{"id":617103,"date":"2024-03-17T00:00:00","date_gmt":"2024-03-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=617103"},"modified":"2025-12-17T04:35:13","modified_gmt":"2025-12-17T04:35:13","slug":"eu-package-coming-our-way","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/eu-package-coming-our-way\/","title":{"rendered":"EU package coming our way?"},"content":{"rendered":"<section id=\"617105\" 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=\"617105\">\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\/17\/could-the-eu-announce-our-eur-multi-bn-package-today\/\">\r\n                            Could the EU announce Egypt\u2019s EUR multi-bn package today?                        <\/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\/17\/could-the-eu-announce-our-eur-multi-bn-package-today\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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data-attachment-id=\"617106\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/could-the-eu-announce-our-eur-multi-bn-package-today\/1408-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1408.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1408.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1408.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1408.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617105\" class=\"content-area-description single-story post-617105 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-eu 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\/.064fddcc-161a-4e77-93b5-f15cb2e918ac.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people. <\/strong>It\u2019s another econ-heavy morning with the newsflow still driven by the float of the EGP \u2014 and that\u2019s not going to change as we look ahead to the announcement today of an assistance and investment package from our friends in the European Union. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>A delegation led by European Commission President Ursula von der <\/strong><strong>Leyen will be in town today. <\/strong>Word is that the prime ministers of Greece, Italy, and Belgium will also be making the trip \u2014 the first two are long-time allies of Egypt in the bloc. It\u2019s rare, to say the least, to see Von Der Leyen here with three heads of government. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The expectation is that we\u2019re in line for a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cc6d2e9-eac7-45f2-812b-040db3f9c44a\" style=\"\" rel=\"noopener\">multi-bn EUR support package<\/a><\/strong>, but it won\u2019t be the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b84efbb3-3eca-44c4-8cec-0c92fb177fec\" style=\"\" rel=\"noopener\">EUR 7.4 bn<\/a> that the Financial Times says we\u2019re getting. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Look for a package worth EUR 5 bn<\/strong> through 2027, with as much as EUR 1 bn of that fast-tracked for disbursal 1-2 weeks down the road, a senior EU diplomat tells us. The remaining EUR 4 bn in medium-term support will need to go through the European Parliament, where a number MEPs have been vocally critical of Egypt. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EUR 5 bn tracks with what Finance Minister Mohamed Maait has guided us all on: <\/strong>He\u2019s said previously that he expects <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4286f10b-5618-426b-87de-d53d22d9591a\" style=\"\" rel=\"noopener\">EUR 4.6-5.5 bn<\/a> from our European allies. Greece and Cyprus remain strong regional allies of Egypt and business and economic ties with Italy are warming, but many in the bloc are backing support for Egypt as part of a broader policy to stem illegal migration to Europe.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE #1- The IMF executive board has yet to put Egypt on its public <\/strong><strong>calendar<\/strong>, which now extends through 26 March. We expect the board to meet by month\u2019s end provided the staff-level agreement on our assistant package gets circulated in time to give the board two weeks\u2019 notice of what they will be voting on. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Separate talks are still continuing <\/strong>that could see officials line up another USD 1-1.2 bn in climate finance under the Fund\u2019s Resilience and Sustainability Facility.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE #2- There\u2019s still no word on how much funding we may be getting <\/strong><strong>from the World Bank. <\/strong>The Madbouly government has suggested we could be getting as much as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4286f10b-5618-426b-87de-d53d22d9591a\" style=\"\" rel=\"noopener\">USD 3 bn from the lender<\/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>So, when do we eat?<\/strong> Maghrib prayers are at 6:05pm in the capital, and you\u2019ll have until 4:34am 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>PSA- Greater Cairo will experience light rain and wind throughout the day<\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/story.php?story_fbid=796747265817176&amp;id=100064457301517&amp;mibextid=WC7FNe\" style=\"\" rel=\"noopener\">Egyptian Meteorological Authority<\/a> and our favorite weather app.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The search for the next IMF chief begins<\/strong><strong>:<\/strong> The International Monetary Fund <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5y3na3p8\" style=\"\" rel=\"noopener\">has begun<\/a><a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5y3na3p8\" style=\"\" rel=\"noopener\">its official selection process<\/a> for its next director. The Fund\u2019s current head Kristalina Georgieva is <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20240313-imf-officially-process-to-find-new-managing-director\" style=\"\" rel=\"noopener\">widely expected<\/a> to be nominated again to serve a second five-year term. The Fund\u2019s board expects to make its decision by the end of April. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt and Georgieva have history: <\/strong>Under her leadership, Egypt was able to secure a USD 3 bn loan from the fund, which was then expanded to USD 8 bn. In the process, she held talks with basically every higher up in the country \u2014 President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly, CBE governor Hassan Abdalla, and Finance Minister Mohamed Maait. <\/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\">SIGN OF THE TIMES- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>MAF revenues take hit on the back of weakening currencies + boycotts: <\/strong>Dubai-based conglomerate and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c57d7b7b-20b1-4b20-a95b-731703f9789f\/coffee-with:-ahmed-galal-ismail,-ceo-of-majid-al-futtaim\" style=\"\" rel=\"noopener\">long-time key investor<\/a> to Egypt Majid Al Futtaim saw revenue from its retail sector fall 4% y-o-y to AED 24.7 bn (c. USD 6.7 bn) in 2023, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/1393.pdf\" style=\"\" rel=\"noopener\">latest earnings release (pdf)<\/a>. The company \u2014 which owns and operates French supermarket brand Carrefour in some 70 locations across Egypt \u2014 attributed the slump to \u201ccurrency devaluation in Egypt, Lebanon, Pakistan, and Kenya \u2026 and a shift in consumer sentiment related to geopolitical tensions in the region.\u201d Carrefour last year entered Israel, putting it on the list of brands boycotted by consumers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How might this impact Egypt?<\/strong> \u201cThe company is still on track to open 200 additional grocery retail stores between now and 2030,\u201d the company assured in a statement seen by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-14\/dubai-s-majid-al-futtaim-retail-business-hurt-by-gaza-war\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, and still intends to pump EGP 30 bn over the next ten years into expanding grocery retail, real estate, shopping mall and entertainment companies in Egypt. <\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>The EGX will halt trading on Arafa Holding<\/strong>, the company behind fashion brand Concrete, starting today as the holding company carries out a demerger, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/1217.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The transaction will see our friends at Arafa rebrand to Concrete Fashion Group for Trade and Industrial Investment and spin off subsidiary Gtex for Trade and Industrial Investments. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shares of the two companies will be trading on the EGX<\/strong> starting Sunday, 24 March. We\u2019ll have more soon, but the star to watch will be Concrete Fashion Group, which will make its market debut with an impressive board, strong management team, and assets that include domestic fashion player Concrete as well as a strong export portfolio. <\/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=\"wwtt5\"><\/a> <strong>More imported cars on the road: <\/strong>Some 25k cars have been delivered to Egyptians under the Madbouly government\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\" style=\"\" rel=\"noopener\">expat car import initiative<\/a> with 250k import approvals issued, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0kyVKoMmoKf5WJ6Zumdo7ZSybzobJLQLSUtcPu9WJJSPP4xv9fLfZKJCeCPHxmADzl\" style=\"\" rel=\"noopener\">statement<\/a> from the Finance Ministry. Some 470k Egyptian expats have signed up for the scheme.<\/p><p class=\"tag-border-left\">WAR WATCH<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ceasefire talks to resume as Rafah assault looms: <\/strong>Despite agreeing over the weekend to send a delegation <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/aid-ship-reaches-gaza-coast-israel-rejects-hamas-truce-offer-2024-03-15\/\" style=\"\" rel=\"noopener\">to Qatar<\/a> for ceasefire negotiations today, Israel has doubled down on its intentions to attack Rafah \u2014 one of the world\u2019s <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/unicef_rafah-is-one-of-the-most-densely-populated-activity-7162872424244449280-ylQM\/\" style=\"\" rel=\"noopener\">most densely populated places<\/a> that is home to nearly 1.5 mn displaced Palestinains. Ceasefire talks should restart today in Doha, but could be pushed to tomorrow, the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-news-03-16-2024-53a0fff49d9196fc38f75ad1b37a64bf\" style=\"\" rel=\"noopener\">Associated Press<\/a> reports, citing unnamed Egyptian officials.<\/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 unusually quiet in the global press even for a Sunday<\/strong>, with no single story dominating the headlines. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Joe Biden gave a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/03\/15\/world\/middleeast\/biden-netanyahu-schumer-speech.html\" style=\"\" rel=\"noopener\">thumb-up<\/a><\/strong><strong> to the US Senate majority leader\u2019s speech slamming <\/strong><strong>Benjamin Netanyahu<\/strong>, in which Chuck Schumer called the Israeli PM an <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/03\/14\/us\/politics\/schumer-netanyahu-israel-elections.html\" style=\"\" rel=\"noopener\">obstacle to peace<\/a> in our region. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On planet finance: Sam Bankman-Fried could face up to 50 years in jail<\/strong> \u2014 that\u2019s <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/20008e9a-3505-4a04-8df2-ecdd06cc5463\" style=\"\" rel=\"noopener\">the<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/20008e9a-3505-4a04-8df2-ecdd06cc5463\" style=\"\" rel=\"noopener\">recommendation from prosecutors<\/a>, while his lawyers are saying he should face no more than 6.5 years behind bars. He was found guilty of seven charges in a crypto scheme last year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest sign that PE loves advisory firms: The US arm of Grant Thornton is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c6e8c528-47b7-40ae-b06a-f1158af26b36\" style=\"\" rel=\"noopener\">selling<\/a><\/strong><strong> a <\/strong><strong>majority stake <\/strong>to buyout firm <a target=\"_blank\" href=\"https:\/\/www.newmountaincapital.com\/about-us\/\" style=\"\" rel=\"noopener\">New Mountain Capital<\/a>. Check out <a target=\"_blank\" href=\"https:\/\/www.grantthornton.com\/insights\/press-releases\/2024\/march\/gt-accelerate-business-strategy-with-investment-from-new-mountain-capital\" style=\"\" rel=\"noopener\">the joint press release<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Consulting firms may be doing amazing business in our part of the world<\/strong>, but it\u2019s not like that in the US of A, prompting the Wall Street Journal to ask on its front page <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/lifestyle\/careers\/consultants-are-paid-to-fix-businesses-why-cant-they-fix-their-own-1ed9bb04\" style=\"\" rel=\"noopener\">why, if<\/a><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/lifestyle\/careers\/consultants-are-paid-to-fix-businesses-why-cant-they-fix-their-own-1ed9bb04\" style=\"\" rel=\"noopener\">consultants are paid to fix businesses, can\u2019t they fix their own?<\/a> <\/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\/eu\/\">EU<\/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=\"617107 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=\"617107\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/617107\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617107\" class=\"content-area-description single-story post-617107 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><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>\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=\"617108\" 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=\"617108\">\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\/17\/new-forecasts-from-standard-chartered-goldman-sachs-and-fitch\/\">\r\n                            Standard Chartered, Goldman Sachs, and Fitch chime in on Egypt\u2019s economic 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\/17\/new-forecasts-from-standard-chartered-goldman-sachs-and-fitch\/\" 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\" 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wp-post-image\" alt=\"\" data-attachment-id=\"617109\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/new-forecasts-from-standard-chartered-goldman-sachs-and-fitch\/1407-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1407.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1407.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1407.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1407.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617108\" class=\"content-area-description single-story post-617108 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-fitch-ratings tag-goldman-sachs tag-standard-chartered 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\/.0cf8d5a7-46e3-4d3f-a240-66e10707774a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>What does the Egyptian economy look like post float? <\/strong>Goldman Sachs, Standard Chartered, and Fitch all weighed in over the weekend on the future of the economy, updating their forecasts and predictions of where they see the EGP \/ USD exchange rate settling, FX inflows, and FX liquidity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>The fresh forecasts came one week after the central bank moved forward with highly-anticipated reforms \u2014 floating the EGP and hiking rates by 600 bps \u2014 in efforts to boost FX liquidity in the banking system, clamp down on black market trade, and reignite investor confidence in the economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Significant FX inflows around the corner:<\/strong> Egypt has delivered a \u201clong-awaited inflection point\u201d that is expected to attract portfolio inflows of over USD 50 bn, Standard Chartered MENA economist Carla Slim said in an interview with Bloomberg TV (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2024-03-14\/standard-chartered-s-slim-on-egypt-gcc-economies-video\" style=\"\" rel=\"noopener\">watch, runtime: 4:13<\/a>). The British multinational lender expects forthcoming Saudi investments of around USD 5 bn to flow into the country as the Ras El Hekma agreement becomes a \u201ctemplate\u201d for further investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflows to peak this year? <\/strong>Goldman Sachs expects foreign direct investment to more than triple y-o-y to USD 33.5 bn in 2024, before falling back to USD 12.9 bn next year, economist Farouk Soussa wrote in a note seen by Enterprise. He also sees portfolio inflows growing over 16x from 2023 to USD 15 bn this year, before settling at USD 2 bn in 2025 and 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Exchange rate realignment:<\/strong> Standard Chartered now sees the EGP ending the year at 45 against the greenback on the back of the sizable USD inflows, Slim said. \u201cSo far what we've seen is an overshooting of the FX to about 50 levels. We've already started to see the currency retrace a little bit,\u201d which suggests that \u201cthere are more volumes [of FX] in the markets,\u201d she added. Fitch Ratings, on the other hand, expects \u201ca broadly stable USD-EGP exchange rate for the rest of 2024,\u201d it <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/banks\/egypt-reforms-to-boost-banks-foreign-currency-liquidity-pressure-capital-ratios-14-03-2024\" style=\"\" rel=\"noopener\">said<\/a> on Thursday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- External funding surplus:<\/strong> Goldman Sachs is penciling in a cumulative funding surplus of USD 26.5 bn through to 2027 \u2014 compared to previous projections of a funding deficit of USD 13 bn \u2014 as external financing arrives to the state coffers. The funding surplus is expected to reach USD 15.7 bn in 2024 before a deficit of USD 209 mn is incurred next year, followed by a USD 3.5 bn surplus in 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- FX reserves to rise: <\/strong>Goldman Sachs sees gross FX reserves rising to c. USD 61 bn by the end of 2027, and is projecting an even greater jump in net reserves as deposits from GCC countries at the central bank are converted into equity for new projects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- FX liquidity in banking sector to pick up: <\/strong>The banking sector\u2019s foreign currency liquidity is expected to \u201cimprove significantly\u201d following the float and as the country unlocks fresh financing from the UAE, IMF, and other lenders over the next few months, according to Fitch. As a result, the sector\u2019s net foreign liabilities will \u201cnarrow significantly\u201d in 2024 from USD 17.6 bn in January, the agency said, stopping short of providing a future estimate.<\/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\/fitch-ratings\/\">Fitch Ratings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/standard-chartered\/\">Standard Chartered<\/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=\"617110\" 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=\"617110\">\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\/17\/fitch-wants-to-see-signs-of-sustained-progress-before-upgrading-egypts-credit-rating\/\">\r\n                            Fitch wants to see signs of sustained progress before upgrading Egypt\u2019s credit rating                        <\/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\/17\/fitch-wants-to-see-signs-of-sustained-progress-before-upgrading-egypts-credit-rating\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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                 <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1358.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617111\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/fitch-wants-to-see-signs-of-sustained-progress-before-upgrading-egypts-credit-rating\/1358-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1358.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1358.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1358.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1358.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617110\" class=\"content-area-description single-story post-617110 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-fitch-ratings tag-moodys 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\/.c10c4b3e-59ee-4794-bb93-93de9a053ca1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fitch doesn\u2019t see a credit rating upgrade in the cards just yet:<\/strong> Egypt\u2019s recent string of positive economic developments \u2014 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>, our expanded <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/033d5dd6-d417-4ad7-8154-b113a19b96a7\" style=\"\" rel=\"noopener\">USD 8 bn IMF program<\/a>, and the central bank\u2019s decision to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\">float the EGP<\/a> that seems so far to be going to plan \u2014 are not enough for Fitch Ratings to upgrade the country\u2019s sovereign credit rating or outlook, the agency\u2019s head of Middle East and Africa sovereigns Toby Iles told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/fitch-says-egypt-must-prove-reforms-are-lasting-before-credit-rating-action-2024-03-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. The developments were \u201calready sort of baked into the rating and its stable outlook,\u201d Iles said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The credit rating agency in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9dd47b4b-5995-4497-94b6-6d9d4bf39af7\" style=\"\" rel=\"noopener\">November<\/a> cut our credit rating to B- from B and revised its outlook to stable from negative.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fitch is concerned about the sustainability of our reforms: <\/strong>\u201cTo think about positive rating action, a reduction in external vulnerabilities was one thing we identified. And I think we certainly have that in the near term. It's the question of whether vulnerabilities re-emerge,\u201d Iles told the newswire.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fitch seems skeptical about the float:<\/strong> Recent EGP gains could quickly be wiped out \u2014 as was the case following the 2016 devaluation \u2014 if the country doesn\u2019t see a durable move towards a flexible exchange rate regime, Iles explained. \u201cSome sign that it's actually floating, that would clearly be positive, because it means they have this way of absorbing shocks which they have not had before,\u201d Iles said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Debt affordability is also a sticking point:<\/strong> The country\u2019s debt trajectory is \"quite severe\u201d with the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/307bbd42-c315-4f17-94af-147c8adad512\/the-economy-is-on-track-to-recover-in-2025,-says-pm\" style=\"\" rel=\"noopener\">debt-to-GDP ratio close to 100%<\/a> and the interest cost to government revenue nearing 50%, he noted, adding that curbing inflation could help lower interest rates and, in turn, the government\u2019s debt costs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the bright side:<\/strong> The central bank\u2019s decision to float the EGP \u201cwill have quite a powerful impact on remittances\u201d and could help offset financial losses triggered by the war on Gaza, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Remittances from Egyptian expats abroad have reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ea59e39-6fc2-4391-a708-7c96349d5908\" style=\"\" rel=\"noopener\">increased 10-fold<\/a> since the float of the EGP earlier this month after <a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=17022024&id=b257be58-013c-48b8-ad7b-21b390d5cbd9\" style=\"\" rel=\"noopener\">dipping 30% y-o-y to USD 22 bn in 2023<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The verdict will be out in a couple of months: <\/strong>Fitch will review the country\u2019s rating in May, which Iles reckons is too early to judge the trajectory of Egypt\u2019s public finances.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moody\u2019s is a lot more optimistic:<\/strong> Fitch\u2019s view stands in contrast to Moody\u2019s, which earlier this month <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b7ded3a-e188-4a20-a95c-54d7ae389ddc\" style=\"\" rel=\"noopener\">upgraded Egypt\u2019s outlook to positive<\/a> from negative on expectations that FX flows from the Ras El Hekma agreement will cover the country\u2019s external financing gap until the fiscal year 2025-2026 and strengthen \u201cmacroeconomic rebalancing.\u201d Moody\u2019s also upgraded the long-term deposit ratings <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d94a2ed8-e2c6-4408-a754-eca1c4085d48\" style=\"\" rel=\"noopener\">outlook of five local banks to positive<\/a> from negative a few days later.<\/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\/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\/fitch-ratings\/\">Fitch Ratings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moodys\/\">Moody\u2019s<\/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=\"617112\" 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=\"617112\">\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\">FX WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/foreign-investors-are-loving-egypt-post-float\/\">\r\n                            Foreign investors have poured USD 3 bn into Egypt following the float of the EGP                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1389.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617113\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/foreign-investors-are-loving-egypt-post-float\/1389-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1389.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1389.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1389.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1389.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617112\" class=\"content-area-description single-story post-617112 post type-post status-publish format-standard has-post-thumbnail hentry category-fx-watch tag-central-bank-of-egypt tag-enterpriseam tag-euroclear tag-foreign-exchange 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\/.e07b3410-fd4c-48c7-aff4-33349a24da6f.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Everyone wants a piece of Egypt: <\/strong>Foreign investors have poured over USD 3 bn into Egypt since the central bank floated the EGP and announced a jumbo 600 bps rate hike over a week ago, a government source told Enterprise. The number is expected to jump to USD 30 bn before the end of the year, they added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another successful EGP t-bill auction: <\/strong>The CBE raised EGP 217.9 bn-worth of one-year t-bills and EGP 46.8 bn-worth of six-month t-bills on Thursday, according to data on the bank\u2019s website. The bank\u2019s one-year bills received offers over 13x its original ask and its six-month bills 4x its ask.The average yield for the one-year bills dropped down to 30.14% from 32.30% the week before, while the six-month bills\u2019 average yield dropped to 29.91% from 31.84% the week before.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why the love for EGP t-bills? <\/strong>Investors have been loving Egypt\u2019s short-term debt instruments post-float and their confidence was affirmed after JPMorgan and Citigroup recommended buying one-year EGP t-bills. And the CBE has been taking full advantage of that, auctioning off EGP bns worth of t-bills since the float. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bonds have been having a tougher time: <\/strong>Last week, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc1bed62-dd96-48d3-b3a5-caa1a658d9e6\/gov%25e2%2580%2599t-declined-all-bids-in-latest-bond-auction\" style=\"\" rel=\"noopener\">the government declined<\/a> all bids in an auction of local currency t-bonds, reluctant to meet the high interest rates demanded by investors. Higher pricing on longer-term instruments generally reflects investors\u2019 views of risk on that time horizon \u2014 but can also simply be a case of investors waiting to lock in better returns by seeing whether they can bid up the yield.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bills or bonds?<\/strong>The government is currently looking into what kind of local debt investors prefer to help it decide on what local debt instruments to lean more towards moving forward. The government will work to extend the average maturity of medium-term debt to 4-5 years, instead of three, the source added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Euroclear talks back on the table: <\/strong>Talks between the Madbouly government and European clearinghouse Euroclear have resumed after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eebc811-7a6e-4798-ad07-f7d9fc6192ea\/sovereign-fund-of-egypt-to-finalize-hotels-sale-this-year--soliman\" style=\"\" rel=\"noopener\">breaking down in November<\/a> due to disagreements about the taxation of Egyptian debt, our source said. We have for years been in talks to make our debt \u201ceuroclearable,\u201d a step that would make local-currency bonds more accessible to foreign investors and boost capital inflows. <\/p>\n<p class=\"tag-border-left\">OTHER SIGNS THE FLOAT IS DOING ITS JOB- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More foreign currency inflows at the state\u2019s FX bureaus: <\/strong>Customers have sold over EGP 2.3 bn worth of foreign currency at the National Bank of Egypt\u2019s foreign currency exchange bureau Al Ahly Exchange, Banque Misr\u2019s Misr Exchange, and Banque du Caire\u2019s Cairo Exchange, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/03\/16\/1775528\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reported yesterday. Most of the transactions at the bureaus were USD sales, with SAR and EUR accounting for a smaller portion of the transactions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Demand for the USD is on the decline <\/strong>thanks to a better supply of the hard currency in banks and a faster release of goods stuck at ports, CBE governor Hassan Abdalla <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LPRVhgocqEzYVkfGucdwQCFzJYTxv9qPQG8r9rWoq1hfbPStXfLcrFU1QJbxs8ZVl\" style=\"\" rel=\"noopener\">said<\/a> during a meeting that covered the \u201cpositive indicators\u201d of the size of FX inflows.<\/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\/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\/euroclear\/\">Euroclear<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617114 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=\"617114\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/617114\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617114\" class=\"content-area-description single-story post-617114 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:\/\/ak-ships.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1349.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=\"617115\" 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=\"617115\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/chevron-to-drill-first-nargis-2-gas-well-by-end-of-2024\/\">\r\n                            Chevron to drill first gas well in Egypt\u2019s Nargis 2 concession by end of 2024                        <\/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\/17\/chevron-to-drill-first-nargis-2-gas-well-by-end-of-2024\/\" 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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Chevron will reportedly invest USD 3 bn over two years starting in 1H 2024 to develop the gas field, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c54cb0e-a38c-4252-89ff-6511440baa27\" style=\"\" rel=\"noopener\">unconfirmed media reports<\/a> in September. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ownership breakdown: <\/strong>Chevron and Italy\u2019s Eni each own a 45% stake in the concession, while state-owned Tharwa Petroleum holds the remaining 10%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Production of gas from Nargis 1 is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e5e8e38-c790-4c52-8397-24915e148e0b\/chevron-to-start-nargis-gas-production-in-2025.-plus:-redcon-%2B-compass,-paysky-has-big-plans,-new-administrative-capital-construction\" style=\"\" rel=\"noopener\">slated for 1H 2025<\/a> with expected production to reach 600 mn cubic feet (cf) per day during the first phase of production, before ramping up to 1 bn cf per day within two years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Upping production is a pressing concern for the government: <\/strong>Natural gas production <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0d8c3d2-6639-4dae-b08d-7d2ab5afab41\/a-round-up-of-the-egypt-energy-show-so-far\" style=\"\" rel=\"noopener\">has<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0d8c3d2-6639-4dae-b08d-7d2ab5afab41\/a-round-up-of-the-egypt-energy-show-so-far\" style=\"\" rel=\"noopener\">fallen<\/a> to 5.5 bn bcf per day on the back of the natural decline of gas fields, Oil Minister Tarek El Molla said at the Egypt Energy Show last month. Natural gas production had stood at an average of 6.2 bcf\/d in the previous year \u2014 and 6.7 bcf\/d the fiscal year before that. The Oil Ministry wants to attract around USD 7.5 bn in foreign direct investments from foreign partners in the Egyptian oil sector during the next fiscal year, compared to the USD 6 bn in investments expected in the current fiscal year to drill new wells and expand production, El Molla said.<\/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\/chevron\/\">Chevron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-el-molla\/\">Tarek El Molla<\/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=\"617117\" 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=\"617117\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/mohamed-ismail-khaled-tapped-as-head-of-the-supreme-council-of-antiquities\/\">\r\n                            Mohamed Ismail Khaled tapped as head of Egypt\u2019s Supreme Council of Antiquities                        <\/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\/17\/mohamed-ismail-khaled-tapped-as-head-of-the-supreme-council-of-antiquities\/\" 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\/17\/mohamed-ismail-khaled-tapped-as-head-of-the-supreme-council-of-antiquities\/')\">\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\/17\/mohamed-ismail-khaled-tapped-as-head-of-the-supreme-council-of-antiquities\/\">\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=Mohamed Ismail Khaled tapped as head of the Supreme Council of Antiquities&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/mohamed-ismail-khaled-tapped-as-head-of-the-supreme-council-of-antiquities\/\">\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\/17\/mohamed-ismail-khaled-tapped-as-head-of-the-supreme-council-of-antiquities\/&title=Mohamed Ismail Khaled tapped as head of the Supreme Council of Antiquities\">\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=Mohamed+Ismail+Khaled+tapped+as+head+of+the+Supreme+Council+of+Antiquities+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F17%2Fmohamed-ismail-khaled-tapped-as-head-of-the-supreme-council-of-antiquities%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\/17\/mohamed-ismail-khaled-tapped-as-head-of-the-supreme-council-of-antiquities\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1381.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617118\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/mohamed-ismail-khaled-tapped-as-head-of-the-supreme-council-of-antiquities\/1381-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1381.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1381.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1381.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1381.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617117\" class=\"content-area-description single-story post-617117 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam tag-mohamed-ismail-khaled tag-moves tag-tourism-and-antiquities-ministry 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\/.83bfe254-77e5-40e1-97df-f78bd2a6e6b1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Supreme Council of Antiquities has a new head: <\/strong>Mohamed Ismail Khaled has been appointed as secretary-general of the Supreme Council of Antiquities, according to a statement from the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/pfbid031PpSQvzdWD5a6neMSeBXpqeK7Lfht3UuQRCWuueiBm1htxENx7GHGS7NC67b1SG2l\" style=\"\" rel=\"noopener\">Tourism Ministry<\/a>. Khaled, who has already served in leadership roles in the council and has taught at universities across the world including Yale University and the University of W\u00fcrzburg, will take over the role from Mostafa Waziri who had held the position since 2017.<\/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\/mohamed-ismail-khaled\/\">Mohamed Ismail Khaled<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism-and-antiquities-ministry\/\">Tourism and Antiquities Ministry<\/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=\"617119 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=\"617119\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/617119\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617119\" class=\"content-area-description single-story post-617119 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=\"617120\" 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=\"617120\">\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\/17\/what-does-the-uae-stand-to-gain-from-its-investment-in-ras-el-hekma\/\">\r\n                            What does the UAE stand to gain from its investment in Egypt\u2019s Ras El Hekma?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/what-does-the-uae-stand-to-gain-from-its-investment-in-ras-el-hekma\/\" target=\"_blank\">\n                    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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1403.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617121\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/what-does-the-uae-stand-to-gain-from-its-investment-in-ras-el-hekma\/1403-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1403.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1403.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1403.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1403.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617120\" class=\"content-area-description single-story post-617120 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-egypt-uae-relations tag-enterpriseam tag-ras-el-hekma 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\/.5f3b4248-66f9-45a8-8263-f7cda96b70ca.mp3\"><\/audio><\/figure>\n<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\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">Ras El Hekma<\/a><\/strong><strong> is once again leading the conversation on Egypt in the international <\/strong><strong>pages: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2024-03-16\/oil-rich-abu-dhabi-s-35-billion-gamble-on-egypt?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> is out with a piece and a 48-minute <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/audio\/2024-03-16\/odd-lots-why-uae-is-pumping-35-billion-into-egypt-podcast\" style=\"\" rel=\"noopener\">podcast<\/a> exploring the strategic aims of the UAE that lie behind its decision to invest USD 35 bn in Egypt\u2019s North Coast.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fast fact that we here at Enterprise hadn\u2019t twigged to:<\/strong> The UAE is deploying a sum equal to 7% of its GDP, write Mirette Magdy, Ziad Daoud, and Michael Gunn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- A major fire broke out at Al Ahram Studio in Giza <\/strong>in the early hours of Saturday, destroying the 80-year-old production site and causing damage to the facades of seven neighboring buildings, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02V92jWTuvTh6Pyf5691kPuEQQvm4XrT13tZEGU3zK3QtvhdyEDBzeih3GNciskv7Al\" style=\"\" rel=\"noopener\">statement<\/a>. At <a target=\"_blank\" href=\"https:\/\/www.youm7.com\/6512698\" style=\"\" rel=\"noopener\">least 14 people<\/a> were injured.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story received ink from: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/world-middle-east-68586063\" style=\"\" rel=\"noopener\">BBC<\/a> and <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20240316-inferno-destroys-prestigious-arab-film-studio-in-cairo\" style=\"\" rel=\"noopener\">AFP<\/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\/egypt-uae-relations\/\">Egypt-UAE relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-lwnf7hs\" data-v=\"4\" data-block-id=\"lwnf7hs\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-lwnf7hs-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-lwnf7hs-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" 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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=\"617123\">\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\/17\/al-ahly-sabbour-wants-in-on-ras-el-hekam-plus-infrastructure-telecoms-diplo-manufacturing-news\/\">\r\n                            Al Ahly Sabbour wants in on Ras El Hekam                        <\/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 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PLUS: Infrastructure, telecoms, diplo, manufacturing news&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/al-ahly-sabbour-wants-in-on-ras-el-hekam-plus-infrastructure-telecoms-diplo-manufacturing-news\/\">\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\/17\/al-ahly-sabbour-wants-in-on-ras-el-hekam-plus-infrastructure-telecoms-diplo-manufacturing-news\/&title=Al Ahly Sabbour wants in on Ras El Hekam. PLUS: Infrastructure, telecoms, diplo, manufacturing news\">\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=Al+Ahly+Sabbour+wants+in+on+Ras+El+Hekam.+PLUS%3A+Infrastructure%2C+telecoms%2C+diplo%2C+manufacturing+news+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F17%2Fal-ahly-sabbour-wants-in-on-ras-el-hekam-plus-infrastructure-telecoms-diplo-manufacturing-news%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\/17\/al-ahly-sabbour-wants-in-on-ras-el-hekam-plus-infrastructure-telecoms-diplo-manufacturing-news\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1392.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617124\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/al-ahly-sabbour-wants-in-on-ras-el-hekam-plus-infrastructure-telecoms-diplo-manufacturing-news\/1392-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1392.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1392.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1392.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1392.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617123\" class=\"content-area-description single-story post-617123 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-agthia tag-al-ahly-sabbour tag-also-on-our-radar tag-enterpriseam tag-infrastructure tag-nilesat tag-ras-el-hekma tag-real-estate tag-sameh-shoukry 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\/.be929575-50b2-4957-bbe9-f78faf3582dc.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">REAL ESTATE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Al Ahly Sabbour wants a piece of Ras El Hekma:<\/strong> Egyptian real estate developer <a target=\"_blank\" href=\"https:\/\/alahlysabbour.com\/en\" style=\"\" rel=\"noopener\">Al<\/a><a target=\"_blank\" href=\"https:\/\/alahlysabbour.com\/en\" style=\"\" rel=\"noopener\">Ahly Sabbour<\/a> plans to purchase 1k feddans in the Ras El Hekma project for an urban and tourism project, chairman Ahmed Sabbour told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5et9yaf4\" style=\"\" rel=\"noopener\">Al Arabiya Business<\/a>. <\/p>\n<p class=\"tag-border-left\">INFRASTRUCTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kharafi to boost the capacity of Roubiki Leather City\u2019s sewage plant: <\/strong><a target=\"_blank\" href=\"https:\/\/www.kharafinational.com.eg\/\" style=\"\" rel=\"noopener\">Kharafi<\/a><a target=\"_blank\" href=\"https:\/\/www.kharafinational.com.eg\/\" style=\"\" rel=\"noopener\">National<\/a>, a subsidiary of Kuwait's M.A. Kharafi &amp; Sons, has inked an EGP 2.8 bn agreement with the Egyptian government to triple the capacity of the sewage treatment plant in Roubiki Leather City to 24k cubic meters per day, according to a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yc8ja7ww\" style=\"\" rel=\"noopener\">statement<\/a>. The upgrade will take two years to implement.<\/p>\n<p class=\"tag-border-left\">TELECOMS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A better-connected Egypt?<\/strong> Homegrown satellite operator <a target=\"_blank\" href=\"https:\/\/www.nilesat.com.eg\/en\/\" style=\"\" rel=\"noopener\">Nilesat<\/a> has purchased a satellite ground network system \u2014 dubbed JUPITER \u2014 from a US-based broadband satellite services provider <a target=\"_blank\" href=\"https:\/\/www.hughes.com\/\" style=\"\" rel=\"noopener\">Hughes<\/a>, according to a <a target=\"_blank\" href=\"https:\/\/www.hughes.com\/resources\/press-releases\/nilesat-selects-hughes-jupiter-system-deliver-satellite-broadband\" style=\"\" rel=\"noopener\">statement<\/a>. The system aims to provide satellite broadband connectivity in Egypt and mainly aims to provide internet access to rural areas.<\/p>\n<p class=\"tag-border-left\"> DIPLOMACY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Spanish Foreign Minister Jos\u00e9 Manuel Albares was in town<\/strong>, where he held discussions centered around the situation in Gaza and Egyptian-Spanish cooperation with <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0ZWj8fiheLVUzxSrcH4dNSvMBDrsUgW6UhV3WBSP7ep17wZtgXy49K3cXk5SeRMBsl\" style=\"\" rel=\"noopener\">President Abdel Fattah El Sisi<\/a> and Foreign Minister Sameh Shoukry. A ceasefire in Gaza is the \u201cfirst step\u201d to a two-state solution, Albares said during his joint presser (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-b0XHDYpf_M\" style=\"\" rel=\"noopener\">watch, runtime: 31:14<\/a>) with Shoukry. <\/p>\n<p class=\"tag-border-left\"> MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More on Agthia\u2019s plan to make Egypt an export hub: <\/strong>ADQ-owned Emirati F&amp;B company <a target=\"_blank\" href=\"https:\/\/www.agthia.com\/\" style=\"\" rel=\"noopener\">Agthia<\/a> plans to set up an export facility in Egypt to serve markets in the Gulf and North Africa, Mubarak Al Mansoori, head of the company\u2019s snack sector and government relations, told the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MENAArabic\/posts\/pfbid02o4PBfFj3khPUfbskYyuwWMwmXhUudNg3JnrN5yubQsTqyoQZ2Qbpo9kAaXSs6e7el\" style=\"\" rel=\"noopener\">Middle East News Agency<\/a>. No details were given on the project\u2019s value, location or timeline.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This isn\u2019t the first time Agthia mentions its plan:<\/strong> Last year, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd4e09bb-a831-4dcf-b149-0ac5d4932182\" style=\"\" rel=\"noopener\">Agthia unveiled<\/a> its plans to make Egypt an export hub for its products.<\/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\/agthia\/\">Agthia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-sabbour\/\">Al Ahly Sabbour<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nilesat\/\">NileSat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-el-hekma\/\">Ras El Hekma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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=\"617125\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617126\" 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=\"617126\">\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\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/\">\r\n                            Dubai\u2019s first IPO of the year was 165x oversubscribed                        <\/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\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-attachment-id=\"617127\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/1299-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1299.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1299.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1299.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1299.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617126\" class=\"content-area-description single-story post-617126 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-ipo-watch tag-mena-ipos tag-planet-finance tag-uae 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\/.e21d6825-e489-46d0-9d3a-6346ceb3d9d0.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Dubai\u2019s public <\/strong><strong>parking operator <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.parkin.ae\/parkin-ipo\" style=\"\" rel=\"noopener\">Parkin<\/a><\/strong><strong> raised A<\/strong><strong>ED 1.57 bn (c. USD 429 mn) from its IPO<\/strong>, with over AED 259 bn in orders from local, regional, and international investors at the close of the offering period, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/1296.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The order book was 165x oversubscribed, breaking the Dubai Financial Market record for oversubscription, the company said. Dubai Taxi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6eb92472-35fd-4717-8746-76f722a6d03f\/dubai-taxi-ipo-more-than-130x-oversubscribed\" style=\"\" rel=\"noopener\">most recently set that record<\/a> when it went public in December.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Share price set:<\/strong> The company set its final IPO price at the top of its initial price range at AED 2.1 per share. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shares will start trading on the DFM on Thursday, 21 March<\/strong>,under the ticker PARKN.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong><a target=\"_blank\" href=\"https:\/\/www.rta.ae\/\" style=\"\" rel=\"noopener\">Dubai\u2019s Road and Transport Authority<\/a> launched Parkin in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/cb7f10c6-5980-4bce-967e-c5e41390f92c\" style=\"\" rel=\"noopener\">January<\/a>, just a few months after saying it would go public with its taxi and parking assets. The company takes care of the design and management of public and private parking spaces in the emirate and issuing parking permits.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> Rothschild &amp; Co\u2019s Middle East division is the independent financial advisor, while our friend at HSBC are joint global coordinators alongside Emirates NBD, Goldman Sachs, and Abu Dhabi Commercial Bank. Our friends at EFG Hermes UAE FAB are joint bookrunners. <\/p><p><a target=\"_blank\" id=\"t.2a2bc7b1c759802a02898f29c847ebebd1e78cec\" 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\">31,316<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +25.8%)<\/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>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 47.77<\/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 47.90<\/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 47.75<\/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 47.85<\/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-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>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\">12,729<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,221<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: -3.7%)<\/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>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\">4,262<\/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: +5.0%)<\/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>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\">5,117<\/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: +7.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,727<\/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: -0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,986<\/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: +10.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 85.34<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 1.66<\/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\">-4.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,156<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 66,109<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-3.3% (YTD: +57.0%)<\/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 1.0% at Thursday\u2019s close<\/strong> on turnover of EGP 4.5 bn (6.7% below the 90-day average). Local investors were net buyers. The index is up 25.8% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>GB Corp (+10.0%), Edita (+5.0%), and Delta Sugar (+3.8%).<\/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 (-7.7%), E-Finance (-3.2%), and Juhayna (-2.1%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/617128\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617128\" class=\"content-area-description single-story post-617128 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>20 March (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a48ac77-0c93-4364-bc1f-c6abf5bea2ed\" style=\"\">End of sugar export ban<\/a><\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 March (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28 March (Thursday): Industrial Development Authority to close <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/IDA.Egypt\/posts\/pfbid02J4KNxR2XLbhHERHZFPbrXTsL3mxqagWTK26w7XdwT6UDnSN6iuNQZXq4rdvgZDp4l\" style=\"\">applications<\/a><\/span><span style=\"font-weight:400;\"> for 1 mn sqm of land in 10 different governorates. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 March (Friday): Egypt removed from JPMorgan Chase\u2019s Emerging Local Markets Index Plus.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 April (Monday): Deadline to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec344c3-9e08-4b6a-9656-143e62bbf536\" style=\"\">bid for 23 blocks<\/a><\/span><span> in an international oil and gas tender.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2 April (Tuesday): 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 style=\"font-weight:400;\">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    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