{"id":616322,"date":"2024-03-04T00:00:00","date_gmt":"2024-03-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=616322"},"modified":"2025-12-17T04:17:45","modified_gmt":"2025-12-17T04:17:45","slug":"egypt-to-launch-project-to-double-the-remainder-of-the-suez-canal","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypt-to-launch-project-to-double-the-remainder-of-the-suez-canal\/","title":{"rendered":"Egypt to launch project to double the remainder of the Suez Canal"},"content":{"rendered":"<section id=\"616324\" 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=\"616324\">\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\/03\/04\/all-eyes-on-the-egp\/\">\r\n                            All eyes on the EGP                        <\/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\/03\/04\/all-eyes-on-the-egp\/\" 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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Some 670 investors and 250 global institutions are also in town for the conference to meet with senior execs from more than 215 companies from 29 nations. We\u2019ll have coverage for you on the ground starting tomorrow and continuing into next week.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** And don\u2019t forget, If you\u2019re in Dubai and want to have coffee or pitch us on an interview<\/strong>, hit us up on <a target=\"_blank\" href=\"mailto:1x1@enterprisemea.com\" style=\"\" rel=\"noopener\">1x1@enterprisemea.com<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over in Egypt<\/strong>, the EGP is continuing to pick up the pace on the parallel market as the Ras El Hekma effect carries on bringing us some encouraging news on the economy. The government is now studying doubling the remainder of the Suez Canal. On the investment front, medical tourism is back on the agenda with freshly inked contracts with regional healthcare players and an ambitious national plan announced by the prime minister. We\u2019ve also got automotive news for the petrol heads out there and so much more, so let\u2019s jump in.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IT\u2019S THE FIRST WEEK OF MARCH.<\/strong> Here are the key news triggers on which to keep youreyes on in this month:<\/p><ul>\n<li><strong>Inflation: <\/strong>Capmas and the CBE will publish the latest inflation data on Sunday, 10 March. <\/li>\n<li><strong>Foreign reserves: <\/strong>The central bank should release February\u2019s foreign reserves figures this week. <\/li>\n<li><strong>MPC meeting<\/strong><strong>: <\/strong>The CBE\u2019s Monetary Policy Committee will be meeting on the last Thursday of the month, 28 March. <\/li>\n<\/ul><p class=\"tag-border-left\">EGPWATCH- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- The EGP continues to strengthen on the parallel market:<\/strong> The USD was changing hands at EGP 41 on the black market yesterday, down from EGP 49 last week and from over EGP 70 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a9f3305-0ab8-455d-8399-d99ec9d91203\" style=\"\" rel=\"noopener\">briefly<\/a> in January, as the currency continued to recover thanks to FX inflows from the USD 35 bn Ras El Hekma agreement, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/03\/03\/1771422\" style=\"\" rel=\"noopener\">Al Borsa<\/a> wrote.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>Yields on EGP-denominated one-year bills hit a record high 30.061% <\/strong>during thecentral bank\u2019s latest auction held on Thursday, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/ar\/auctions\/egp-t-bills\" style=\"\" rel=\"noopener\">CBE data<\/a>. The average return stood at 29.913%, while the lowest return was 26.0%, out of a total 320 accepted bids.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a><strong> #3- <\/strong><strong>B\u2019naire Samih Sawiris said he has no interest in investing in Egypt until<\/strong><strong> there\u2019s a uniform exchange rate<\/strong> and urged the government to devalue the currency in an interview with <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/276rz9sp\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The businessman had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c83177c-9cd3-4624-8811-88304af0d05d\" style=\"\" rel=\"noopener\">said<\/a> back in May that Orascom Development Holding will not be making any new investments in Egypt while uncertainty about the EGP-USD exchange rate continues.<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trade Minister Ahmed Samir is in Riyadh <\/strong>to participate in the Saudi-Egyptian Joint Committee chaired by his Saudi counterpart Majid bin Abdullah al Qasabi, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid07RittxjFS5DbggWETK1J1Pu8g72Fw4Z7PoGMQDVfPWaujWdWA2zrKq6PTqJjk8Xhl\" style=\"\" rel=\"noopener\">statement<\/a> from the Trade Ministry. The committee will discuss enhancing cooperation in commerce, industry, housing, oil, education, and tourism.<\/p><p class=\"tag-border-left\">HAPPENING TOMORROW- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>It\u2019s PMI week: <\/strong>S&amp;P Global will publish Egypt\u2019s PMI figures for February tomorrow. The index <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/404497ab-92c9-4499-979b-65b020b806a1\" style=\"\" rel=\"noopener\">last clocked in at 48.1<\/a> in January, marking a three-month low and the 38th straight month of contraction for the country\u2019s non-oil private sector. <\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- You can now apply to the Australian government\u2019s master\u2019s scholarship program,<\/strong><strong>Australia Awards.<\/strong> The scholarship program, which grants funding for Egyptian, Sudanese, and Eritrean citizens to study climate change, agriculture and food security, mining and energy, foreign policy and international security, and gender, disability, and social inclusion, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2186.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. Applications are open until 30 April, 2024, and women, people with disabilities, and marginalized groups are encouraged to apply. You can <a target=\"_blank\" href=\"https:\/\/australiaawardsafrica.org\/\" style=\"\" rel=\"noopener\">find out more about the program here<\/a> and <a target=\"_blank\" href=\"https:\/\/australiaawardsafrica.org\/awards\/apply\/\" style=\"\" rel=\"noopener\">apply here<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Flat6Labs, Organon kick off round two of<\/strong><strong>femtech accelerator program:<\/strong>Applications are open until <strong>16 May<\/strong> to join the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2174557-5b9c-485d-871c-7f6829acfa40\" style=\"\" rel=\"noopener\">second<\/a> round of the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/68.pdf\" style=\"\" rel=\"noopener\">Women\u2019s Health Accelerator Program (pdf)<\/a> run by Flat6Labs and women\u2019s healthcare firm Organon. You can register at this <a target=\"_blank\" href=\"https:\/\/www.flat6labs.com\/program\/womens-health-accelerator-program\/\" style=\"\" rel=\"noopener\">link<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"tag-border-left\">WAR WATCH- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a><strong>It\u2019s day two of ceasefire talks in Cairo: <\/strong>Israel skipped ceasefire talks in Cairo yesterday after Hamas refused its request for a list of hostages who are still alive, Israeli news outlet <a target=\"_blank\" href=\"https:\/\/www.ynetnews.com\/article\/o67nszxu7\" style=\"\" rel=\"noopener\">Ynet<\/a> reports. Despite Israel boycotting the talks, the Hamas delegation that <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/ycx2jyv8\" style=\"\" rel=\"noopener\">did arrive<\/a> in Cairo yesterday for negotiations through Egyptian, Qatari, and American mediators to reach a ceasefire before the start of Ramadan, said that a truce could be made in the next two days if Israel agrees to its demands.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the US says it's Hamas who are getting in the way of an agreement: <\/strong>\u201cThere is a deal on the table, and as we have said, Hamas needs to agree to that deal. Let's get a ceasefire,\u201d US Vice President Kamala Harris said at an event yesterday (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=BRRm_q3uBS8\" style=\"\" rel=\"noopener\">watch, runtime: 17:24<\/a>).<\/p><p class=\"tag-border-left\">BIG STORY ABROAD-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>OPEC+ extends production squeeze:<\/strong> OPEC+ producers led by Saudi Arabia and Russia yesterday agreed to extend voluntary oil supply cuts of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64121833-7675-4fb0-b223-e5da836c416e\" style=\"\" rel=\"noopener\">2.2 mn barrels per day<\/a> (bpd) for another three months until the end of 2Q 2024 in a bid to prevent a global surplus and stabilize market prices. \u201cThe decision sends a message of cohesion and confirms that the group is not in a hurry to supply volumes, supporting the view that when this finally happens, it will be gradual,\u201d the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/d6236674-75e5-4893-889a-b412501891fa\" style=\"\" rel=\"noopener\">Financial Times<\/a> quoted Jefferies analyst Giacoma Romeo as saying. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/some-opec-members-agree-extend-voluntary-cuts-q2-sources-2024-03-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-03\/opec-extends-oil-supply-cuts-until-mid-year-to-avert-a-surplus?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/03\/03\/business\/opec-oil-production-cuts.html\" style=\"\" rel=\"noopener\">NY Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/11\/30\/riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE IN NON-US ELECTION NEWS- Iran\u2019s parliamentary elections registered a <\/strong><strong>record-low voter turnout <\/strong>of 40.6% in a poll dominated by hardliners. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c2e621aa-d5c3-498b-9e00-c114b2d31776\" style=\"\" rel=\"noopener\">Financi<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c2e621aa-d5c3-498b-9e00-c114b2d31776\" style=\"\" rel=\"noopener\">al Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/unofficial-reports-put-iran-election-turnout-around-40-2024-03-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2024\/mar\/01\/iran-election-extended-by-two-hours-with-turnout-at-just-27\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2024\/03\/03\/iran-elections-tehran-vote-khamenei-turnout\/\" style=\"\" rel=\"noopener\">Washington Post<\/a>)<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c149cc6e-3e21-4805-9338-d6fefbfa848a\" style=\"\" rel=\"noopener\">interviewed Mark Wyllie, CEO of dairy and juice producer Beyti<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue:<\/strong>We take a look at the Higher Education Ministry\u2019s newly-established investment arm.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"616326 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=\"616326\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/616326\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616326\" class=\"content-area-description single-story post-616326 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\/3\/9.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Escape to Somabay,<\/span><span style=\"font-weight:400;\"> where the sun-kissed shores await your arrival. Immerse yourself in the warmth of a perfect vacation, starting each day with the radiant embrace of the sun. Unwind, explore, and create unforgettable memories in this paradise by the sea.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616327\" 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=\"616327\">\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\">Healthcare<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/egypt-healthcare-authority-inks-agreements-with-regional-healthcare-players-in-medical-tourism-push\/\">\r\n                            Egypt Healthcare Authority inks agreements with regional healthcare players in medical tourism push                        <\/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\/03\/04\/egypt-healthcare-authority-inks-agreements-with-regional-healthcare-players-in-medical-tourism-push\/\" 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 agreements were signed at the <a target=\"_blank\" href=\"https:\/\/egypthealthtourism.org\/?fbclid=IwAR3TUqXopOSPExfc_swVstH_23nIBel85A0JpU1VO_9Qq7ySfBWfIsKkgZA\" style=\"\" rel=\"noopener\">Egypt Health Tourism International Conference<\/a> that wrapped yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>TheEHA inked two agreements with Dubai-headquartered <a target=\"_blank\" href=\"https:\/\/www.lgadubai.com\/\" style=\"\" rel=\"noopener\">LGA Group<\/a> that was first established in Egypt and local healthcare services company <a target=\"_blank\" href=\"https:\/\/newmaster-ima.com\/\" style=\"\" rel=\"noopener\">New Master Integrated Healthcare Activities<\/a>. The third was signed with Uganda-based travel agency <a target=\"_blank\" href=\"https:\/\/voyagergs.com\/\" style=\"\" rel=\"noopener\">Voyager Global Solutions (VGS)<\/a> and local firm <a target=\"_blank\" href=\"https:\/\/lotusmedicaltourism.com\/\" style=\"\" rel=\"noopener\">Lotus Medical Tourism<\/a>. The agreements will see EHA \u201cexchange experiences and knowledge with international partners and enhance the promotion of medical tourism programs in Egypt,\u201d EHA Chairman Ahmed El Sobky said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bigger picture: <\/strong>Egypt is developing a plan to work with the private sector to turnSharm El Sheikh, Hurghada, Safaga, New Alamein, Ras El Hekma, and other cities in the country into centers of medical tourism, Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0JYAuPfnDu8UD8zhJvwcsCwEMc3Xa43JWss4es3eCwN7Xb2VAc5kmKsTEVi8KNP4Ll\" style=\"\" rel=\"noopener\">said<\/a> in a speech at the same conference.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The why:<\/strong> Egypt has been trying to position itself as a medical tourism hub to attract FDI and to open fresh FX revenue streams from patients from Africa, the Middle East, and Europe coming here for treatment on the back of our talented and well-trained medical staff and the competitive price point Egyptian hospitals can offer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: Maxim Investment Group is currently working to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66caab69-1861-47f4-8f68-150381148a85\" style=\"\" rel=\"noopener\">set up<\/a><\/strong><strong> Egypt\u2019s first medical<\/strong><strong> resort<\/strong> through its EGP 1.5 bn Naya Wellness Resort project in the El Saf Investment Zone in Giza governorate. The 40-feddan resort is set to house the typical medical facilities \u2014 medical clinics, laboratories, and cosmetic clinics \u2014 as well as hotels, restaurants, and spaces for hosting events and workshops.<\/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\/egypt-healthcare-authority\/\">Egypt Healthcare Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616329\" 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=\"616329\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/auto-sales-fall-to-ten-month-low-in-january-plus-el-nasr-to-team-up-with-chinese-company-to-assemble-buses\/\">\r\n                            Egypt\u2019s auto sales fall to ten-month low in January. PLUS: El Nasr to team up with Chinese company to assemble buses                        <\/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\/03\/04\/auto-sales-fall-to-ten-month-low-in-january-plus-el-nasr-to-team-up-with-chinese-company-to-assemble-buses\/\" 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\/03\/04\/auto-sales-fall-to-ten-month-low-in-january-plus-el-nasr-to-team-up-with-chinese-company-to-assemble-buses\/')\">\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\/03\/04\/auto-sales-fall-to-ten-month-low-in-january-plus-el-nasr-to-team-up-with-chinese-company-to-assemble-buses\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Auto sales fall to ten-month low in January. PLUS: El Nasr to team up with Chinese company to assemble buses&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/auto-sales-fall-to-ten-month-low-in-january-plus-el-nasr-to-team-up-with-chinese-company-to-assemble-buses\/\">\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\/03\/04\/auto-sales-fall-to-ten-month-low-in-january-plus-el-nasr-to-team-up-with-chinese-company-to-assemble-buses\/&title=Auto sales fall to ten-month low in January. PLUS: El Nasr to team up with Chinese company to assemble buses\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Auto+sales+fall+to+ten-month+low+in+January.+PLUS%3A+El+Nasr+to+team+up+with+Chinese+company+to+assemble+buses+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F04%2Fauto-sales-fall-to-ten-month-low-in-january-plus-el-nasr-to-team-up-with-chinese-company-to-assemble-buses%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\/03\/04\/auto-sales-fall-to-ten-month-low-in-january-plus-el-nasr-to-team-up-with-chinese-company-to-assemble-buses\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/89.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616330\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/auto-sales-fall-to-ten-month-low-in-january-plus-el-nasr-to-team-up-with-chinese-company-to-assemble-buses\/89-jpg-28\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/89.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"89.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/89.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/89.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616329\" class=\"content-area-description single-story post-616329 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-amic tag-automotive tag-el-nasr-automotive tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.8c18decf-b808-4cad-8e9b-b8ae4075ddd7.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A rough start to 2024: <\/strong>Auto sales in January fell to their lowest level since April 2023from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a263a1eb-6ac0-4369-8fea-b8413cf5632d\" style=\"\" rel=\"noopener\">previous month\u2019s spike<\/a>, noting a 40% m-o-m drop to 6.3k, according to figures from the Automotive Marketing Information Council (AMIC). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dips across the board in December:<\/strong> Buses, trucks, and passenger cars all saw a decline in sales in comparison to December. Passenger car sales fell 45% m-o-m to 4,808 units, bus sales dropped 34% m-o-m to 522 units, and truck sales were down 25% m-o-m with 943 units sold.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But sales are up from where they were a year ago<\/strong>, recording a 17% y-o-y increase, on theback of a 40% y-o-y increase in passenger car sales. Bus (36%) and truck (17%) sales were both down y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Last year was particularly rough for the auto market, with total sales volumesfalling by over half, dropping to 90.4k vehicles from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/707b4238-00f7-470d-b784-f4371dcd1abf\" style=\"\" rel=\"noopener\">184.8k<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/707b4238-00f7-470d-b784-f4371dcd1abf\" style=\"\" rel=\"noopener\">recorded in 2022<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Blame the FX crunch<\/strong><strong>: <\/strong>Demand for cars has been high but was not fulfilled due to the FXshortage limiting supply in the market and giving distributors leverage to hike prices as they please.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Things should be looking up soon:<\/strong> Used car prices <a target=\"_blank\" href=\"https:\/\/gate.ahram.org.eg\/News\/4737029.aspx\" style=\"\" rel=\"noopener\">dropped by 5-15%<\/a> following the Ras El Hekma agreement that will see the government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">receiving<\/a> USD 35 bn over the coming months through fresh funds and existing UAE deposits. The inflows are on track to significantly improve Egypt\u2019s external financing position and FX liquidity, with the EGP already recovering on the parallel market from record lows recorded over the past few months, which should in theory lead to more cars coming onto the market and reduce prices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The caveat: <\/strong>AMIC figures reflect data contributed by member distributors, who include most(but not all) industry participants. <\/p>\n<p class=\"tag-border-left\">EL NASR TO JOINTLY PRODUCE BUSES WITH CHINESE PARTNER- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>El Nasr to team up with Chinese company to assemble buses: <\/strong>State-ownedautomaker El Nasr Automotive is wrapping up talks with an undisclosed Chinese company and a local private sector player to jointly assemble buses, a government source told Enterprise. Contracts should be inked soon, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> El Nasr Chairman Khaled Shedid said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a34be98c-d640-40d1-ab21-6e784689cf67\" style=\"\" rel=\"noopener\">last month<\/a> that his company is working with a Chinese company to jointly roll out a car in 2025, but it is unclear whether his comments referred to the company\u2019s bus production plans or a separate project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Nasr has recently produced around 100 buses and minibusses<\/strong> for the NewAdministrative Capital, after the Public Enterprise Ministry awarded it a tender, the source told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A JV with India\u2019s Hinduja Group is also in the cards:<\/strong> It was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/baeeea7e-478e-4409-b072-764a98d2b902\" style=\"\" rel=\"noopener\">reported<\/a> last month that Indian conglomerate <a target=\"_blank\" href=\"https:\/\/www.hindujagroup.com\/\" style=\"\" rel=\"noopener\">Hinduja Group<\/a> is in talks with the Sovereign Fund of Egypt to set up an automotive factory in the country in partnership with El Nasr with an annual capacity of 6k vehicles.<\/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\/amic\/\">AMIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-nasr-automotive\/\">El Nasr Automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616331\" 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=\"616331\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/editas-bottom-line-rose-57-in-2023\/\">\r\n                            Egyptian snackmaker Edita saw bottom line rise 57% 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\/03\/04\/editas-bottom-line-rose-57-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(); 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Revenues rose 58% y-o-y to EGP 12.1 bn for the year thanks to price hikes of an average 40% y-o-y increase per item sold and a 13% y-o-y increase in items sold. The company\u2019s net income margin held steady at 12%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The nation\u2019s sweettooth for cakes drove the trend: <\/strong>Half of the year\u2019s revenues came from cake sales, which were up 59% y-o-y to record EGP 6 bn. The growth was echoed across all segments, with biscuits up 106%, candy up 75%, bakery up 61%, and wafers up 45%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Price increases helped cushion increasing costs: <\/strong>\u201cHigher costs were driven by inflationarypressures and a series of devaluations to the EGP. Despite these challenges, Edita\u2019s strong revenues played a crucial role in absorbing the increases of direct material costs,\u201d the company said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a quarterly basis:<\/strong>The company\u2019s net income fell 2% y-o-y in 4Q 2023 to EGP 324 mn,while its top line rose 34% y-o-y to EGP 3.4 bn in the same period.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616333 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"616333\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/616333\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616333\" class=\"content-area-description single-story post-616333 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/415.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616334\" 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=\"616334\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/the-suez-canal-was-back-in-the-news\/\">\r\n                            The Suez Canal was back in the news                        <\/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\/03\/04\/the-suez-canal-was-back-in-the-news\/\" 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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Engineering consulting companies ACE Moharram Bakhoum and Dar Al Handasah are working on the feasibility studies and identifying what partners the government can work with before the matter is once again raised to the president, Rabie said. \u201cThere are around 80 kms across the Suez Canal that have not yet been duplicated \u2014 50 kms in the north and 30 kms in the south,\u201d Rabie explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Suez Canal will consist of two 192-km channels<\/strong>, Ala Mas\u2019ouleety\u2019s Ahmed Moussa said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=w5ECX_33hz4\" style=\"\" rel=\"noopener\">watch, runtime: 6:33<\/a>). The project seeks to enhance safety and eliminate choke points like the one that crippled traffic for six days in 2021 when the Ever Given container ship ran aground. It also aims to increase the number of ships crossing the canal and reduce transit time to about nine hours, Moussa said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The first day of ceasefire negotiations in Cairo ended in \u201cpositive\u201d discussions<\/strong>, Kaswaa El Khelaly said on Fi El Masa\u2019a Ma\u2019 Kaswaa (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=933306161339680&_rdc=1&_rdr\" style=\"\" rel=\"noopener\">watch, runtime: 2:33<\/a>). All four parties who were in attendance \u2014 Egypt, Qatar, the US, and Hamas \u2014 agree on the importance of reaching a ceasefire before Ramadan, she said. Negotiations are set to resume today (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1786772028475737&_rdc=1&_rdr\" style=\"\" rel=\"noopener\">watch, runtime: 1:05<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Public Prosecution <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/ppo.gov.eg\/posts\/939201430902047?ref=embed_post&_rdc=1&_rdr\" style=\"\" rel=\"noopener\">ordered<\/a><\/strong><strong> the detention of two defendants in the death of Arish<\/strong><strong> University student Naira Salah<\/strong> on charges of threatening to disclose private information and violating the victim\u2019s privacy. The first defendant allegedly threatened to leak private messages obtained illegally from Salah\u2019s phone and sent them to the second defendant, who in turn threatened to share them on the WhatsApp group of Salah\u2019s class. The story got airtime on El Hekaya (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VB2cHbN9MyA\" style=\"\" rel=\"noopener\">watch, runtime 9:40<\/a>) and Ala Mas\u2019ouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=SakOiHiJC0k\" style=\"\" rel=\"noopener\">watch, runtime 7:17<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        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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\" 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   \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/contact-to-expand-in-saudi-in-2025-plus-news-from-b-investments-talaat-moustafa-group-adib-mashreq-madinet-masr-idea-verde-azimut\/\">\r\n                            Contact to expand in Saudi in 2025. PLUS: News from B Investments, Talaat Moustafa Group, ADIB, Mashreq, Madinet Masr, Idea Verde, Azimut                        <\/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\/03\/04\/contact-to-expand-in-saudi-in-2025-plus-news-from-b-investments-talaat-moustafa-group-adib-mashreq-madinet-masr-idea-verde-azimut\/\" 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\/03\/04\/contact-to-expand-in-saudi-in-2025-plus-news-from-b-investments-talaat-moustafa-group-adib-mashreq-madinet-masr-idea-verde-azimut\/')\">\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\/03\/04\/contact-to-expand-in-saudi-in-2025-plus-news-from-b-investments-talaat-moustafa-group-adib-mashreq-madinet-masr-idea-verde-azimut\/\">\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=Contact to expand in Saudi in 2025. 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                 \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/contact-to-expand-in-saudi-in-2025-plus-news-from-b-investments-talaat-moustafa-group-adib-mashreq-madinet-masr-idea-verde-azimut\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/167.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616338\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/contact-to-expand-in-saudi-in-2025-plus-news-from-b-investments-talaat-moustafa-group-adib-mashreq-madinet-masr-idea-verde-azimut\/167-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/167.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"167.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/167.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/167.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616337\" class=\"content-area-description single-story post-616337 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-abu-dhabi-islamic-bank tag-al-ahli-bank-of-kuwait tag-also-on-our-radar tag-asset-management tag-azimut-egypt-asset-management tag-b-investments tag-basata tag-capital-markets tag-contact-financial tag-debt tag-enterpriseam tag-heliopolis-housing-and-development tag-ma-watch tag-madinet-masr tag-mashreq-bank tag-midbank 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<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.abef3521-95e1-487b-b106-42ec2deb8a35.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">FINANCIAL SERVICES- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Contact Financial eyes Saudi expansion: <\/strong>Non-banking financial services providerContact Financial Holding is currently conducting feasibility studies ahead of its planned launch in Saudi Arabia by 2025 to serve the 3 mn Egyptian expats living there, CEO Said Zater told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/msk4p8zj\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is the second Gulf country Contact is preparing to enter: <\/strong>The company plans to launch in the UAE during the second half of the year, with plans to invest some EGP 600 mn during its first year there, Zater added.<\/p><p class=\"tag-border-left\">INVESTMENT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>B Investments to pour USD 3 mn into Basata: <\/strong>B Investments\u2019 board has greenlit a c. USD 3 mn investment in subsidiary and fintech platform <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/ebtikar-for-financial-investment\/?trk=public_profile_experience-item_profile-section-card_image-click&amp;originalSubdomain=eg\" style=\"\" rel=\"noopener\">Basata Holding for Financial Investments<\/a> and its affiliates, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/162.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The investment will fund Basata\u2019s regional expansion plans.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ring a bell? <\/strong>In yesterday\u2019s issue, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/116a2c54-e0f8-48c8-8ab7-dcd66b0aeffe\" style=\"\" rel=\"noopener\">we reported<\/a> that Basata had joined up the Jordan Kuwait Bank to put forward a binding offer to acquire a 30% stake in Jordanian bill payment provider <a target=\"_blank\" href=\"https:\/\/madfoat.com\/\" style=\"\" rel=\"noopener\">MadfoatCom<\/a>.<\/p><p class=\"tag-border-left\">M&amp;A- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- TMG\u2019s Icon officially owns 51% of Legacy Hospitality:<\/strong> Talaat Moustafa Group\u2019s (TMG) subsidiary Icon Investments has completed all the necessary procedures and now owns 51% and has full management rights of Legacy Hospitality \u2014 a group of seven historic hotels \u2014 according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/91.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a> from the real estate giant. TMG has settled the full value of the transaction, as well as around USD 220 mn of FX dues.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Icon <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e88b903-fd4f-448e-b331-314accc55de9\" style=\"\" rel=\"noopener\">acquired a 39% stake<\/a> in the company in December, with plans to up its stake to51%, bringing the transaction\u2019s value to USD 800 mn. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da7d1aaa-b189-4790-a50f-17cb44561f71\" style=\"\" rel=\"noopener\">TMG sold a 40.5% stake<\/a> in Icon to Abu Dhabi wealth fund ADQ and its subsidiary Adnec Group last month for USD 882.5 mn, helping it secure the remaining funds to up its stake in Legacy.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- ADIB withdraws offer to fully acquire CNIS:<\/strong> Abu Dhabi Islamic Bank (ADIB) haswithdrawn its mandatory tender offer it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62fb061b-b7ab-421a-9b43-5f3aaa9983b9\" style=\"\" rel=\"noopener\">submitted<\/a> in December to acquire the free-floating shares in its subsidiary <a target=\"_blank\" href=\"https:\/\/www.caironational.org\/\" style=\"\" rel=\"noopener\">Cairo National for Investment and Securities<\/a> (CNIS),according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/99.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The move would have given ADIB 100% ownership of CNIS, from its current 90% stake.<\/p><p class=\"tag-border-left\">BANKING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mashreq NEO is here: <\/strong>Our friends at Mashreq Egypt have launched Mashreq NEO, abanking segment that \u201cfulfills clients\u2019 on-the-go banking needs,\u201d the lender said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/112.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Clients from the age of 15 can apply for a Mashreq NEO account through the bank\u2019s mobile application. The new segment comes with a long list of rewards, including a welcome bonus that can reach up to EGP 1k and balance-based bonus in the first year that can reach EGP 1.8k.<\/p><p class=\"tag-border-left\">REAL ESTATE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr wants to develop plots in New Heliopolis:<\/strong> Real estatedeveloper Madinet Masr has submitted an offer to develop three land plots with a total area of 580 feddans in Heliopolis Housing and Development\u2019s (HHD) New Heliopolis, HDD said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/107.pdf\" style=\"\" rel=\"noopener\">bourse disclosure (pdf)<\/a>. HHD is currently looking into the offer.<\/p><p class=\"tag-border-left\">DEBT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Idea Verde secures EGP 575 mn syndicated loan: <\/strong>Idea Verde \u2014 the developer behind <a target=\"_blank\" href=\"https:\/\/thewaterwaydevelopments.com\/\" style=\"\" rel=\"noopener\">The Waterway Developments<\/a> \u2014 has inked a syndicated loan agreement worth EGP 575 mn with Al Ahli Bank of Kuwait Egypt and Midbank, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/163.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> by Midbank. The five-year loan aims to cover the company\u2019s ongoing expenditures.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In detail:<\/strong> Al Ahli Bank of Kuwait Egypt \u2014 which led the loan as the main arranger and financing agent \u2014 contributed EGP 350 mn, while Midbank covered the remaining EGP 225 mn. Al Ahli Bank of Kuwait\u2019s leasing arm acted as the guarantee agent.<\/p><p class=\"tag-border-left\">CAPITAL MARKETS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The country\u2019s first silver investment fund?<\/strong> Asset manager <a target=\"_blank\" href=\"https:\/\/azimut.eg\/\" style=\"\" rel=\"noopener\">Azimut<\/a> is planning tolaunch the country\u2019s first silver-backed investment fund, with initial investments of EGP 150-200 mn, subject to increase depending on the market, Azimut Managing Director Ahmed Abou El Saad told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3weku7mx\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The company launched the country\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/373fda24-6907-4c8b-bb56-623da5e5a367\" style=\"\" rel=\"noopener\">first gold fund<\/a> with Evolve Investment Holding in May 2023.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi-islamic-bank\/\">Abu Dhabi Islamic Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahli-bank-of-kuwait\/\">Al Ahli Bank of Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n 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<span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/contact-financial\/\">Contact Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/heliopolis-housing-and-development\/\">Heliopolis Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr\/\">Madinet Masr<\/a>\n                <!-- <span 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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=\"616339\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/feds-jerome-powell-expected-to-fend-off-hopes-of-an-imminent-rate-cut\/\">\r\n                            Fed\u2019s Jerome Powell expected to fend off hopes of an imminent rate cut                        <\/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   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<\/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\/03\/04\/feds-jerome-powell-expected-to-fend-off-hopes-of-an-imminent-rate-cut\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/145.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616340\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/feds-jerome-powell-expected-to-fend-off-hopes-of-an-imminent-rate-cut\/145-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/145.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"145.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/145.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/145.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616339\" class=\"content-area-description single-story post-616339 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-interest-rates tag-jerome-powell tag-monetary-policy tag-planet-finance tag-us-federal-reserve 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\/3\/.29bf15fe-8d08-4f4c-9006-d577f40c5845.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Fed is in no hurry to cut rates: <\/strong>US Federal Reserve Chief Jerome Powell is widely expected to deliver a hawkish message on interest rates to the US House and Senate in a semiannual monetary policy testimony on Wednesday and Thursday, writes <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-02\/fed-rates-latest-powell-is-about-to-double-down-on-no-rush-to-cut?srnd=economics-v2\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The why:<\/strong> The Fed is worried that the \u201cdanger of moving too soon is that the job\u2019s not quite done,\u201d Powell told CBS in early February (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ImrKxlLJCEY\" style=\"\" rel=\"noopener\">watch, runtime: 13:20<\/a>). US inflation data <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-29\/fed-s-preferred-inflation-metric-increases-by-most-in-a-year\" style=\"\" rel=\"noopener\">released later in the month<\/a> validated his concerns that inflationary pressures persist, showing that underlying inflation rose in January by the most in eight months, up 0.4% from the month before and 2.8% on an annual basis, according to the Fed\u2019s preferred core personal consumption expenditures price index.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher: <\/strong>The Fed embarked on an aggressive monetary tightening policy in March 2022 in the wake of soaring inflation triggered by the Ukraine war. Interest rates are currently at a 22-year high at 5.25-5.5%, which marks their highest level since 2001.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH NOTING- <\/strong><strong>Abu D<\/strong><strong>habi sovereign wealth fund <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.adq.ae\/\" style=\"\" rel=\"noopener\">ADQ<\/a><\/strong><strong> is considering<\/strong><strong>listing <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.etihad.com\/en\/\" style=\"\" rel=\"noopener\">Etihad<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.etihad.com\/en\/\" style=\"\" rel=\"noopener\">Airways<\/a><\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-01\/adq-said-to-explore-etihad-listing-in-first-for-gulf-hub-carrier?srnd=all\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people it says are familiar with the matter. The wealth fund has held talks with banks for a potential offering that could be \u201cas soon as this year,\u201d with the specific timing and size of the offering still undecided. ADQ is eyeing going after both a traditional IPO and direct listing, Bloomberg adds. <\/p><p><a target=\"_blank\" id=\"t.9012d8704fc4a3a5ad1f49597af61e5e4c82e2dc\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">29,058<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.96<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 30.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 30.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">21.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">22.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,555<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: +4.9%)<\/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>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\">9,279<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: -3.1%)<\/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\">4,357<\/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: +7.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,137<\/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: +7.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,683<\/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\">+0.7% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,895<\/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: +8.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 83.84<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.89<\/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\">+3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,092.70<\/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 62,836.83<\/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\">+1.4% (YTD: +48.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 4.4 bn (1.2% above the 90-day average). Local investors were net buyers. The index is up 16.7% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>E-finance (+12.3%), Orascom Construction (+10.7%) and Talaat Moustafa Group (+8.8%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Mopco (-5.5%), Abou Kir Fertilizers (-4.8%) and Ibn Sina Pharma (-4.0%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jerome-powell\/\">Jerome Powell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"616341\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">8<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/introducing-the-higher-education-ministrys-investment-arm\/\">\r\n                            Egypt\u2019s Higher Education Ministry launches investment arm<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/introducing-the-higher-education-ministrys-investment-arm\/\" 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 body aims to serve the government\u2019s goals of improving the country\u2019s wider education system, pushing towards internationalizing its higher education, increasing educational tourism, and making Egypt a regional center for educational services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The game plan?<\/strong> The government plans to offer a fresh batch of incentives, increasepartnerships with international universities, and boost the private sector\u2019s role, all through its new investment arm, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/pfbid0npBQQNGu4nyKKgW7DwzoVRP155DhkjULAPRRtt8oJ3AUZE7r44YwxWsLmchgvvb8l\" style=\"\" rel=\"noopener\">statement<\/a> from the Higher Education Ministry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Introducing the USDA:<\/strong> The new investment arm \u2014 dubbed the University Support andDevelopment Authority (USDA) \u2014 replaces the National and Technological Universities Authority. The government <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/USDA.GOV.EGY\/posts\/pfbid034fWVwy6Sp31ZLkup3vJLL6jJ2CibuQQ3DEQTGLp4DhvgUVqJdhZNi4MgnCAPN7iLl\" style=\"\" rel=\"noopener\">last year<\/a> announced the authority\u2019s rebrand, saying that the new entity better aligns with the government\u2019s current goals for the higher education sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The USDA held its first ever board meeting <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/pfbid0npBQQNGu4nyKKgW7DwzoVRP155DhkjULAPRRtt8oJ3AUZE7r44YwxWsLmchgvvb8l\" style=\"\" rel=\"noopener\">last Monday<\/a><\/strong>, where it outlined some of its tasksand goals, which include: <\/p>\n<ul>\n<li><strong>Acting as an investment arm<\/strong> for the higher education sector;<\/li>\n<li><strong>Working on a plan<\/strong> to set up more national and technological universities;<\/li>\n<li><strong>Increasing partnerships with international universities<\/strong> from different countries;<\/li>\n<li><strong>Providing buildings for foreign universities <\/strong>looking to set up shop in Egypt;<\/li>\n<li><strong>Managing the assets owned by the Higher Education Ministry <\/strong>and ensuring they make returns;<\/li>\n<li><strong>Providing the necessary facilities to investors<\/strong> in the fields of higher education and scientific research.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>USDA + SFE: <\/strong>The authority agreed to work with the Sovereign Fund of Egypt (SFE) to developnew public-private partnerships in the education sector, bring in investments, and restructure state-owned assets to maximize returns. The two entities will also work together to establish joint ventures with the goal of setting up new technological universities and local branches of foreign universities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also during its first board meeting: <\/strong>The authority presented a number of offers forinvestments in higher education and scientific research. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A stable exchange rate is the key to more education investments<\/strong>, Universities of Canada in Egypt President Magdy El Kady tells us. Stabilizing the exchange rate will push more foreign universities to set up shop in Egypt, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The goal is to change the perception of the education system:<\/strong> The government\u2019s main goal is to change how the country\u2019s education system is viewed \u2014 from a purely service perspective to an investment perspective \u2014 sources at the Higher Education Ministry told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A number of incentives are being looked into<\/strong>, which include offering land plots at reducedprices and financing facilities, Ahram Canadian University President Seddik Abdel Salam Tawfik tells us. <\/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\">WHERE DO THINGS CURRENTLY STAND-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Higher education in Egypt at a glance<\/strong><strong>: <\/strong>There are currently 93 universities in Egypt \u2014between public, private, international, nonprofit national, and technological universities \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7149102f-bbfc-4752-b231-ac65456839b0\" style=\"\" rel=\"noopener\">up from<\/a> 65 universities in 2021, according to <a target=\"_blank\" href=\"https:\/\/scu.eg\/\" style=\"\" rel=\"noopener\">figures<\/a> shared by the Supreme Council of Universities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite this recent surge of investments in the sector, there\u2019s room for more: <\/strong>GivenEgypt\u2019s large youth population, the country\u2019s education sector is attractive for investors, as the market is still not saturated, sources at the Higher Education Ministry tell us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, w<\/strong><strong>e need more <\/strong><strong>higher ed investments: <\/strong>Egypt\u2019s higher education sector needs moreinvestments in efforts to increase local enrollment rates, Tawfik tells us. There remains a gap between supply and demand, taking into account that the population increases by 1-1.5 mn a year, which translates into an increasing demand for education. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt is a particularly attractive market for education investment <\/strong>due to the size of itspopulation, the rate at which the population is increasing, high education spending, and high international ranking, Tawfik added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Untapped potential:<\/strong> Egyptian families collectively spend about EGP 20 bn annually on educating their children abroad, according to previous estimates by the Higher Education Ministry in 2020. While there are no up-to-date statistics on what that number is now, it is still a substantial amount of money spent annually, our sources tell us. <\/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\">WE NEED MORE UNIS, BUT WITHOUT SACRIFICING QUALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Quantity without quality is useless: <\/strong>The government needs to press pause on granting newuniversity licenses for a two-year period so that it can work on boosting the quality of the programs offered by the country\u2019s universities, Badr University President Mostafa Kamal told Enterprise. The higher education sector\u2019s fast-paced growth and the increased availability of different programs has necessitated a pause that would allow new universities to work on the quality of their programs to improve their rankings, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers:<\/strong>There\u2019s only one university for every 1 mn people in Egypt, Nahda University President Hossam El Mallahi told us, explaining that demand will continue to grow. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Wycombe Abbey\u2019s New Capital branch will open its admission door tomorrow. <\/strong>Wecaught up with the school\u2019s international director, Jason Gregory, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f832fab-4cb2-4cc3-ab14-ec428ae09c2b\/british-private-school-wycombe-abbey-is-setting-up-shop-in-the-new-capital\" style=\"\" rel=\"noopener\">last month<\/a>. (<a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2660.pdf\" style=\"\" rel=\"noopener\">Statement, pdf<\/a>) <\/li>\n<li><strong>Egyptian Media Production City is looking into setting up a media academy<\/strong> to complement its International Academy For Engineering & Media Science. (<a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/154.pdf\" style=\"\" rel=\"noopener\">EGX disclosure, pdf<\/a>)<\/li>\n<li><strong>Al Habtoor to set up schools in Cairo? <\/strong>Emirati businessman and CEO of Al Habtoor Group Khalaf Al Habtoor <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19535295-f3ce-4f73-9347-5b5405ccf4a7\" style=\"\" rel=\"noopener\">intends to set up<\/a> one or two schools in Cairo.<\/li>\n<\/ul>\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\/blackboard\/\">Blackboard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"616343\" 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\/03\/04\/616343\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616343\" class=\"content-area-description single-story post-616343 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;\">MARCH<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4 - 7 March (Monday - Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/18thoneonone.efghermes.com\/\" style=\"\">EFG Hermes One on One conference<\/a><\/span><span style=\"font-weight:400;\">, JW Marriott Hotel Marina, Dubai.<\/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>End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Medical tourism agreements inked. Auto sales fall | Edita had a Molto good year | B Investments invests big in Basata | Contact Financial off to Saudi?<\/p>\n","protected":false},"featured_media":616323,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-616322","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"e3e54edd-09d9-4fe8-96d5-790a2e87f987","teaser":"Medical tourism agreements inked. 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