{"id":615808,"date":"2024-02-25T00:00:00","date_gmt":"2024-02-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=615808"},"modified":"2025-12-17T04:06:26","modified_gmt":"2025-12-17T04:06:26","slug":"adq-to-pour-usd-35-bn-in-ras-el-hekma-in-largest-ever-direct-investment-in-egypt","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/adq-to-pour-usd-35-bn-in-ras-el-hekma-in-largest-ever-direct-investment-in-egypt\/","title":{"rendered":"ADQ to pour USD 35 bn in Ras El Hekma in largest ever direct investment in Egypt"},"content":{"rendered":"<section id=\"615810\" 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=\"615810\">\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\/25\/10-things-to-watch-for-or-questions-to-ask-as-we-wait-for-the-cbe-to-act\/\">\r\n                            10 things for Egyptian business leaders to watch for as we wait for the Central bank of Egypt to act                        <\/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\/25\/10-things-to-watch-for-or-questions-to-ask-as-we-wait-for-the-cbe-to-act\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1058.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"615811\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/10-things-to-watch-for-or-questions-to-ask-as-we-wait-for-the-cbe-to-act\/1058-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1058.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1058.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1058.jpg?fit=300%2C300&amp;ssl=1\" 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style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.d616ecc6-df01-45b9-b126-df3f97a16b33.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>Now that was a weekend, wasn\u2019t it? The Prime Minister\u2019s Office telegraphed late on Thursday that a big announcement was in the pipeline, but the size of the transaction and the speed with which officials have suggested the funding could hit our coffers were both (positive) surprises. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have full coverage of ADQ\u2019s blockbuster investment in Ras El Hekma in this <\/strong><strong>morning\u2019s news well<\/strong>, below. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>BUT FIRST- Questions we\u2019ll be asking \u2014 and signs for which we\u2019ll be watching <\/strong>in the days ahead:<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Expect a period of (relative) stasis until we see the central bank take action.<\/strong> Disaster has been averted in the short-to-medium term, that much is clear. Nobody yet knows where the EGP will settle, but with a lot of the pressure off policymakers, you can expect demand for other stores of wealth (gold, real estate, cars) to cool alongside the parallel market rate. Be ready to adopt a \u201cwait and see\u201d approach for a week or two. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- There\u2019s been lots of talk in the past 36 hours about what the EGP is now worth <\/strong>\u2014 but little in the way of substance. Look for the picture to get a bit clearer today and tomorrow:<\/p><ul>\n<li>Research units at investment banks and beyond have yet to speculate on what a fair rate for the EGP would be. A lot of what they say will hinge on whether they expect a float or a managed deval;<\/li>\n<li>The USD has weakened on the parallel market to something in the EGP 49.50 to EGP 52.00 range, but we\u2019ve all seen in the past month or so how volatile that (thin, opaque) market can be;<\/li>\n<li>Twelve-month non-deliverable forwards, or NDFs, suggest traders see the EGP in the high 50s a year from now.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#3- When will the Central Bank of Egypt act? <\/strong>Conventional wisdom was that Hassan Abdalla wouldn\u2019t want to act without a war chest with which to fight an overshoot. He has that now \u2014 or will in the coming couple of weeks at most, Madbouly suggested. Speculation now is that <strong>we could see a snap meeting of the CBE\u2019s Monetary Policy Committee this week, with the smart money on Thursday.<\/strong> But the smart money has often been wrong. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have yet to hear about bankers being called in for a chat<\/strong>, as would typically happen before a devaluation of a float. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#4- Are we talking devaluation or a float? <\/strong>While many in our community want to see a full float, we\u2019re not sure it\u2019s in the cards and think, right now, that a managed devaluation is more likely. (Not preferable. But the more likely of the two scenarios.) Still, if ever there was a time to go for a full float, it\u2019s when you have hard currency in your coffers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Will we still see a huge rate hike when the CBE acts? <\/strong>A rate hike? Yes. Huge? Maybe not. The central bank may see that it has the space to go for something less drastic than many had been calling for \u2014 provided the parallel market remains subdued between now and when the bank acts.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- The IMF is going to welcome the improvement in our cash position<\/strong>, but it\u2019s still going to demand action on a laundry list of reforms as the price of an expanded facility \u2014 and we\u2019re still going to need that cash. <strong>There\u2019s still no word on when we might reach a staff-level agreement<\/strong>, though talks are said to be moving forward. Togo, Andorra, and Tajikistan are all on the IMF Executive Board\u2019s public agenda right now \u2014 we\u2019re not, at least through 4 March. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- The stock market has had a great year-and-a-bit <\/strong>as folks have looked for places to stash excess EGP liquidity. We don\u2019t see that changing in the coming week \u2014 look for a relief rally (even if only for a couple of days), for starters. If there\u2019s devaluation or a float, stocks will be very well-priced in USD terms and could signal the return of foreign investors to the market \u2014 if they buy our story. The longer we wait for deval or a float, the more likely the market is to begin trading sideways on thinner volumes.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#8- We still need to keep an eye on our sources of FX.<\/strong> If the market believes the new currency regime, we should see a return of remittances through official channels. FX should be pulled out from under mattresses and start flowing into the banking system. And we still need to see an end to the situation in the Red Sea, which has slashed by half our (hard currency) receipts from the Suez Canal.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#9- It\u2019s too early to worry about what FX figure you use in your budget. <\/strong>Give it a week, folks. But if you have to try something this morning, we\u2019d suggest playing with scenarios at 38.50, 42.50, and 45.00.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#10- But perhaps the biggest question remaining: Have we learned our lesson? <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>HAVE WE LEARNED OUR LESSON #1- <\/strong>Our community has spent more than a year trying to diversify their businesses\u2019 revenue streams \u2014 whether by learning how to export or by directly establishing offices or factories abroad. We can\u2019t take our foot off the gas. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAVE WE LEARNED OUR LESSON #2- <\/strong>The IMF is asking that we embrace meaningful policy reforms, ranging from an enduringly flexible currency regime to a more measured pace of state spending. Failure to do so risks bringing us full circle, leaving the business community to live its own personal version of Groundhog Day.<\/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>A PROGRAMMING NOTE before we get underway:<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re very happy this morning to welcome our friends at Visa as our latest advertiser.<\/strong><a target=\"_blank\" href=\"http:\/\/visamiddleeast.com\/blog\" style=\"\" rel=\"noopener\">Visa<\/a> is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Visa is a natural fit with Enterprise \u2014 the company and its leaders value innovation and <\/strong><strong>entrepreneurship<\/strong> as much as we do, helping businesses of all sizes thrive, create meaningful jobs, and build inclusive economies. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We were honored to have Leila Serhan, Visa\u2019s general manager for North Africa, Levant <\/strong><strong>and Pakistan, on stage at our Enterprise Finance Forum<\/strong> last fall and recently interviewed Jeni Mundy on stage at an event hosted by our friends at AmCham. We\u2019ll have our interview with Jeni for you to read next month \u2014 she\u2019s Visa\u2019s global senior vice president for merchant sales and acquiring and was a member of the first all-women\u2019s crew to sail 53k km around the world in the Whitbread Round the World Race. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A Message from Visa will appear in Enterprise every few weeks to speak with our <\/strong><strong>community about ideas and issues that matter<\/strong>, from inclusion and access to trends in SMEs, payments, innovation, fintech, trust, and security, among others.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Please join us in thanking:<\/strong> EnterpriseAM Egypt remains available to our community without charge thanks to the generous support of our advertisers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/180.jpg?ssl=1\"><\/a> <\/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\"> <a id=\"wwtt5\"><\/a> <strong>PSA #1- Ramadan will be a brighter month: <\/strong>The government will be pausing rolling blackoutsduring the holy month of Ramadan \u2014 expected to start 11 March \u2014 according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0rfwsz3h14TTiiTZt3J5DpjSv2yavbCuFhEV7MHSwWJxN1qPYKzooEa9VDcGXxebsl\" style=\"\" rel=\"noopener\">cabinet decision<\/a> issued on Thursday evening. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cabinet again stopped short of specifying when the blackouts will permanently end.<\/strong> Three industry sources told us back in January that power cuts could last until at least <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36d5ff0c-c1db-44e1-bdff-b5742c358939\" style=\"\" rel=\"noopener\">2Q 2024<\/a>. The government introduced <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db6d0ec-6a2c-429f-b240-a34fa57dfddf\" style=\"\" rel=\"noopener\">rolling blackouts<\/a> last summer to ration the consumption of natural gas as it looked to curb a seasonal spike in demand and a steep <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/846ecdd4-0a16-40f5-8c1e-ef52f3265a06\" style=\"\" rel=\"noopener\">decline in output<\/a>.<\/p><p class=\"tag-border-left\">IN THE HOUSE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the agenda <\/strong><strong>today<\/strong><strong>: <\/strong>After a two-week break, the House will reconvene to discuss and vote on a number of bills and agreements that include:<\/p><ul>\n<li><strong>A draft law, which if passed will increase the price tag of <\/strong><strong>issuing a passport to<\/strong><strong> EGP 1k<\/strong> from the current EGP 250. The proposed increase aims to reflect the rise in the price of imported materials needed to manufacture passports, according to a report by the Defense and National Security Committee;<\/li>\n<li><strong>A EUR 500 million grant from the European Investment Bank<\/strong> that will go towards the Environment Ministry's Sustainable Green Industry project;<\/li>\n<li><strong>An agreement to do away with double taxation<\/strong> and tackle tax evasion between Egypt and Croatia;<\/li>\n<li><strong>A EUR 80 mn grant from Germany<\/strong> to fund the Environment Ministry's solid waste management program, help create 25 technological schools and centers, and support the Central Bank of Egypt\u2019s financial risk management program.<\/li>\n<\/ul><p class=\"tag-border-left\">RED SEA WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yemen\u2019s Houthis will step up their attacks on ships traversing the Red Sea, Bab El<\/strong><strong> Mandeb Strait, and Gulf of Aden<\/strong> in retaliation to Israel\u2019s ongoing military operations in Gaza, the group\u2019s leader Abdul Malik Al Houthi <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/vessel-attacked-by-missiles-southeast-yemens-aden-ukmto-says-2024-02-22\/\" style=\"\" rel=\"noopener\">said in a televised speech<\/a>. US and UK strikes in Yemen also show little sign of easing, as the two countries <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/national-security\/2024\/02\/24\/houthi-airstrikes-us-uk\/\" style=\"\" rel=\"noopener\">launched<\/a> its largest attack in weeks last night on Houthi targets.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Houthis have issued a formal notice to the shipping industry <\/strong>banning US, UK, and Israel-linked vessels operating in the region, as they seek to force cargo companies to collaborate with the group to guarantee their safety.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shipping giant CMA CGM incurred its first loss in four years<\/strong>, with earnings for 4Q 2023 showing a USD 93 mn loss due to gradually \u201cdeteriorating conditions in maritime shipping markets\u201d over the year, the company <a target=\"_blank\" href=\"https:\/\/www.cmacgm-group.com\/en\/news-media\/2023-annual-financial-results\" style=\"\" rel=\"noopener\">said<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Italy\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.messinaline.it\/\" style=\"\" rel=\"noopener\">Messina Line<\/a><\/strong><strong> seems undeterred by the Red Sea disruptions<\/strong>, and has plans to ramp up the capacity and number of vessels transiting the Suez Canal in the near future, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0GD5F5P8uGekwVfaJ5UgciCLxNzGMNudhMsC6GbGzTxYjfMQe9mwpvcCPG9GZwsCjl\" style=\"\" rel=\"noopener\">statement<\/a> by the Suez Canal Authority.<\/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\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Scholarships down under: <\/strong>You can now apply to the Australian government\u2019s master\u2019s scholarship program Australia Awards, which grants funding for Egyptian, Sudanese, and Eritrean citizens to study climate change, agriculture and food security, mining and energy, foreign policy and international security, and gender, disability, and social inclusion, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2186.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. Applications are open until 30 April, 2024, and women, people with disabilities, and marginalized groups are encouraged to apply. You can <a target=\"_blank\" href=\"https:\/\/australiaawardsafrica.org\/\" style=\"\" rel=\"noopener\">find out more about the program here<\/a> and <a target=\"_blank\" href=\"https:\/\/australiaawardsafrica.org\/awards\/apply\/\" style=\"\" rel=\"noopener\">apply here<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Calling all green startups<\/strong>, you have until Saturday, 2 March to apply to NGO accelerator Nahdet El Mahrousa\u2019s Khaleeha wa Gadedha \u2014 a program designed to \u201ccater to impact-driven startups in the growth stage, with particular focus on those operating in clean and green sectors.\u201d The program will offer startups financial and non-financial services, consultation, guidance, and up to EGP 300k in funding. Read the eligibility criteria <a target=\"_blank\" href=\"https:\/\/nahdetelmahrousa.org\/?p=84613&amp;fbclid=IwAR3yIMOSKScol4s9T62IGK1nKxVNY0qrLWOBJWB9r4B5kvcJoUlK-MhrBYs\" style=\"\" rel=\"noopener\">here<\/a> and apply <a target=\"_blank\" href=\"https:\/\/nahdetelmahrousa.org\/?p=84230\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"615812 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=\"615812\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/615812\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615812\" class=\"content-area-description single-story post-615812 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\/2\/2229.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Escape to Somabay,<\/span><span style=\"font-weight:400;\"> where the sun-kissed shores await your arrival. Immerse yourself in the 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=\"615813\" 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=\"615813\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/adq-acquires-development-rights-to-ras-el-hekma-for-usd-24-bn-will-invest-a-further-usd-11-bn-in-real-estate-and-other-prime-projects\/\">\r\n                            ADQ acquires development rights to Ras El Hekma for USD 24 bn, will invest a further USD 11 bn in \u201creal estate and other prime projects\u201d                        <\/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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class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2316.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"615814\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/adq-acquires-development-rights-to-ras-el-hekma-for-usd-24-bn-will-invest-a-further-usd-11-bn-in-real-estate-and-other-prime-projects\/2316-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2316.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2316.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2316.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2316.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615813\" class=\"content-area-description single-story post-615813 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-adq tag-devaluation tag-enterpriseam tag-investment-watch tag-ras-el-hekma tag-real-estate 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\/.22c61065-49f0-4128-8630-ae8969a8ec09.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Madbouly government has inked a USD 35 bn agreement with ADQ<\/strong>, giving the Abu Dhabi wealth fund and longtime investor in Egypt the development rights to Ras El Hekma on the North Coast, according to separate statements from the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02oCLurhYsreyFqookPB7JfWCe9LrV69LWv7Prc6XGAU9JuQE3ESTp5cPhrBTHB8abl\" style=\"\" rel=\"noopener\">cabinet<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2235.pdf\" style=\"\" rel=\"noopener\">ADQ (pdf)<\/a>. This marks the \u201c<strong>largest direct investment agreement in Egypt<\/strong>,\u201d Prime Minister Moustafa Madbouly said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADQ is paying USD 24 bn for the development rights to Ras El Hekma<\/strong> and will convert some USD 11 bn worth of UAE deposits at the Central Bank of Egypt into money that it will \u201cinvest \u2026 in real estate and other prime projects,\u201d the fund said in its press release. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To put that into perspective: <\/strong>The agreement is worth 3.5x the value of all foreign investment Egypt attracted last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A next-generation city: <\/strong>A 170-mn sqm stretch of prime coastal land will be transformed into a \u201cnext-generation city,\u201d housing tourism, urban, commercial, and recreational spaces, alongside a freezone and an investment zone. The area will also feature a marina for yachts and will have an airport nearby. ADQ will break ground on the project in early 2025 and it is expected to attract 8 mn additional tourists into the country every year when it is up and running. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The city could be a game-changer for the North Coast<\/strong>, extending more than 50km along the sea from Dabaa to Matrouh and transforming it into a year-round residential, tourism, and business hub. When ADQ says it will aim to build something \u201cworld class\u201d \u2014 the adjective it\u2019s using here \u2014 it delivers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADQ \u201caims to unlock the appeal of Ras El-Hekma as a premium international financial <\/strong><strong>and tourism destination<\/strong>, adopting the latest cutting edge digital and technological smart city solutions,\u201d it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">USD 15 BN WITHIN A WEEK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state\u2019s coffers will see a near-immediate influx of capital: <\/strong><\/p>\n<ul>\n<li><strong>ADQ will make a USD 15 bn payment within a week<\/strong> \u2014 USD 10 bn of which will be fresh inflows and USD 5 bn in the form of a previous UAE deposit at the Central Bank of Egypt. <\/li>\n<li><strong>The remaining USD 20 bn is due within two months<\/strong> \u2014 USD 14 bn in fresh funds and USD 6 bn in existing deposits.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s plenty of upside for the state: <\/strong>The government will net 35% of the revenues from Ras El Hekma when it starts operating. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our own gigaproject: ADQ thinks Ras El Hekma will attract investment worth c. USD 150 <\/strong><strong>bn as it is built out<\/strong>, and it looks like that could be just in phase one. New Urban Communities Authority Vice Chairman Walid Abbas told talk show host Ahmed Moussa that investment is likely to top USD 500 bn over 15 years and three phases. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Phase one will take about 5 years to complete<\/strong>, and NUCA sees Ras El Hekma creating some 8 mn jobs in the first phase alone (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=EVa170KJvys\" style=\"\" rel=\"noopener\">watch, runtime: 40:34<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who will carry out the development? <\/strong>ADQ will set up an Egyptian joint stock company named Ras El Hekma to handle the project\u2019s development.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Baker McKenzie provided counsel for the Egyptian government, while Matouk Bassiouny & Hennawy was the legal advisor to ADQ, according to <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/02\/24\/1768960\" style=\"\" rel=\"noopener\">Al Borsa<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-el-hekma\/\">Ras El Hekma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"615815\" 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=\"615815\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/how-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list\/\">\r\n                            How will Egyptian officials deploy the proceeds from ADQ\u2019s landmark investment in Ras El Hekma                        <\/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\/25\/how-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list\/\" 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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Clearing the backlog, paying foreign partners top the list&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/how-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list\/\">\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\/25\/how-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list\/&title=How will we use the cash? Clearing the backlog, paying foreign partners top the list\">\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=How+will+we+use+the+cash%3F+Clearing+the+backlog%2C+paying+foreign+partners+top+the+list+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F25%2Fhow-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list%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\/25\/how-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2312.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"615816\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/how-will-we-use-the-cash-clearing-the-backlog-paying-foreign-partners-top-the-list\/2312-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2312.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2312.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2312.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2312.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615815\" class=\"content-area-description single-story post-615815 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-adq tag-devaluation tag-economy tag-enterpriseam tag-madbouly-government tag-ras-el-hekma tag-real-estate 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\/.547e8a52-a13d-4b70-a486-6955bca7b9a2.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Madbouly government is still looking at how it will use the proceeds from the sale<\/strong>, but a top government official told us yesterday that addressing the import backlog and paying arrears owed to foreign partners are among cabinet\u2019s top priorities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The funding also puts cabinet in a strong position <\/strong>as it looks to negotiate the pacing-out of payments owed to foreign creditors this year. In all cases, the official said, the funding will significantly increase the government\u2019s financial flexibility and leaves it well-positioned to bridge the financing gap. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We look good for about four years: <\/strong>The investment, alongside an expanded IMF assistance package, will together cover the country\u2019s financing gap for the next four years,Goldman Sachs\u2019 Farouk Soussa said in a note to clients. Earlier this month, the lender put Egypt\u2019s total <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfd58c81-09b0-434f-96b1-66aeeec4a8c7\" style=\"\" rel=\"noopener\">financing needs for the next four years<\/a> at USD 25 bn \u2014 a USD 8 bn financing gap and USD 17 bn needed to stabilize the exchange rate. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Getting the ball rolling: <\/strong>The transaction will open the door for the central bank to move forward with the long-anticipated devaluation of the EGP and in turn move us closer towards a staff agreement with the IMF, Morgan Stanley economist Hande Kucuk said in a note. Having sufficient FX reserves in the banking system will keep the EGP from freefalling when the CBE floats or devalues the currency.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Brace for a \u201crelatively modest\u201d deval: <\/strong>Soussa sees the \u201cmagnitude of any devaluation is likely to be relatively modest compared to the current market pricing given the FX resources that will be available to the Egyptian authorities (and in the monetary system).\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It could all be closer than you think: <\/strong>\u201cWe think that the chances of an FX adjustment and announcement of a [staff-level agreement with the IMF] seem very likely before Ramadan,\u201d the Morgan Stanley\u2019s note read. We\u2019re expecting Ramadan to kick off in two weeks. <\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/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\/madbouly-government\/\">Madbouly Government<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-el-hekma\/\">Ras El Hekma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"615817\" 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=\"615817\">\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\">MARKET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/\">\r\n                            Egyptian Pound strengthens on parallel and derivatives markets                        <\/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\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/\" 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\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/')\">\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\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/\">\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=EGP strengthens on parallel and derivatives markets&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/\">\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\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/&title=EGP strengthens on parallel and derivatives markets\">\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=EGP+strengthens+on+parallel+and+derivatives+markets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F25%2Fegp-strengthens-on-parallel-and-derivatives-markets%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\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/376.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"615818\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/egp-strengthens-on-parallel-and-derivatives-markets\/376-jpg-28\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/376.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"376.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/376.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/376.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615817\" class=\"content-area-description single-story post-615817 post type-post status-publish format-standard has-post-thumbnail hentry category-market-watch tag-adq tag-devaluation tag-enterpriseam tag-market-watch tag-ras-el-hekma tag-real-estate 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\/.98d54814-f524-4740-ba92-4e9110f37647.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>News of the ADQ\u2019s USD 35 bn investment in Egypt saw the EGP strengthen immediately <\/strong>in the parallel and derivatives markets. It remains unchanged at 30.95 to the USD in the official market ahead of banks opening today, with speculation now that we could see a \u201cmodest\u201d devaluation as early as this Thursday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGP strengthened in the market for twelve-month <\/strong><strong>non-deliverable forwards (NDFs)<\/strong> as traders pulled back from positions that saw a sharp devaluation. Twelve-month NDFs saw the USD-EGPrate decline 11.5% throughout the day to 57.5 after the news broke, down from 65 at the start of the day and its peak of 66.7 at the end of January. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So did USD bonds: <\/strong>Egypt\u2019s USD-denominated bonds \u201csoared on Friday ahead of the announcement and continued their rally into the afternoon,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/egypt-announces-multi-billion-uae-investment-boost-forex-2024-02-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a> wrote. Bonds maturing in or after 2031 rose to their highest level in a year at 65.5-73.4 cents.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The parallel market looks like it's starting to move: <\/strong>The announcement was made on a Friday, so it remains unclear how the parallel market FX rate will react in the long-run, but the greenback was reportedly trading at EGP 49.5-52 last night, down over 20% from EGP 62-63 before the announcement. Morgan Stanley sees the parallel market rate falling over the coming week and the size of the fall will depend \u201con the size of the new IMF loan, and the size of the FX adjustment.\u201d Goldman Sachs also sees \u201ca sharp drop in speculative\/hedging demand for FX in the Egyptian economy on the back of the announced investment.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story received coverage from: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-23\/egypt-clinches-biggest-deal-ever-with-uae-investing-35-billion\/\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/egypt-announces-multi-billion-uae-investment-boost-forex-2024-02-23\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/bee16520-abf1-45c5-90c1-00128fe9f426\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2024\/02\/23\/abu-dhabis-adq-led-consortium-to-invest-35bn-in-egypt\/\" style=\"\" rel=\"noopener\">The National<\/a>. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/market-watch\/\">Market Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-el-hekma\/\">Ras El Hekma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"615819\" 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=\"615819\">\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\/25\/egypt-imf-make-excellent-progress-on-first-second-loan-reviews\/\">\r\n                            Egypt, IMF make \u201cexcellent progress\u201d on first, second loan reviews                        <\/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\/25\/egypt-imf-make-excellent-progress-on-first-second-loan-reviews\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The two sides have agreed on the main elements of the program, she confirmed, without providing a timeline for its completion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war in Gaza increases the need for a resilient package. <\/strong>\u201cThere is a need to have a very comprehensive support package for Egypt,\u201d Kozack added. The IMF is working with Egyptian authorities and its partners \u201cto ensure that Egypt does not have any residual financing needs\u201d as well as \u201cmacroeconomic and financial stability\u201d in the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We could know more soon: <\/strong>The IMF has been hinting at the near completion of its long-stalledfirst and second reviews of Egypt\u2019s USD 3 bn loan package, with IMF Managing Director Kristalina Georgieva <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70fc592b-2ad2-47f2-a847-6db6539e47c3\" style=\"\" rel=\"noopener\">saying<\/a> that a finalized package would be ready \u201cin a few short weeks,\u201d during the World Governments Summit earlier this month. The Fund is preparing a \u201clarge amount\u201d of additional funding to \u201cgive a dose of confidence to the Egyptian economy by enhancing the size of the support program,\u201d Georgieva said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Vote of confidence from Madbouly: <\/strong>\u201cWe are very few steps away from completing agreements with the IMF, the World Bank, and the European Union,\u201d Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0g4L57cFRqhsMqthax7AKAV8yGDgHd1HsudtSB1xUjEtpCX79958B6ZoSrLGaGBwJl\" style=\"\" rel=\"noopener\">said<\/a> following the signing of the Ras El Hekma development project (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=GzVaLPPfLZM\" style=\"\" rel=\"noopener\">watch, runtime: 18:48<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There is still no word on the exact size of the package<\/strong>, but Enterprise sources withknowledge have put it in the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08f51e36-cd3a-411d-a974-659fd3601066\" style=\"\" rel=\"noopener\">USD 6-9 bn ballpark<\/a>. Meanwhile, one unnamed government source cited in the local press <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21f48d1a-051c-4c8a-be41-0c7a7a5e819b\" style=\"\" rel=\"noopener\">reportedly believes<\/a> the government is closing in on a combined USD 12 bn in financing, with the IMF doubling the value of the package it had offered to USD 6 bn and other unnamed \u201cdevelopment partners\u201d contributing a further USD 6 bn \u2014 a figure <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfd58c81-09b0-434f-96b1-66aeeec4a8c7\" style=\"\" rel=\"noopener\">echoed<\/a> by Goldman Sachs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we do know: <\/strong>Georgieva and Kozack have both emphasized that Egypt\u2019s policy makersmust focus on reducing inflation and gradually moving towards an inflation-targeting regime. The Fund has also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70fc592b-2ad2-47f2-a847-6db6539e47c3\" style=\"\" rel=\"noopener\">calmed its tone<\/a> on Egypt\u2019s state asset sale, with Georgieva emphasizing that Egypt should \u201cnot rush to sell shares in government companies under the current circumstances,\u201d in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c21c86c-40a9-40f1-8e97-0dc7f259a895\" style=\"\" rel=\"noopener\">contrast to the Fund\u2019s position<\/a> in April last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/imf-says-making-excellent-progress-talks-with-egypt-2024-02-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong> also had the story.<\/strong><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"615821\" 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=\"615821\">\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\">A MESSAGE FROM VISA<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/empowering-african-fintech-startups\/\">\r\n                            Empowering African Fintech Startups                        <\/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\/25\/empowering-african-fintech-startups\/\" 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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If you\u2019re a founder of an African fintech startup looking for mentorship and access to technology and investment, <a target=\"_blank\" href=\"https:\/\/africa.visa.com\/visa-everywhere\/innovation\/visa-accelerator.html\" style=\"\" rel=\"noopener\">apply by February 29th to join the second cohort<\/a> of the Visa Accelerator Program.<\/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\/a-message-from-visa\/\">A MESSAGE FROM VISA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/visa\/\">Visa<\/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=\"615823\" 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=\"615823\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/echem-anrpc-mulling-usd-380-mn-sustainable-jet-fuel-project-with-unnamed-private-sector-company\/\">\r\n                            ECHEM, ANRPC mulling USD 380 mn sustainable aviation fuel project with unnamed private sector company                        <\/a>\r\n                    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company&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/echem-anrpc-mulling-usd-380-mn-sustainable-jet-fuel-project-with-unnamed-private-sector-company\/\">\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\/25\/echem-anrpc-mulling-usd-380-mn-sustainable-jet-fuel-project-with-unnamed-private-sector-company\/&title=ECHEM, ANRPC mulling USD 380 mn sustainable jet fuel project with unnamed private sector company\">\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=ECHEM%2C+ANRPC+mulling+USD+380+mn+sustainable+jet+fuel+project+with+unnamed+private+sector+company+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F25%2Fechem-anrpc-mulling-usd-380-mn-sustainable-jet-fuel-project-with-unnamed-private-sector-company%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\/25\/echem-anrpc-mulling-usd-380-mn-sustainable-jet-fuel-project-with-unnamed-private-sector-company\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2261.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"615824\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/echem-anrpc-mulling-usd-380-mn-sustainable-jet-fuel-project-with-unnamed-private-sector-company\/2261-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2261.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2261.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2261.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2261.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615823\" class=\"content-area-description single-story post-615823 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-anrpc tag-aviation tag-echem tag-enterpriseam tag-green-energy tag-investment-watch tag-saf 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\/.ce21345d-6ec3-413b-a6df-00184e39ad26.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PPP project for SAF production is under study: <\/strong>State-owned firms EgyptianPetrochemicals Holding Company (ECHEM) and Alexandria National Refining and Petrochemicals Company (ANRPC) are considering teaming up with an undisclosed local private-sector player to establish a USD 380 mn sustainable aviation fuel (SAF) project with an estimated production capacity of 120k tons a year, writes <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/42jryk6s\" style=\"\" rel=\"noopener\">Asharq Business<\/a>, citing an anonymous government source.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> A financial study for the project will wrap up in April, with work on the projectscheduled to start at the end of 2026, according to the source. Some USD 280 mn will be funded by external lenders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who will own what? <\/strong>ECHEM will be the majority shareholder with a 70% stake, while ANRPCand the private sector company will each own 15%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Climate-friendly fuel: <\/strong>SAF is a biofuel used to power aircraft that is made from non-petroleum feedstock such as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/22e81fef-6d69-4cf8-9e3e-1ab2681067ac\" style=\"\" rel=\"noopener\">waste cooking oil<\/a>, animal fats, and non-food crops. It can reduce carbon emissions by <a target=\"_blank\" href=\"https:\/\/www.iata.org\/en\/programs\/environment\/sustainable-aviation-fuels\/\" style=\"\" rel=\"noopener\">up to 80%<\/a> compared to traditional jet fuel. Aviation was responsible for 2% of energy-related carbon emissions in 2022, the International Energy Agency\u2019s <a target=\"_blank\" href=\"https:\/\/www.iea.org\/energy-system\/transport\/aviation#tracking\" style=\"\" rel=\"noopener\">most recent figures<\/a> show.<\/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\/anrpc\/\">ANRPC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/echem\/\">ECHEM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-energy\/\">green energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saf\/\">SAF<\/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=\"615825\" 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=\"615825\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/ebrd-provides-banque-du-caire-with-usd-50-mn-financing-package-for-msmes\/\">\r\n                            EBRD provides Banque du Caire with USD 50 mn in financing for Egypt\u2019s MSMEs                        <\/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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financing package for MSMEs\">\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=EBRD+provides+Banque+du+Caire+with+USD+50+mn+financing+package+for+MSMEs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F25%2Febrd-provides-banque-du-caire-with-usd-50-mn-financing-package-for-msmes%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\/25\/ebrd-provides-banque-du-caire-with-usd-50-mn-financing-package-for-msmes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2300.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"615826\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/ebrd-provides-banque-du-caire-with-usd-50-mn-financing-package-for-msmes\/2300-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2300.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2300.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2300.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2300.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615825\" class=\"content-area-description single-story post-615825 post type-post status-publish format-standard has-post-thumbnail hentry category-development-finance tag-banque-du-caire tag-development-finance tag-ebrd tag-enterpriseam tag-smes 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\/.a216ddd0-5c3e-4f25-b0e6-b50b4999d06d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EBRD to up its funding for SMEs:<\/strong> The European Bank for Reconstruction and Development (EBRD) will provide Banque du Caire (BDC) with USD 50 mn to increase support for Egypt\u2019s micro, small and medium-sized enterprises (MSMEs), the EBRD said in a <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/news\/2024\/ebrd-and-banque-du-caire-step-up-support-for-msmes-and-women-entrepreneurs-in-egypt.html\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Up to USD 10 mn will go towards women entrepreneurs as part of the EBRD\u2019s Women in<\/strong><strong> Business (WiB) programme,<\/strong> which works to \u201cprovide access to finance through credit lines to local banks dedicated to women-led SMEs,\u201d according to the initiative\u2019s <a target=\"_blank\" href=\"https:\/\/ebrdwomeninbusiness.com\/about.xhtml\" style=\"\" rel=\"noopener\">website<\/a>. The entire USD 50 mn package will also focus on companies operating outside of the capital.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThe EBRD financing will support projects in regions outside the capital city, capitalising on BDC\u2019s geographical presence, especially in Upper Egypt, which accounts for about 55 per cent of BDC\u2019s microfinance customer base, of which women and youth comprise 35 per cent and 40 percent respectively, \u201d BDC CEO Tarek Fayed said during the signing of the agreement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM THE EBRD-<\/strong> The Italian Agency for Development Cooperation is set to provideUSD 2.2 mn to help support the EBRD\u2019s efforts to support SMEs led by women and young people, according to the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MOICEgypt\/posts\/pfbid0jXVeEvUHtxXvrdVwzojsqaegBqpmFukxh75HytHP4RHtyCYgavLvCxdhM85CDyBAl\" style=\"\" rel=\"noopener\">International Cooperation Ministry<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"615827\" 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=\"615827\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/israel-claims-ceasefire-before-ramadan-in-the-cards\/\">\r\n                            Israel claims ceasefire before Ramadan in the cards                        <\/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\/25\/israel-claims-ceasefire-before-ramadan-in-the-cards\/\" 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\/25\/israel-claims-ceasefire-before-ramadan-in-the-cards\/')\">\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\/25\/israel-claims-ceasefire-before-ramadan-in-the-cards\/\">\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=Israel claims ceasefire before Ramadan in the cards&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/israel-claims-ceasefire-before-ramadan-in-the-cards\/\">\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\/25\/israel-claims-ceasefire-before-ramadan-in-the-cards\/&title=Israel claims ceasefire before Ramadan in the cards\">\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=Israel+claims+ceasefire+before+Ramadan+in+the+cards+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F25%2Fisrael-claims-ceasefire-before-ramadan-in-the-cards%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\/25\/israel-claims-ceasefire-before-ramadan-in-the-cards\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2314.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"615828\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/israel-claims-ceasefire-before-ramadan-in-the-cards\/2314-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2314.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2314.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2314.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2314.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615827\" class=\"content-area-description single-story post-615827 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-enterpriseam tag-israel-palestine-conflict tag-middle-east-politics tag-war-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.3c33c528-e393-43e2-83e2-aad8955cd005.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel signs that ceasefire before Ramadan is possible, despite Palestinian<\/strong><strong> skepticism: <\/strong>Israeli National Security Adviser Tzachi Hanegbi told Israeli media that the country\u2019s delegation to the Paris ceasefire talks \u201cdid not come back empty handed,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-signals-progress-gaza-truce-talks-palestinians-see-little-movement-2024-02-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Hanegbi also appeared to nod when asked if progress could be made in time for Ramadan. However, the newswire quoted a Palestinian official who rejected the notion that an agreement was approaching and that \u201cno discussion over the prisoners, neither in terms of categories or numbers\u201d had taken place.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt and the Palestine Red Crescent <\/strong><strong><a target=\"_blank\" href=\"http:\/\/tinyurl.com\/4w5yac6v\" style=\"\" rel=\"noopener\">have begun<\/a><\/strong><strong> setting up a camp for 4k displaced<\/strong><strong> Palestinians in Khan Younis<\/strong>, and will soon also establish a field hospital in Rafah and a relief camp in Deir Al Balah in central Gaza.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE EGYPTIAN DIPLO FRONT- El Sisi, King Abdullah discuss Gaza: <\/strong>President Abdel Fattah El Sisi and Jordan\u2019s King Abdullah II reiterated in a phone call their rejection of the escalation of the military operations in Gaza, \u201cgiven their repercussions on the security and stability of the entire region,\u201d according to an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02W2g7PjzW5Fn9oMpVPpmZbG6rRA6ntptReYSWKN6fZpz16R8oNDzJ2HiP8HgeUuZAl\" style=\"\" rel=\"noopener\">statement<\/a>. Foreign Minister Sameh Shoukry also discussed the war on Gaza with UK Foreign Secretary <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid0YRUwqnoKJR7azWbBYSoZaKwige1tJHq2xhicRZczUsYtnrQZG3ZYXNgXiNF6QsLxl\" style=\"\" rel=\"noopener\">David Cameron<\/a> on the sidelines of the G20 meeting in Brazil.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"615829 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=\"615829\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/615829\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615829\" class=\"content-area-description single-story post-615829 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"615830\" 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=\"615830\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/the-ras-el-hekma-sale-was-top-of-the-agenda-on-last-nights-talk-shows\/\">\r\n                            The Ras El Hekma sale was top of the agenda on last night\u2019s talk shows                        <\/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\/25\/the-ras-el-hekma-sale-was-top-of-the-agenda-on-last-nights-talk-shows\/\" 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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Sawiris brought attention to the importance of the timing of the agreement \u2014 given Egypt\u2019s current economic woes \u2014 as well as the favorable conditions of the agreement. \u201cThere is a humanitarian side to the agreement from the UAE. This is a people who have loved Egypt all their lives, and have stood with Egypt all their lives, because they are convinced that Egypt is the gateway to the Arab nation and we must stand behind it,\" Sawiris added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe agreement is a lifeline \u2013 but it is not the solution, it is only the beginning,\u201d<\/strong> El Heyaka\u2019s Amr Adib said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=pWA3XlOws-E\" style=\"\" rel=\"noopener\">watch, runtime: 28:00<\/a>). \u201cThe state is breathing a sigh of relief. Now many officials can sleep in their homes. We are in a much better situation, and things are going well. This agreement is the beginning of a solution to the crisis,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adib was primarily concerned with how the agreement would reflect on the lives of<\/strong><strong> Egyptian citizens,<\/strong> and whether it could curb the surging prices of essential commodities. \u201cCommodity prices will fall when the state adjusts its course and begins implementing a new policy that will fight inflation, and harness the state\u2019s resources for that,\u201d economist Mohamed Fouad told Adib (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=liyvgnyvqR0\" style=\"\" rel=\"noopener\">watch, runtime: 19:52<\/a>) \u201cThe government has recently focused on fixing the exchange rate, which \u2014 along with large amounts of spending \u2014 greatly interferes with inflation, and even creates it. The price of the USD will fall only when the real demand for it is met,\u201d Fouad added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Ras El Hekma agreement also received coverage from<\/strong> Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VVVi-ybDZmA\" style=\"\" rel=\"noopener\">watch, runtime:<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VVVi-ybDZmA\" style=\"\" rel=\"noopener\">7:50<\/a>), Masaa DMC (<a target=\"_blank\" href=\"https:\/\/web.facebook.com\/watch\/live\/?ref=watch_permalink&v=415729290910204\" style=\"\" rel=\"noopener\">watch, runtime: 45:54<\/a>), and Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/web.facebook.com\/watch\/live\/?ref=watch_permalink&v=415729290910204\" style=\"\" rel=\"noopener\">watch, runtime: 30:07<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n      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Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/energean-to-release-orion-results-in-two-to-three-weeks-plus-egypt-to-establish-tanzania-rwanda-logistics-corridor\/\">\r\n                            Energean to release Orion results in two to three weeks. PLUS: Egypt to establish Tanzania-Rwanda logistics corridor                        <\/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\/25\/energean-to-release-orion-results-in-two-to-three-weeks-plus-egypt-to-establish-tanzania-rwanda-logistics-corridor\/\" 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\/25\/energean-to-release-orion-results-in-two-to-three-weeks-plus-egypt-to-establish-tanzania-rwanda-logistics-corridor\/')\">\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\/25\/energean-to-release-orion-results-in-two-to-three-weeks-plus-egypt-to-establish-tanzania-rwanda-logistics-corridor\/\">\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=Energean to release Orion results in two to three weeks. PLUS: Egypt to establish Tanzania-Rwanda logistics corridor&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/energean-to-release-orion-results-in-two-to-three-weeks-plus-egypt-to-establish-tanzania-rwanda-logistics-corridor\/\">\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\/25\/energean-to-release-orion-results-in-two-to-three-weeks-plus-egypt-to-establish-tanzania-rwanda-logistics-corridor\/&title=Energean to release Orion results in two to three weeks. PLUS: Egypt to establish Tanzania-Rwanda logistics corridor\">\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=Energean+to+release+Orion+results+in+two+to+three+weeks.+PLUS%3A+Egypt+to+establish+Tanzania-Rwanda+logistics+corridor+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F25%2Fenergean-to-release-orion-results-in-two-to-three-weeks-plus-egypt-to-establish-tanzania-rwanda-logistics-corridor%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\/25\/energean-to-release-orion-results-in-two-to-three-weeks-plus-egypt-to-establish-tanzania-rwanda-logistics-corridor\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2307.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"615834\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/energean-to-release-orion-results-in-two-to-three-weeks-plus-egypt-to-establish-tanzania-rwanda-logistics-corridor\/2307-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2307.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2307.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2307.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2307.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615833\" class=\"content-area-description single-story post-615833 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-energean tag-eni tag-enterpriseam tag-logistics tag-oil-and-gas tag-rwanda tag-social-welfare tag-tanzania wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.1a906318-9cee-41c4-a69b-1ad2557e8efc.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">ENERGY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Energean gears up to announce Orion results: <\/strong>LSE-listed oil and gas company Energean will announce the results of exploratory drilling at its Orion X1 well \u201cin the next two to three weeks,\u201d the company\u2019s CEO Mathios Rigas told Asharq Business <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1760607125779173737?s=20\" style=\"\" rel=\"noopener\">(watch, runtime: 2:38)<\/a>. The well, which could turn out to be \u201ca big discovery,\u201d is expected to cost between USD 140-150 mn to develop, Rigas added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Orion X1:<\/strong> Drilling at the East Mediterranean well, which is projected to hold c. 10 tn cubic feetof natural gas, reportedly began <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a295943e-e812-4cd6-9a7c-17fe8bff0426\" style=\"\" rel=\"noopener\">last fall<\/a>. The exploration rights are owned by Eni, Energean, BP, and Adnoc, Rigas said.<\/p><p class=\"tag-border-left\"> LOGISTICS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt to <\/strong><strong>establish<\/strong><strong> Tanzania-Rwanda logistics corridor:<\/strong> The Transport Ministry is planning to set up a logistics corridor connecting Tanzania and Rwanda in a bid to facilitate the flow of Egyptian exports to Africa, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02fDHwL9qMjMcYLVF1N4SoL7xfLu117KjMpu5gQ78TJcDsU2GjiXr2f1D95HQUz5eKl\" style=\"\" rel=\"noopener\">ministry<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02fDHwL9qMjMcYLVF1N4SoL7xfLu117KjMpu5gQ78TJcDsU2GjiXr2f1D95HQUz5eKl\" style=\"\" rel=\"noopener\">statement<\/a>. The corridor will run from Dar es Salaam port in Tanzania and pass through a logistics zone and dry port, before reaching another logistics zone and dry port in Rwanda.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energean\/\">Energean<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rwanda\/\">Rwanda<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tanzania\/\">Tanzania<\/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=\"615835\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"615835\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/nvidia-gains-help-sp-500-hit-fresh-closing-high\/\">\r\n                            Nvidia gains help S&amp;P 500 hit fresh closing high                        <\/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\" 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         \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/nvidia-gains-help-sp-500-hit-fresh-closing-high\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2259.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"615836\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/nvidia-gains-help-sp-500-hit-fresh-closing-high\/2259-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2259.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2259.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2259.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2259.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-615835\" class=\"content-area-description single-story post-615835 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-nvidia tag-planet-finance tag-sp-500 tag-wall-street wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.912f01ef-a5ca-44f0-a81e-04e7ceda5dca.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Nvidia\u2019s valuation hits USD 2 tn: <\/strong>Nvidia continued its rally on Friday, with its valuation briefly hitting USD 2 tn for the first time ever. The US chipmaker made the biggest single-day market cap gain in history by adding USD 277 bn to its valuation on Thursday after its quarterly revenues <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10d870cb-5a4e-4436-8853-fc2b5823a998\" style=\"\" rel=\"noopener\">rose 265% y-o-y<\/a> on the back of a splurge in AI spending. The company\u2019s shares have risen over 59% since the beginning of the year, \u201ccontributing to more than a quarter\u201d of the S&amp;P 500\u2019s rise this year, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/global-markets-marketcap-pix-2024-02-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF- The S&amp;P 500 and Dow Jones <\/strong><strong>reached fresh highs on Friday<\/strong>as the AIcraze kept the rally going. \u201cNvidia is one of the key companies, if not the key company, for driving the Nasdaq and S&amp;P 500 higher,\u201d chief market strategist at Ameriprise Anthony Saglimbene told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/futures-take-breather-after-scorching-ai-led-rally-2024-02-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p><p><a target=\"_blank\" id=\"t.638330e2a629065539c0f7b37dcdc07c45717111\" 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\">29,310<\/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: +17.7%)<\/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\">12,634<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,280<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: -3.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,226<\/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: +4.1%)<\/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>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\">5,089<\/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: +6.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">7,706<\/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: -0.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,873<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +7.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 81.62<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.5%<\/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>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 1.60<\/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\">-7.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,049.40<\/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>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 51,568.16<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.1% (YTD: +21.9%)<\/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 0.1% at Thursday\u2019s close<\/strong> on turnover of EGP 5.6 bn (39.4% above the 90-day average). Regional investors were net sellers. The index is up 17.7% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Palm Hills Development (+5.7%), Eastern Company (+3.8%) and Abu Qir Fertilizers (+2.3%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Heliopolis Housing (-3.0%), Delta Sugar (-2.8%) and Orascom Development Egypt (-2.8%).<\/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>ACCH to dole out USD-denominated dividends:<\/strong> Alexandria Container andCargo Handling (ACCH) is paying out dividends of USD 0.015 and EGP 1.94 on its fiscal year 2022-2023 earnings, according to two separate EGX disclosures (<a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2233.pdf\" style=\"\" rel=\"noopener\">here<\/a> and here, <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2232.pdf\" style=\"\" rel=\"noopener\">pdf<\/a>). Both dividends will be distributed as of 7 March.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nvidia\/\">Nvidia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp-500\/\">S&amp;P 500<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n       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single-story post-615837 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>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 style=\"font-weight:400;\"> (ACI) Conference and Exhibition at the 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 style=\"font-weight:400;\">26 February (Monday): Eighth edition of the Capital Markets Summit at the InterContinental Semiramis Hotel, Cairo.<\/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;\">1 March (Friday): New public-sector minimum wage goes into effect.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-3 March (Saturday-Sunday): The Emigration Ministry\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/egypthealthtourism.org\/?fbclid=IwAR3TUqXopOSPExfc_swVstH_23nIBel85A0JpU1VO_9Qq7ySfBWfIsKkgZA\" style=\"\">International Health Tourism Conference<\/a><\/span><span style=\"font-weight:400;\"> at the St Regis Almasa Hotel, New Administrative Capital.<\/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 March (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 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>28 March (Thursday): Industrial Development Authority to close <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/IDA.Egypt\/posts\/pfbid02J4KNxR2XLbhHERHZFPbrXTsL3mxqagWTK26w7XdwT6UDnSN6iuNQZXq4rdvgZDp4l\" style=\"\">applications<\/a><\/span><span style=\"font-weight:400;\">for 1 mn sqm of land in 10 different governorates. <\/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>1 April (Monday): 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> 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: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;\">20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.<\/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;\">April 2024: President Abdel Fattah El Sisi will visit Turkey.<\/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 style=\"font-weight:400;\">1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.<\/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>March 2024: The USD 2.7 bn MIDOR Refinery is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/tinyurl.com\/4s6pbedj\" style=\"\">set to begin<\/a><\/span><span style=\"font-weight:400;\"> full 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:400;\">May 2024: Arab Finance Ministers\u2019 meeting at Egypt\u2019s administrative capital.<\/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:700;\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2Q 2025: Safaga Terminal 2 to start operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>EGP gains against the greenback | IMF reviews progress | Blackout-free Ramadan | Orion results incoming | Nvidia drives S&#038;P 500 high<\/p>\n","protected":false},"featured_media":615809,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-615808","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"efe2a94c-5922-4d3f-885e-483ee7a57730","teaser":"EGP gains against the greenback | IMF reviews progress | Blackout-free Ramadan | Orion results incoming | Nvidia drives S&P 500 high","photo_url":"https:\/\/ent.news\/2024\/2\/2317.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>ADQ to pour USD 35 bn in Ras El Hekma in largest ever direct investment in Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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