{"id":616130,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=616130"},"modified":"2025-12-17T04:13:27","modified_gmt":"2025-12-17T04:13:27","slug":"first-tranche-of-ras-el-hekma-funds-and-flurry-of-multi-bn-investments-sets-the-stage-for-devaluation","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/first-tranche-of-ras-el-hekma-funds-and-flurry-of-multi-bn-investments-sets-the-stage-for-devaluation\/","title":{"rendered":"First tranche of Ras El Hekma funds and flurry of multi bn investments sets the stage for devaluation"},"content":{"rendered":"<section id=\"616132\" 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=\"616132\">\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\/29\/is-now-the-right-time-for-a-devaluation\/\">\r\n                            Is now the right time for a devaluation?                        <\/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\/29\/is-now-the-right-time-for-a-devaluation\/\" 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\/29\/is-now-the-right-time-for-a-devaluation\/')\">\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\/29\/is-now-the-right-time-for-a-devaluation\/\">\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=Is now the right time for a devaluation?&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/is-now-the-right-time-for-a-devaluation\/\">\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\/29\/is-now-the-right-time-for-a-devaluation\/&title=Is now the right time for a devaluation?\">\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=Is+now+the+right+time+for+a+devaluation%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F29%2Fis-now-the-right-time-for-a-devaluation%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\/29\/is-now-the-right-time-for-a-devaluation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2879.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616133\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/is-now-the-right-time-for-a-devaluation\/2879-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2879.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2879.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2879.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2879.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616132\" class=\"content-area-description single-story post-616132 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-devaluation tag-enterpriseam tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.52752d3a-7176-4623-b554-c0bbe193cb80.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>Good morning, friends. The question on our community\u2019s hive mind <\/strong><strong>this morning: Is today the day <\/strong>that the Central Bank of Egypt will take long-awaited action on the exchange rate? <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING IN FAVOR- <\/strong><\/p>\n<ul>\n<li><strong>The first payment from ADQ has arrived <\/strong>as part of its USD 24 bn acquisition of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">development rights to<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">Ras El Hekma<\/a> and parallel plan to invest an additional USD 11 bn in real estate and other sectors. President Abdel Fattah El Sisi made the announcement yesterday at a previously-scheduled event (<a target=\"_blank\" href=\"https:\/\/youtu.be\/65W7v2mPYGw?t=794\" style=\"\" rel=\"noopener\">watch,<\/a><a target=\"_blank\" href=\"https:\/\/youtu.be\/65W7v2mPYGw?t=794\" style=\"\" rel=\"noopener\">runtime<\/a><a target=\"_blank\" href=\"https:\/\/youtu.be\/65W7v2mPYGw?t=794\" style=\"\" rel=\"noopener\">: 30:06<\/a>);<\/li>\n<li><strong>Officials are telegraphing that they\u2019ve made significant progress on the state asset <\/strong><strong>sale program<\/strong>, with the expectation being that we could shortly see news of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/186b8b0d-c93f-40db-960d-03e84dd9e709\" style=\"\" rel=\"noopener\">who will buy a stake in<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/186b8b0d-c93f-40db-960d-03e84dd9e709\" style=\"\" rel=\"noopener\">Wataniya<\/a>, the military-built filling station chain since transferred to the Sovereign Fund of Egypt;<\/li>\n<li><strong>Cabinet is putting USD 41 bn worth of investment in green hydrogen <\/strong>and renewable back on the table, announcing a flurry of MoUs yesterday after months and months of silence on a file that had generated substantial excitement in the business community in late 2022 and early 2023;<\/li>\n<li><strong>We have more clarity on BP\u2019s USD 1.5 bn investment program here<\/strong> in partnership with Adnoc. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Throw in word of a multi-bn <\/strong><strong>USD Italian<\/strong><strong> industrial complex <\/strong>and news China wants to set up an industrial zone on the Mediterranean, and the message is clear: <strong>Cabinet wants the world to know that Egypt is open for business. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The overhang: Uncertainty on the value of the EGP.<\/strong> Sovereign Fund of Egypt chief Ayman Soliman has long argued that our primary problem is one of sentiment, not the fundamentals. He\u2019s right, in many respects. The market has been looking for catalysts \u2014 and only clear movement on asset sales, on hydrogen, and (above all else) on the EGP will be sufficient to restore confidence and start reframing the narrative on the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A clear move on FX policy is just what the doctor ordered <\/strong>to capitalize on a string of positive signals. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>What the wags are saying: <\/strong>Al Arabiya Business\u2019 Fahima Zayed told viewers that \u201cthere are strong rumors \u2026 that the float of the EGP will occur within hours\u201d shortly after El Sisi finished his speech (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ZLYLceMvPxQ\" style=\"\" rel=\"noopener\">watch, runtime: 5:53<\/a>). Zayed suggested some in the market think the central bank is looking at something like <strong>EGP 38.50 to the greenback<\/strong> should it go ahead with a devaluation today. The EGP strengthened to 46-48 after El Sisi\u2019s announcement from EGP 50 before the president spoke, she said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING AGAINST- We have yet to sign an agreement with the IMF. <\/strong>Is the lender waiting for devaluation (or a float) before closing a staff-level agreement? Or will the central bank wait for an agreement to be in place before moving ahead? <strong>We\u2019re not yet on the IMF board\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/About\/executive-board\/EBC-Scheduled\" style=\"\" rel=\"noopener\">public agenda<\/a><\/strong><strong>. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have more on all of this in this morning\u2019s news well. <\/p>\n<p class=\"tag-border-left\">WELCOMING A NEW PARTNER- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re honored this morning to welcome <\/strong><strong><a target=\"_blank\" href=\"https:\/\/aimsinternational.com\/en\/\" style=\"\" rel=\"noopener\">AIMS International<\/a><\/strong><strong> as our newest commercial <\/strong><strong>partner. <\/strong>Led in Egypt by our friends Zeinab Noureldin and Pauline d\u2019Arcy, AIMS International is a trusted partner for executive search, board services, and leadership solutions. The business in Egypt traces its roots to 1997, when Pauline founded her eponymous consulting firm. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>People are the only real asset a business has. <\/strong>It doesn\u2019t matter how shiny your factory is or great the IP you own: People make the brand, the P&L, and the business \u2014 whether you\u2019re selling soap, making widgets, or providing a service.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s difficult to recall a time in the past couple of decades in which the regional <\/strong><strong>competition for talent has been sharper <\/strong>than it is today. All of us need to pay extra attention to the people we choose to lead, build, and govern our businesses \u2014 and to how to retain them. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Like us, AIMS International values people above anything else<\/strong>, and Zeinab, Pauline, and their team are consummate professionals who fundamentally share our values. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AIMS International is joining us as sponsor of our My Morning Routine column<\/strong> \u2014 our most popular weekly feature in which we introduce the community to someone we think we should all know. (As always, we remain editorially independent: Our editors and reporters choose who we profile and the questions we ask.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To kick off this new partnership, we asked Pauline and Zeinab to sit down and answer the <\/strong><strong>same questions <\/strong>we ask all our My Morning Routine subjects. And in view of the competition for talent with Saudi Arabia and the UAE, we asked a few extra questions about how we should all be thinking about recruiting and keeping top talent.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enterprise remains available to our readers without charge thanks to the generous <\/strong><strong>support of our advertisers <\/strong>including, from this morning, the good people at AIMS International. Please join us in thanking them. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#1- Italian firm Danieli wants to build a USD 4 bn industrial complex here:<\/strong>TheMadbouly government is looking into a proposal from Italian industrial manufacturer <a target=\"_blank\" href=\"https:\/\/www.danieli.com\/en\/\" style=\"\" rel=\"noopener\">Danieli<\/a> to establish a USD 4 bn integrated industrial complex for the production of iron and steel products that will create 17k jobs, a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid03oi5iatwJHv7CzR3sdWVHVrfZuWjoqBzeMyB2B9tQJcEWYe8nXkFuuGWHVPS6qY6l\" style=\"\" rel=\"noopener\">statement<\/a> said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But that\u2019s not all, folk: <\/strong>The project will also see Danieli establishing an international training center in Egypt for engineers and technicians and could also attract a further USD 2-3 bn in investments for a green hydrogen plant.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- The details of BP's plan to invest USD 1.5 bn have started to become a<\/strong><strong> little clearer: <\/strong>The global energy giant\u2019s plan to invest USD 1.5 bn \u2014 which we <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8fb196d-ee56-411f-bf26-065a2418acd0\" style=\"\" rel=\"noopener\">first heard about<\/a> last week \u2014 will take place over the next three to four years, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-28\/bp-to-invest-1-5-billion-in-egypt-as-country-s-gas-output-falls?srnd=homepage-middle-east&sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The news follows BP\u2019s announcement <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77f939ad-a204-4c44-ba13-bea2cc22b179\" style=\"\" rel=\"noopener\">earlier this month<\/a> that it had formed a JV with Adnoc to target the development of natural gas assets in the country, but the investment will come entirely from BP and the company will continue to hold 70% of its existing interests in Egypt outside of the JV., a BP spokesperson told the business news information service.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616134 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=\"616134\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/616134\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616134\" class=\"content-area-description single-story post-616134 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><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Escape to Somabay,<\/span><span> 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=\"616135\" 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=\"616135\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/egypt-inks-usd-41-bn-worth-of-green-hydrogen-and-renewable-energy-agreements\/\">\r\n                            Egypt inks USD 41 bn worth of MoUs to build green hydrogen and renewable energy projects in SCZone                        <\/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\/29\/egypt-inks-usd-41-bn-worth-of-green-hydrogen-and-renewable-energy-agreements\/\" 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              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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616136\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/egypt-inks-usd-41-bn-worth-of-green-hydrogen-and-renewable-energy-agreements\/2833-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2833.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2833.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2833.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2833.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616135\" class=\"content-area-description single-story post-616135 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-enterpriseam tag-green-hydrogen tag-renewable-energy tag-renewables 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\/.67ac4f43-8c59-4400-8740-645d6b17929b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Over<\/strong><strong>USD 40 bn could be poured into green hydrogen projects: <\/strong>Egypt has inkedseven MoUs with international and local companies to develop green hydrogen and renewable energy projects worth USD 41 bn in the Suez Canal Economic Zone over the next ten years, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02om7KJuosQWLh2Xucibmskd9h1BQ2BRoDhNkYUConwfEPa1Fdacjai7s2qXZiKqifl\" style=\"\" rel=\"noopener\">statement<\/a> from the cabinet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Per the agreement,<\/strong> some USD 12 bn will be deployed during the pilot phase, while USD 29 bn willbe invested in the first phase of development.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s involved? <\/strong>The MoUs were signed with London-based <a target=\"_blank\" href=\"https:\/\/www.pashglobal.com\/\" style=\"\" rel=\"noopener\">PASH Global<\/a>, Switzerland\u2019s <a target=\"_blank\" href=\"https:\/\/www.smartenergy.net\/\" style=\"\" rel=\"noopener\">Smart Energy<\/a>, South Korea\u2019s <a target=\"_blank\" href=\"https:\/\/www.skecoplant.com\/en\/main\" style=\"\" rel=\"noopener\">SK ecoplant<\/a>, Canada-based <a target=\"_blank\" href=\"https:\/\/www.iamm.green\/\" style=\"\" rel=\"noopener\">AmmPower<\/a>, China\u2019s <a target=\"_blank\" href=\"http:\/\/www.uegl.com.hk\/en\/index\" style=\"\" rel=\"noopener\">United Energy Group<\/a>, and Egypt\u2019s <a target=\"_blank\" href=\"https:\/\/gilaelectric.com\/\" style=\"\" rel=\"noopener\">Gila Al Tawakol Electric<\/a> and <a target=\"_blank\" href=\"https:\/\/gama.com.eg\/\" style=\"\" rel=\"noopener\">Gama Construction<\/a>. The statement did not disclose how much each agreement was worth or detail the project proposed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This bodes very well for the country\u2019s green hydrogen ambitions: <\/strong>Renewable energy andespecially green hydrogen targets have been central to the economic strategy for President Abdel Fattah El Sisi\u2019s third term, which outlines plans to turn Egypt into a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15d6f791-948f-4bbb-9bd3-3ddb57475e44\/a-whole-lot-of-green-ambitions-for-el-sisi%25e2%2580%2599s-new-term\" style=\"\" rel=\"noopener\">regional hub for green hydrogen<\/a> production by 2026 and a global hub by 2030. The country aims to produce 3.2 mn tons of green hydrogen per year by 2029 and 9.2 mn tons per year by 2040.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What is being done to draw in investment? <\/strong>Companies that implement green hydrogen projects within five years will receive <a target=\"_blank\" href=\"https:\/\/enterprise.news\/en\/egypt\/news\/story\/b6146e4d-54ba-4e60-8a6c-3a934881b5ab\" style=\"\" rel=\"noopener\">tax breaks of 33-50%<\/a> on income and pay no VAT on raw materials, plant and machinery bought for the plants, according to the law ratified by President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/246e0718-ffa8-452f-b6be-2853da23c1bb\" style=\"\" rel=\"noopener\">last month<\/a>. Details for the long-awaited national green hydrogen strategy look close to being finalized, after the Supreme Council of Energy <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8cd4eae-93e7-4adf-bd18-78c279084700\" style=\"\" rel=\"noopener\">approved<\/a> a national strategy on Tuesday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Egypt inked framework agreements <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2251cd-82db-4ba9-9ef9-b1287b0bef1f\" style=\"\" rel=\"noopener\">worth a combined USD 83 bn<\/a> during 2022\u2019sCOP27 in Sharm El Sheikh with international companies to construct nine green hydrogen and ammonia facilities in the SCZone. The facilities would collectively produce up to 7.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year when fully operational.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story also got the attention of the int\u2019l press:<\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-signs-7-green-hydrogen-mous-worth-potential-40-billion-2024-02-28\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/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=\"616137\" 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=\"616137\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/maersk-actis-make-progress-on-zafarana-gabal-el-zeit-wind-farms-acquisition-bids\/\">\r\n                            Maersk begins due diligence on Egypt\u2019s Zafarana wind farm, Actis wraps up due diligence on Gabal El Zeit                        <\/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\/29\/maersk-actis-make-progress-on-zafarana-gabal-el-zeit-wind-farms-acquisition-bids\/\" 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 New and Renewable Energy Authority is reportedly providing the required information to Maersk, which is set to conduct a thorough study, examine the documents, and inspect the site in cooperation with a consultant.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Maersk had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e3bdb39-111c-4341-a370-6646a0a6268b\" style=\"\" rel=\"noopener\">reportedly<\/a> entered the final stages of negotiation over the value of a 51% stake in October, but no ballpark has been given over how much the farm could go for. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of a wider plan: <\/strong>The company is reportedly looking to use the power to produce greenmethanol to fuel ships. The company in October <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f946badd-a338-4c7b-ada3-f1965c01a6bd\" style=\"\" rel=\"noopener\">signed a framework agreement<\/a> with the government for a green methanol project in the Suez Canal Economic Zone, with the first phase requiring USD 3 bn in investment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE IN GABAL EL ZEIT- Actis is one step closer to snapping up the Gabal El Zeit<\/strong><strong> wind farm: <\/strong>UK-based private equity giant Actis has reportedly wrapped up due diligence on the state-owned 580-MW Gabal El Zeit wind farm, according to Al Mal\u2019s report. Negotiations between the government and the British investor over the wind farm are reportedly in advanced stages, with the government seeking to finalize the transaction in the coming weeks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The Gabal El Zeit and Zafarana wind farms are both included in the list of 35 companies and assets <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">earmarked for privatization<\/a>. The Sovereign Fund of Egypt (SFE) has reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c947fd3b-f940-4acd-a93e-9a1c02d2aad7\" style=\"\" rel=\"noopener\">appointed Belgium-headquartered engineering and consultancy firm Tractebel<\/a> to act as a consultant for the sale of stakes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lots of interest: <\/strong>A number of local and foreign investors have shown interest in the two farms, including Saudi Arabia\u2019s ACWA Power, the UAE\u2019s Alcazar Energy, and our friends at renewables firm Infinity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The transactions could wrap up very soon:<\/strong> The government is set to finalize the Gabal ElZeit and Zafarana stake sales before the end of March, Planning Minister Hala El Said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ed0f878-77a6-4d08-8c51-91fc5ff5c0fb\" style=\"\" rel=\"noopener\">said<\/a> on two separate occasions recently.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/actis\/\">Actis<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gabal-el-zeit-wind-farm\/\">Gabal El Zeit wind farm<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maersk\/\">Maersk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-and-renewable-energy-authority\/\">New and Renewable Energy Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zafarana\/\">Zafarana<\/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=\"616139\" 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=\"616139\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/china-looks-to-establish-industrial-zone-on-the-mediterranean\/\">\r\n                            China wants to establish an industrial zone on the Mediterranean to meet local demand and export to US, EU 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\/29\/china-looks-to-establish-industrial-zone-on-the-mediterranean\/\" 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 new industrial zone would work to meet both the needs of the local market and export to American and European markets, the statement notes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The meetin<\/strong><strong>g also reviewed a proposal for the two countries to conduct trade in local<\/strong><strong> currencies, <\/strong>with talks over the possibility of opening a branch of a Chinese bank in Egypt to help facilitate trade between Egypt and China.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China wants more agricultural imports from Egypt: <\/strong>Wentao pointed out that China has been Egypt\u2019s largest trading partner for the last decade, and said that China wants to balance its trade relationshipwith us by upping its agricultural imports from Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: C<\/strong><strong>hinese companies have also become an important source of FX investment: <\/strong>At the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3c57ac6-e078-42c8-8617-e7054a7ae2de\" style=\"\" rel=\"noopener\">Belt and Road Forum last year<\/a>, private and state-owned enterprises in China throughout only a few days collectively pledged investments worth <a target=\"_blank\" href=\"https:\/\/www.sis.gov.eg\/Story\/189756\/SCZONE-inks-%2415.6-bln-in-agreements-with-Chinese-investors?lang=en-us\" style=\"\" rel=\"noopener\">c. USD 15.6 bn<\/a> in the Suez Canal Economic Zone. Enterprise HQ has been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fab4ba07-8bca-472f-93cd-defc8860fa54\" style=\"\" rel=\"noopener\">inundated<\/a> with big China investment stories throughout the last two years on at least a weekly basis, especially as we\u2019re now officially a member of Brics as of the beginning of the year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-china-relations\/\">Egypt-China relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/teda-industrial-zone\/\">TEDA industrial zone<\/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=\"616141 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=\"616141\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/616141\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616141\" class=\"content-area-description single-story post-616141 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616142\" 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=\"616142\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/\">\r\n                            Palm Hills\u2019 annual earnings up 26% in 2023 after doubling sales in 2023. PLUS: TMG income up 44% in 2023                        <\/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\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/\" 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\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/')\">\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\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/\">\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=Palm Hills\u2019 annual earnings up 26% in 2023 after doubling sales in 2023. PLUS: TMG income up 44% in 2023&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/\">\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\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/&title=Palm Hills\u2019 annual earnings up 26% in 2023 after doubling sales in 2023. PLUS: TMG income up 44% in 2023\">\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=Palm+Hills%E2%80%99+annual+earnings+up+26%25+in+2023+after+doubling+sales+in+2023.+PLUS%3A+TMG+income+up+44%25+in+2023+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F29%2Fpalm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023%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\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2794.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616143\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/2794-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2794.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2794.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2794.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2794.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616142\" class=\"content-area-description single-story post-616142 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings-watch tag-enterpriseam tag-palm-hills-developments tag-real-estate tag-talaat-moustafa-group 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\/.022c1b14-9773-4b3e-a452-01c6f3d3ead8.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s been a good year for the real estate sector: <\/strong>Rises in both income and revenues last year, and the promise of more affordable construction materials as the pound strengthens alongside rumors of more Ras El Hekma-like projects to come seem to be persuading the industry that 2024 might be a bumper year for the sector.<\/p>\n<p class=\"tag-border-left\">PALM HILLS RECORDS 26% IN 2023 Y-O-Y<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Real estate developer Palm Hills Developments saw its net income rise 26% y-o-y<\/strong><strong>in 2023<\/strong> to EGP 1.6 bn amid a strong sales momentum within the company\u2019s existing projects portfolio and higher selling prices and delivery rates, the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2780.pdf\" style=\"\" rel=\"noopener\">earnings release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2780.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2780.pdf\" style=\"\" rel=\"noopener\">)<\/a> showed. New sales jumped 129% to EGP 59.5 bn and revenue increased 28% to EGP 17.5 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A solid quarter: <\/strong>The company logged a net income of EGP 532 mn in 4Q 2023, up 54% fromthe same quarter a year earlier. New sales rose 189% y-o-y to EGP 24.5 bn, while revenues increased 53% to EGP 6.2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Around 25% of sales in 2023 were from Egyptian expats and customers from other<\/strong><strong> Arab countries<\/strong>, who were attracted by currency devaluations that reduced the price point of units brought with FX, Palm Hills Chairman Yassin Mansour told <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1762841875810009200\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Palm Hills shows little sign of slowing down: <\/strong>\u201cWe are still adopting the strategy of accelerated construction spending and speeding up the execution pace across our key projects, to hedge from cost inflation,\u201d said Palm Hills Executive Chairman Yasseen Mansour. \u201cIn fiscal year 2023, we spent more than EGP 7.5 bn both on commercial and residential projects and we plan to continue spending in fiscal year 2024.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TMG BOTTOM LINE UP 44% IN 2023 AND STOCKS UP 588% IN ONE YEAR <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Record sales boost TMG Holdings\u2019 bottom line:<\/strong> Talaat Moustafa Group Holding\u2019snet income rose 44% y-o-y in 2023 to EGP 3.3 bn on the back of record breaking contractual real estate sales, which surged to EGP 142.7 bn, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2764.pdf\" style=\"\" rel=\"noopener\">disclosure<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2764.pdf\" style=\"\" rel=\"noopener\">(<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2764.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2764.pdf\" style=\"\" rel=\"noopener\">)<\/a>. Revenues increased 43% y-o-y to EGP 28.4 bn in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TMG stocks have<\/strong><strong> skyr<\/strong><strong>ocketed on the back of high-profile acquisitions: <\/strong>Shares in the real estate giant currently stand at EGP 66.00, up 588.4% in 12 months. The acquisition of 51% of the government\u2019s Legacy Hospitality \u2014 a group of seven of historic hotels \u2014 through it\u2019s Icon Investments subsidiary and its more recent <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2c654eb-a364-4722-837e-9fd4dd94f590\" style=\"\" rel=\"noopener\">involvement<\/a> with the mammoth USD 35 bn Ras El Hekma have boosted investor confidence in the group.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shareholders to get a slice of the earnings:<\/strong> TMG is paying out a dividend of EGP0.218 per share in two equal installments. The first installment will be paid on or before 31 May, while the second installment will be paid on or before 31 July.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/el-sisis-address-announcing-the-arrival-of-the-first-tranche-of-ras-el-hekma-funds-dominated-the-airwaves-last-night\/\">\r\n                            El Sisi\u2019s address announcing the arrival of the first tranche of Ras El Hekma funds dominated the airwaves last night                        <\/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 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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2880.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616146\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/el-sisis-address-announcing-the-arrival-of-the-first-tranche-of-ras-el-hekma-funds-dominated-the-airwaves-last-night\/2880-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2880.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2880.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2880.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2880.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616145\" class=\"content-area-description single-story post-616145 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-adq tag-commodities tag-el-sisi tag-enterpriseam tag-last-nights-talk-shows tag-ras-el-hekma tag-uber 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\/.fd41466c-d958-44eb-990f-a070d32d0cc2.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>President Abdel Fattah El Sisi\u2019s address during an event celebrating<\/strong><strong> differently-abled people dominated the airwaves last night, <\/strong>with the nation\u2019s talking heads focussing in on the El Sisi\u2019s announcement \u2014 and his first public comments on the Ras El Hekma agreement \u2014 that the first tranche of funds from ADQ had arrived in the nation\u2019s coffers. Needless to say, this got pundits talking about whether now is the opportune moment to embark on a long-awaited devaluation<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADQ money rolls in: <\/strong>The Abu Dhabi wealth fund ADQ on Tuesday deposited the firsttranche of its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">USD 35 bn<\/a> Ras El Hekma investment at the Central Bank of Egypt, President Abdel Fattah El Sisi said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=65W7v2mPYGw\" style=\"\" rel=\"noopener\">watch,<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=65W7v2mPYGw\" style=\"\" rel=\"noopener\">runtime<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=65W7v2mPYGw\" style=\"\" rel=\"noopener\">: 30:06<\/a>) during the event. The CBE will receive a second transfer on Friday, El Sisi said, without confirming the value of either transaction. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two deposits should total USD 10 bn: <\/strong>ADQ agreed to make the first USD 15 bn paymentfor the development rights to Ras El Hekma on the North Coast within a week of signing the agreement, which was inked last Friday. Of the first payment, USD 10 bn are fresh inflows and USD 5 bn are in the form of a previous UAE deposit at the CBE. The remaining USD 20 bn \u2014 USD 6 bn of which will be from existing deposits \u2014 will be paid within two months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To devalue, or not to devalue?<\/strong>\u201cThere is a chance that a devaluation will take place, but not one that is significant enough to justify traders\u2019 suspension of sales of a lot of commodities,\u201d economist Mostafa Badra told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=YTJdmNaEj_8\" style=\"\" rel=\"noopener\">watch, runtime: 3:33<\/a>). However, the influx of FX liquidity following the Ras El Hekma agreement could postpone the EGP\u2019s devaluation for another 3 years, Badra said, adding that he expects \u201cthe movement of the exchange rateby about 5-10% over a long period that citizens won\u2019t even feel.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi praised the UAE\u2019s confidence in Egypt\u2019s economy, and was thankful for its<\/strong><strong> support: <\/strong>\u201cI have to thank our brothers in the UAE, especially his excellency President Sheikh Mohamed Bin Zayed. It\u2019s not easy at all for someone to put USD 35 bn in two months, but this is a clear form of support,\u201d El Sisi said. \u201cWe\u2019re talking about the largest tourism project in the Mediterranean \u2026 We\u2019re talking about a city that\u2019ll be continuously brimming with activity year-round,\u201d he continued.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The president also spoke about the situation in Gaza: <\/strong>\u201cWe are continuing and will continue to support the Palestinian cause until we reach a Palestinian state using the 1967 borders with East Jerusalem as its capital,\u201d El Sisi said. He also reiterated that Egypt did not close the Rafah crossing, and expressed his hopes of reaching a ceasefire agreement in the coming days to enable the movement of aid into the enclave.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGP 10 bn for differently abled fund: <\/strong>During his speech, El Sisi also allocated EGP 10 bn to a fund set up to support differently abled people \u2014 dubbed the Differently Abled Fund. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi\u2019s speech got coverage from <\/strong>Ala Mas\u2019ouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=EsgbiNBQkaU\" style=\"\" rel=\"noopener\">watch, runtime: 6:12<\/a>), Masaa DMC (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=OgprzwKxASQ\" style=\"\" rel=\"noopener\">2:25<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=j_2LM1RkDMk\" style=\"\" rel=\"noopener\">3:22<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=WEQFV_ZtQ5k\" style=\"\" rel=\"noopener\">3:06<\/a>), and Al Hayah Al Youm (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=YZOEu68-fjA\" style=\"\" rel=\"noopener\">3:10<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=S5rCLgdF4rs\" style=\"\" rel=\"noopener\">2:<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=S5rCLgdF4rs\" style=\"\" rel=\"noopener\">31<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO ON THE AIRWAVES- Gov\u2019t to evaluate safety procedures of transport apps<\/strong><strong> following Uber kidnapping:<\/strong> The government will review the safety procedures and the licenses given to ride-sharing app after a girl threw herself from an Uber while on a highway to escape an attempted kidnapping, House Communications Committee head Ahmed Badawi told Yahduth Fi Misr\u2019s Sherif Amer (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1664631864072183\" style=\"\" rel=\"noopener\">4:16<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=353477007685005\" style=\"\" rel=\"noopener\">3:12<\/a>). The committee will review this case during its next session, and will evaluate the safety procedures that pertain to Uber and other ride-sharing apps, Amer added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Commodity prices will continue to fall: <\/strong>The head of the Chamber of Commerce\u2019s butchers division expects that a fair price for meat to soon range between EGP 300-350 per kilo, while a member of the Chamber of Commerce\u2019s foodstuff\u2019s division said he expects the sugar crisis to come to an end within ten days due to the amount of sugar that\u2019ll be added to the market during the coming period, forecasting a kilo of sugar to decrease around EGP 10 to somewhere between EGP 30-40. Yahduth Fi Misr (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=384298437684524\" style=\"\" rel=\"noopener\">6:56<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=413333177864148\" style=\"\" rel=\"noopener\">4:<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=413333177864148\" style=\"\" rel=\"noopener\">28<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-sisi\/\">El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/uber\/\">Uber<\/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=\"616147\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF 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class=\"stk-block-content stk-inner-blocks stk-qxon08z-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-t9k0v3x\" data-v=\"4\" data-block-id=\"t9k0v3x\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-t9k0v3x-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-t9k0v3x-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 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Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/\">\r\n                            ExxonMobil to drill first exploratory well in Egypt in October. Plus: Oriental Weavers\u2019 net income doubles in 2023                        <\/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\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/\" 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\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/')\">\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\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/\">\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=ExxonMobil to drill first exploratory well in Egypt in October. Plus: Oriental Weavers\u2019 net income doubles in 2023&url=https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/\">\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\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/&title=ExxonMobil to drill first exploratory well in Egypt in October. Plus: Oriental Weavers\u2019 net income doubles in 2023\">\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=ExxonMobil+to+drill+first+exploratory+well+in+Egypt+in+October.+Plus%3A+Oriental+Weavers%E2%80%99+net+income+doubles+in+2023+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F02%2F29%2Fexxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023%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\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2862.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616149\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/2862-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2862.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2862.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2862.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2862.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616148\" class=\"content-area-description single-story post-616148 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-earnings tag-enterpriseam tag-exxonmobil tag-oil-and-gas tag-oriental-weavers 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\/.defa74d9-fe93-4d10-b82d-bfee08df550f.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ExxonMobil to drill its first exploratory well here in October:<\/strong> US-based energygiant ExxonMobil is reportedly looking to start drilling the first of three natural gas exploration wells in the Mediterranean\u2019s North Marakia concession in October, with initial investments of about USD 100 mn, an anonymous government source told <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/2sajuz6w\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Exxon owns 60% of the offshore block, while QatarEnergy owns the rest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come: <\/strong>Exxon is also gearing up to explore for gas in its other two wholly-ownedconcessions \u2014 Masry and Cairo \u2014 this year, the source added. Last year, it was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bef1d586-c5e9-4061-a227-b80ecdbff768\" style=\"\" rel=\"noopener\">reported<\/a> that Exxon will invest USD 200 mn to explore for oil and gas in the two wells.<\/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\">EARNINGS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oriental Weavers saw its net income more than double<\/strong> to EGP 1.74 bn in 2023, from EGP 842 mn a year prior, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2761.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The company\u2019s top line grew 33% y-o-y to EGP 17.7 bn for the year, led by a 34% y-o-y increase in international sales and 31% y-o-y increase in local sales.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exxonmobil\/\">ExxonMobil<\/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\/oriental-weavers\/\">Oriental Weavers<\/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=\"616150\" 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=\"616150\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/investors-are-still-loving-gulf-ipos\/\">\r\n                            Investors are still loving Gulf IPOs                        <\/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\/29\/investors-are-still-loving-gulf-ipos\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n     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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/investors-are-still-loving-gulf-ipos\/2874-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2874.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2874.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2874.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2874.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616150\" class=\"content-area-description single-story post-616150 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-cryptocurrency tag-enterpriseam tag-financial-markets tag-ipo-watch tag-mena-ipos tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.dfb4c660-7c5a-4fe4-bc03-70dbb845769e.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The appetite for Gulf IPOs <\/strong><strong>is still strong:<\/strong> Saudi Arabia\u2019s Modern Mills for Food Products IPOfor 30% of the company is 127x oversubscribed, it said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2773.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. In total, institutional investors submitted bids worth SAR 150 bn (USD 40 bn) for the flour milling company\u2019s public offering. The milling company is taking 24.5 mn shares to market \u2014 representing 30% of the company \u2014 in a SAR 1.2 bn market debut. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company has priced its IPO at SAR 48 a piece<\/strong>, giving it a valuation of SAR 3.9 bn (USD 1.0 bn). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next:<\/strong>Individual investors will have a two-day window starting Tuesday to place their orders for a maximum of 10% of the offered shares \u2014 2.5 mn shares \u2014 according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2774.pdf\" style=\"\" rel=\"noopener\">prospectus (pdf)<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH NOTING-<\/strong><\/p><ul>\n<li><strong>BTC <\/strong><strong>broke above<\/strong><strong> the USD 60k mark<\/strong> for the first time yesterday since November 2021 and has already climbed by over 40% since the start of this year, fuelling hopes that the cryptocurrency is gaining appeal among investors in traditional assets, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-28\/bitcoin-surges-to-60-000-with-enthusiasts-eyeing-record-highs?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> noted. <\/li>\n<\/ul><p><a target=\"_blank\" id=\"t.46fdac5f08aa394f04b582ae8461baf03bd327cf\" 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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28,876<\/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: +16%)<\/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\">12,611<\/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: +5.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,283<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: -3.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,290<\/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: +5.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,070<\/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: +6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">7,625<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: -1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,884<\/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: +8.0%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 83.68<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 1.87<\/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>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,043.70<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 60,514.15<\/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\">+6.8% (YTD: +42.9%)<\/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 fell 1.1% at yesterday\u2019s close<\/strong> on turnover of EGP 6.7 bn (56.9% above the 90-day average). Regional investors were net sellers. The index is up 16.0% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Fawry (+4.7%), E-finance (+2.6%), and Egypt Kuwait Holding (+2.5%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Alexandria Containers and Cargo Handling (-11.4%), Delta Sugar (-10.6%), and Orascom Development Egypt (-8.0%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena-ipos\/\">MENA IPOs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616152\" 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=\"616152\">\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\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/my-morning-routine-the-mother-daughter-team-behind-one-of-egypts-top-executive-search-firms\/\">\r\n                            My Morning Routine: The mother-daughter team behind one of Egypt\u2019s top executive search firms                        <\/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\/29\/my-morning-routine-the-mother-daughter-team-behind-one-of-egypts-top-executive-search-firms\/\" 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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Speaking to us this week are our friends Zeinab Noureldin (<a target=\"_blank\" href=\"https:\/\/aimsinternational.com\/sv\/consultant\/zeinab-noureldin\/\" style=\"\" rel=\"noopener\">bio<\/a>) and Pauline D\u2019Arcy (<a target=\"_blank\" href=\"https:\/\/aimsinternational.com\/en\/consultant\/pauline-darcy\/\" style=\"\" rel=\"noopener\">bio<\/a>), the managing partners of AIMS International Egypt. Zeinab also wears the hat of vice president for the EMEA region: AIMS is a global institution, and the Egypt office began with a business Pauline founded in 1997. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This week\u2019s column is special:<\/strong> We sat down with Zeinab and Pauline after they asked to sponsor this section. The agreement was simple: If they want to associate their name with this space, they\u2019d have to sit through the same interview as everyone else. Edited excerpts follow. (In a departure from our usual style, we\u2019re running this week\u2019s column as a Q&A to make it easier to follow who\u2019s speaking.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- The first question is always the same: You need to introduce yourselves to those in the community who don\u2019t know you.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong> Before anything else, I\u2019m a mother of two, ages four and eight. That\u2019s the biggest part of my life now. Secondly, I\u2019m managing partner in a business that has grown quite fast over the past six years. My focus is on the business development and client relations side of the business, though I still enjoy keeping my hands in operations, because you never want to lose touch with the core of what you do. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pauline: <\/strong>I am the proud founder of a business I started many years ago \u2014 back in 1997, when I learned how wonderful it is to be your own boss, particularly when you have a one-year-old child and your office is right next to your home. We\u2019re still in that office, in fact. It\u2019s fun to have people come through who first met us as young professionals and today they\u2019re well-known CEOs and CFOs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- Where do you do most of your business \u2014 with multinationals? Large Egyptian corporates?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pauline: <\/strong>Traditionally, we\u2019ve been very strong with multinationals and other foreign clients arriving in Egypt, but our fastest-growing segment today is with large Egyptian institutions and family businesses, who appreciate that we have plenty of experience with multinationals, but a very deep understanding of the Egyptian market and of all the various factors \u2014 including culture \u2014 that go into finding the right people for the right roles. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- This is a My Morning Routine interview, Zeinab, so let\u2019s start with you: What\u2019s your morning routine? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong> I\u2019m up by 5:45am and hit snooze until 6am. The first part of my day is getting the kids off to school by 6:40 or so. Then I have, recently, started taking a 20-30 minute walk \u2014 just to around the block to take some time for myself. By 7am, I have this really productive hour in which I drink my coffee, read Enterprise (particularly to see what business leads I can pull out) and do some quiet thinking and set up my day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Once I\u2019m at the office, it\u2019s about meetings in Egypt until sometime in the afternoon, then it\u2019s time to work on AIMS International, where I\u2019m an executive member of the global board and other than my focus for the MEA region I\u2019m also a co-marketing lead. Being double-hatted to do global work is a lot of fun, though the time differences can be challenging \u2014 one of the people I work most closely with is in our Mexico office, for example, for our global rebrand, so stay tuned\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- What about you, Pauline? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Pauline: It\u2019s a little bit different as I have nobody to talk to in the morning. I\u2019m also awake by quarter to six and I try to stay in bed as long as I can before I make myself a leisurely breakfast. I\u2019m in slow mode until I arrive at the office somewhere between quarter to eight and half-past eight. I\u2019m old fashioned and don\u2019t like this work-from-home stuff. Work starts when I arrive at the office.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- You\u2019re not a fan, huh? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pauline: <\/strong>I find the office energizing, and frankly I find I have to be much more disciplined to work from home. But in the office, I love interacting with people \u2014 our team and our clients \u2014 face-to-face. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- Are you seeing the same brain drain that we\u2019re seeing? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong>That's a big trend, and it has accelerated very fast in recent months. Mostly to Saudi Arabia, but the UAE is still in demand. It can be challenging, sometimes, when someone you think would be a perfect fit for a role, a company, a culture, but isn\u2019t interested because they are looking only outside the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pauline: It\u2019s not just tech. We\u2019re seeing a lot of companies in the Gulf moving functions including finance, HR, audit, and compliance to Egypt. <\/strong>Back office functions where they can pay substantially above the market, but the employer saves because they\u2019re still paying less than they would to base those roles in Dubai or Abu Dhabi or Riyadh. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- What\u2019s the hardest role to fill right now? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab: The one that stands out is chief technology officer<\/strong>, because the expectations are so high right now. And CFO can be very challenging. But CTO, for certain. One thing we\u2019ve seen a bit of recently is companies outside Egypt hiring and basing senior tech talent here to build teams and then serve international business. We have a lot of talent, and the price differential between here and the Gulf is great. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- Let\u2019s say I\u2019m a candidate. You think I\u2019m a great fit. The company wants me. What\u2019s the number-one reason why I will say \u201cNo\u201d and decline a job?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab: Culture.<\/strong> Number one, by far, is that you don\u2019t see yourself as a fit with the culture. This includes a mindset that is open to change. Execs know that if they don\u2019t gel with other C-suite managers or the CEO knows she doesn\u2019t align with the board \u2014 how they operate, where they want to take the business \u2014 they will fail to have an impact. Compensation is a factor, too. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I think it\u2019s really telling, though, that we\u2019re seeing more younger execs decline C-suite roles because they\u2019re concerned about having an impact. <\/strong>They think, \u201cI have a name. I\u2019m coming to this company and need to take it from point \u2018A\u2019 to point \u2018B\u2019. Does the company want to go on that journey? Do they want to change and grow? Or are they hiring me just to be able to say they have someone running the function who has a certain educational or employment background?\u201d <strong>No executive sees growth or value in that setup. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- What\u2019s a trend in the industry that you\u2019ve picked up on, but that you think might surprise our readers?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab: There\u2019s a growing focus on diversity, equity, and inclusion across the Middle East. <\/strong>It\u2019s focused on areas that aren\u2019t emphasized as much in other parts of the world, but it\u2019s there. It\u2019s about gender, about age and abilities vs. disabilities and experience.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- I get gender, of course, but age? Really?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong> Look, what we do \u2014 whether at the executive level or at the board level \u2014 is all about getting the right people into the right seat. There\u2019s a push on now to put the right people into the right role \u2014 they\u2019re not \u201ctoo young\u201d to wear the hat, nor are they \u201ctoo old\u201d to report to a younger person. It\u2019s about attitude and aptitude. And there\u2019s nothing wrong with being a great professional who, despite being a certain age, just doesn\u2019t want to be C-level. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- And you\u2019re seeing companies actively looking at the question of age in hiring? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong> We saw it at multinationals first, because they have the processes in place to prioritize it, and we\u2019re seeing it at large Egyptian corporates now, too. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- It strikes me that a lot of your job is about sales \u2014 selling clients on retainer search, of course, but then also selling candidates on companies. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong> And companies to candidates. I won\u2019t disagree, but more than sales it\u2019s about advisory and troubleshooting. Often, a large part of what we do is work with top execs to sort out what they\u2019re really looking for in a role, to redefine job functions, or sort out lingering issues that you know might be an obstacle to placing the right person \u2014 and having that person stay. We don\u2019t give up on our clients \u2014 not only because we do retained search, but it\u2019s all about long-term relationships. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- How important is work-from-home for the people you\u2019re placing?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong> Young professionals? They love it. They expect it. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pauline:<\/strong> I don\u2019t think older people care as much. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- What about the companies? I get a sense the shift against WFH isn\u2019t just a \u201cWestern\u201d thing. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pauline:<\/strong> The multinationals don\u2019t mind it so much \u2014 they\u2019re fine with hybrid. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong>I\u2019d say Egyptian corporates don\u2019t love it. If they have to, they'll do one day, the minimum, but they don\u2019t love it. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- What about you ladies?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong> We do one day a week, but we also have a lot of flexibility, so if someone wants to work from home for whatever reason, we\u2019re very flexible. But we love being in the office \u2014 being able talk face to face, even walk into someone\u2019s office for a chat, rather than booking a Google Meet time to have a discussion. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- Did you immediately succumb to the gravitational pull of the family business, Zeinab? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong>I wasn\u2019t pushed into it, no [laughs]. Pauline had started working in the field six or seven years before she went out on her own, back when she was with Arthur Andersen. But she didn\u2019t push it on me. My father, though? He would always say: This is your future, this is what you need to do. I explored other things, but this was what I was meant to do. I really have a passion for commercial, business development, communication, and marketing \u2014 for that side of things \u2014 and this is exactly what I want to be doing. I grew up in the business and still love it. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- What\u2019s next for you as a business? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab: I think it\u2019s simply about making certain that Egyptian corporates understand that there\u2019s no need to go retain a firm in London or Belgium to run a search<\/strong> for them when we\u2019re right here in their market that we know best. We offer the best of both worlds \u2014 we have deep local roots and insight, global experience, and an international footprint with our global locations. And, frankly, our quality is at least the same if not even better. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I also see a lot of room to grow our boardroom practice<\/strong> \u2014 we\u2019re very good at finding the just the right independent non-executive director who can help add significant value to businesses, that\u2019s your diversity there.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- Okay, let\u2019s wrap this up. What\u2019s in your Netflix queue?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zeinab:<\/strong>I always unwind at night for a bit with Seinfeld or Friends. I need something that provides a chuckle, but doesn\u2019t engage me too deeply, because by bedtime, I\u2019m spent. I don\u2019t want something that demands concentrated attention \u2014 even if it\u2019s a film or a series I\u2019d really enjoy. I\u2019m \u201con\u201d all day.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pauline: <\/strong>I\u2019m different. I don\u2019t watch the same thing twice. I\u2019m always on the lookout for something new. I\u2019ve loved <a target=\"_blank\" href=\"https:\/\/www.netflix.com\/eg-en\/title\/80025678\" style=\"\" rel=\"noopener\">The Crown<\/a>, of course \u2014 I lived that history, right. But what I really love are documentaries. The last great one I watched was <a target=\"_blank\" href=\"https:\/\/www.netflix.com\/eg-en\/title\/80109535\" style=\"\" rel=\"noopener\">Cuba Libre<\/a>, about Fidel Castro. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-resources\/\">Human resources<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pauline-darcy\/\">Pauline D\u2019Arcy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zeinab-noureldin\/\">Zeinab Noureldin<\/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=\"616154\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/616154\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616154\" class=\"content-area-description single-story post-616154 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: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\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>USD 41 bn green hydrogen agreements. TEDA by the Med? Wind farm sales progress. Real estate\u2019s bumper 2023<\/p>\n","protected":false},"featured_media":616131,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-616130","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"75dc3790-aee4-4289-8b02-67885243c9ad","teaser":"USD 41 bn green hydrogen agreements. TEDA by the Med? Wind farm sales progress. Real estate\u2019s bumper 2023","photo_url":"https:\/\/ent.news\/2024\/2\/2821.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>First tranche of Ras El Hekma funds and flurry of multi bn investments sets the stage for devaluation - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/first-tranche-of-ras-el-hekma-funds-and-flurry-of-multi-bn-investments-sets-the-stage-for-devaluation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First tranche of Ras El Hekma funds and flurry of multi bn investments sets the stage for devaluation\" \/>\n<meta property=\"og:description\" content=\"USD 41 bn green hydrogen agreements. 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