IMF package. Morgan Stanley also said it sees a devalued EGP is our future, without providing much details. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Higher inflation on the way:<\/strong> Oxford Economics expects annual headline inflation to peak in 4Q 2024 at 40-45%. Inflation dropped for a third consecutive month in December to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/815af663-93e6-46f2-916b-91cb17e65ab1\" style=\"\" rel=\"noopener\">33.7%<\/a>, but Standard Chartered <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-inflation-expected-slow-december-2024-01-08\/\" style=\"\" rel=\"noopener\">expects<\/a> it to rise again in January following the government\u2019s recent price hikes \u2014 including those imposed on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4048193-6df2-4911-84e8-a7f6409b8263\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4048193-6df2-4911-84e8-a7f6409b8263\" style=\"\" rel=\"noopener\">mobile bills<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6468a17b-84c3-4eff-be44-5ad1a59c8a21\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6468a17b-84c3-4eff-be44-5ad1a59c8a21\" style=\"\" rel=\"noopener\">electricity<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong><strong>Decision to slash public spending and scrap gov\u2019t tax breaks is now official: <\/strong>Last week\u2019s cabinet <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48553fd4-3d0b-4e89-8f26-2684dcb59e21\" style=\"\" rel=\"noopener\">decisions<\/a> to cut allocations for public investment for the current fiscal year and to scrap tax exemptions granted to state entities and public-sector companies and projects are now official, according to the Official Gazette. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a> <strong>ALSO<\/strong><strong>- Blinken is in the region:<\/strong>US Secretary of State Antony Blinken landed in Saudi Arabia yesterday, kicking off a four-day regional trip. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the agenda yesterday in Riyadh: <\/strong>An \u201cenduring end to the crisis in Gaza,\u201d \u201cbuilding a more integrated and prosperous region and reaffirm[ing] the strategic partnership between the United States and Saudi Arabia\u201d (read: recognition of Israel in return for an expanded US defense pact). The two also discussed the situation in the Red Sea, a <a target=\"_blank\" href=\"https:\/\/www.state.gov\/secretary-blinkens-meeting-with-saudi-crown-prince-and-prime-minister-mohammed-bin-salman-al-saud-in-riyadh\/\" style=\"\" rel=\"noopener\">readout from the State Department<\/a> said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>He\u2019ll be in Cairo soon: <\/strong>He is scheduled to visit Egypt, Qatar, Israel, and the West Bank until Thursday, 8 February, as part of his fifth trip to the region since war broke in Gaza in October. We think it likely he\u2019ll be here today \u2014 that he\u2019s following the literal order in which countries were listed in the announcement of the tour, which read \u201cSaudi Arabia, Egypt, Qatar, Israel, and the West Bank.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key message to the region:<\/strong> Delivering \u201ca message directly to countries in the region that the United States does not want to see the conflict escalated and will not escalate the conflict,\" a <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.reuters.com\/world\/middle-east\/top-us-diplomat-blinken-arrives-saudi-first-stop-mideast-trip-2024-02-05\/&amp;sa=D&amp;source=editors&amp;ust=1707194265728936&amp;usg=AOvVaw3kA3DFh6IxQbuTQj4zpL6R\" style=\"\" rel=\"noopener\">senior US official told reporters<\/a>.<\/p><p class=\"tag-border-left\">SIGN OF THE TIMES-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>McDonald\u2019s 4Q revenues fall short of estimates amid MidEast boycotts: <\/strong>McDonald\u2019s missed Wall Street\u2019s estimates for quarterly sales growth for the first time in almost four years, with the company saying that the impact of the ongoing war in Gaza has undermined sales, according to its latest <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/ent.news\/2024\/2\/377.pdf&amp;sa=D&amp;source=editors&amp;ust=1707194265729461&amp;usg=AOvVaw3sBeyLQ5guvPC80uJDPWtB\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company\u2019s sales in its international developmental licensed markets segment edged up just 0.7% during the quarter, compared to estimates of 5.5%, according to LSEG data cited by <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.reuters.com\/business\/retail-consumer\/mcdonalds-records-first-sales-miss-nearly-4-years-slow-international-business-2024-02-05\/&amp;sa=D&amp;source=editors&amp;ust=1707194265729696&amp;usg=AOvVaw0YX7wU3TOy9QECBoYblEgy\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong> The fast food giant\u2019s global same-store sales rose 3.4% in 4Q, well below estimates of 4.9%, marking the slowest growth for the segment in nearly three years. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE EGYPT ANGLE- <\/strong>McDonald\u2019s is one of several Western goods and brands that have been subject to boycotts in the Middle East due to its perceived support for Israel. McDonald's Egypt has been trying to get in Egyptian\u2019s good grace \u2014 reiterating the <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.facebook.com\/photo\/?fbid%3D706394468186953%26set%3Dpb.100064492192132.-2207520000&amp;sa=D&amp;source=editors&amp;ust=1707194265730329&amp;usg=AOvVaw1T-me7tIrYTSAv1GGCdT5e\" style=\"\" rel=\"noopener\">fact that it is 100% Egyptian-owned<\/a> and <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.facebook.com\/photo\/?fbid%3D707759141383819%26set%3Dpb.100064492192132.-2207520000&amp;sa=D&amp;source=editors&amp;ust=1707194265730546&amp;usg=AOvVaw3B6ud8ThVy8iwRkgHzd5Ma\" style=\"\" rel=\"noopener\">announcing an EGP 20 mn donation<\/a> to those in need in Gaza. The fast food chain has also announced a long list of offers and price reductions in efforts to reel in boycotters. <\/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 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>It\u2019s your last chance to catch the Cairo Book Fair: <\/strong>This year\u2019s <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/cairobookfair.gebo.gov.eg\/&amp;sa=D&amp;source=editors&amp;ust=1707194265731145&amp;usg=AOvVaw0X_rNXMffDpa0UlthCDGzd\" style=\"\" rel=\"noopener\">Cairo International<\/a><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/cairobookfair.gebo.gov.eg\/&amp;sa=D&amp;source=editors&amp;ust=1707194265731319&amp;usg=AOvVaw0dtaF8BXWd7vvbmzouyGIK\" style=\"\" rel=\"noopener\">Book Fair<\/a> will close its doors later today. If you haven\u2019t gotten the chance to visit it, you can check it out between 10am and 8pm. The 2024 edition of the fair is the biggest to date, with <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.facebook.com\/EgyptianMOC\/posts\/pfbid02w1ZActi4bovpARkRvixK1CBsf1q7njZy8UCfsfPnZJADCyY1VSAM3f7aWw6r7YuUl&amp;sa=D&amp;source=editors&amp;ust=1707194265731568&amp;usg=AOvVaw15XQt12MMO8za_jw4-tkgw\" style=\"\" rel=\"noopener\">some 4.5 min visitors<\/a> having passed through its gates.<\/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\"><a id=\"wwtt3\"><\/a> <strong>Aviation conference lands in Cairo:<\/strong> Egypt will host this year\u2019s <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/aciafrica.zohobackstage.eu\/cairo&amp;sa=D&amp;source=editors&amp;ust=1707194265732074&amp;usg=AOvVaw3m71Oz-0mllslEB8MdamAL\" style=\"\" rel=\"noopener\">ACI Africa Regional<\/a><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/aciafrica.zohobackstage.eu\/cairo&amp;sa=D&amp;source=editors&amp;ust=1707194265732237&amp;usg=AOvVaw04zNvrylZ53T9WjRSOjNu9\" style=\"\" rel=\"noopener\">Conference<\/a> \u2014 under the theme Airports: Levers of Socioeconomic and Sustainable Growth \u2014 bringing together industry leaders, experts, and innovators. The event will be held from 21 February to 1 March at the Alamera Hall Air Forces House Center and Le M\u00e9ridien, Cairo Airport. Register <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/aciafrica.zohobackstage.eu\/cairo%23\/?lang%3Den&amp;sa=D&amp;source=editors&amp;ust=1707194265732462&amp;usg=AOvVaw1P28MsYxL3P39Dn_HviqP_\" style=\"\" rel=\"noopener\">here<\/a> to attend the conference.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/enterprise.news\/&amp;sa=D&amp;source=editors&amp;ust=1707194265732768&amp;usg=AOvVaw0MX0JqkE-cUuZeioec2EXH\" 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><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>One story dominates the front pages of the global press this morning: <\/strong>The UK\u2019s King Charles III has been diagnosed with \u201ca form of cancer\u201d at the age of 75, a year and a half after coming to the throne, according to a <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.royal.uk\/a-statement-from-buckingham-palace-5Feb24&amp;sa=D&amp;source=editors&amp;ust=1707194265733332&amp;usg=AOvVaw2iPSbr-4fee8P2MEEKV6va\" style=\"\" rel=\"noopener\">statement<\/a> released by Buckingham Palace yesterday. The form of cancer was not specified. Charles will continue to work behind closed doors, but will be stopping public activities while he seeks treatment. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story got plenty of ink in the int\u2019l papers:<\/strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.bbc.com\/news\/uk-68208157&amp;sa=D&amp;source=editors&amp;ust=1707194265733779&amp;usg=AOvVaw0c7SQtHpt1piSRH2g_Jj4-\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/apnews.com\/article\/king-charles-iii-cancer-britain-e0408a7c9bb86ad2af8754ce4b37d65e&amp;sa=D&amp;source=editors&amp;ust=1707194265734001&amp;usg=AOvVaw0IDgb_awWiKJYI-Cyn3nkq\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.nbcnews.com\/news\/world\/king-charles-diagnosed-cancer-rcna137293&amp;sa=D&amp;source=editors&amp;ust=1707194265734282&amp;usg=AOvVaw3eW7L42AoEwmgvn5nhmTKt\" style=\"\" rel=\"noopener\">NBC News<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.reuters.com\/world\/uk\/britains-king-charles-diagnosed-with-cancer-buckingham-palace-2024-02-05\/&amp;sa=D&amp;source=editors&amp;ust=1707194265734496&amp;usg=AOvVaw2ecCvud_pxDsvAykMQQ5lv\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA- Is your spawn about to apply to college abroad? <\/strong>We have two stories you\u2019ll want to know about this morning: <\/p><ul>\n<li><strong>Top US colleges are looking to once again require SATs and ACTs <\/strong>for kids seeking admission. Many colleges are making decisions now about their fall 2025 intake \u2014 and those backing standardized testing just got a boost from Dartmouth, which is bringing back the tests. (<a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.ft.com\/content\/3f7c0e8b-8260-49fd-9ea1-acfaabe7a35c&amp;sa=D&amp;source=editors&amp;ust=1707194265735021&amp;usg=AOvVaw0rCA2yhfxNDaZyMAhKn43o\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.npr.org\/2024\/02\/05\/1229223433\/sat-act-diversity-dartmouth-college-admissions&amp;sa=D&amp;source=editors&amp;ust=1707194265735227&amp;usg=AOvVaw1FG_-pGRlniF_FQedpEFX0\" style=\"\" rel=\"noopener\">NPR<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.nytimes.com\/2024\/02\/05\/briefing\/dartmouth-sat.html&amp;sa=D&amp;source=editors&amp;ust=1707194265735404&amp;usg=AOvVaw22FGO_mW6SKghbp-xmTTST\" style=\"\" rel=\"noopener\">New York Times<\/a>)<\/li>\n<li><strong>Canada has extended its ban on foreign ownership of real estate <\/strong>by another two years as part of a bid to ease a housing shortage. The Great White North has also <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.canada.ca\/en\/immigration-refugees-citizenship\/news\/2024\/01\/canada-to-stabilize-growth-and-decrease-number-of-new-international-student-permits-issued-to-approximately-360000-for-2024.html&amp;sa=D&amp;source=editors&amp;ust=1707194265735782&amp;usg=AOvVaw3nEVjZS9XvcksKDcdSp0ri\" style=\"\" rel=\"noopener\">imposed a cap<\/a> on the number of student visas it will issue. <\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN TECH NEWS-<\/strong><strong>Microsoft is trying its hand at AI-aided journalism: <\/strong>Microsoft has reportedly handed media startup <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.semafor.com\/&amp;sa=D&amp;source=editors&amp;ust=1707194265736205&amp;usg=AOvVaw1z3WxsBol3KFdoG9UqYGPa\" style=\"\" rel=\"noopener\">Semafor<\/a> a \u201csubstantial\u201d amount of money to develop a breaking news channel \u2014 dubbed Signals \u2014 that will use AI to help journalists write daily news and analysis, the <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.ft.com\/content\/b521a662-a272-49a1-b76e-3deea4754b76&amp;sa=D&amp;source=editors&amp;ust=1707194265736423&amp;usg=AOvVaw16VjbNABtseyu5LUNlBzo8\" style=\"\" rel=\"noopener\">Financial Times<\/a> wrote.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN MEMORIAM- Richard Debs, the longtime Middle East hand of Morgan Stanley who led <\/strong><strong>a boardroom coup in 2005, has died at 93. <\/strong>Readers of a certain age will recall that Debs, a Fulbright scholar in Egypt in the 1950s, led Morgan Stanley\u2019s push into Cairo and Riyadh starting in the late 1970s. After retirement, was advisory director and chairman of Morgan Stanley Saudi Arabia and chairman (later emeritus) of the <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.aub.edu.lb\/articles\/Pages\/passing-of-Chairman-Emeritus-Richard-Debs.aspx&amp;sa=D&amp;source=editors&amp;ust=1707194265736930&amp;usg=AOvVaw3aqvF5vBTtkuJ_zdv0W23y\" style=\"\" rel=\"noopener\">American University in Beirut<\/a>. See obits in the <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.legacy.com\/us\/obituaries\/nytimes\/name\/richard-debs-obituary?id%3D54285673&amp;sa=D&amp;source=editors&amp;ust=1707194265737125&amp;usg=AOvVaw0hCadvWFbNTfC2OMNX8QlR\" style=\"\" rel=\"noopener\">New York Times<\/a> \u2019s Legacy and <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.bloomberg.com\/news\/articles\/2024-02-05\/richard-debs-part-of-2005-morgan-stanley-mutiny-dies-at-93?sref%3DmmeFTDW1&amp;sa=D&amp;source=editors&amp;ust=1707194265737351&amp;usg=AOvVaw1tNGvYBiL5ocZMXtnj1eXZ\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2021\/03\/INFINITY-Top-banner-EN-1600x675-v2-02.png\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at how fertilizer, cement, steel, and aluminum exporters need to prepare for the EU\u2019s Carbon Border Adjustment Mechanism. <\/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\/antony-blinken\/\">Antony Blinken<\/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=\"614682 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=\"614682\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/614682\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614682\" class=\"content-area-description single-story post-614682 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=\"614683\" 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=\"614683\">\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\/06\/non-oil-private-sector-remains-in-contraction-as-inflation-weighs-on-demand-dims-business-confidence\/\">\r\n                            Egypt\u2019s non-oil private sector remains in contraction as inflation weighs on demand, dims business confidence                        <\/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\/06\/non-oil-private-sector-remains-in-contraction-as-inflation-weighs-on-demand-dims-business-confidence\/\" target=\"_blank\">\n                    Open in new tab             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                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=Non-oil+private+sector+remains+in+contraction+as+inflation+weighs+on+demand%2C+dims+business+confidence+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F06%2Fnon-oil-private-sector-remains-in-contraction-as-inflation-weighs-on-demand-dims-business-confidence%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\/06\/non-oil-private-sector-remains-in-contraction-as-inflation-weighs-on-demand-dims-business-confidence\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/332.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614684\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/non-oil-private-sector-remains-in-contraction-as-inflation-weighs-on-demand-dims-business-confidence\/332-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/332.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"332.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/332.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/332.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614683\" class=\"content-area-description single-story post-614683 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-egp tag-enterpriseam tag-inflation tag-pmi tag-tourism 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\/.79c9573f-cc2c-49bc-9716-3f356a802c33.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Business activity kicks off the year with \u201cmodest deterioration\u201d:<\/strong> Non-oil private sector activity saw another month of contraction in January as inflationary pressures dampened demand and pushed business sentiment for the next 12 months to one of the lowest on record, according to S&amp;P Global\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/282.pdf\" style=\"\" rel=\"noopener\">purchasing managers\u2019 index (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The numbers:<\/strong> The index fell to 48.1 in January from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06ab7cae-4ca9-48ab-b8f6-3d047796526f\" style=\"\" rel=\"noopener\">48.5 in December<\/a>, logging a three-month low and remaining below the 50 threshold that separates growth from contraction for the 38th straight month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe drop was partly due to a faster decline in order book volumes,<\/strong> which in turn are still being impacted by inflationary pressures,\u201d S&amp;P Senior Economist David Owen wrote. Moreover, a weak EGP and import restrictions drove production costs and output prices to accelerate at their sharpest rates in 12 months, leading to a greater share of cost burdens being passed onto customers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Can a tourism slowdown spill over to the rest of the economy? <\/strong>Some companies warned that the negative impact of the ongoing war in Gaza and geopolitical tensions on the tourism sector \u201ccould lead to further headwinds for the non-oil economy over the next few months,\u201d Owen wrote.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story got ink in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-january-non-oil-business-shrinks-inflation-gaza-pmi-2024-02-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FROM THE REGION-<\/strong><\/p>\n<ul>\n<li><strong>Saudi growth eases: <\/strong>Lukewarm demand and rising cost pushed Saudi Arabia\u2019s PMI to its lowest level in two years in January to 55.4, down from 57.5 in December, according to S&amp;P\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/283.pdf\" style=\"\" rel=\"noopener\">PMI (pdf)<\/a>.<\/li>\n<li><strong>UAE maintains strong growth:<\/strong> Strong output and rising new business inflows led to a \u201cmarked uplift in activity\u201d in the UAE, albeit at a slower rate. The country\u2019s PMI recorded 56.6 in January, down from 57.4 in December, S&amp;P\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/286.pdf\" style=\"\" rel=\"noopener\">PMI (pdf)<\/a> showed.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/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\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"614685\" 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=\"614685\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/kazyon-expands-into-saudi-arabia-acquiring-half-of-discount-retailer-dukan\/\">\r\n                            Egypt\u2019s Kazyon expands into Saudi Arabia, acquiring a 50% stake in supermarket chain Dukan                        <\/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\/06\/kazyon-expands-into-saudi-arabia-acquiring-half-of-discount-retailer-dukan\/\" 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\/06\/kazyon-expands-into-saudi-arabia-acquiring-half-of-discount-retailer-dukan\/')\">\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\/06\/kazyon-expands-into-saudi-arabia-acquiring-half-of-discount-retailer-dukan\/\">\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=Kazyon expands into Saudi Arabia, acquiring half of discount retailer Dukan&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/kazyon-expands-into-saudi-arabia-acquiring-half-of-discount-retailer-dukan\/\">\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\/06\/kazyon-expands-into-saudi-arabia-acquiring-half-of-discount-retailer-dukan\/&title=Kazyon expands into Saudi Arabia, acquiring half of discount retailer Dukan\">\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=Kazyon+expands+into+Saudi+Arabia%2C+acquiring+half+of+discount+retailer+Dukan+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F06%2Fkazyon-expands-into-saudi-arabia-acquiring-half-of-discount-retailer-dukan%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\/06\/kazyon-expands-into-saudi-arabia-acquiring-half-of-discount-retailer-dukan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/325.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614686\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/kazyon-expands-into-saudi-arabia-acquiring-half-of-discount-retailer-dukan\/325-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/325.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"325.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/325.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/325.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614685\" class=\"content-area-description single-story post-614685 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-dukan tag-enterpriseam tag-kazyon tag-ma-watch tag-retail tag-saudi-arabia 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\/.29129adb-2f6a-495a-a54c-84a8aaec6bf3.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Kazyon sets foot in Saudi:<\/strong> Kazyon Limited, the UK-based parent company of Egyptian discount supermarket chain Kazyon, has acquired a 50% stake in Saudi grocery chain Dukan \u2014 Saudi\u2019s sole discount retailer \u2014 through a SAR 250 mn (c. USD 66.7 mn) capital increase, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/271.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The transaction marks Kazyon\u2019s first investment in Saudi Arabia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where is the money going? <\/strong>The investment will help roll out more Dukan stores across the Kingdom as part of Kazyon\u2019s plan to expand its portfolio to 5k stores across Egypt, Morocco, and Saudi Arabia within the next five years, a fivefold increase from its current network, backed by its own end-to-end logistics network.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All about Kazyon<\/strong><strong>:<\/strong> Kazyon was founded in 2014 by our friend Hassan Heikal, the former EFG Hermes CEO, and has grown to become the largest discount retailer in Egypt. It sells a range of food and household products at competitive price points. Kazyon entered the Moroccan market last October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe transaction was funded by introducing to the capital structure of Kazyon a global sovereign wealth fund<\/strong> as we solidify our position as a leading grocery retailer in the region,\u201d Heikal said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> A consortium led by our friends at Africa-focused private equity firm <a target=\"_blank\" href=\"https:\/\/www.dpi-llp.com\/\" style=\"\" rel=\"noopener\">Development<\/a><a target=\"_blank\" href=\"https:\/\/www.dpi-llp.com\/\" style=\"\" rel=\"noopener\">Partners International<\/a> (DPI) invested <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/989c9ce4-ad8e-4be1-b014-076b770f7ff4\" style=\"\" rel=\"noopener\">USD 165 mn<\/a> in Kazyon last April to help the company expand its presence in Egypt. In addition to Heikal and DPI, the company counts among its shareholders \u201ca leading global sovereign wealth fund, major development finance institutions, FIM Capital, Sango Capital, and regional family offices.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Evercore Partners, EFG Hermes, White & Case and PWC.<\/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\/dukan\/\">Dukan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kazyon\/\">Kazyon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/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=\"614687\" 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=\"614687\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/auto-sales-jump-in-december\/\">\r\n                            Auto sales in Egypt jump to 2023 record 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\/06\/auto-sales-jump-in-december\/\" 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\/06\/auto-sales-jump-in-december\/')\">\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\/06\/auto-sales-jump-in-december\/\">\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=Auto sales jump in December&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/auto-sales-jump-in-december\/\">\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\/06\/auto-sales-jump-in-december\/&title=Auto sales jump in December\">\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=Auto+sales+jump+in+December+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F06%2Fauto-sales-jump-in-december%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\/06\/auto-sales-jump-in-december\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/327.JPG?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614688\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/auto-sales-jump-in-december\/327-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/327.JPG?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"327.JPG\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/327.JPG?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/327.JPG?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614687\" class=\"content-area-description single-story post-614687 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-amic tag-automotive 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\/.de7f44b2-d7f6-4546-bba8-bd8800397f15.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Auto<\/strong><strong> sales<\/strong><strong> inch up in December to 2023 record: <\/strong>Auto sales climbed for a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e72932e-1327-4f2a-a49f-9b725a2c4314\" style=\"\" rel=\"noopener\">second<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e72932e-1327-4f2a-a49f-9b725a2c4314\" style=\"\" rel=\"noopener\">consecutive<\/a> month in December, hitting their highest level in 2023, according to figures from the Automotive Marketing Information Council (AMIC). Vehicle sales rose almost 5% m-o-m to 10.4k, marking the highest monthly sales volume since September 2022.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>December in detail: <\/strong>An 15% m-o-m upstick in truck sales drove the trend, with 1,255 units sold. Passenger cars also rose almost 6% m-o-m to 8,372. However, bus sales dropped 15.2% from the month prior to 788.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was a rough year for the sector: <\/strong>Total sales volumes for the entire year fell by over half in 2023, dropping to 90.4k vehicles from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/707b4238-00f7-470d-b784-f4371dcd1abf\" style=\"\" rel=\"noopener\">184.8k recorded the previous year<\/a>. Passenger car sales fell 48% y-o-y to 69.2k units during the year, while bus sales declined 51% y-o-y to 8.5k units and truck sales decreased 62% y-o-y to 12.7k units. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The big picture:<\/strong>The dip in sales can be attributed to the current difficulty in sourcing foreign currency. The demand is high but can not be fulfilled as the FX crunch is limiting supply in the market and giving distributors leverage to hike prices as they please.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The 2024 outlook: <\/strong>The auto sector\u2019s performance for the year will depend on two factors: FX stability and if high demand will continue as the central bank moves forward with the highly-anticipated float of the EGP. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>Cars have become one of several safe haven assets Egyptians have been putting their money into to hedge against a weakening EGP, alongside gold and real estate. This makes it somewhat difficult to differentiate the real demand for cars from artificial demand. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t expect the slump in car sales to end anytime soon: <\/strong>The head of Chamber of Commerce's auto division Nour Darwish thinks that the recent strengthening of the EGP on the parallel market will further reduce car sales, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%b1%d8%a6%d9%8a%d8%b3-%d8%a7%d9%84%d8%b4%d8%b9%d8%a8%d8%a9-%d8%a7%d9%84%d8%b9%d8%a7%d9%85%d8%a9-%d8%a8%d8%a7%d9%84%d9%82%d8%a7%d9%87%d8%b1%d8%a9-%d8%aa%d8%ad%d8%b1%d9%83-%d8%a7%d9%84%d8%af%d9%88\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports. Darwish argues that potential buyers will postpone buying a car on the assumption that a strengthening EGP will lead to a decline in car prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The caveat:<\/strong> AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amic\/\">AMIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614689 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"614689\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/614689\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614689\" class=\"content-area-description single-story post-614689 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614690\" 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=\"614690\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/fx-reserves-see-slight-uptick-in-january\/\">\r\n                            Egypt\u2019s foreign currency reserves see slight uptick in January                        <\/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\/06\/fx-reserves-see-slight-uptick-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(); 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Reserves rose to USD 35.25 bn compared to USD 35.22 bn at the end of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/477b599a-33b8-46ba-a989-0566364b8d24\" style=\"\" rel=\"noopener\">December<\/a>, marking the seventeenth consecutive month of (incremental) increases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rewind:<\/strong> Egypt\u2019s reserves took a hit in 2022 when the double-blow of Russia\u2019s invasion of Ukraine and tightening global financial conditions triggered capital flight from emerging markets. While Egypt\u2019s reserves lost almost USD 8 bn in the six months between February and August 2022, they have been able to recoup more than USD 2 bn over the past 17 months.<\/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-reserves\/\">foreign reserves<\/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=\"614692 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=\"614692\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/614692\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614692\" class=\"content-area-description single-story post-614692 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=\"614693\" 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=\"614693\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/could-ramadan-come-bearing-lower-prices\/\">\r\n                            Commodity prices in Egypt could start to fall next month                        <\/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\/06\/could-ramadan-come-bearing-lower-prices\/\" 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\/06\/could-ramadan-come-bearing-lower-prices\/')\">\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\/06\/could-ramadan-come-bearing-lower-prices\/\">\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=Could Ramadan come bearing lower prices?&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/could-ramadan-come-bearing-lower-prices\/\">\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\/06\/could-ramadan-come-bearing-lower-prices\/&title=Could Ramadan come bearing lower prices?\">\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=Could+Ramadan+come+bearing+lower+prices%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F06%2Fcould-ramadan-come-bearing-lower-prices%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\/06\/could-ramadan-come-bearing-lower-prices\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/413.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614694\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/could-ramadan-come-bearing-lower-prices\/413-jpg-26\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/413.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"413.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/413.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/413.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614693\" class=\"content-area-description single-story post-614693 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-exchange-rate tag-inflation 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\/.79da37bd-17ef-40f3-b63d-4d5f219eae6f.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good news on the airwaves last night: <\/strong>Between falling commodity prices and predictions of a stable EGP \/ USD exchange rate on the parallel market, it was a somewhat optimistic night on the airwaves. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We should see the price of goods start to fall by Ramadan<\/strong>,if the EGP \/ USD black market exchange rate stabilizes at its current level, secretary-general of the Federation of Chambers of Commerce, Alaa Ezz told Kelma Akhira\u2019s Lamees El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=TFy--nmN1G0\" style=\"\" rel=\"noopener\">watch, runtime: 16:40<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looks like our pile up of imports has come in handy:<\/strong> \u201cWe have large stocks of goods, whether released or stuck in ports,\u201d Ezz explained. \u201cThe benefit of having accumulated goods in ports is that we now have lots of goods stocked up. And the continued decline of the parallel market exchange rate may reflect positively on prices.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- USD at EGP 40?<\/strong> \u201cOur long-term estimates see the EGP stabilize at 35-40 against the greenback,\u201d the House Budget Committee chair Fakhri El Fiqi told Ala Masouleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=reAtK8-3sV0\" style=\"\" rel=\"noopener\">watch, runtime: 19:43<\/a>). This would hinge on the country securing fresh USD inflows from international bodies, he clarified. <\/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\/exchange-rate\/\">exchange rate<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    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    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" 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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/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\/06\/herve-renard-rumored-to-replace-rui-vitoria-as-national-team-coach\/\">\r\n                            Herve Renard rumored to replace Rui Vit\u00f3ria as national team coach                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/herve-renard-rumored-to-replace-rui-vitoria-as-national-team-coach\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/348.JPG?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614697\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/herve-renard-rumored-to-replace-rui-vitoria-as-national-team-coach\/348-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/348.JPG?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"348.JPG\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/348.JPG?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/348.JPG?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614696\" class=\"content-area-description single-story post-614696 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-sports 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\/.915179ab-c28e-46fe-a962-1f8390a4a1df.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Game over for Vit\u00f3ria: <\/strong>The firing of the Pharaohs\u2019 Portuguese coach Rui Vit\u00f3ria and his backroom staff has once again caught the attention of the international press. The <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/egypt-coach-rui-vitoria-fired-c93d0a6ddf530822daf29a4d4ce7beea\" style=\"\" rel=\"noopener\">Associated Press<\/a> is reporting that the French coach Herve Renard is rumored to take over the position.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Renard is the only coach who led two different countries to the Afcon title \u2014 Zambia in 2012 and Ivory Coast in 2015.<\/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\/sports\/\">sports<\/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=\"614698\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614699\" 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=\"614699\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/tmg-mulls-new-project-in-the-north-coast-plus-news-from-telecom-egypt-and-the-cbe\/\">\r\n                            Egypt\u2019s Talaat Moustafa Group mulls new North Coast project                        <\/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\/06\/tmg-mulls-new-project-in-the-north-coast-plus-news-from-telecom-egypt-and-the-cbe\/\" 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\/06\/tmg-mulls-new-project-in-the-north-coast-plus-news-from-telecom-egypt-and-the-cbe\/')\">\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\/06\/tmg-mulls-new-project-in-the-north-coast-plus-news-from-telecom-egypt-and-the-cbe\/\">\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=TMG mulls new project in the North Coast. PLUS: News from Telecom Egypt and the CBE&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/tmg-mulls-new-project-in-the-north-coast-plus-news-from-telecom-egypt-and-the-cbe\/\">\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\/06\/tmg-mulls-new-project-in-the-north-coast-plus-news-from-telecom-egypt-and-the-cbe\/&title=TMG mulls new project in the North Coast. PLUS: News from Telecom Egypt and the CBE\">\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=TMG+mulls+new+project+in+the+North+Coast.+PLUS%3A+News+from+Telecom+Egypt+and+the+CBE+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F06%2Ftmg-mulls-new-project-in-the-north-coast-plus-news-from-telecom-egypt-and-the-cbe%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\/06\/tmg-mulls-new-project-in-the-north-coast-plus-news-from-telecom-egypt-and-the-cbe\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/370.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"614700\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/tmg-mulls-new-project-in-the-north-coast-plus-news-from-telecom-egypt-and-the-cbe\/370-jpg-42\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/370.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"370.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/370.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/370.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614699\" class=\"content-area-description single-story post-614699 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-central-bank-of-egypt tag-egypt-turkey-relations tag-enterpriseam tag-real-estate tag-regulation tag-talaat-moustafa-group tag-telecom-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\/.b09e136f-0ff3-495f-bb5e-3827fb966930.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Talaat Moustafa Group (TMG) is looking into developing a new project in the North Coast<\/strong> \u201camong various other potential projects,\u201d it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/317.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The project is still in the evaluation stage and the group has not acquired the land plot yet, contrary to what local media has reported, the disclosure said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax:<\/strong>TMG\u2019s shares rose 10.3% yesterday to close at EGP 37.5. <\/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\">DEFENSE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re getting drones from Turkey: <\/strong>Egypt is set to receive drones from Turkey under an agreement inked between the two sides, Turkish Foreign Minister Hakan Fidan said on Turkey\u2019s A Haber television channel, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-agrees-provide-drones-egypt-2024-02-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. \u201cNormalization in our relations is important for Egypt to have certain technologies. We have an agreement to provide (Egypt) unmanned air vehicles and other technologies,\u201d the newswire quotes Fidan as saying.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Turkish President Recep Tayyip Erdogan <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63b2b3c7-e986-4f86-9d55-0e234c19c738\" style=\"\" rel=\"noopener\">will meet<\/a> with President Abdel Fattah El Sisi when he touches down in Egypt next week. This will be Erdogan\u2019s first visit to the country since Egypt and Turkey <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/467e7c7c-3c5e-45ce-bc81-70050a95fabf\" style=\"\" rel=\"noopener\">restored<\/a> diplomatic ties and reappointed ambassadors in July.<\/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\">TELECOMS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt-Albania subsea cable in the works:<\/strong><a target=\"_blank\" href=\"https:\/\/www.te.eg\/wps\/portal\/te\/Personal\" style=\"\" rel=\"noopener\">Telecom Egypt<\/a> and Hungarian telecom company <a target=\"_blank\" href=\"https:\/\/www.4ig.hu\/home\" style=\"\" rel=\"noopener\">4iG<\/a> have formed a JV to build a subsea cable between Albania and Egypt, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/295.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The move follows an MoU for the same project <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8638cd01-e135-4988-b445-df5bdec44f53\" style=\"\" rel=\"noopener\">inked<\/a> by the two parties in October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>\u201cMore than 90% of the international traffic data between the East and the West passes through [Egypt] thanks to its distinguished geographical location,\u201d Communications Minister Amr Talaat said in the statement. Egypt is currently home to 14 in-service international subsea cables and \u201cwork is underway\u201d to establish five additional international subsea cables in partnership with international alliances, Talaat added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Telecom Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b349872c-1c9d-4b2b-b7e7-47fc61274acf\" style=\"\" rel=\"noopener\">last month inked an agreement<\/a> with Jordanian telecom service provider NaiTel to build a subsea cable linking the two countries. <\/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\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Central Bank of Egypt has sold USD 1 bn of USD-denominated one-year <\/strong><strong>T-bills<\/strong> at an average yield of 5.149%, according to data on its website. The treasuries refinance USD 1.07 bn of USD-denominated one-year T-bills at an average yield of 4.90% due to mature today. <\/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\/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\/egypt-turkey-relations\/\">Egypt-Turkey relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talaat-moustafa-group\/\">Talaat Moustafa Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"614701\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">       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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\/.2d08dabb-67f2-4701-9fcd-cc1f8245ac33.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A more optimistic global growth outlook: <\/strong>OECD has revised upwards its 2024 world growth forecast to 2.9% from November\u2019s 2.7% forecast, it said in its latest <a target=\"_blank\" href=\"https:\/\/www.oecd-ilibrary.org\/sites\/0fd73462-en\/index.html?itemId=\/content\/publication\/0fd73462-en\" style=\"\" rel=\"noopener\">economic outlook<\/a>. Geopolitical risks within the MENA region, however, pose a \u201csignificant\u201d risk to activity and inflation. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t celebrate yet: <\/strong>Despite raising its growth outlook, OECD\u2019s 2024 forecast remains below 2023\u2019s 3.1% growth rate. Next year\u2019s 3.0% growth forecast was left unchanged. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where we could see fallout: <\/strong>Regional escalation \u201ccould disrupt shipping more extensively than presently expected, intensify supply bottlenecks, and push up energy prices if traffic is interrupted in the key routes for the transport of oil and gas,\u201d the report wrote, adding that this could spur a rush to safety in global markets. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>The IMF <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21492e0c-4252-4e18-8696-f420040fffcd\" style=\"\" rel=\"noopener\">revised upwards<\/a> its 2024 global growth outlook by 0.2 percentage points to 3.1% last week, also noting the potential for price spikes amid Red Sea attacks. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.lulugroupinternational.com\/\" style=\"\" rel=\"noopener\">LuLu Group International<\/a><\/strong><strong>, the operator of the iconic supermarket chain, is <\/strong><strong>shopping around for bankers <\/strong>for a potential dual-listing on the ADX and Riyadh\u2019s Tadawul in 2H 2024, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-05\/top-mideast-grocery-chain-lulu-seeks-pitches-for-1-billion-ipo\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The offering could be worth as much as USD 1 bn, the business information service says, citing sources it says have knowledge of the company\u2019s plans. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi-headquartered LuLu is likely to list its GCC assets in the transaction. <\/strong>The company valued itself at north of USD 5 bn in 2020 when it sold a stake to Abu Dhabi wealth fund ADQ and last <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dc5ed43b-ae63-4991-9a21-5662d8fcd647\" style=\"\" rel=\"noopener\">explored the possibility of an IPO in 2022<\/a>. LuLu was thought in late 2023 to have been discussing the potential sale of a stake to Saudi Arabia\u2019s Public Investment Fund.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>LuLu has 18 hypermarkets and seven shopping malls <a target=\"_blank\" href=\"https:\/\/www.lulugroupinternational.com\/corporate\/expansion-plans\/\" style=\"\" rel=\"noopener\">in its pipeline<\/a> as it pushes ahead with aggressive growth plans. It has some 70k employees across more than two dozen countries, but its centers of gravity are the GCC, India and, more recently, Egypt.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are in the red<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/02\/06\/asia-markets.html\" style=\"\" rel=\"noopener\">tracking declines yesterday in New York<\/a>. Futures point to a mixed open for major benchmarks in Europe, New York, and Toronto later today.<\/p><p><a target=\"_blank\" id=\"t.55ef161ad032a5960dafc964a44475170f418e0d\" 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\">27,666<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +11.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">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\">12,025<\/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: +0.5%)<\/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\">9,428<\/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: -1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,231<\/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: +4.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,943<\/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: +3.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">7,613<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,655<\/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\">0.0% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 77.99<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,043<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 42,445<\/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: +0.2%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 6.6 bn (88% above the 90-day average). Egyptian investors were net buyers. The index is up 11.1% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Egypt Kuwait Holding (+12.8%), Talaat Moustafa Group (+10.3%), and Orascom Development Egypt (+7.1%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>CIB (-4.0%), Juhayna (-3.8%), and Mopco (-2.3%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sidpec wants a bigger slice of EBIOL:<\/strong> Sidi Kerir Petrochemicals' board of directors discussed raising its ownership in the Egyptian Bioethanol Company (EBIOL) to 7.5%, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/328.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The USD 180k transaction would bring Sidpec\u2019s capital in EBIOL to USD 3.2 mn.<\/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\/global-economy\/\">global economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lulu-group\/\">Lulu Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oecd\/\">OECD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"614703\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/fertilizer-cement-steel-and-aluminum-exporters-need-to-prepare-for-the-eus-carbon-border-adjustment-mechanism\/\">\r\n                            Egypt\u2019s fertilizer, cement, steel, and aluminum exporters need to prepare for the EU\u2019s Carbon Border Adjustment Mechanism<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/fertilizer-cement-steel-and-aluminum-exporters-need-to-prepare-for-the-eus-carbon-border-adjustment-mechanism\/\" 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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A few of the EU\u2019s most significant reforms that pertain to climate could \u2014 if not swiftly addressed by companies in emerging markets \u2014 cause many companies in EMs to be completely shut out of their primary export markets, according to a <a target=\"_blank\" href=\"https:\/\/www.bcg.com\/publications\/2023\/how-emerging-markets-can-prepare-for-the-new-esg-regulations\" style=\"\" rel=\"noopener\">report<\/a> by Boston Consulting Group (BCG). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Egypt angle: <\/strong>Of the EU\u2019s new standards, the Carbon Border Adjustment Mechanism (CBAM) that is set to fully go into effect starting 2026 could have a considerable impact on Egypt\u2019s exports \u2014 particularly from the country\u2019s notoriously energy-intensive steel, aluminum, cement, and fertilizer industries.<\/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\">CBAM IN A NUTSHELL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What exactly is the CBAM? <\/strong>Often referred to as the carbon border tax, the CBAM is a carbon emission tax imposed on goods that are imported into the EU. It is designed to put a \u201cfair price\u201d on emissions from the production of carbon-intensive goods that are imported into EU member countries, and aims to \u201cencourage cleaner industrial production in non-EU countries,\u201d according to the <a target=\"_blank\" href=\"https:\/\/taxation-customs.ec.europa.eu\/carbon-border-adjustment-mechanism_en#:~:text=The%20EU's%20Carbon%20Border%20Adjustment,production%20in%20non%2DEU%20countries.\" style=\"\" rel=\"noopener\">EU Commission<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The goal is to prevent carbon leakage: <\/strong>With the CBAM, the EU aims to de-incentivize companies from moving production to countries that have less ambitious climate regulations to avoid additional expenses and taxation, European steel industry association Eurofer told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/environment\/eu-launches-first-phase-worlds-first-carbon-border-tariff-2023-09-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Starting this year, the CBAM requires that importers must document and report<\/strong> the carbon footprint of the aforementioned goods that they import, or risk facing penalties \u2014 measures that companies in the EU, UK, and Ukraine <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/eu-launch-first-phase-world-first-co2-border-tax-2023-09-13\/\" style=\"\" rel=\"noopener\">told Reuters<\/a> will have little initial impact. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But this is all set to change in 2026<\/strong>, as importers will also have to pay the levy on the emissions that come from these goods. The carbon border tax will make up the difference between the local carbon price \u2014 if there is one \u2014 and the EU\u2019s carbon price. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The cost of carbon: <\/strong>Companies in the EU currently pay c. USD 85 for every metric ton of carbon dioxide they produce. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The mechanism will fundamentally shift the way many businesses source goods and<\/strong><strong> materials: <\/strong>The CBAM will alter production costs by imposing a \u201cbrown penalty\u201d on high-carbon goods. In effect, \u201cthe combination of higher carbon costs and lower prices for green hydrogen fuel\u201d could lead to a shift in how companies evaluate their investments in goods with large carbon footprints, BCG argues. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And more goods could be added to the list: <\/strong>Chemicals, polymers, mineral oil products, pulp, paper and other goods could also make the list by the end of the decade \u2014 and even high-emissions finished and semi-finished goods by 2040, according to BCG.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some of the most affected economies have challenged the CBAM: <\/strong>The South African government penned a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/314.pdf\" style=\"\" rel=\"noopener\">letter (pdf)<\/a> to the European Commission expressing concerns over the mechanism, claiming that the tax \u201chas the effect of transferring the burden of climate action onto developing economies.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WHAT THIS MEANS FOR EGYPT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The CBAM will have a big impact on Egyptian industry and our export revenues: <\/strong>The EU is our largest trading partner and EU countries accounted for 31.1% of our exports in the previous fiscal year, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/389.pdf\" style=\"\" rel=\"noopener\">data (pdf)<\/a> from the central bank. EU-bound exports of aluminum accounted for 79% of our total aluminum exports in 2022, along with 36.7% of iron and steel exports, 30.6% of fertilizer exports, and 4.1% of cement exports, according to <a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/data\/interactive\/2023\/06\/15\/relative-cbam-exposure-index#2\" style=\"\" rel=\"noopener\">World Bank data<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But we won\u2019t be the only the emerging market effected: <\/strong>The tax could also apply to 10% of the value of the EU\u2019s imports from China and Brazil, 25% of its imports from India, and could single-handedly lose Mozambique as much as 1.6% of its GDP, as more than half of the country\u2019s aluminum exports currently go to EU member states, BCG notes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No exemptions, even for least developed countries: <\/strong>The CBAM will provide no exceptions to low- and middle-come countries \u2014 which includes Egypt \u2014 or even for the world\u2019s <a target=\"_blank\" href=\"https:\/\/www.un.org\/ohrlls\/content\/list-ldcs\" style=\"\" rel=\"noopener\">least developed countries<\/a> (LDCs) like Afghanistan, Yemen, and Chad. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And don\u2019t expect any of that the revenue raised from the carbon border tax to help the<\/strong><strong> rest of the world to decarbonize: <\/strong>CBAM\u2019s revenues won't be used to finance LDCs\u2019 efforts towards de-carbonisation, despite the European Parliament having <a target=\"_blank\" href=\"https:\/\/www.europarl.europa.eu\/doceo\/document\/TA-9-2022-0248_EN.html\" style=\"\" rel=\"noopener\">called for<\/a> the financing LDC\u2019s efforts towards decarbonizing \u201cwith an annual amount corresponding at least to the level of revenues generated by the sale of CBAM certificates,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.cgdev.org\/blog\/eus-carbon-border-tax-how-can-developing-countries-respond\" style=\"\" rel=\"noopener\">report<\/a> from the Center for Global Development.<\/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\">EGYPT NEEDS TO ADAPT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Local companies will have to take swift measures to maintain their positions in global<\/strong><strong> value chains <\/strong>\u2014measures that include developing systems for disclosing information on their products\u2019 carbon footprint, documenting the amount of emissions associated with their production, distribution, and consumption, and keeping track of carbon taxes paid for their raw materials, the BCG says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Taking action to decarbonize at a company level: <\/strong>Companies in emerging markets need to \u201cdevelop a holistic sustainability transformation roadmap\u201d so they can decarbonize their operations and reduce their environmental footprint so their imports to the EU can remain competitive by avoiding as much as the CBAM levy as they can, the BCG suggests.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A carbon tax of our own to match the EU: <\/strong>Because the tax is calculated on the difference between the local carbon price and the EU\u2019s, some countries around the world are considering implementing their own tax on high-carbon goods to avoid the levy. India is considering locally collecting the tax itself instead of the EU so it can use it for its own green energy transition, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/india-weighs-local-tax-options-avoid-eu-carbon-levy-minister-2023-11-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Green hydrogen incentives are officially law:<\/strong> President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/246e0718-ffa8-452f-b6be-2853da23c1bb\" style=\"\" rel=\"noopener\">ratified a decision<\/a> putting forward a package of green hydrogen incentives.<\/li>\n<li><strong>Egyptian climate projects in their pre-feasibility study stage can now apply to take<\/strong><strong> part in the Climate Finance Accelerator<\/strong> and receive access to investors, coaching, and networking. The <a target=\"_blank\" href=\"https:\/\/docs.google.com\/forms\/d\/e\/1FAIpQLSd8LJ0_Y9dZ3kXSATx1lPcOpH9p8VAx_tKHYoXvPCUlbjpDbg\/viewform\" style=\"\" rel=\"noopener\">application door<\/a> closes on Monday, 12 February. <\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/esg\/\">ESG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"614705\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/614705\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-614705\" class=\"content-area-description single-story post-614705 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>24 February-1 March (Saturday-Friday): Egypt hosts the 71st <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/aciafrica.zohobackstage.eu\/cairo#\/?lang=en\" style=\"\">African Airports Council International<\/a><\/span><span>(ACI) Conference and Exhibition<\/span><span> at the <\/span><span>Alamera Hall Air Forces House Center and Le M\u00e9ridien, Cairo Airport.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 February (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 style=\"font-weight:400;\">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>Blinken in the region | Drones from Turkey | Auto sales rise in Dec | Kazyon enters KSA | AI-aided journalism?<\/p>\n","protected":false},"featured_media":614679,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-614678","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"cae1c839-0800-4951-8a6b-b68920cb2513","teaser":"Blinken in the region | Drones from Turkey | Auto sales rise in Dec | Kazyon enters KSA | AI-aided journalism?","photo_url":"https:\/\/ent.news\/2024\/2\/412.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Business activity saw \u201cmodest deterioration\u201d in Jan - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/business-activity-saw-modest-deterioration-in-jan\/\" \/>\n<meta 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