{"id":617251,"date":"2024-03-19T00:00:00","date_gmt":"2024-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=617251"},"modified":"2025-12-17T04:38:23","modified_gmt":"2025-12-17T04:38:23","slug":"good-things-come-in-threes-egypt-secures-usd-6-bn-from-the-world-bank","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/good-things-come-in-threes-egypt-secures-usd-6-bn-from-the-world-bank\/","title":{"rendered":"Good things come in threes: Egypt secures USD 6 bn from the World Bank"},"content":{"rendered":"<section id=\"617253\" 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=\"617253\">\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\/19\/after-securing-world-bank-package-were-now-looking-at-usd-57-bn-in-inflows\/\">\r\n                            Egypt secures USD 6 bn from World Bank                        <\/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\/19\/after-securing-world-bank-package-were-now-looking-at-usd-57-bn-in-inflows\/\" 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single-story post-617253 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-eu tag-world-bank 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\/.fc674129-9fd9-4c76-958c-af84b2f44ad4.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>It\u2019s another morning dominated by news of a big package from an international partner \u2014 this time, we secured a USD 6 bn financing package from the World Bank. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That means we\u2019ve now lined up a total of USD 57<font face=\"Arial\">\u00a0bn<\/font> of finance. <\/strong>Some of that funding has already arrived (thank you, ADQ), some of it is a few weeks or months out, and much of it will trickle in over a period of years as we meet reform milestones or as investments reach financial close. The breakdown:<\/p><ul>\n<li>A <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/033d5dd6-d417-4ad7-8154-b113a19b96a7\" style=\"\" rel=\"noopener\">USD 8 bn program<\/a> from the International Monetary Fund (we\u2019re still not on the executive board\u2019s public schedule)<\/li>\n<li>A <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\" style=\"\" rel=\"noopener\">EUR 7.4 bn (c. USD 8.05 bn) package<\/a> of loans, grants and investments from the European Union<\/li>\n<li>ADQ\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">USD 35 bn agreement<\/a> for the development of Ras El Hekma (USD 24 bn for the development rights, plus USD 11 bn in a deposit at the CBE that it will convert and invest in real estate and other sectors)<\/li>\n<li>And now USD 6 bn from the World Bank, which we break down in this morning\u2019s news well, below.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>SPEAKING OF OUR EU PACKAGE- <\/strong>The bloc will disburse some EUR 1 bn worth of concessional loans in the short term, Egypt\u2019s ambassador to the EU Badr Abdelatty told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=aY3oza_jiNM\" style=\"\" rel=\"noopener\">watch, runtime: 12:15<\/a>). The remaining EUR 4 bn will be extended in tranches starting the end of this year, he added. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>As part of its package, the EU is extending EUR 5 bn worth of concessional loans to Egypt. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Favorable terms: <\/strong>The soft loans will come with interest rates of no more than 3% and will be paid over no less than 20 years, Abdelatty said, adding that Egypt isn\u2019t required to meet any conditions to unlock the facility, he said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We know where the EUR 1.8 bn of \u201cadditional\u201d investments earmarked by the EU will go<\/strong><strong>: <\/strong>The EUR 1.8 bn will be used as investment guarantees for European investors in local projects to stimulate investment in a few priority sectors, he said, naming renewable energy, industry, agriculture, logistics, and the digital transition, he said.<\/p><p class=\"tag-border-left\">FX WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign currency inflows at the state\u2019s FX bureaus continue to grow:<\/strong> Customers have sold over EGP 3 bn worth of foreign currency at the National Bank of Egypt\u2019s foreign currency exchange bureau Al Ahly Exchange and Banque Misr\u2019s Misr Exchange, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/03\/18\/1775887\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reported yesterday. Transactions at the bureaus were mostly USD sales, with SAR and EUR accounting for a smaller portion of the transactions.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The EGP continued to appreciate against the USD amid signs that folks are de-dollarizing.<\/strong> The greenback was changing hands in banks yesterday at EGP 47.10 to EGP 47.39 in banks.<\/p><p class=\"tag-border-left\">DEBT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Barclays has recommended Egypt\u2019s USD bonds <\/strong>in anticipation of a potential rating upgrade on the back of \u201crecent developments and reform momentum,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-17\/nigeria-egypt-kenya-among-frontier-markets-attracting-inflows\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. \u201cMarkets are taking note and are rewarding positive idiosyncratic developments with outperformance,\u201d Barclays strategists said in a note cited by the outlet.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Deutsche Bank has taken an interest in our EGP debt: <\/strong>\u201cDespite the slightly rich valuation in our static fair value model, longer t-bills and short-end bonds offer attractive yield levels from a structural perspective and most importantly an attractive pickup over NDFs,\u201d Deutsche Bank strategists wrote.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investors have been loving Egyptian debt post float: <\/strong>Foreign investors have poured over <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13d4aac6-3f97-4af8-a38d-2788c92c17da\/foreign-investors-are-loving-egypt-post-float\" style=\"\" rel=\"noopener\">USD 3 bn into Egypt<\/a> since the central bank floated the EGP and announced a jumbo 600 bps rate hike two weeks ago. The number is expected to jump to USD 30 bn before the end of the year. EGP t-bills have been getting all the love, while local currency t-bonds were met with less demand.<\/p><p class=\"tag-border-left\">EGX WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>The EGX30 was down 6.3% at yesterday\u2019s close<\/strong> amid a sell-off from local institutional investors, according to market data. Abu Qir Fertilizers was the only EGX30 constituent to close in the green yesterday. The index is up 16.9% year-to-date.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chalk it up to profit-taking as investors digest the fact that the EGP is appreciating <\/strong>against the greenback. While equities are still very well-priced in USD terms, many of those who have piled into the EGX before the Ras El Hekma and IMF announcements did so while imagining a world in which the EGP was going to be changing hands for the greenback at EGP 60 and above.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s been a <\/strong><strong>pretty wild ride for the EGX30 after the float: <\/strong>The country\u2019s benchmark index <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3135c499-31a4-4ef0-b26f-5009f0430da5\/this-evening:-cbe-floats-the-egp,-goes-for%253cmark%253e-600-%253c%2Fmark%253ebps-rate-hike\" style=\"\" rel=\"noopener\">fell<\/a> 3.0% on the day the central bank floated the EGP as investors who had bought into equities as a hedge against a weakening EGP decided to take their earnings, Egyptian Capital Market Association chairman Mohamed Maher told Enterprise. Immediately after, the index <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78d0adb6-c2a3-4294-80ba-dc6935195928\/another-rate-hike-incoming%3F\" style=\"\" rel=\"noopener\">shot up<\/a> 12.2% over the next three days and has now dropped almost 11% over the last five days of trading.<\/p><p class=\"tag-border-left\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA #1- Another chance for Egyptians living abroad to settle their outstanding military <\/strong><strong>service: <\/strong>For two months starting 1 May, the Immigration Ministry will reopen the door for Egyptians living abroad to settle unfulfilled military service obligations, according to a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02NMSQBkmU8y4bFFiK7ERAhojSHoYitsvN2s1CTFLqNvaWYgjNAHMjR1o9igTZoTcql\" style=\"\" rel=\"noopener\">readout<\/a>. It\u2019s unclear if the settlement cost has changed from the first iteration of the initiative, but <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/951d1b5b-f0ae-4e05-94c8-2887e80e4689\/privatization-proceeds-in-the-state-coffers-by-september%3F\" style=\"\" rel=\"noopener\">last time round<\/a> it cost USD 5k \/ EUR 5k. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA #2- <\/strong><strong>So, when do we eat?\u00a0<\/strong>Maghrib prayers are at 6:06 pm in the capital city, and you\u2019ll have until 4:32 am tomorrow to hydrate and caffeinate ahead of fajr.<\/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\">CYBERSECURITY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>LockBit releases <\/strong><strong>what it claims is<\/strong><strong> El Ezaby data: <\/strong>Ransomware gang <a target=\"_blank\" href=\"https:\/\/twitter.com\/H4ckManac\/status\/1769698434519331262\" style=\"\" rel=\"noopener\">LockBit has<\/a><a target=\"_blank\" href=\"https:\/\/twitter.com\/H4ckManac\/status\/1769698434519331262\" style=\"\" rel=\"noopener\">released<\/a> what it claims is 64 GB of data stolen from pharma chain El Ezaby Pharmacy after El Ezaby failed to meet ransom demands before the deadline. The data allegedly includes customers\u2019 data, financial data, passwords, and email archives.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound familiar?<\/strong> Last year saw reports alleging that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64121833-7675-4fb0-b223-e5da836c416e\" style=\"\" rel=\"noopener\">two Egyptian blue chip companies<\/a> were hacked by LockBit, compromising personal and financial data. The hacks suggest that LockBit has turned its sights on Egypt and other emerging markets \u2014 likely banking on companies here taking a less-sophisticated approach to cybersecurity.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What can companies do to protect themselves? <\/strong>We had a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f941cc9-1de6-42b8-8426-98e960f6e953\/in-the-wake-of-several-large-scale-cyber-attacks,-what'\" style=\"\" rel=\"noopener\">Hardhat<\/a> vertical all about what\u2019s stopping Egypt\u2019s business sector from adopting cybersecurity policies.<\/p><p class=\"tag-border-left\">WATCH THIS SPACE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a><strong>Sugar export ban extended (again): <\/strong>The Trade Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0gZHNcNSj3aYpX1LQ7oBHkpCMwRXuvDgjRqp8F92CBwVKihw1tdAz9dizdXYiVY6ul\" style=\"\" rel=\"noopener\">has extended<\/a> for three months its ban on the export of sugar. The ban, which runs through June 2024, exempts surplus quantities beyond local market needs and this marks its second extension since <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a48ac77-0c93-4364-bc1f-c6abf5bea2ed\/the-future-of-the-madbouly-cabinet-in-question-%2B-election-results-are-out-tomorrow\" style=\"\" rel=\"noopener\">December<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Filling Egypt\u2019s sugar fix:<\/strong> The government is working with the Central Bank of Egypt to secure the FX needed to import 1 mn tons of sugar in order to fill the needs of the domestic market, Prime Minister <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid031NqWGp7xff9GmtXNT8wwCpnjSRhb7ZZXtj9wGA7LSQ87jh2UxMDXvtwy8dgfxEnrl\" style=\"\" rel=\"noopener\">Moustafa Madbouly said<\/a> during a meeting yesterday. <\/p><p class=\"tag-border-left\">HAPPENING NEXT WEEK-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>EDA to discuss price controls on pharm<\/strong><strong>a products:<\/strong> The Egyptian Drug Authority (EDA) will hold a meeting next Tuesday to discuss the pharma pricing scheme following the central bank\u2019s decision to float the EGP, head of the Federation of Egyptian Chambers of Commerce\u2019s meds division Ali Auf told Enterprise. The pharma sector has been suffering on the back of the mandatory pricing scheme the government has set for certain meds and pharma products \u2014 drug prices have not been able to change in reflection of exchange rate fluctuations, Auf explained.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pharma sector wants to hike prices by 38%<\/strong>, which will reflect the USD \/ EGP exchange rate moving from 31 pre float to close to 50 post float, Auf said. <\/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>Egypt urges the US to do more: <\/strong>The US should make clear to Israel what the consequences of a military push on Rafah would be, Foreign Minister Sameh Shoukry said during a presser (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=QJXNCIr7Uqk\" style=\"\" rel=\"noopener\">watch, runtime: 25:16<\/a>) with UNRWA chief Philippe Lazzarini in Cairo. \u201cIt is not enough for rhetoric, it is not enough to state opposition,\u201d Shoukry said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An attack on Rafah seems imminent:<\/strong> In recent days 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 Palestinians \u2014 despite the plans being denounced widely by the international community.<\/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>Benjamin Netanyahu is sending a team to Washington <\/strong>after Joe Biden on Monday said that an assault on Rafah \u201cwould be a mistake.\u201d The Israeli delegation will arrive in DC \u201cwith alternative plans for the next stage of its offensive against Hamas in Gaza.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story leads global front pages this morning<\/strong>, along with a global food monitor\u2019s <strong>stark <\/strong><strong>warning that mass death due to starvation is now imminent in Gaza <\/strong>\u201cwithout an immediate ceasefire and surge of food to areas cut off by fighting. See: <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6741674d-2b3b-43f4-8120-b119bf97d843\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/gaza-suffers-famine-level-shortages-mass-death-imminent-un-backed-monitor-says-2024-03-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Donald Trump can\u2019t get a bond to cover the USD 454 mn civil-fraud judgment <\/strong>against him, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/law\/trump-cant-secure-bond-for-454-million-civil-fraud-judgment-6c6fb7f1?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> reports. \u201c<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also worth knowing about this morning: <\/strong>The FT wonders <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e2f62a3b-7ca5-4115-a993-73ecb3d9ff75\" style=\"\" rel=\"noopener\">whether UBS can \u201cbecome<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e2f62a3b-7ca5-4115-a993-73ecb3d9ff75\" style=\"\" rel=\"noopener\">Europe\u2019s Morgan Stanley\u201d<\/a>, another key exec is <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/stephanie-cohen-is-latest-senior-goldman-executive-to-depart-a50312a2?mod=hp_lead_pos9\" style=\"\" rel=\"noopener\">\u201cjoining an exodus of top female talent\u201d from Goldman Sachs<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-18\/old-embassy-is-latest-flashpoint-in-simmering-north-african-feud?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Tensions are again boiling between Algeria and Morocco<\/a>, which cut off diplomatic relations back in 2021. Bloomberg has a good <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-17\/why-the-fight-over-western-sahara-is-heating-up-again-quicktake?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">backgrounder<\/a> if you want to get up to speed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FINALLY- An internet outage affecting West Africa could take up to five weeks to resolve <\/strong>as crews scramble to repair a damaged undersea cable, <a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/03\/18\/2024\/africas-damaged-undersea-cables-disrupt-internet-for-weeks\" style=\"\" rel=\"noopener\">Semafor<\/a> reports. Among those impacted: Nigeria, Ghana, Senegal and C\u00f4te d\u2019Ivoire, where websites and online banking portals are down.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2021\/03\/INFINITY-Top-banner-EN-1600x675-v2-02.png\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We dive into Egypt\u2019s newly launched solar energy platform and how it can increase the share of renewables in the country\u2019s energy mix.<\/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\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617255 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=\"617255\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/617255\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617255\" class=\"content-area-description single-story post-617255 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\/1583.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700;\">Somabay set to make a splash again with World Aquatics triple event extravaganza:<\/span><\/p>\n<p><span>Somabay is hosting the World Aquatics series for the second year, featuring three events in March, May, and August. The series includes the World Aquatics Open Water Swimming World Cup 2024, World Aquatics Elite Beach Water Polo World Cup 2024, and the World Aquatics Under 18 Beach Water Polo Cup 2024.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617256\" 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=\"617256\">\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\/19\/world-bank-pledges-usd-6-bn-financing-package-for-egypt\/\">\r\n                            World Bank pledges USD 6 bn financing package for Egypt                        <\/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\/19\/world-bank-pledges-usd-6-bn-financing-package-for-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The package is subject to the group's board approval, which is anticipated before the end of June. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s double what we were expecting:<\/strong> Finance Minister Mohamed Maait <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4286f10b-5618-426b-87de-d53d22d9591a\" style=\"\" rel=\"noopener\">had previously said<\/a> that the World Bank will be extending some USD 3 bn in financing to Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown of the funding:<\/strong><\/p>\n<ul>\n<li><strong>USD 3 bn for the gov\u2019t: <\/strong>Half of the funding will go to the government to support its economic and structural reforms, social protection programs, and its green economy transition.<\/li>\n<li><strong>USD 3 bn for the private sector: <\/strong>The other half will be distributed through the group\u2019s private sector arm, the International Finance Corporation (IFC), and will go to the private sector. The funding will be delivered in the form of equity and loans made up partly by investor funds.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Target reached: <\/strong>Finance Minister Mohamed Maait had previously said that Egypt could receive a total of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/298d8f45-7f19-4800-8b35-e7cc6cbad8ba\" style=\"\" rel=\"noopener\">USD 20 bn in foreign support<\/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>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\" style=\"\" rel=\"noopener\">EU EUR 7.4 bn (c. USD 8.05 bn) package<\/a> of loans, grants and investments in addition to the World Bank package puts us at USD 22.1 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All in all, we\u2019ve locked in over USD 57 bn in inflows<\/strong>, taking into account the ADQ\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">USD 35<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">bn agreement<\/a> for the development of Ras El Hekma. \u201cThat\u2019s enough to address the country\u2019s USD shortages for a few years. But addressing the chronic trade deficit, the flexibility of the exchange rate, and the dominant role of the army in the economy would require more than throwing money at these problems,\u201d Bloomberg\u2019s chief emerging markets economist <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-18\/world-bank-to-provide-egypt-with-over-6-billion-in-support\" style=\"\" rel=\"noopener\">Ziad Daoud said<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come: <\/strong>Maait said we\u2019re in line for USD 1-1.2 bn from the IMF\u2019s Resilience and Sustainability Facility, in addition to funding from Japan and the UK. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Funds by summer:<\/strong> The World Bank is expected to disburse the first USD 1 bn by the end of June after the board approved the package, Egypt country director Stephane Guimbert told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/world-bank-group-provide-egypt-with-6-bln-over-three-years-2024-03-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. \u201cSome significant part of that will go to budget support. and then we have a range of programs on climate, on SMEs, etc,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The World Bank\u2019s aims:<\/strong> The group is \u201ccommitted to its long-term strategic partnership with Egypt\u201d and wants the funds to support the private sector\u2019s participation in the state\u2019s privatization program, strengthen the governance of state-owned enterprises, and improve the efficiency and effectiveness of public resource management.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of a wider framework: <\/strong>The financing falls under the World Bank\u2019s 2023-2027 Country Partnership Framework with Egypt, under which the bank\u2019s International Bank for Reconstruction and Development (IBRD) will be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55ed1a19-6f3f-4d9a-a744-9e4c3520dc08\/egypt-secures-usd-7-bn-world-bank-loan-to-support-private-sector,-climate-goals\" style=\"\" rel=\"noopener\">lending us USD 1 bn a year<\/a> through to 2027 to support private-sector job growth, health and education services, and climate measures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The World Bank\u2019s current operational portfolio in Egypt is valued at over USD 8 bn<\/strong> \u2014 of which USD 6 bn was allocated from the IBRD and USD 2 bn from the IFC and the Multilateral Investment Guarantee Agency.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617258\" 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=\"617258\">\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\/19\/sp-upgrades-egypts-credit-outlook-to-positive\/\">\r\n                            S&amp;P upgrades Egypt\u2019s credit outlook to positive                        <\/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                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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1624.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617259\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/sp-upgrades-egypts-credit-outlook-to-positive\/1624-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1624.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1624.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1624.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1624.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617258\" class=\"content-area-description single-story post-617258 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-foreign-exchange tag-sp-global-ratings 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\/.50cdfe4f-2c23-492a-aaa7-f43deae1239c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>S&amp;P Global Ratings <\/strong><strong>has become the second rating agency this <\/strong><strong>month to upgrade Egypt\u2019s outlook<\/strong>, raising its outlook to positive from stable, citing a significant increase in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">foreign direct investment<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\">recent policy measures<\/a> taken by the Central Bank of Egypt that have helped the country access a bigger package from the International Monetary Fund.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>S&amp;P also affirmed its B-\/B rating <\/strong>\u2014 six notches into junk territory \u2014 for Egypt\u2019s long- and short-term foreign and local currency sovereign credit. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> Egypt\u2019s positive outlook \u201creflects our view that the determination of the exchange rate via market forces will help drive GDP growth and over time support the government\u2019s fiscal consolidation plan,\u201d S&amp;P said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the upgrade:<\/strong> S&amp;P points to the \u201csignificant steps\u201d taken by authorities to address the country\u2019s macroeconomic imbalances as well as FX inflows as the main drivers behind its outlook upgrade. Additionally, packages from our partners and the central bank\u2019s decision to float the EGP \u201cshould significantly reduce the dislocation in the foreign currency market, while shoring up confidence and growth.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Long term we\u2019re looking at lower inflation, interest, and debt: <\/strong>The policy measures and funding \u201cshould support Egypt\u2019s ability to adjust to external shocks and eventually reduce inflation, interest rates and government debt service costs,\u201d S&amp;P said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Securing an upgrade: <\/strong>The rating agency would consider raising Egypt\u2019s ratings if the country\u2019s net government or external debt positions improve faster than expected \u201cperhaps via an accelerated pace of deleveraging or FDI supported by the planned sale of state assets.\u201d An upgrade could also be supported \u201cif the wider availability of foreign currency results in the reduction of restrictions on foreign exchange.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t get too excited: <\/strong>Egypt\u2019s outlook could be revised back to stable \u201cif the authorities\u2019 commitment to macroeconomic reform, including exchange rate flexibility, wanes and economic imbalances, such as foreign currency shortages, build again,\u201d S&amp;P said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In case you missed it:<\/strong> Moody\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b7ded3a-e188-4a20-a95c-54d7ae389ddc\/moody%25e2%2580%2599s-upgrades-egypt%25e2%2580%2599s-outlook-to-positive\" style=\"\" rel=\"noopener\">upgraded Egypt\u2019s outlook<\/a> to positive from negative and affirmed the country\u2019s Caa1 rating earlier this month, citing the Ras El Hekma agreement and recent policy measures. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Fitch said it <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21bfbec7-5ecf-48b1-b745-17387affedfc\/fitch-wants-to-see-signs-of-sustained-progress-before-upgrading-egypt%25e2%2580%2599s-credit-rating\" style=\"\" rel=\"noopener\">doesn\u2019t see a credit rating<\/a>&nbsp;<\/strong><strong>upgrade in Egypt\u2019s future just yet<\/strong>, with the agency\u2019s head of Middle East and Africa sovereigns Toby Iles saying that the developments were \u201calready sort of baked into the rating and its stable outlook.\u201d Fitch will review the country\u2019s rating in May, which Iles has said will be 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><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-18\/egypt-credit-outlook-lifted-by-s-p-after-currency-devaluation\" style=\"\" rel=\"noopener\">Bloomberg<\/a>&nbsp;<\/strong><strong>also had the story.<\/strong><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp-global-ratings\/\">S&amp;P Global Ratings<\/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=\"617260 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=\"617260\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/617260\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617260\" class=\"content-area-description single-story post-617260 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617261\" 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=\"617261\">\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\">RETAIL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/what-can-we-expect-from-concrete-fashion-group-post-demerger\/\">\r\n                            Egypt\u2019s Concrete Fashion Group looks to expand exports following the Arafa Holding demerger                        <\/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        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\r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/what-can-we-expect-from-concrete-fashion-group-post-demerger\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1605.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617262\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/what-can-we-expect-from-concrete-fashion-group-post-demerger\/1605-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1605.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1605.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1605.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1605.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617261\" class=\"content-area-description single-story post-617261 post type-post status-publish format-standard has-post-thumbnail hentry category-retail tag-arafa-holding tag-concrete-fashion-group tag-enterpriseam tag-fashion tag-retail 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\/.4235a092-da2a-4bae-a4ce-48a7c769d122.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Introducing Concrete Fashion Group: <\/strong>Our friends at Arafa Holding are <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35004ed2-fef8-48af-8a05-a473c8afef06\/could-the-eu-announce-our-eur-multi-bn-package-today%3F\" style=\"\" rel=\"noopener\">wrapping up a demerger<\/a> that will see them rebrand as Concrete Fashion Group for Commercial and Industrial Investment and spin off subsidiary GTEX Holding. We spoke yesterday with newly-appointed<font face=\"Arial\"> <\/font>deputy CEO Mohamed Talaat (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mohamed-talaat-khalifa-mtk-948a2021\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>, a veteran of Arafa Holding) to talk about what\u2019s next for Concrete.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember- <\/strong>The demerger has been underway since Sunday, when the EGX halted trading on Arafa Holding. Shares of the two companies will start trading on the EGX starting Sunday, 24 March. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:&nbsp;<\/strong>The demerger and birth of Concrete Fashion Group aims to concentrate the group\u2019s efforts on the fashion brand Concrete (a play on the size and rapid growth of the domestic market) and exports (reflecting Egypt\u2019s new cost competitiveness as an international manufacturing hub after the float of the EGP),Talaat told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s all about delivering a clearer equity story and centering the group on proven success stories: <\/strong>\u201cArafa had multiple investments, and the multiple investments had different dynamics,\u201d Talaat said, explaining that bringing them together under the umbrella of Concrete Fashion Group was the way to go. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pandemic had a big role to play in the demerger decision: <\/strong>The changing dynamics of the global supply chain following the Covid-19 pandemic set the stage for the company\u2019s expansion, Talaat said. Egypt is well-positioned to take advantage of changes in the supply chain dynamics, he added, explaining that Europe is now looking at Turkey and Egypt to develop its supply chain.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Concrete\u2019s expansion is already underway: <\/strong>The group set up a branch in Dubai last year, which is poised to become the \u201cspearhead\u201d for expanding Concrete products offshore, Talaat explained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The decisonmakers: Maria Luisa Cicognan<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/maria-luisa-cicognani-23b836b\/?originalSubdomain=uk\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) will chair the group. She\u2019s a European finance veteran with regional experience. Our friend <strong>Hani Berzi<\/strong>, founder and chief executive of Edita, has joined Concrete as an independent board member, and&nbsp;<strong>Hassan El Khatib<\/strong>, the former global head of equities at the European Bank for Reconstruction and Development, as a non-executive board director, according to a&nbsp;<a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/1542.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And to help accelerate the group\u2019s global expansion: <\/strong>The group earlier this year appointed Matteo Zappal\u00e0 (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/matteo-davide-zappala-4967b112\/?originalSubdomain=it\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), who has spent over 20 years working with top Italian fashion groups, as chief operating officer to help accelerate the company\u2019s international expansion, Talaat said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Untapped export potential: <\/strong>\u201cThe export of readymade garments is a major source of foreign currency and job creation, which is something that we really need at the moment and will need for so long,\u201d Talaat said. The local clothing industry is well-positioned for growth as more international brands look to relocate their supply chain, Talaat explained, adding that Concrete \u201chas strong relations with the top fashion houses,\u201d which translates to more brands coming to manufacture in Egypt.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arafa-holding\/\">Arafa Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/concrete-fashion-group\/\">Concrete Fashion Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fashion\/\">fashion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"617263 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=\"617263\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/617263\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617263\" class=\"content-area-description single-story post-617263 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\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=\"617264\" 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=\"617264\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/admaius-inks-strategic-partnership-with-local-pharma-player-plus-news-from-madinet-masr-acdima-social-housing-fund\/\">\r\n                            Admaius inks strategic partnership with Egyptian pharma player.                        <\/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\/19\/admaius-inks-strategic-partnership-with-local-pharma-player-plus-news-from-madinet-masr-acdima-social-housing-fund\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The release doesn\u2019t disclose the stake acquired or its value. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A<\/strong><strong>dvisors: <\/strong>Matouk Bassiouny advised Admaius Capital on the transaction and Zilla Capital was the sole financial advisor to Parkville. Adsero Ragy Soliman &amp; Partners acted as Parkville\u2019s legal advisor. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Progress on the stake sale of ACDIMA\u2019s pharma ingredients production arm?<font face=\"Arial\">&nbsp;<\/font><\/strong>Shareholders in the newly established ACDIMA subsidiary for the production of active pharma ingredients will meet to discuss recent offers for a stake in the company, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/27yvscsd\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports. The subsidy will be responsible for ACDIMA\u2019s new USD 165 mn factory, which will produce 28 active ingredients and is expected to start operations in 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s interested?<\/strong> Arab sovereign funds have reportedly been in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42445ae6-42cd-4791-b0df-764ee53bf97e\/arab-sovereign-funds-in-talks-to-acquire-20%2525-of-acdima%25e2%2580%2599s-pharma-ingredients-production-arm\" style=\"\" rel=\"noopener\">talks<\/a> with ACDIMA to acquire a 20% share in the subsidiary.<\/p>\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>Madinet Masr unveils property warranty solution:<\/strong> Real estate playerMadinet Masr has launched a property warranty solution \u2014 dubbed Theqa \u2014 that offers homeowners across its projects maintenance solutions for up to 20 years upon receiving their units, it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/1611.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. Under Theqa, customers will pay an unchanged sum for their property warranty certificate, which replaces maintenance deposit. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>North Coast, Saudi expansion ahead? <\/strong>The company is also looking to enter the Saudi market and is currently looking at land plots that it could potentially acquire, CEO Abdallah Salam said according to <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/26ptsx4s\" style=\"\" rel=\"noopener\">Mubasher<\/a>. The firm is also working to acquire a 400-feddan plot of land in the North Coast.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Social Housing Fund eyes EGP 50 bn loan:<\/strong> The Housing Ministry\u2019s Social Housing and Mortgage Finance Fund is seeking a EGP 50 bn syndicated loan from four local banks to build affordable housing units for low- and middle-income home buyers, unnamed government sources told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/n36axpjm\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know:<\/strong> The National Bank of Egypt, Banque du Caire, the Housing and Development Bank, and Banque Misr are providing the loan, with the Finance Ministry providing guarantee, according to the sources. The fund is expected to receive the first tranche of the loan by 2Q 2024.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/acdima\/\">ACDIMA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/admaius-capital-partners\/\">Admaius Capital Partners<\/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\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/housing-and-development-bank\/\">Housing and Development Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr\/\">Madinet Masr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span 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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/ksas-public-investment-fund-is-reportedly-in-talks-to-acquire-saudia\/\">\r\n                            KSA\u2019s Public Investment Fund is reportedly in talks to acquire Saudia                        <\/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\/19\/ksas-public-investment-fund-is-reportedly-in-talks-to-acquire-saudia\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> 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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617268\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/ksas-public-investment-fund-is-reportedly-in-talks-to-acquire-saudia\/1552-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1552.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1552.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1552.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1552.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617267\" class=\"content-area-description single-story post-617267 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-aviation tag-enterpriseam tag-planet-finance tag-public-investment-fund tag-saudi-arabia 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\/.6e86a3a7-e0b7-4749-bae6-8b4ac3f78bde.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>PIF eyes <\/strong><strong>Saudia<\/strong><strong> acquisition<\/strong><strong>:<\/strong> Saudi Arabia\u2019s sovereign wealth fund Public Investment Fund (PIF) is reportedly in early talks to acquire the kingdom\u2019s national carrier <a target=\"_blank\" href=\"https:\/\/www.saudia.com\/pages\/travel-with-saudia\/book-with-us\/offers-and-featured-destinations\/offers-and-campaigns\/foundation-day-2024-gcc?sc_lang=en&amp;gad_source=1&amp;gclid=Cj0KCQjwqdqvBhCPARIsANrmZhN4bCYa9NROqymoyfsTz4md3oHqTHQlmc4thCFLLa-uEuMt4bCS7QIaApzoEALw_wcB\" style=\"\" rel=\"noopener\">Saudia<\/a> as soon as next year to add it to its aviation assets portfolio, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-17\/saudi-wealth-fund-said-to-be-in-talks-to-buy-national-airline\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing sources it says have knowledge of the matter. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know: <\/strong>The ownership of the flagship airliner would be taken over by PIF from the government with the intention of improving its efficiency and profitability, the sources said. The flagship carrier could be either privatized or merged with <a target=\"_blank\" href=\"https:\/\/www.riyadhair.com\/\" style=\"\" rel=\"noopener\">Riyadh Air<\/a> \u2014 a second flagship carrier being set up by PIF, they added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Details are scant:<\/strong> There is no clarity as to how Saudia would be valued by PIF, which has received government-owned assets at no payment in the past as an intermediary step towards their privatization, Bloomberg said. There are also no firm decisions as of yet, with talks still at an early stage, and it is possible that the acquisition may be put off or canceled altogether, sources told the outlet. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF wants Riyadh Air to be the Gulf airlines boss: <\/strong>The sovereign wealth fund launched Riyadh Air in <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/w1868367\" style=\"\" rel=\"noopener\">March last year<\/a> in efforts to compete with regional rivals Emirates and Qatar Airways. It is set to kick off its operations next year and has a target of operating flights between 100 destinations by 2030. Saudia will also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/b8a916d0-87ca-4a28-8726-543ac095fd3c\/today:-israel-accuses-houthis-of-seizing-british-owned-cargo-ship-in-the-red-sea-%2B%253cmark%253e-saudia-%253c%2Fmark%253ewill-leave-riyadh-in-2030-as-riyadh-air-takes-charge\" style=\"\" rel=\"noopener\">bid adieu<\/a> to capital Riyadh by 2030 to make way for Riyadh Air and will instead shift its focus towards operations in Jeddah\u2019s King Abdulaziz International Airport.<\/p><p class=\"tag-border-left\">THE MARKETS THIS MORNING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are solidly in the red this morning<\/strong>, with traders sitting tight ahead of <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/19\/asia-markets-live-updates.html\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/19\/asia-markets-live-updates.html\" style=\"\" rel=\"noopener\">interest rate decisions later today from Australia<\/a> and after the <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/19\/bank-of-japan-boj-march-2024-policy-decision-mpm-meeting.html\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/19\/bank-of-japan-boj-march-2024-policy-decision-mpm-meeting.html\" style=\"\" rel=\"noopener\">Bank of Japan hiked interest rates for the first time in 17 years<\/a>. European and US stock futures all slid overnight, suggesting that key Wall Street and continental benchmarks will follow suit later today.<\/p><p><a target=\"_blank\" id=\"t.121dd7d2906df56b3710bf1d8004e1be144a1cd9\" 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<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">29,091<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-6.3% (YTD: +16.9%)<\/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>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 47.09<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.23<\/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 47.1<\/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 47.2<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,772<\/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: +6.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,289<\/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: -3.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,275<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +5.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,149<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +8.0%)<\/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>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\">7,723<\/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: -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\">4,983<\/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: +10.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 86.89<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.72<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8%<\/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>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 2,161<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 67,549<\/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\">-1.3% (YTD: +56.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 6.3% at yesterday\u2019s close<\/strong> on turnover of EGP 4.3 bn (11.6% below the 90-day average). Foreign investors were net buyers. The index is up 16.9% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Abu Qir Fertilizers (+0.6%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>E-finance (-14.3%), Elsewedy Electric (-13.6%) and Orascom Development (-12.6%).<\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">7<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypt-fast-tracks-renewables-target-with-solar-energy-platform\/\">\r\n                            Egypt\u2019s newly launched solar energy platform fast tracks goal to increase renewables share in energy<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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<\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypt-fast-tracks-renewables-target-with-solar-energy-platform\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1604.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"617270\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypt-fast-tracks-renewables-target-with-solar-energy-platform\/1604-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1604.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1604.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1604.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1604.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-617269\" class=\"content-area-description post-617269 goinggreen type-goinggreen status-publish has-post-thumbnail hentry category-going-green tag-enterprise-going-green tag-enterpriseam tag-going-green tag-renewable-energy tag-renewables tag-solar-power wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><br \/><\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Electricity Ministry launched a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/pv-hub.org\/\" style=\"\" rel=\"noopener\">website<\/a>&nbsp;<\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/57b465ed-dcf5-4dbf-996c-22f584ba787b\" style=\"\" rel=\"noopener\">earlier this month<\/a><\/strong><strong> to streamline the installation of <\/strong><strong>solar panels<\/strong> for households and companies and connect them to the national power grid, a move which aims to increase the share of renewables in the country\u2019s energy mix, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid028558M3x1W8WUhuztF7vMgeDVbvS7b7Uz1SgtYXRF6NK2Y25iyTvveWZSznKNxdpKl\" style=\"\" rel=\"noopener\">statement<\/a> from the ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt has big renewable energy ambitions: <\/strong>The platform puts the country on track to meet its green targets as it eyes generating 42% of its electricity from renewable sources by 2030. The government wants renewables to make up <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15d6f791-948f-4bbb-9bd3-3ddb57475e44\/a-whole-lot-of-green-ambitions-for-el-sisi%25e2%2580%2599s-new-term\" style=\"\" rel=\"noopener\">almost 12%<\/a> of electricity output this fiscal year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A one stop shop for all things solar power:&nbsp;<\/strong>The website offers guidance on the installation of PV cells, the costs involved, the needed capacity, and the required documents in addition to listing the qualified installation companies. It also facilitates communication between customers and the PV installation companies and allows customers to file complaints, track the status of their installation requests, and have access to reports and statistics on solar energy projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It classifies PV installation companies into four categories based on their ability to <\/strong><strong>implement different power capacities:<\/strong><\/p>\n<ul>\n<li><strong>Platinum&nbsp;<\/strong>includes the 24 companies that can establish 3+ MW solar power stations;<\/li>\n<li><strong>Gold<\/strong> includes the 35 companies that can establish up to 3 MW solar power stations;<\/li>\n<li><strong>Silver<\/strong> includes the 53 companies that can establish up to 500 KW solar power stations;<\/li>\n<li><strong>Bronze<\/strong> includes the 36 companies that can establish up to 50 KW solar power stations.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The platform will deter false advertising practices<\/strong>, as it lists qualified companies and their work portfolio \u2014 the number of stations they\u2019ve implemented and their capacities \u2014 Hatem Tawfik, managing director of solar panel installation company Cairo Solar, told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Faster approvals + more small- and medium-scale solar plants are expected:<\/strong> The platform is expected to accelerate the process of granting approvals to install solar energy stations, which currently takes 30-150 days, Tawfik said. It\u2019s also expected to prompt the installation of small- and medium-scale solar plants \u2014 up to 10 MW plants \u2014 because they cost less to connect to the national power grid and are less vulnerable to weather conditions, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t is offering incentives to increase the use of solar power:<\/strong> The Electric Utility and Consumer Protection Regulatory Agency (Egyptera) in <a target=\"_blank\" href=\"http:\/\/egyptera.org\/ar\/LNews2023.aspx\" style=\"\" rel=\"noopener\">early 2023<\/a> scrapped integration fees for solar plants producing up to 10 MW of power. The fees were originally introduced <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/226add0f-f85d-40a2-9c1a-60a806b5aa5b\" style=\"\" rel=\"noopener\">in 2022<\/a> on solar plants producing more than 500 KW of power to help defray the costs of connecting to the national grid, a move which faced backlash from many industry players who viewed the fees as a threat to Egypt\u2019s nascent solar sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not clear if integration fees could be reinstated:<\/strong> While it\u2019s not clear whether the integration fees were canceled permanently or temporarily, their permanent scraping would incentivize the residential and commercial use of solar power, Tawfik said. However, there are concerns about long-term investments in solar plants in case the fees are reinstated, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to set up a solar power plant for your house or office? <\/strong>The first step is for applicants, who must either own the site on which the station will be implemented or have a 25-year usufruct right to the land, to select a company to install the station. Then, the company will inspect the site and assess the customer\u2019s energy consumption to calculate the required station capacity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>After that, the company will submit a technical report to the designated electricity distribution company for review and after receiving the green light it will proceed with construction. Once completed, the distribution company will inspect the station before connecting it to the national grid.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to know more? <\/strong>Head to the website\u2019s <a target=\"_blank\" href=\"https:\/\/pv-hub.org\/?page_id=8841&amp;lang=en\" style=\"\" rel=\"noopener\">FAQ section<\/a>.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Egypt\u2019s first-ever SAF production project is underway:<\/strong> The Oil Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c584f9c9-0377-428e-9833-0c22ccc1eeff\/our-first-green-aviation-fuel-project-is-in-the-works\" style=\"\" rel=\"noopener\">has devised<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c584f9c9-0377-428e-9833-0c22ccc1eeff\/our-first-green-aviation-fuel-project-is-in-the-works\" style=\"\" rel=\"noopener\">a plan<\/a> that will see state-owned firm Egyptian Petrochemicals Holding Company producing the country\u2019s first sustainable aviation fuels (SAF). <\/li>\n<li><strong>Gov\u2019t to set up a \u201cnature fund:\u201d <\/strong>The Environment Ministry is looking to establish a nature fund in cooperation with local banks and development partners to implement biodiversity conservation projects with the private sector. (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02KFncbtx1HgCat99b3zoKfuGkdBtmqm3jJVJQu3xm8F1rc13RiX72fJmAk5AJnHk7l\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>Green Hurghada secures GEF funding:<\/strong> Multilateral environmental fund Global Environment Facility (GEF) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a56ca8a-efd5-40af-a3b4-8252961492bf\/green-hurghada-project-secures-usd-3-mn-in-funding.-plus:-news-from-nbe,-fabmisr,-elsewedy-electric\" style=\"\" rel=\"noopener\">will invest over USD 3 mn<\/a> into the Green Hurghada project being carried out by the United Nations Industrial Development Organization and the Environmental Affairs Agency.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/solar-power\/\">solar power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"617271\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/617271\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617271\" class=\"content-area-description single-story post-617271 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MARCH<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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>2-5 May (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/events-and-conferences\/townhall-exhibition-kicks-off-next-may-in-riyadh-with-targeted-sales-of-2bln-pounds-srwjmorx\" style=\"\">Townhall Expo<\/a><\/span><span style=\"font-weight:400;\"> in Riyadh. <\/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\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Positive outlook | EGX falls | More FX inflows | Sugar export ban | Concrete demerger.<\/p>\n","protected":false},"featured_media":617252,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-617251","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"8f36ef55-b35a-43ff-9a6d-5ae557e40ccf","teaser":"Positive outlook | EGX falls | More FX inflows | Sugar export ban | Concrete demerger.","photo_url":"https:\/\/ent.news\/2024\/3\/1636.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Good things come in threes: Egypt secures USD 6 bn 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