{"id":616761,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=616761"},"modified":"2025-12-17T04:27:38","modified_gmt":"2025-12-17T04:27:38","slug":"inflation-defies-all-expectations-jumps-to-35-7-in-february","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-defies-all-expectations-jumps-to-35-7-in-february\/","title":{"rendered":"Inflation defies all expectations, jumps to 35.7% in February"},"content":{"rendered":"<section id=\"616763\" 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=\"616763\">\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\/11\/ramadan-kareem\/\">\r\n                            Ramadan kareem                        <\/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\/11\/ramadan-kareem\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                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data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/852.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616763\" class=\"content-area-description single-story post-616763 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-ramadan tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.1157a75d-7d0b-4705-8d68-bf55cfb5f4bb.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends, and Ramadan kareem: <\/strong>We hope you\u2019re hydrated and caffeinated and ready for your first Ramadan workday after Dar Al Ifta <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptDarAlIfta\/posts\/pfbid02BuY6316q9R2AUFd95LABnyx1ntTduC3iZnZ2fCqTe5g1ZoAufKb3FbZ7GHn9wMXTl\" style=\"\" rel=\"noopener\">confirmed<\/a> that today is the first day of the holy month. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>So, when do we <\/strong><strong>eat? <\/strong>Maghrib prayers are at 6:02 pm in the capital, and you\u2019ll have until 4:49 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember- <\/strong>Shops, malls, restaurants, and cafes will be allowed to stay open until 2 am during the month of Ramadan and the Eid Al Fitr holiday. While banks will be open for customers between 9:30am and 1:30pm (9am to 2pm for staff).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Did you feel the quake?<\/strong> A 4.77 magnitude earthquake that hit West Turkey on Sunday was felt in Egypt, according to a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/sey9dtvm\" style=\"\" rel=\"noopener\">report<\/a> from the National Research Institute of Astronomy and Geophysics. No damages or casualties were reported in Egypt. <\/p><p class=\"tag-border-left\">WATCH THIS SPACE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>QIA is still interested in TE\u2019s stake in Vodafone Egypt: <\/strong>The Qatar Investment Authority (QIA) has resumed negotiations to acquire a portion of Telecom Egypt\u2019s 45% stake in Vodafone Egypt, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/03\/10\/1773862\" style=\"\" rel=\"noopener\">Al Borsa<\/a> writes, citing sources close to the talks. The two sides are in discussions over the size of the stake and are expected to reach an agreement \u201cwithin the coming few weeks.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s been a long time coming: <\/strong>The Qatari fund has reportedly been eyeing TE\u2019s share of Vodafone Egypt since <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/971f1157-db03-4f3d-8d5a-9d21e932c322\" style=\"\" rel=\"noopener\">early 2022<\/a>, with talks failing to progress after the two sides failed to reach an agreement over the stake size \u2014 with QIA after TE\u2019s entire 45% stake and the government being adamant about retaining at least 20% of the telecom provider. The remaining 55% stake in Vodafone Egypt is held by South Africa\u2019s Vodacom.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What changed?<\/strong> The government has come around and is ready to part ways with TE\u2019s entire stake in Vodafone Egypt, according to Al Borsa\u2019s sources. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">USD 35 bn Ras El Hekma agreement<\/a> and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\">float of the EGP<\/a> also helped reignite the Gulf investor\u2019s confidence in the Egyptian economy. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Are other suitors out of the picture?<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d56eb196-6fa3-476f-943c-4cdee8b88ebe\" style=\"\" rel=\"noopener\">Last we heard<\/a>, Saudi wealth fund PIF and Abu Dhabi wealth fund ADQ were also interested in buying in.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- A secondary TE stake sale? <\/strong>The Finance Ministry is reportedly looking to sell another 10% of Telecom Egypt either this year or beginning of 2025. The potential stake sale would follow <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/053a8175-6db9-4185-ab3d-520dc017ac28\" style=\"\" rel=\"noopener\">the government selling<\/a> a 10% stake in the company in May 2023. <\/p><p class=\"tag-border-left\">DATA POINT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>Cha-ching: <\/strong>Local banks have bought and sold over USD 2.5 bn on the interbank market since the EGP float Wednesday morning, bankers told <a target=\"_blank\" href=\"https:\/\/twitter.com\/asharqbegy\/status\/1766857778440683938?s=46&amp;t=-JTomFjF7zfyHQWGsd4tSw\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. USD 600 mn were exchanged yesterday and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f13d2fea-32dc-4b62-b640-30940e775715\" style=\"\" rel=\"noopener\">USD 1.9 bn were traded between Wednesday and Thursday<\/a>. The USD was selling for EGP<strong>49.15-49.30 <\/strong>when banks closed yesterday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another big day for local debt: <\/strong>The central bank yesterday raised EGP 94.4 bn in a nine-month t-bill auction \u2014 raising almost 4x its target EGP 25 bn. It also sold EGP 25 bn worth of three-month t-bills.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sale follows the central bank <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7eec1106-cde7-43d7-92cd-b6c24921eb14\" style=\"\" rel=\"noopener\">raising EGP 102 bn-worth of one-year and six-month bills<\/a><\/strong> last Thursday \u2014 EGP 40.7 bn of which came from foreign investors whose confidence was reignited in Egypt post float. <\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>El Sisi to take oath of office in April:<\/strong>President Abdel Fattah El Sisi will be sworn in for his third term in office before members of the House of Representatives on 2 April. El Sisi was re-elected for his third six-year term in December. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt to host the <\/strong><strong>2027 <\/strong><strong>African Games:<\/strong> Egypt officially <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ssQtiQraTEpRL12Hzs1pkqhzgNYozPyeirkpyuB7CKoCMqHoFVuWBc2nM5VvyjuTl\" style=\"\" rel=\"noopener\">secured<\/a> the right to host the 2027 African Games yesterday on the sidelines of the <a target=\"_blank\" href=\"https:\/\/sportscouncil.au.int\/index.php\/en\/african-games-2023\" style=\"\" rel=\"noopener\">2023 iteration<\/a> of the event in Ghana. Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a94a949-f75e-4fd7-a9da-0a8bea3bd687\" style=\"\" rel=\"noopener\">received<\/a> initial approval from the African Union to host the quadrennial event for the second time in December, after first hosting the tournament in 1991.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p 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=\"wwtt5\"><\/a><strong>Ceasefire talks continue: <\/strong>Egyptian officials have been in contact with senior Hamas and Israeli figures regarding a ceasefire in Gaza under a mandate from the Egyptian presidency, sources told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-touch-with-hamas-israel-search-gaza-ceasefire-deal-sources-say-2024-03-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Egypt, Qatar, and the US have been working to try and secure a six-week ceasefire in Gaza and a hostage exchange, after hopes of reaching an agreement before Ramadan were shattered, US and Israeli officials told <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/03\/09\/ramadan-israel-gaza-ceasefire\" style=\"\" rel=\"noopener\">Axios<\/a>. <\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a quiet Monday morning in the global business press \u2014 and quieter still across the <\/strong><strong>Arab world <\/strong>with the start of Ramadan. No single story has gripped the imagination of the business press. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dueling \u201cred lines\u201d: Joe Biden says that Israeli forces invading Rafah would be a \u201cred <\/strong><strong>line,\u201d <\/strong>prompting Benjamin Netanyahu <a target=\"_blank\" href=\"https:\/\/www.politico.eu\/article\/israels-netanyahu-says-he-will-defy-bidens-red-line-and-invade-rafah\/\" style=\"\" rel=\"noopener\">to reply<\/a> that his red line is preventing another Hamas attack. Biden told <a target=\"_blank\" href=\"https:\/\/www.msnbc.com\/jonathan-capehart\/watch\/exclusive-interview-with-president-biden-following-state-of-the-union-address-206036549772\" style=\"\" rel=\"noopener\">MSNBC<\/a> on Saturday that he would not accept \u201c30k more Palestinians dead.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Palestinians in Rafah are starting the Holy Month on the verge of starvation. <\/strong>We have no words. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE WEEK AHEAD:<\/strong><\/p><ul>\n<li><strong>OPEC<\/strong> will publish its <strong>monthly report<\/strong> tomorrow, while the <strong>International Energy Agency<\/strong>will release its oil market report for the month on Thursday. <\/li>\n<li><strong>Joe Biden<\/strong> will present his <strong>2025 budget proposal<\/strong> to Congress later today.<\/li>\n<li><strong>Russian voters go to the polls Friday through Sunday<\/strong>, with Vladimir Putin expected to be elected to a fifth term as president. <\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- The 2024 Oscars just wrapped up<\/strong>, with the red carpet being rolled up as we hit dispatch. Among the highlights: <\/p><ul>\n<li><strong>Oppenheimer sweep: <\/strong>Cillian Murphy won <strong>best actor<\/strong> | Christopher Nolan won <strong>best director<\/strong> | Robert Downey Jr. won <strong>best supporting actor<\/strong> | It also won the most prestigious award of the night, <strong>best picture<\/strong>.<\/li>\n<li><strong>Best actress <\/strong>went to Emma Stone for her role in Poor Things. <\/li>\n<li><strong>Best original song <\/strong>went to Billie Eilish\u2019s What Was I Made For on the Barbie soundtrack.<\/li>\n<\/ul><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 looked at how manufacturers see the CBE\u2019s decision to float the EGP and what it means for the sector\u2019s growth prospects. You can check out the story <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf280b18-a38b-4df2-88c2-6761a6bbe26e\" style=\"\" rel=\"noopener\">here<\/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 how Egyptian students abroad are going to have an easier time getting FX to pay tuition fees. <\/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\/ramadan\/\">Ramadan<\/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=\"616765 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=\"616765\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/616765\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616765\" class=\"content-area-description single-story post-616765 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\/708.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Escape to Somabay,<\/span><span> where the sun-kissed shores await your arrival. Immerse yourself in the warmth of a perfect vacation, starting each day with the radiant embrace of the sun. Unwind, explore, and create unforgettable memories in this paradise by the sea.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616766\" 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=\"616766\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/annual-inflation-jumps-to-35-7-in-february-defying-analyst-forecasts\/\">\r\n                            Egypt\u2019s annual inflation jumps to 35.7% in February, defying analyst forecasts                        <\/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\/11\/annual-inflation-jumps-to-35-7-in-february-defying-analyst-forecasts\/\" 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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This marks Egypt\u2019s highest m-o-m jump in inflation, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-10\/egypt-inflation-makes-surprise-jump-even-before-currency-plunge\" style=\"\" rel=\"noopener\">Bloomberg-compiled<\/a> data that goes back to 2007.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Core Inflation accelerates<\/strong><strong>:<\/strong> Annual core inflation \u2014 which excludes volatile items such as food and fuel \u2014 rose to 35.1% in February, up from 29% in January, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/economic-research\/statistics\/inflation-rates\" style=\"\" rel=\"noopener\">central bank figures<\/a>. Meanwhile, monthly core inflation surged to 6.1% from 2.2% in January.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No one saw this coming: <\/strong>Inflation <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/175147fe-3a1c-4e80-85f2-916747c0bf6e\" style=\"\" rel=\"noopener\">had been cooling<\/a> for four consecutive months after reaching a record 38.0% in September and reached its lowest level in a year in January, convincing policymakers and analysts alike that the economy was on a disinflationary path. Annual urban inflation was expected to slow to 25.1% on the back of a favorable base effect, according to a median forecast of 14 analysts in a poll by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-inflation-forecast-slow-again-february-2024-03-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> published over the weekend, with some even expecting the rate to cool to as low as 23.6%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Food and beverage prices are culprit #1: <\/strong>Food and beverage prices \u2014 the largest component of the basket of goods and services used to calculate inflation \u2014 climbed by 50.9% y-o-y and 16.7% m-o-m in February.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it wasn\u2019t just food and beverage prices to blame this time round: <\/strong>Naeem Brokerage\u2019s Allen Sandeep told Bloomberg that \u201cunexpectedly large spikes\u201d in food, health, and education prices drove an increase in inflation. The sector that faced the biggest increase in prices was alcohol and tobacco, coming in at 93.5% y-o-y and 8.5% m-o-m for the month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The parallel market also deserves some of the blame:<\/strong> The \u201cspike in the EGP\u2019s parallel rate during the month to historical highs before it trended lower\u201d also contributed to the unexpected jump in inflation, according to EFG Hermes\u2019 Mohamed Abu Basha told Bloomberg.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some were expecting an uptick in inflation to come, but not in February: <\/strong>The unexpected increase in inflation reflects prices in the month before the central bank floated the EGP and moved forward with a jumbo rate hike, which some believe will add additional inflationary pressures. The government is also expected to push ahead with a round of subsidy cuts that will increase the costs of consumer goods.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But others argue that the float could help us tackle inflation: <\/strong>Some commodity prices \u2014 such as the price of cooking oil \u2014 have already started to decline, Federation of Chambers of Commerce Secretary-General Alaa Ezz <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6493255c-a15f-476a-b56e-57675be98b74\" style=\"\" rel=\"noopener\">said<\/a> on Thursday. The return of FX liquidity to the official banking system should also increase the supply of goods, leading to competition that will help drive prices down, Ezz added. On top of this, goods in store were prices at an implied exchange rate of around EGP 70 against the greenback, which should mean that we will soon see a fall in prices as sellers reprice goods \u2014 the USD was selling for EGP<strong>49.15-49.30 <\/strong>when banks closed yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>The central bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\">made it crystal clear<\/a> when it floated the currency last week that the country will \u201ccontinue the transition to a flexible inflation targeting regime \u2026 and continue to target inflation as its nominal anchor.\u201d This has been a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b78fa6-7f06-4318-9b95-612976b1933c\" style=\"\" rel=\"noopener\">long-held directive<\/a> from the IMF during its loan negotiations with the government.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The uptick in inflation may make our local debt look much less attractive to investors: <\/strong>On the day after the float, the central bank reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7eec1106-cde7-43d7-92cd-b6c24921eb14\" style=\"\" rel=\"noopener\">raised<\/a> EGP 87.8 bn in a one-year t-bill auction and JPMorgan along with Citigroup recommended that its clients stock up, but\u201chigh inflation readings cast their shadows on currency expectations as well as the local debt market\u201d Al Ahly Pharos economist Esraa Ahmed told Enterprise. \u201cThe local debt market is expected to benefit from the recent CBE measures, yet surprisingly high inflation readings might lessen or slow down such benefits,\u201d Ahmed explained. <\/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\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616768\" 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=\"616768\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/were-in-for-up-to-usd-9-bn-in-funding-from-the-world-bank-eu\/\">\r\n                            Egypt is in for up to USD 9 bn in funding from the World Bank, EU                        <\/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\/11\/were-in-for-up-to-usd-9-bn-in-funding-from-the-world-bank-eu\/\" 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 country will also receive some USD 5-6 bn in financing from the European Union, Maait separately told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2ejvjbbn\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>The announcements give further nuance to Maait\u2019s statement <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/298d8f45-7f19-4800-8b35-e7cc6cbad8ba\" style=\"\" rel=\"noopener\">last week<\/a> that our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/033d5dd6-d417-4ad7-8154-b113a19b96a7\" style=\"\" rel=\"noopener\">agreement<\/a> with the International Monetary Fund could help secure a total of USD 20 bn in foreign support. This figure includes around USD 11 bn from international partners \u2014 including the World Bank, European Union, Japan, and the UK \u2014 alongside the USD 8 bn IMF package we agreed on with the Fund last week and a still-in-talks USD 1-1.2 bn in climate finance under the Fund\u2019s Resilience and Sustainability Facility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More <\/strong><strong>backers named: <\/strong>The African Development Bank, the Arab Monetary Fund, and \u201cthe European Bank\u201d \u2014 which we assume is either the European Bank of Reconstruction and Development or the European Investment Bank \u2014 are also set to extend financial support, Maait said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest on our IMF package: <\/strong>Our expanded USD 8 bn IMF package comes under a three-year program, Maait said. The first tranche will be disbursed after the IMF executive board signs off on the program, he added \u2014 the board will meet to consider the pact before the end of March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Maait<\/strong><strong> did not specify how much of the European Union funding is new or break it down into components or specific projects.<\/strong> He told Asharq Business that part of the EU funding will flow through the private sector and part will be in funding for the state budget. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fine print: <\/strong>Between private-sector investments and government-to-government programs, the European Union already has a deep pipeline of activities here. We don\u2019t expect the EU to provide us with significant direct budget support. Instead, it will push ahead with a deep investment program, including projects already announced. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Egypt has attracted significant investment from European development finance institutions as well as other investors and corporates. The EBRD, European Investment Bank, Proparco, DEG, and BIO have kept private equity and venture capital firms in business for years now, and a number of them are not shy about taking direct positions here. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OTHER KEY TAKEAWAYS FROM MAAIT\u2019S SPEECH- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Gov\u2019t fiscal targets for the next fiscal year have gotten more ambitious: <\/strong>The government is now targeting a primary surplus of no less than 3.5% for the fiscal year 2024-2025, 1 percentage point higher than the figure it had penciled in back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d582677-df84-4c57-8702-2e53adf7b4e9\" style=\"\" rel=\"noopener\">January<\/a>. It also sees the debt-to-GDP ratio narrowing to below 90%, a 1.9 percentage-point downward revision from the January forecast. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- At least half of the Ras El Hekma proceeds are going to FinMin:<\/strong> No less than 50% of the proceeds from the USD 35 bn Ras El Hekma transaction will enter the state\u2019s general treasury as EGP revenues, enabling the Finance Ministry to finance its expenditures and helping it minimize public debt. The USD will remain with the central bank to bolster FX reserves. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Giving foreign debt markets a break:<\/strong> The FinMin doesn\u2019t intend to tap foreign debt markets or issue any international bonds before the end of the current fiscal year in June, Maait said. Pundits have suggested that the combination of the float, Ras El Hekma, and the IMF program have made it possible for Egypt to once again access the eurobond market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Some subsidies are set to stay put:<\/strong>The government\u2019s allocation to fuel subsidies will remain unchanged until the end of the fiscal year even if fuel prices change. The state also continues to offer bread at a fixed price despite production costs that have risen up to EGP 1.1-1.2 per loaf, Maait said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Others could go out the window:<\/strong> The Finance Ministry is in talks with the Federation of Egyptian Chambers of Commerce to scrap the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e9c93016-3587-46a9-88ba-684c1db237c5\" style=\"\" rel=\"noopener\">11% subsidized loans for industry and agriculture<\/a> introduced last year in light of the interest rate hikes introduced last week, Maait told <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1766785191249424804\" style=\"\" rel=\"noopener\">Asharq Business<\/a>, adding that the government will continue to support the two sectors in other ways.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- Customs to dip?<\/strong> The government will not raise customs and is instead \u201cconsidering reducing them in the coming period as it aims to achieve stability to alleviate the burdens on domestic production,\u201d Maait said. Customs are calculated and paid in EGP based on the cost of the import \u2014 all of which got more expensive at the end of last week when we floated.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- <\/strong><strong>A cap on public investment<\/strong><strong>: <\/strong>The Finance Ministry will allocate no more than EGP 280 bn to public investment in next fiscal year\u2019s budget. The cap on public investments for all state entities, meanwhile, has been set at EGP 1 tn to help create \u201cspace for the private sector and increasing its investments in the economy,\u201d Maait said. The IMF, in announcing its assistance package, placed big emphasis on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd1406c0-0d93-4884-83c7-e2c0bc3d004f\" style=\"\" rel=\"noopener\">the Sisi administration\u2019s pledge to slow down infrastructure spending<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exceptions apply: <\/strong>The budgets allocated to all state entities for the next fiscal year will remain the same as this year\u2019s, with the health, education, and industrial sectors being the exception, Maait said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Maait\u2019s presser caught the attention of the int\u2019l press: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-says-land-sale-imf-accord-will-ease-budget-problems-2024-03-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-10\/egypt-economy-world-bank-will-provide-3-billion-after-imf-deal\" style=\"\" rel=\"noopener\">Bloomberg<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/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=\"616770\" 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=\"616770\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/beltone-set-to-acquire-sodic-for-securitization-as-part-of-push-into-securitization\/\">\r\n                            Beltone set to acquire SODIC for Securitization as part of push into securitization                        <\/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\/11\/beltone-set-to-acquire-sodic-for-securitization-as-part-of-push-into-securitization\/\" 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 transaction will see Beltone acquire SODIC for Securitization\u2019s 5k shares at EGP 1k apiece and making an additional payment of EGP 1 mn \u2014 bringing the transaction\u2019s value to EGP 6 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The why:<\/strong> The move will make it easier for Beltone to securitize the portfolios of its growing fleet of non-banking financial services firms. It would also open new business opportunities for Beltone to lead transactions for third parties.Acquiring an already-licensed securitization company is also a quicker route to the market for Beltone, rather than setting up a new firm and applying for a license from the FRA.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Beltone Financial Holding <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/407a1b6a-bed1-4ade-b1ed-d94e95a6df98\" style=\"\" rel=\"noopener\">signed a letter of intent<\/a> to acquire SODIC for Securitization back in December.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Beltone<\/strong><strong> will help overhaul SODIC\u2019s businesses: <\/strong>SODIC\u2019s general assembly also approved a decision to consult Beltone Holding subsidiary Beltone Investment Banking on a full corporate restructuring plan for some of its subsidiaries for the equivalent of USD 75k in EGP. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beltone-financial\/\">Beltone Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beltone-investment-banking\/\">Beltone Investment Banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                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id=\"post-616772\" class=\"content-area-description single-story post-616772 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616773\" 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=\"616773\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/ci-capital-ode-raya-holding-report-2023-earnings\/\">\r\n                            CI Capital, ODE, Raya Holding report 2023 earnings                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2426.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616774\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/ci-capital-ode-raya-holding-report-2023-earnings\/2426-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2426.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2426.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2426.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2426.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616773\" class=\"content-area-description single-story post-616773 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-ci-capital tag-earnings-watch tag-enterpriseam tag-orascom-development-egypt tag-raya-holding 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\/.560c4292-3665-4f97-aa26-55df1d787a61.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>CI Capital\u2019s net income rose 31% y-o-y to EGP 1.04 bn in 2023 <\/strong>driven by strong growth across all of its business lines, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/873.pdf\" style=\"\" rel=\"noopener\">press release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/813.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/813.pdf\" style=\"\" rel=\"noopener\">)<\/a>. Revenues increased 68% y-o-y to EGP 6.6 bn in the same period, while its loan portfolio expanded 4% y-o-y to EGP 18.3 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Solid performance among its NBFS: <\/strong>Net income for CI Capital\u2019s leasing arm Corplease grew 36% y-o-y to EGP 701 mn in 2023 \u2014 Corplease issued EGP 3 bn in securitized bonds over 2023 \u2014 while its microfinance arm Reefy\u2019s net income rose 30% y-o-y to EGP 434 mn for the year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The group\u2019s investment bank recorded 88% y-o-y growth in revenues to EGP 964 mn in <\/strong><strong>2023<\/strong>, thanks to a strong turnout from its brokerage, asset management and investment banking divisions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cCI Capital\u2019s record performance was fueled by strong growth across all business lines despite multifaceted challenges, including interest rate hikes, elevated inflation levels, and a slowdown in transaction activities and foreign institutional interest,\u201d said CEO Hesham Gohar.<\/p>\n<p class=\"tag-border-left\">ORASCOM DEVELOPMENT EGYPT REPORTS RECORD SALES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ODE bottom line surges on record sales:<\/strong>EGX-listed Orascom Development Egypt (ODE) saw its net income rise 64% y-o-y to EGP 3.1 bn in 2023 on the back of record sales and \u201cstrong performance across the recurring income portfolio,\u201d the company said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/844.pdf\" style=\"\" rel=\"noopener\">earnings release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/844.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/844.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The property developer saw its revenues grow 49% y-o-y to an all time high of EGP 15.3 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A good year for the hotel side of the business, real estate sales:<\/strong> Revenues for ODE\u2019s hotels jumped 95% y-o-y to exceed EGP 3 bn over 2023. Net real estate sales came in at EGP 19.4 bn \u2014 the highest in the company\u2019s history \u2014 and a 75% increase from 2022.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Optimism ahead: <\/strong>ODE plans to \u201caccelerate profitable growth, create a more agile and cost-effective business, and generate additional shareholder value\u201d over 2024, the statement said.<\/p>\n<p class=\"tag-border-left\">RAYA HOLDING\u2019S INCOME RISES- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/rayacorp.com\/\" style=\"\" rel=\"noopener\">Raya Holding<\/a><\/strong><strong> saw its <\/strong><strong>net income after minority <\/strong><strong>climb 27% y-o-y <\/strong>to reach EGP 441 mn in 2023 in part thanks to the currency depreciation, which worked in favor of the group\u2019s export-oriented businesses such as its IT wing <a target=\"_blank\" href=\"https:\/\/raya-it.net\/\" style=\"\" rel=\"noopener\">Raya IT<\/a>, business process outsourcing wing <a target=\"_blank\" href=\"https:\/\/rayacx.com\/about-rcx\/\" style=\"\" rel=\"noopener\">RCX<\/a>, and F&amp;B supplier <a target=\"_blank\" href=\"http:\/\/rayafoods.org\/\" style=\"\" rel=\"noopener\">Raya Foods<\/a>, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/778.pdf\" style=\"\" rel=\"noopener\">earnings<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/778.pdf\" style=\"\" rel=\"noopener\">release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Revenues were up 53% y-o-y to EGP 31.3 bn in 2023<\/strong>, and were fuelled by a robust 87% revenue growth from its suppliers and installations and 43% growth in revenues from device and goods distribution. Revenues were helped by an increased proportion of foreign currency-denominated revenues, which rose to 24% of Raya\u2019s overall top line.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown: <\/strong>Raya\u2019s trade and distribution business unit generated 44% of Raya\u2019s total revenues for the year. The second biggest contributor was the firm\u2019s IT sector with 22%, followed by NBFS with 15%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cIn 2023, despite the notable macroeconomic hurdles such as elevated interest rates, inflationary pressures, and geopolitical tensions, Raya Holding managed to attain substantial advancements in revenue, profits, and cash flow,\u201d the release said. \u201cThe company adopted strategic measures to optimize revenue in foreign currencies, broaden its export base, and enhance revenue streams from its overseas subsidiaries.\u201d<\/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\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/orascom-development-egypt\/\">Orascom Development Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya Holding<\/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=\"616775 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=\"616775\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/616775\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616775\" class=\"content-area-description single-story post-616775 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\/ads\/imgs\/186.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=\"616776\" 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=\"616776\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/talking-heads-bid-adieu-as-ramadan-kicks-off\/\">\r\n                            Egypt\u2019s talking heads bid adieu as Ramadan kicks off                        <\/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\/11\/talking-heads-bid-adieu-as-ramadan-kicks-off\/\" 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\/11\/talking-heads-bid-adieu-as-ramadan-kicks-off\/')\">\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\/11\/talking-heads-bid-adieu-as-ramadan-kicks-off\/\">\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=Talking heads bid adieu as Ramadan kicks off&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/talking-heads-bid-adieu-as-ramadan-kicks-off\/\">\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\/11\/talking-heads-bid-adieu-as-ramadan-kicks-off\/&title=Talking heads bid adieu as Ramadan kicks off\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Talking+heads+bid+adieu+as+Ramadan+kicks+off+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F11%2Ftalking-heads-bid-adieu-as-ramadan-kicks-off%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\/11\/talking-heads-bid-adieu-as-ramadan-kicks-off\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/859.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616777\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/talking-heads-bid-adieu-as-ramadan-kicks-off\/859-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/859.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"859.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/859.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/859.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616776\" class=\"content-area-description single-story post-616776 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-ramadan 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\/.e7eb82c0-f2c9-4cc6-ac3e-4589f5157d7e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Ramadan talk show lull begins: <\/strong>It was a quiet night on the airwaves, with most of the nation\u2019s talking heads absent from our screens. Kelma Akhira\u2019s Lamees El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=TURrV2pcTQI\" style=\"\" rel=\"noopener\">watch, runtime: 0:37<\/a>) and El Hekaya\u2019s Amr Adib (<a target=\"_blank\" href=\"https:\/\/web.facebook.com\/reel\/1762350474273959\" style=\"\" rel=\"noopener\">watch, runtime: 0:51<\/a>) announced their month-long Ramadan hiatus. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If you really need your dose of Adib<\/strong>, make sure you tune in during suhoor time when he will be sharing the screen with singer Asala for a \u201ccalm and relaxing\u201d podcast dubbed Big Time. <\/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\/ramadan\/\">Ramadan<\/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=\"616778\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n      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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616779\" 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=\"616779\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/egyptians-will-have-less-food-on-their-iftar-tables-this-ramadan\/\">\r\n                            Egyptians will have less food on their iftar tables this Ramadan                        <\/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\/11\/egyptians-will-have-less-food-on-their-iftar-tables-this-ramadan\/\" 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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wp-post-image\" alt=\"\" data-attachment-id=\"616780\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/egyptians-will-have-less-food-on-their-iftar-tables-this-ramadan\/838-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/838.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"838.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/838.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/838.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616779\" class=\"content-area-description single-story post-616779 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-ramadan 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\/.f10b6b68-645d-40bb-b000-e46bafaed82c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s on the iftar table? <\/strong>The <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/islam-religion-ramadan-2024-928363412cca46e586c8e5cf90526462\" style=\"\" rel=\"noopener\">Associated Press<\/a> dives into the Ramadan festivities and foods across the Middle East as Muslims across the world welcome the holy month \u2014 the Egypt focus of the piece takes a look at how Egyptians are struggling to put food on the table this Ramadan. <\/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\/ramadan\/\">Ramadan<\/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=\"616781\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616782\" 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=\"616782\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/tanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima\/\">\r\n                            EFG Holding\u2019s Tanmeyah, MSMEDA to lend out up to EGP 200 mn to Egyptian microenterprises                        <\/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\/11\/tanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima\/\" target=\"_blank\">\n                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PLUS: News from Smokery, House, ACDIMA&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/tanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima\/\">\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\/11\/tanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima\/&title=Tanmeyah, MSMEDA to lend out up to EGP 200 mn to microenterprises. PLUS: News from Smokery, House, ACDIMA\">\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=Tanmeyah%2C+MSMEDA+to+lend+out+up+to+EGP+200+mn+to+microenterprises.+PLUS%3A+News+from+Smokery%2C+House%2C+ACDIMA+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F11%2Ftanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima%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\/11\/tanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/818.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616783\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/tanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima\/818-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/818.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"818.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/818.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/818.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616782\" class=\"content-area-description single-story post-616782 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-efg-holding tag-enterpriseam tag-hospitality tag-house-of-representatives tag-microfinance tag-oman tag-pharma tag-sme-development-authority tag-tanmeyah 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\/.d5c95a13-f724-4768-80b4-7cd0411ee31a.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">MSMEs-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fresh funds for Egypt\u2019s microenterprises: <\/strong>EFG Holding\u2019s microfinance arm <a target=\"_blank\" href=\"https:\/\/tanmeyah.com\/\" style=\"\" rel=\"noopener\">Tanmeyah<\/a> and Egypt\u2019s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) will lend out a combined EGP 200 mn to local microenterprises under an agreement inked between the two sides, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/773.pdf\" style=\"\" rel=\"noopener\">joint statement (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/773.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/773.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The two sides will hand out loans of up to EGP 220k to some 10k microenterprises.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThrough this partnership, we aim to empower microenterprises by providing not just financial assistance but also the necessary support and resources to thrive,\u201d EFG Finance CEO Aladdin El Afifi said.<\/p><p class=\"tag-border-left\">HOSPITALITY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Smokery is heading to Oman: <\/strong>Local fine dining restaurant chain The Smokery has inked a MoU to form a strategic partnership with the Omani government\u2019s Oman Tourism Development Company to launch restaurants and a salmon smoking factory in the country, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/798.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The project will have an estimated investment of approximately EGP 250 mn over three years. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The first of many Gulf expansions? <\/strong>The Smokery is also exploring the possibility of expanding into Saudi Arabia and the UAE, a company representative told Enterprise.<\/p><p class=\"tag-border-left\">LEGISLATION-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- MPs greenlight amendments to Unified Budget Act: <\/strong>MPs gave final approval to amendments to the United Budget Act that will see the budgets of all 59 of the state\u2019s economic bodies and the state budget presented in a new consolidated budget \u2014 dubbed the Public Government Budget. The amendments were drafted after consultations with international institutions including the IMF. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Finance Minister Mohamed Maait last month unveiled the ins and outs of the amendments <\/strong>\u2014 read our coverage <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/146b3145-ac54-4832-be15-9e2799b474bc\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Amendments to the Traffic Law<\/strong> were also passed by MPs, raising the price of car plates to EGP 600 from EGP 150 and giving the prime minister the right to further increase prices by 10% every year. The increases will cover the rising cost of manufacturing and support the integration of modern technology in regulating traffic movement.<\/p><p class=\"tag-border-left\">PHARMA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian insulin to land in Cuba: <\/strong>Arab Company for Drug Industries and Medical Appliances (ACDIMA) will begin exporting Egyptian-made insulin to Cuba, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02VhF6X8oXmutwmCYQw6LrzKqVHkEpDjbGENe7sAaEy1SqH1wdDpinzae41SFQgVcLl?__cft__%5B0%5D=AZXhjRHxa8jE-T2-Tw865b55KCaBxFZPUxdXfvzfgf1q_j8erJKXzLQCe0luFwgX5I_8dl-Bt4MV0UEltSje4yXXLDdKXxkaMMSKnNW20kbLqUOHD3Z8_whvOLtI0V7KeMZ0r1B4P303Q3IreY_CMVxLaEggn_VFYqvCmvuhy8Ben1TsdoPlalV9gLS-FECQKDI&amp;__tn__=%2CO%2CP-R\" style=\"\" rel=\"noopener\">statement<\/a> from the Health Ministry.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microfinance\/\">microfinance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oman\/\">Oman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sme-development-authority\/\">SME Development Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tanmeyah\/\">Tanmeyah<\/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=\"616784\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"616784\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/an-almost-record-year-for-saudi-aramco-despite-waning-oil-prices-and-production-cuts\/\">\r\n                            An almost record year for Saudi Aramco, despite waning oil prices and production cuts                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616785\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/an-almost-record-year-for-saudi-aramco-despite-waning-oil-prices-and-production-cuts\/835-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/835.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"835.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/835.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/835.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616784\" class=\"content-area-description single-story post-616784 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-aramco tag-enterpriseam tag-financial-markets tag-mopco tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.6c36746c-dbb8-47b3-97a1-dae2e829ff74.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi\u2019s Ara<\/strong><strong>mco recorded its second-highest net income in 2023<\/strong>, despite falling 25% y-o-y to USD 121 bn on waning oil prices and lower output, according to the oil giant\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/767.pdf\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/767.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The firm\u2019s revenues also decreased by 18% y-o-y to USD 440 bn over the same period, the company said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lZJBT4NAEIV_Sw8czQwgy9bbtkZK00oRUNiLWVqCJLBw2Nbgr3cjJ6q0dm4zeS9vvskAhxS4FKeqFKpqpah1n3Hy7jCC1opigKt4iQQjjyQxNR99G97GArr1CIbPLAws10HvFYHf5Mdo52D4tNvaG3xBD8n__DhR7Gp-pv3utMCECDjwvI_6Jm9ryCxdw4RJ2R7lvmgKqSAz9SZ8HBawuatZ1gvP3zCbEvdc8Mexztb9fY0fwSXci8AWuQIckgF43zadkGPqNfCybvPhKz6U6h4MNFCJg_g81oaOFlIuhYLUnBb4B0hdSux7iAoJXZMk6Vdc5HO_8u9ETnu7PpWz2Tc7jwrk\/dz\/d5\/L0lJS2FZQSEhL3dMTUFBc1FBWWpNQy80TmxHb3hBIS9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy83ODYzMw!!\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lZJBT4NAEIV_Sw8czQwgy9bbtkZK00oRUNiLWVqCJLBw2Nbgr3cjJ6q0dm4zeS9vvskAhxS4FKeqFKpqpah1n3Hy7jCC1opigKt4iQQjjyQxNR99G97GArr1CIbPLAws10HvFYHf5Mdo52D4tNvaG3xBD8n__DhR7Gp-pv3utMCECDjwvI_6Jm9ryCxdw4RJ2R7lvmgKqSAz9SZ8HBawuatZ1gvP3zCbEvdc8Mexztb9fY0fwSXci8AWuQIckgF43zadkGPqNfCybvPhKz6U6h4MNFCJg_g81oaOFlIuhYLUnBb4B0hdSux7iAoJXZMk6Vdc5HO_8u9ETnu7PpWz2Tc7jwrk\/dz\/d5\/L0lJS2FZQSEhL3dMTUFBc1FBWWpNQy80TmxHb3hBIS9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy83ODYzMw!!\/\" style=\"\" rel=\"noopener\">a Tadawul filing<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And dividends were up 30% throughout the year<\/strong>, with USD 98 bn paid out to shareholders. The Saudi government \u2014 which owns 82% of Aramco \u2014 relies heavily on the oil giant\u2019s lofty payouts, including royalties and tax, to bridge a widening budget deficit and finance its diversification away from oil, as Crown Prince Mohamed Bin Salman looks to diversify the economy.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax: <\/strong>Aramco\u2019s shares were up 1.4% to SAR 32.20 a share by the end of trading yesterday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM THE KINGDOM-<\/strong> <strong>It\u2019s not just Egyptian companies that have been heading to <\/strong><strong>KSA: <\/strong>Some 350 multinational companies \u2014 including PepsiCo, Boeing, PwC, and Unilever \u2014 have set up regional headquarters in Saudi Arabia to be eligible to bid on government contracts as required by the country\u2019s <a target=\"_blank\" href=\"https:\/\/www.investsaudi.sa\/en\/sectors-opportunities\/regionalHQ\" style=\"\" rel=\"noopener\">regional headquarters program<\/a>. Big banks have been slower to join the program, citing regulatory concerns. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/fa7fe23b-388b-435c-afec-d1213a683055\" style=\"\" rel=\"noopener\">Financial Times<\/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>GLOBAL MARKETS this morning: <\/strong>Hong Kong\u2019s Hang Seng is the only Asian benchmark in the green this morning (+1.4% at dispatch time) as Asian shares sagged on the first day of trading this week. The Nikkei leads the losers, down 2.2% as we prepared to hit \u201csend\u201d on this morning\u2019s issue. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The look ahead: <\/strong>Stock futures are down slightly after the Dow posted its worst week since October 2024. European benchmarks also seem set for a soft open later today. <\/p><p><a target=\"_blank\" id=\"t.f7d700fedc760b2ca60d59d1e574e2c5e541d47f\" 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\">32,920<\/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\">+5.2% (YTD: +32.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 49.09<\/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 49.22<\/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>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 49.15<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 49.25<\/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\">27.25% 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\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,619<\/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: +5.4%)<\/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>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\">9,234<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,253<\/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: +4.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,124<\/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: +7.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">7,660<\/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: -1.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,961<\/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: +9.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 81.81<\/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%<\/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 1.83<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,183<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2%<\/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 68,648<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +62.7%)<\/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 5.2% at yesterday\u2019s close<\/strong> on turnover of EGP 7.5 bn (62.5% above the 90-day average). Local investors were net buyers. The index is up 32.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Fawry (+20.0%), E-Finance (+20.0%), and Elsewedy Electric (+10.9%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Egypt Kuwait Holding (-4.2%), GB Corp (-3.3%), and Delta Sugar (-2.5%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Misr Fertilizers Production Company (MOPCO) is paying out a dividend of EGP <\/strong><strong>2.0<\/strong><strong> per share<\/strong> on its 2023 earnings after its general assembly approved the decision, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/772.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div 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<\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"616786\">\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\">10<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/it-just-got-a-lot-easier-for-students-abroad-to-pay-their-tuition-expenses\/\">\r\n                            It just got a lot easier for Egyptian students abroad to pay their tuition, expenses<\/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\/it-just-got-a-lot-easier-for-students-abroad-to-pay-their-tuition-expenses\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> 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size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"616787\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/it-just-got-a-lot-easier-for-students-abroad-to-pay-their-tuition-expenses\/851-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/851.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"851.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/851.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/851.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-616786\" class=\"content-area-description post-616786 blackboard type-blackboard status-publish has-post-thumbnail hentry category-blackboard tag-blackboard tag-education tag-enterprise-blackboard tag-enterpriseam wpautop entry\">\n\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\"> <strong>Egyptian students abroad are going to have an easier time getting FX to pay tuition fees <\/strong><strong>+ expenses:<\/strong> Banks in Egypt have begun moving to fulfill pending requests from individuals looking to arrange foreign currency (FCY) for their children studying at schools and universities abroad, according to three government sources Enterprise spoke with. Many students abroad and their families have been struggling to get their hands on enough FCY to cover tuition fees and other expenses, particularly after banks imposed limits on the use of EGP credit cards for FCY transactions, our sources noted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> Last week, the CBE <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\">moved to float the EGP<\/a>, leaving the exchange rate \u201cto be determined by market forces\u201d after hiking interest rates by 600 bps at a surprise monetary policy meeting. The decision allowed Egypt to sign a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/033d5dd6-d417-4ad7-8154-b113a19b96a7\" style=\"\" rel=\"noopener\">USD 8 bn program<\/a> with the International Monetary Fund, and could help us secure another USD 11 bn from international partners including the World Bank, European Union, Japan, and the UK, Finance Minister <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/24d95a57-bb0d-4f87-9eeb-d0c1998ecb2f\/float-reignites-investor-confidence-in-egypt\/298d8f45-7f19-4800-8b35-e7cc6cbad8ba\" style=\"\" rel=\"noopener\">Mohamed Maait said<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How much are we looking at?<\/strong> One source we spoke to estimated that the pending requests currently stand at some USD 200 mn, although that figure changes on a daily basis as more requests come in. There are some 20k Egyptian students studying abroad, with each student\u2019s annual education-related expenses \u2014 not including personal expenses \u2014 averaging at USD 20k, according to a Higher Education Ministry source. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Parents were forced to resort to black market:<\/strong> Prior to the CBE floating the EGP, leading banks to start moving on easing FCY and credit card restrictions, parents were forced to source FCY to cover their kids\u2019 tuition fees and other expenses abroad from the parallel market, according to two parents speaking to Enterprise on condition of anonymity. These parents would have to buy FCY at the parallel market rate and then transfer the money to their children abroad through apps that didn\u2019t impose the same limitations as credit cards. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Priority FCY spending goes to education + health expenses:<\/strong> Banks are prioritizing expenses for Egyptians who are studying or receiving medical care abroad, according to two banking sources Enterprise spoke with. That has been the case since banks began imposing limits on weekly and monthly FX withdrawals and foreign purchases <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d4e1310-8476-4983-bf26-83593b2f6167\" style=\"\" rel=\"noopener\">in late 2022<\/a>, with the CBE <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/366b4fe6-b4b7-47a4-a460-bb14bac5e4b4\" style=\"\" rel=\"noopener\">introducing exemptions<\/a> for Egyptians abroad for educational or medical purposes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even as things start to look up for students abroad, there are calls to double down on <\/strong><strong>higher education here at home:<\/strong> Students seeking education abroad typically fall into one of two camps: The first camp seeks a degree or specialization that\u2019s not offered in Egypt or they\u2019re looking for education that meets global quality standards, and these students typically go after higher education degrees in the US, UK, and other major global universities. The other camp \u2014 which is more of a minority \u2014 looks for universities that offer degrees at low price points, and typically go to more obscure universities. The Higher Education Ministry has sought to cut down on the second camp by refreshing its list of accredited universities whose degrees are eligible for degree equivalence in Egypt, according to our two ministry sources. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More high-quality options are coming to Egypt:<\/strong> The Higher Education Ministry has been working for the past several years to bring international universities to Egypt to establish branch campuses, with the government ratifying the International Branch Campus Act <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Legislations\/posts\/%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%B1%D9%82%D9%85-162-%D9%84%D8%B3%D9%86%D8%A9-2018-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A5%D9%86%D8%B4%D8%A7%D8%A1-%D9%88%D8%AA%D9%86%D8%B8%D9%8A%D9%85-%D9%81%D8%B1%D9%88%D8%B9-%D9%84%D9%84%D8%AC%D8%A7%D9%85%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9-%D8%AF%D8%A7%D8%AE%D9%84-%D8%AC%D9%85%D9%87%D9%88%D8%B1%D9%8A%D8%A9-%D9%85%D8%B5\/1853764298026129\/\" style=\"\" rel=\"noopener\">in 2018<\/a>. Now, Egypt sees at least one foreign university setting up a branch campus in Egypt each year, according to former secretary general of the Council for Private and National Universities in Egypt, Seddik Abdel Salam.<\/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><strong>:<\/strong><\/p>\n<ul>\n<li><strong>Egypt, Hungary to promote academic exchange:<\/strong> The Mansoura University's Faculty of Agriculture signed a MoU with the Hungarian University of Debrecen's Faculty of Agriculture <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0quW8y9YqT3mh2SqR4QdSQSmuUkAd1jBya8S1R3Ej4LA1vrcpWng7Cztwhy5VzYCdl\" style=\"\" rel=\"noopener\">last week<\/a> to collaborate on and promote scientific and academic exchanges.<\/li>\n<li><strong>A mi<\/strong><strong>nimum o<\/strong><strong>f 5% of all scholarships to go to STEM students:<\/strong> The Supreme Council of Private Universities will require all private and national universities to <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid023pb3QGzP3kWGGmnY6FStAhzA2mTexiJJvRWyxsmLAuXeAwWetNab2AK1yZeGqDnFl\" style=\"\" rel=\"noopener\">award 5% of their scholarships<\/a> to students at STEM schools.<\/li>\n<li><strong>Egypt, Germany to boost cooperation on pre-university education: <\/strong>TheGoethe Institute <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02M54XGv7jqrXYAg4TVxXjpkgyDs1eSabTj1HGPkq9z4JnYSxFvLXk7FVN6zBNtZyXl\" style=\"\" rel=\"noopener\">will develop<\/a> teacher training programs, help teachers qualify to teach German as a foreign language, and design a curriculum for German language teaching.<\/li>\n<li><strong>Another uni in the market: <\/strong>Al Ahly CIRA\u2019s Saxony Egypt University of Applied Sciences and Technology (SEU) will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5722d75a-8216-457e-abb8-451f57f8401f\" style=\"\" rel=\"noopener\">kick off operations in September<\/a> after it received the greenlight from the cabinet. <\/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=\"616788\" 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\/11\/616788\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616788\" class=\"content-area-description single-story post-616788 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 style=\"font-weight:400;\">11 March (Monday): First day of Ramadan.<\/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>2 April (Tuesday): <\/span><span style=\"font-weight:400;\">President Abdel Fattah El Sisi swearing in ceremony, New Administrative Capital.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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;\">26 April (Wednesday): Clocks move forward one hour at midnight as daylight saving time starts.<\/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>20 January-7 February: Egypt to host the African Games<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Loans from WB, EU | Lots of earnings | Funds for microenterprises | Smokery in Oman.<\/p>\n","protected":false},"featured_media":616762,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-616761","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3130e349-75fb-4e1c-ba7a-45991119e724","teaser":"Loans from WB, EU | Lots of earnings | Funds for microenterprises | Smokery in Oman.","photo_url":"https:\/\/ent.news\/2024\/3\/853.jpg"},"yoast_head":"<!-- This site is optimized 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