{"id":617588,"date":"2024-03-25T00:00:00","date_gmt":"2024-03-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=617588"},"modified":"2025-12-17T04:45:52","modified_gmt":"2025-12-17T04:45:52","slug":"govt-eyes-upping-strategic-reserves-of-basic-commodities-by-20","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/govt-eyes-upping-strategic-reserves-of-basic-commodities-by-20\/","title":{"rendered":"Gov\u2019t eyes upping strategic reserves of basic commodities by 20%"},"content":{"rendered":"<section id=\"617590\" 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=\"617590\">\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\/25\/govt-could-up-strategic-reserves-of-basic-commodities-by-20\/\">\r\n                            Egyptian gov\u2019t considering upping strategic reserves of basic commodities by 20%                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2182.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617591\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/govt-could-up-strategic-reserves-of-basic-commodities-by-20\/2182-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2182.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2182.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2182.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2182.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617590\" class=\"content-area-description single-story post-617590 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-commodities tag-enterpriseam tag-food tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.219b4808-9d20-4416-9e35-db8939378af4.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>After a busy last few days, the local business news is giving us all a well-earned break this fine morning. Fresh off the press this morning is news from Valu that it has completed an EGP 888 mn securitization issuance, a GCC alliance looking to snap up 25% of a local healthcare company, and an interview with EFG Hermes Co-CEO Karim Moussa to tell us about their new USD 300 mn education fund for Saudi Arabia.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, be sure to watch this space<\/strong>, as we could be in line for some big economy news coming our way with the draft budget for the next fiscal year set to be sent to the House in the next few days.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, when do we eat?<font face=\"Arial\">\u00a0<\/font><\/strong>Maghrib prayers are at 6:10 pm in the capital city, and you\u2019ll have until 4:24 am tomorrow to hydrate and caffeinate ahead of fajr.<\/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=\"wwtt1\"><\/a> <strong>#1- Gov\u2019t to stock up on strategic reserves as it gears up for market intervention:<\/strong> Prime Minister Moustafa Madbouly has directed the government to study a plan to ramp up strategic reserves of basic commodities by 20%, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid091oHMAEyiLXkgkfSUYHbKPemRrhNRFMMncY2xpJf2F4Wg93Yb5AhEvJGf5Dci8a8l\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. The reserves would be imported and offered on the market \u201cin the event of a crisis\u201d in a bid to stabilize commodity prices.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> The move comes a day after President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a09d3113-3141-4689-ab51-3a914eca4c8c\" style=\"\" rel=\"noopener\">suggested<\/a> that the government could earmark USD 1-3 bn to import essential commodities to compete directly with the private sector in a bid to lower prices.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- The<\/strong><strong> House should receive next fiscal year\u2019s draft budget within days: <\/strong>The House of Representatives is set to receive the draft budget for FY 2024-25 before the end of March, Budget Committee Deputy Chairman Yasser Omar said yesterday.<\/p><p class=\"tag-border-left\">BOND WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>Yields on EGP t-bills drop below pre-float levels:<\/strong> The Central Bank of Egypt \u2014 on behalf of the Finance Ministry \u2014 sold six-month and one-year EGP-denominated treasury bills worth EGP 108.6 bn on Thursday at yields of 27.723% and 28.253%, data on the CBE\u2019s website showed. Prior to the float and the 600 bps hike, the six-month note was sold at 28.484% and the one-year one was sold at 29.913%, according to a note by NAEEM Brokerage seen by Enterprise.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>High demand from foreign investors underpinned the downward trajectory of yields,<\/strong> NAEEM said. Thursday\u2019s auction saw the t-bills oversubscribed 5.5x and received bids totaling EGP 333 bn.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The central bank also sold 3-month and 9-month EGP-denominated t-bills<\/strong><strong> yesterday<\/strong>, worth a combined EGP 50 bn. The 3-month t-bills were oversubscribed 4x and had a yield of 25.596%, while the 9-month t-bills were oversubscribed 6x with a yield of 26.946%.<\/p><p class=\"tag-border-left\">DATA POINT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#1- SCZone racked up USD 2.8 bn worth of port and industrial zone investments in 9M FY<\/strong><strong> 2023-24<\/strong>, spread between 127 projects, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0jiyfy92THBJGq3NG6vkZGkyenmNZrZsZTLstWqyRZPk1E5r5R722JPg8PuF96on2l\" style=\"\" rel=\"noopener\">statement<\/a>. The authority has also brought in USD 894 mn in the same type of investments since the start of the calendar year with 37 new projects.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>Egypt \u2014 along with Iraq and the UAE \u2014 were listed among the top ten<\/strong><strong> countries with the worst air pollution<\/strong><strong> in 2023<\/strong>, with Iraq ranking sixth, the UAE ranking seventh, and Egypt ranking ninth, according to a report by Swiss air quality technology company IQAir.<\/p><p class=\"tag-border-left\">FACT CHECK-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No price hikes for unsubsidized bread<\/strong>, says Supply Minister Ali El Moselhi. The minister dismissed claims that unsubsidized bread could soon increase 20% and 25% for fino bread, especially in light of a recent drop in flour prices, in comments to <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1771844320053596423?s=20\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p><p class=\"tag-border-left\">WAR WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a> <strong>UN head Antonio Guterres and El Sisi call for ceasefire amid Israel\u2019s relentless war on<\/strong><strong> Gaza: <\/strong>As Israel <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-besieges-two-more-gaza-hospitals-demands-their-evacuation-palestinians-2024-03-24\/\" style=\"\" rel=\"noopener\">besieged<\/a> the Al Amal and Nasser hospitals in Khan Younis and continued to launch deadly strikes on densely populated areas, President Abdel Fattah El Sisi met with UN General-Secretary Antonio Guterres yesterday to stress on the need to increase the flow of aid into the enclave and to establish an immediate ceasefire, according to a Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0hUgxr7zDtvuhZ2cLpaJaZvAWpEUL4B6kHLoDgg6sTPT1QHUJnS8Kh7Hj6ctMqdGtl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHILE IN THE RED SEA-\u00a0<\/strong>Despite previous assurances that the group would not attack Chinese vessels, a Chinese owned and operated oil tanker was targeted by a Houthi missile attack in the early hours of Saturday morning, US Centcom said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/CENTCOM\/status\/1771726107168960751\" style=\"\" rel=\"noopener\">statement<\/a> yesterday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong>Over 100 business associations \u2014 including US retail lobbying giants <a target=\"_blank\" href=\"https:\/\/www.aafaglobal.org\/\" style=\"\" rel=\"noopener\">American Apparel<\/a><a target=\"_blank\" href=\"https:\/\/www.aafaglobal.org\/\" style=\"\" rel=\"noopener\">&amp; Footwear Association<\/a> and the <a target=\"_blank\" href=\"https:\/\/nrf.com\" style=\"\" rel=\"noopener\">National Retail Federation<\/a> that represent some of the world\u2019s largest fashion brands \u2014 have called for stronger Red Sea security protocols in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2097.pdf\" style=\"\" rel=\"noopener\">open letter (pdf)<\/a> from trade security advocacy group <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/wecare-fund\/?originalSubdomain=in\" style=\"\" rel=\"noopener\">WeCare<\/a>.<\/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\">THE BIG STORY ABROAD-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s shaping up to be a relatively quiet, holiday-shortened news week.<\/strong> Friday-Monday are off in much of the Western world in observance of the Good Friday and Easter, while Indian markets are closed today as the nation celebrates Holi and markets in Greece are also closed today for Independence Day. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Today is deadline day for Donald Trump<\/strong>, who needs to raise a USD 464 mn guarantee in connection with his appeal of a fraud case. His Truth Social network is <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/trump-cash-spac-digital-world-dwac-ce4b055545378ab05d52513ffe2d4d4f\" style=\"\" rel=\"noopener\">set to go public with a Spac<\/a> that his supporters have pumped to the moon, but there\u2019s no vote before Friday and a listing on NYSE would come a bit further down the road.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sam Bankman-Fried will be sentenced on Thursday<\/strong> after his conviction on fraud charges and related charges. And oddly enough: <a target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/sbf-sentencing-ftx-customers-get-money-back-should-it-matter-2024-3\" style=\"\" rel=\"noopener\">FTX customers may still get all of their money back<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE-<\/strong><\/p><ul>\n<li><strong>China is moving to ban Intel and AMD chips<\/strong> in government PCs and servers (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/7bf0f79b-dea7-49fa-8253-f678d5acd64a\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/li>\n<li><strong>US investment funds have pulled nearly USD 14 bn from BlackRock<\/strong> as part of an anti-ESG campaign. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/9306c8f2-530d-45ca-a830-4d26e5a90509\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/li>\n<li><strong>France has raised its terror alert to the highest level <\/strong>in the wake of this weekend\u2019s Isis attack on Moscow. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/france-raises-terror-alert-warning-highest-level-2024-03-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li><strong>The AI and clean-tech booms have made electricity a bull market <\/strong>for the first time in decades \u2014 and could \u201cderail the power sector\u2019s journey to net zero.\u201d (<a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/03\/22\/2024\/electricity-bull-market\" style=\"\" rel=\"noopener\">Semafor<\/a>)<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at how industry players hope government initiatives will help them resume operations at full capacity and unlock the advantage of a weakened EGP making local products for export more competitive. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue:<\/strong> We speak to EFG Hermes Co-CEO Karim Moussa about their new USD 300 mn education fund for Saudi Arabia set to launch in 2024,<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617592 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=\"617592\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/617592\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617592\" class=\"content-area-description single-story post-617592 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\/2029.jpg?ssl=1\"><\/a><\/span><\/p>\n<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><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=\"617593\" 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=\"617593\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/valu-raises-egp-888-mn-from-securitization-issuance\/\">\r\n                            Egypt\u2019s Valu raises EGP 888 mn from securitization issuance                        <\/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\/25\/valu-raises-egp-888-mn-from-securitization-issuance\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/valu-raises-egp-888-mn-from-securitization-issuance\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/valu-raises-egp-888-mn-from-securitization-issuance\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Valu raises EGP 888 mn from securitization issuance&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/valu-raises-egp-888-mn-from-securitization-issuance\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/valu-raises-egp-888-mn-from-securitization-issuance\/&title=Valu raises EGP 888 mn from securitization issuance\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Valu+raises+EGP+888+mn+from+securitization+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F25%2Fvalu-raises-egp-888-mn-from-securitization-issuance%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/valu-raises-egp-888-mn-from-securitization-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2101.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617594\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/valu-raises-egp-888-mn-from-securitization-issuance\/2101-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2101.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2101.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2101.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2101.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617593\" class=\"content-area-description single-story post-617593 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-efg-hermes tag-efg-holding tag-enterpriseam tag-securitization tag-valu 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\/.689475c1-950a-4d48-b813-3b111dde6f17.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Valu back with another securitization issuance: <\/strong>EFG Holding\u2019s fintech arm Valu has closed an EGP 888 mn securitized bond issuance, the company announced in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2098.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2098.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The issuance was backed by an EFG for Securitization receivables portfolio with a six-month tenor tranche rated prime 1 and another 12-month tenor tranche rated prime 2.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No. 8:<\/strong> The issuance, which is part of an extended EGP 9 bn securitization program, brings Valu\u2019s total securitizations to eight, following a EGP 953 mn issuance in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c73779c-c3ec-4e08-997c-8e09053d32c8\/valu,-phd,-aur-leasing-close-securitization-bond-issuances\" style=\"\" rel=\"noopener\">December<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Valu is just getting started:<\/strong> The company plans to issue a total of EGP 4 bn worth of securitized bonds this year, Valu CEO Walid Hassouna <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a73f472-1962-487e-81a1-e1614da9298c\/valu-plans-to-ipo-within-a-year-%2B-jordan-expansion-pushed-back\" style=\"\" rel=\"noopener\">said<\/a> earlier this month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who subscribed?<\/strong> Arab Banking Corporation and Al Ahli Bank of Kuwait were among thesubscribers to the issuance. Our friends at EFG Hermes and the Arab African International Bank (AAIB) acted as underwriters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> EFG Hermes was also the sole financial advisor and sole transaction manager. Baker Tilly acted as auditor, the AAIB was the custodian bank, and Dreny & Partners was counsel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cBy strengthening our financial base, we are reaffirming our commitment to cementing Valu as a leading financial technology powerhouse, delivering comprehensive financial solutions tailored to meet the evolving needs of our customers,\u201d said Valu CFO Shokry Bidair.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: Valu is also planning to offer up to 25% of its shares on the EGX within a year<\/strong>, Hassouna <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a73f472-1962-487e-81a1-e1614da9298c\/valu-plans-to-ipo-within-a-year-%2B-jordan-expansion-pushed-back\" style=\"\" rel=\"noopener\">said<\/a> last week. On top of this, the company also expects to launch its services in Jordan sometime between late 2024 and early 2025 and aims to increase its net income by 117% this year to EGP 500 mn. It also aims to increase transactions carried out through its platform to reach EGP 13 bn, up 41% from the year before.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT: <\/strong>Companies have raised nearly EGP 7 bn from securitization so far this year,according to data tracked by Enterprise.<\/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\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"617595 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=\"617595\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/617595\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617595\" class=\"content-area-description single-story post-617595 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617596\" 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=\"617596\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/state-owned-sugar-producers-hike-prices-33-on-the-back-of-rising-production-costs-following-float\/\">\r\n                            Egyptian state-owned sugar producers hike prices 33% on the back of rising production costs following float                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/state-owned-sugar-producers-hike-prices-33-on-the-back-of-rising-production-costs-following-float\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/state-owned-sugar-producers-hike-prices-33-on-the-back-of-rising-production-costs-following-float\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=State-owned sugar producers hike prices 33% on the back of rising production costs following 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     <a href=\"https:\/\/api.whatsapp.com\/send?text=State-owned+sugar+producers+hike+prices+33%25+on+the+back+of+rising+production+costs+following+float+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F25%2Fstate-owned-sugar-producers-hike-prices-33-on-the-back-of-rising-production-costs-following-float%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/state-owned-sugar-producers-hike-prices-33-on-the-back-of-rising-production-costs-following-float\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2184.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617597\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/state-owned-sugar-producers-hike-prices-33-on-the-back-of-rising-production-costs-following-float\/2184-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2184.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2184.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2184.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2184.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617596\" class=\"content-area-description single-story post-617596 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-food tag-supply-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.1b09ccf0-ba8c-4bea-a576-9a647cdea2d4.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sugar producers hike factory prices: <\/strong>State-owned sugar producers have ramped up their factory price of sugar by up to 33% to the Supply Ministry-imposed ceiling of EGP 32k per ton on the back of rising production costs triggered by the EGP float, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3y5ydat9\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing the three anonymous heads of state-owned sugar companies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On supermarket shelves:<\/strong> The increase should bring the cost of sugar to the final consumer to EGP 35 per kg from government outlets. To ensure that retailers uphold that price, factories will reportedly be required to provide invoices that indicate the price at which they sold the sugar.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>In response to the spiraling cost of sugar, the government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e6006ee6-dbf0-484e-bad4-3fe0ab4ebaf7\" style=\"\" rel=\"noopener\">listed<\/a> sugar among six other items as \u201cstrategic commodities\u201d in January, prohibiting traders from withholding them from the market and the month after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/affcce51-be8c-4551-86c6-6b65f46d4fa2\/house-approves-stricter-sentences-for-hoarding-food\" style=\"\" rel=\"noopener\">imposed<\/a> prison sentences and fines for food hoarding. Despite the government selling a kilogram of sugar through its outlets at EGP 27, the lack of enough sugar in the market has led to private shops and supermarkets hiking prices to over EGP 55 a kilogram.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The Trade Ministry last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48abf1bf-911b-4e73-acb1-3970be5f9bc4\/\" style=\"\" rel=\"noopener\">extended<\/a> its ban on the export of sugar for three months for the <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\">second time<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t secures 110k tons of wheat:<\/strong> State grains buyer GASC has awarded a tender to UAE\u2019s <a target=\"_blank\" href=\"https:\/\/www.aldahra.com\/\" style=\"\" rel=\"noopener\">Al Dahra<\/a> and Bulgaria\u2019s <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/buildcom-eood\/\" style=\"\" rel=\"noopener\">Buildcom<\/a> to supply 110k tons of wheat, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/03\/23\/1777437\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reported, citing a Supply Ministry official.<\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-ministry\/\">Supply Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617598\" 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=\"617598\">\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\">A MESSAGE FROM HSBC<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/unlocking-nature-based-solutions-for-climate-resilience-in-the-mena-region\/\">\r\n                            Unlocking nature-based solutions for climate resilience in the MENA region                        <\/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\/25\/unlocking-nature-based-solutions-for-climate-resilience-in-the-mena-region\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/unlocking-nature-based-solutions-for-climate-resilience-in-the-mena-region\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/unlocking-nature-based-solutions-for-climate-resilience-in-the-mena-region\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Unlocking nature-based solutions for climate resilience in the MENA region&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/unlocking-nature-based-solutions-for-climate-resilience-in-the-mena-region\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/unlocking-nature-based-solutions-for-climate-resilience-in-the-mena-region\/&title=Unlocking nature-based solutions for climate resilience in the MENA region\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Unlocking+nature-based+solutions+for+climate+resilience+in+the+MENA+region+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F25%2Funlocking-nature-based-solutions-for-climate-resilience-in-the-mena-region%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/unlocking-nature-based-solutions-for-climate-resilience-in-the-mena-region\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2172.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617599\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/unlocking-nature-based-solutions-for-climate-resilience-in-the-mena-region\/2172-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2172.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2172.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2172.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2172.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617598\" class=\"content-area-description single-story post-617598 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-hsbc tag-a-message-from-hsbc tag-enterpriseam tag-hsbc 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\/.80d67d34-f0b7-4fde-bdde-87e5c0ee70cb.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Global finance is pivotal in harnessing nature<\/strong>, one of our most formidable allies against climate change, and in recognizing natural capital as a crucial asset class. Nature's capacity to offset the impact of climate change while also boosting societal, economic, and biodiversity resilience is unparalleled. Research indicates that the protection, restoration, and sustainable management of ecosystems through nature-based solutions (NbS) could account for one-third of the global mitigation required to fulfill the Paris Agreement objectives.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NbS initiatives offer extensive sustainability impacts<\/strong>, benefiting people, the planet, purpose, and profits. These projects adopt a comprehensive approach because conserving natural habitats yields multiple advantages that include species protection, carbon sequestration, and socioeconomic opportunities for local communities. Yet, the financial returns from such investments often take time to materialize, with historical funding primarily coming from small-scale philanthropy or being predominantly public sector-driven.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The United Nations Environment Programme reports that investment needs to surge to<\/strong><strong> USD 384 bn per year by 2025<\/strong> and USD 484 bn per year by 2030 from the current USD 154 bn per year to achieve climate, biodiversity, and land degradation targets.<\/p>\n<p class=\"tag-border-left\">Shifting financial flows towards climate-nature projects is essential for our planet's future<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Financial institutions \u2014 a catalyst for change: <\/strong>Financial institutions are uniquely positioned to propel NbS projects forward by providing capital, crafting innovative financial instruments, and ins. products in addition to advising on risk management and performance structures. They also serve as crucial intermediaries, uniting stakeholders \u2014 governments, NGOs, private sectors, and international bodies \u2014 to foster NbS projects. While governments and multilateral development banks predominantly support non-revenue-generating environmental initiatives, private capital gravitates towards profit-yielding projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Achieving net-zero targets necessitates a collaborative effort<\/strong> among governments, financial institutions, and businesses. Public-private partnerships exemplify such collaboration, with government support bolstering confidence among private investors and financial entities to co-invest in NbS projects. Governments can further attract private investment through incentives, guarantees, or subsidies. Blended finance tools are instrumental in drawing diverse financial actors and increasing investments across the NbS spectrum.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Policy frameworks, co-developed by governments and financial institutions, can<\/strong><strong> eliminate barriers to sustainable investments.<\/strong> Global policies are increasingly recognizing the importance of finance and impact investments in achieving set goals. For instance, the Mangrove Breakthrough Community of Action, supported by civil society, governments, and the private sector, aims to expand global mangrove cover by 15 mn hectares by 2030, necessitating USD 4 bn in financing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The potential of Islamic finance: <\/strong>Islamic finance, with its ethical and sustainable core principles, aligns closely with NbS. By structuring shariah-compliant financial instruments, a new avenue of Islamic capital opens up, catering to investors seeking to support environmental and sustainable projects. This approach is particularly relevant in the MENA region in addition to countries like Malaysia and Indonesia where it can significantly accelerate NbS financing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE\u2019s flagship NbS project: <\/strong>HSBC, in collaboration with the World Resources Institute and WWF, has initiated the Nature-based Solutions for Climate, Biodiversity, and People project in the UAE. This project aims to enhance the resilience of blue carbon coastal ecosystems, thereby supporting climate mitigation, biodiversity, and community benefits. Through initial funding for pilot NbS projects, the initiative seeks to demonstrate commercial viability, spark entrepreneurship, and preserve natural capital, thereby attracting further investment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE's leadership in setting net zero targets, a sustainable finance framework, and<\/strong><strong> the recent hosting of COP28<\/strong>, has spotlighted climate issues in the region, potentially increasing the demand for <a target=\"_blank\" href=\"https:\/\/www.moccae.gov.ae\/assets\/24b84d14\/UAE_Sustainable_framework_21.pdf.aspx\" style=\"\" rel=\"noopener\">sustainable finance solutions<\/a>. HSBC's commitment to this cause, through strategic partnerships and flagship projects, underscores the growing momentum towards integrating nature-based solutions in financial strategies for climate resilience.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">By David Ramos, Acting Head of Sustainability at HSBC Middle East.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** This article is part of a wider series to raise awareness about the powerful benefits of<\/strong><strong> nature-based solutions<\/strong>. It features prominent voices of leaders who are advancing the UAE\u2019s flagship NbS project as a key pathway to restore natural ecosystems and enhance climate resiliency.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** <\/strong><strong>The \u201c<\/strong><strong><a target=\"_blank\" href=\"https:\/\/naturebasedsolutions.ae\/\" style=\"\" rel=\"noopener\">Nature-based Solutions for Climate, Biodiversity, and People<\/a><\/strong><strong>\u201d project is funded by<\/strong><strong> HSBC <\/strong>and implemented in partnership between the Ministry of Climate Change and Environment, the Ministry of Economy, the Environment Agency \u2013 Abu Dhabi, the Government of Umm Al Quwain, Emirates Nature-WWF, and the International Center for Biosaline Agriculture.<\/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\/a-message-from-hsbc\/\">A MESSAGE FROM HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/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=\"617600\" 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=\"617600\">\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\/25\/efg-hermes-concludes-advisory-on-arafa-holding-demerger-plus-gcc-alliance-eyes-25-stake-in-city-lab-egypt\/\">\r\n                            EFG Hermes concludes advisory on Arafa Holding demerger. PLUS: GCC alliance eyes 25% stake in City Lab 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\/25\/efg-hermes-concludes-advisory-on-arafa-holding-demerger-plus-gcc-alliance-eyes-25-stake-in-city-lab-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(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/efg-hermes-concludes-advisory-on-arafa-holding-demerger-plus-gcc-alliance-eyes-25-stake-in-city-lab-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/efg-hermes-concludes-advisory-on-arafa-holding-demerger-plus-gcc-alliance-eyes-25-stake-in-city-lab-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=EFG Hermes concludes advisory on Arafa Holding demerger. PLUS: GCC alliance eyes 25% stake in City Lab Egypt&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/efg-hermes-concludes-advisory-on-arafa-holding-demerger-plus-gcc-alliance-eyes-25-stake-in-city-lab-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/efg-hermes-concludes-advisory-on-arafa-holding-demerger-plus-gcc-alliance-eyes-25-stake-in-city-lab-egypt\/&title=EFG Hermes concludes advisory on Arafa Holding demerger. PLUS: GCC alliance eyes 25% stake in City Lab Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EFG+Hermes+concludes+advisory+on+Arafa+Holding+demerger.+PLUS%3A+GCC+alliance+eyes+25%25+stake+in+City+Lab+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F25%2Fefg-hermes-concludes-advisory-on-arafa-holding-demerger-plus-gcc-alliance-eyes-25-stake-in-city-lab-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/efg-hermes-concludes-advisory-on-arafa-holding-demerger-plus-gcc-alliance-eyes-25-stake-in-city-lab-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2189.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617601\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/efg-hermes-concludes-advisory-on-arafa-holding-demerger-plus-gcc-alliance-eyes-25-stake-in-city-lab-egypt\/2189-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2189.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2189.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2189.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2189.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617600\" class=\"content-area-description single-story post-617600 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-concrete-fashion-group tag-efg-hermes tag-enterpriseam tag-healthcare wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.89cc6b9e-70b5-4795-83fd-b00bc67aee93.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">CAPITAL MARKETS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EFG Hermes concludes advisory on Arafa Holding demerger:<\/strong> Our friends at EFG Hermes have successfully concluded advisory on the demerger of Arafa Holding that took place last week, the investment bank said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2130.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6d4ba01f-009d-4d6f-9d4d-95462b47d3f0\" style=\"\" rel=\"noopener\">demerger<\/a> saw Arafa rebrand as Concrete Fashion Group for Commercial and Industrial Investment and spin off subsidiary GTEX Holding, and the two new firms <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a09d3113-3141-4689-ab51-3a914eca4c8c\/%253cmark%253econcrete-%253c%2Fmark%253efashion-group-to-hit-egx-today\" style=\"\" rel=\"noopener\">began trading<\/a> on the EGX yesterday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We spoke with newly-appointed deputy CEO Mohamed Talaat last week<\/strong> to find out what prompted the move and what\u2019s next for Concrete, including its global expansion plans. You can read the full story <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6d4ba01f-009d-4d6f-9d4d-95462b47d3f0\/\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p class=\"tag-border-left\">HEALTHCARE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>GCC alliance eyes 25% stake in City Lab:<\/strong> Medical diagnostic services company <a target=\"_blank\" href=\"https:\/\/citylabegypt.com\/\" style=\"\" rel=\"noopener\">City<\/a><a target=\"_blank\" href=\"https:\/\/citylabegypt.com\/\" style=\"\" rel=\"noopener\">Lab Egypt<\/a> has received an offer from a Gulf consortium of medical companies that includes <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/premium-diagnostics-llc-medical\/about\/\" style=\"\" rel=\"noopener\">Premium Diagnostics<\/a>\u2019 Saudi, Emirati, US, and Egyptian arms to buy up to a 25% stake in the company for EGP 250 mn, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2100.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from the company. The company\u2019s board of directors will meet on Wednesday to discuss and vote on the proposal.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/concrete-fashion-group\/\">Concrete Fashion Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/186.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617603\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"617603\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/25\/imf-chief-calls-on-china-to-reinvent-itself-to-end-mounting-property-crisis\/\">\r\n                            IMF chief calls on China to \u201creinvent itself\u201d to end mounting property crisis                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2149.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617603\" class=\"content-area-description single-story post-617603 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-bahrain tag-china tag-enterpriseam tag-financial-markets tag-imf tag-kristalina-georgieva tag-mumtalakat tag-oman tag-oq tag-planet-finance tag-real-estate 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\/.5ab8477b-1c94-40ac-a26e-7c03e9eedc74.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>\u201cChina faces a fork in the road<\/strong>, rely on the policies that have worked in the past, or reinvent itself for a new era of high-quality growth,\u201d IMF head Kristalina Georgieva said at the China Development Forum on Sunday, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/china-told-it-faces-fork-road-officials-meet-ceos-2024-03-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported. Georgieva urged China to implement policies to \u201creinvent itself,\u201d including measures that would boost domestic consumption and production rates and end the country\u2019s mounting property crisis.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>A more domestic consumption-centered policy mix could add USD 3.5 tn to China\u2019s economy over the next 15 years, but this depends on \u201cboosting the spending power of individuals and families,\u201d reducing risks from local government debt, and completing abandoned housing projects, Georgieva said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Chinese economic miracle no more? <\/strong>Foreign direct investment to the world\u2019s factory in 2023 hit its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e1495ad-1a4d-4f74-b404-ee09522ef45d\/foreign-direct-investment-in%253cmark%253e-china-%253c%2Fmark%253ehits-lowest-level-since-1993\" style=\"\" rel=\"noopener\">lowest level in three decades<\/a> on the back of slow post-pandemic recovery and the property crisis continuing to worsen with the country\u2019s largest property developer <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4b947d8-7556-448a-8b50-618d672ebf63\" style=\"\" rel=\"noopener\">defaulting<\/a> on a USD bond in October. The slowdown in China also led credit rating agency Moody\u2019s to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0022b80-dc73-486c-9206-9635e1143edd\/moody%25e2%2580%2599s-issues-negative-outlook-for-global-banks\" style=\"\" rel=\"noopener\">downgrade its outlook<\/a> on the country\u2019s sovereign credit rating to negative from stable in December.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH NOTING-<\/strong><\/p><ul>\n<li><strong>OQ Oman taps advisors to upcoming IPOs: <\/strong>Omani state-owned oil and gas player <a target=\"_blank\" href=\"https:\/\/oq.com\/en\" style=\"\" rel=\"noopener\">OQ<\/a> has tapped HSBC to help list the company\u2019s exploration and production arm that could raise a record USD 1 bn \u2014 a record for the country. Morgan Stanley will help list the company\u2019s methanol and liquefied petroleum gas business. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-22\/oman-state-energy-firm-is-said-to-pick-banks-to-list-two-units\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/li>\n<li><strong>Bahraini wealth fund takes over<\/strong><strong>UK\u2019s McLaren:<\/strong> Bahraini sovereign wealthfund <a target=\"_blank\" href=\"https:\/\/www.mumtalakat.bh\/\" style=\"\" rel=\"noopener\">Mumtalakat<\/a> has become the sole owner of the UK\u2019s supercar maker <a target=\"_blank\" href=\"https:\/\/www.mclaren.com\/\" style=\"\" rel=\"noopener\">McLaren Group<\/a> after increasing its share to 100% from 60%. (<a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/business-68639320\" style=\"\" rel=\"noopener\">BBC<\/a>)<\/li>\n<\/ul><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are in the red and US and European futures largely unchanged <\/strong>as traders look ahead to a holiday-shortened trading week. Dow, S&amp;P, and Nasdaq futures were all down by fractions of a percentage point. The Kospi, Hang Seng, Nikkei, and Shanghai Composite were all (just) in the red at dispatch time this morning. <\/p><p><a target=\"_blank\" id=\"t.9f7a2bfc4f5b415af44de7fd3e9d2c5587ec65ed\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-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>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\">29,060<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 46.51<\/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 46.61<\/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 46.54<\/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 46.64<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,796<\/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: +6.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,322<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: -2.7%)<\/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>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\">4,280<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +5.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,234<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +9.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,931<\/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: +11.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,031<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 85.43<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.66<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,181.60<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 66,499.80<\/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\">+2.4% (YTD: +50.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 was almost flat at today\u2019s close<\/strong> on turnover of EGP 3.3 bn (33% below the 90-day average). Local investors were net buyers. The index is up 16.7% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>E-finance (+10.3%), Fawry (+7.2%), and AMOC (+4.7%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Elsewedy Electric (-4.6%), Talaat Moustafa Group (-4.2%), and Delta Sugar (-3.0%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talaat Moustafa Group will hand out a total EGP 453 mn<\/strong> in dividends to shareholders, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2090.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                    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href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">7<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/efg-hermes-is-launching-a-usd-300-mn-education-fund-for-saudi-arabia-in-2024\/\">\r\n                            EFG Hermes is launching a USD 300 mn education fund for Saudi Arabia in 2024<\/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\" 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2143.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2143.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2143.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2143.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-617606\" class=\"content-area-description post-617606 blackboard type-blackboard status-publish has-post-thumbnail hentry category-blackboard tag-blackboard tag-education tag-efg-hermes tag-efg-holding tag-enterprise-blackboard tag-enterpriseam tag-saudi-arabia 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>A look at EFG Hermes\u2019 plan<\/strong><strong>ned education platform in Saudi Arabia:<font face=\"Arial\">&nbsp;<\/font><\/strong>EFG Hermes is launching a USD 300 mn education fund in Saudi Arabia this year, replicating its successful model with the <a target=\"_blank\" href=\"https:\/\/egypteducationplatform.com\/\" style=\"\" rel=\"noopener\">Egypt Education Platform<\/a> (EEP) here in Egypt, EFG Hermes Co-CEO Karim Moussa told Enterprise Egypt. We recently sat down with Moussa to discuss EFG Hermes\u2019 plans for the fund, and why the investment bank decided to move into the Saudi market with its second education fund. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> Launched in 2019, EEP Is an education management firm that counts EFG Hermesand the Sovereign Fund of Egypt among its anchor investors. EEP is now the largest education platform in Egypt, having raised USD 150 mn from a group of investors primarily in Saudi Arabia, the UAE, and Egypt. Today, EEP has deployed the entirety of the fund, and has aggregated 23 assets across schools, nurseries, and others. It owns a network of schools and nurseries as well as majority stakes in academic content provider <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0037f212-748b-4ed8-bf4e-c261b8d8dc25\" style=\"\" rel=\"noopener\">Selah El Telmeez<\/a> and Option Travel, which offers student transportation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EEP has done well since its launch:<\/strong> In EGP terms, the investment cost was EGP 2.5 bn overthe past five years. This academic year, EEP expects to make EGP 3.5 bn of revenues and over EGP 1 bn of EBITDA, Moussa told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new fund \u2014 named the Saudi Education Platform (SEP) \u2014 will be double the size of&nbsp;<\/strong><strong>EEP<\/strong>, Moussa told us. EFG Hermes currently has a pipeline of investments that exceeds the size of that fund, Moussa said. \u201cOn the fund level, we\u2019re happy to say that a big chunk of our existing Saudi and Emirati investors are very excited about our thesis and are subscribing,\u201d according to Moussa. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline:<\/strong> EFG Hermes expects a first close on the fund during the second half of the year,with the final close expected next year. The investment bank plans to begin deploying the fund \u201cvery soon,\u201d probably in 2H 2024, Moussa said. \u201cWe\u2019re already on due diligence with a few potential investments,\u201d Moussa said, but declined to provide names of the target investments. SEP plans to kick off in Jeddah and Riyadh with a combination between new and existing facilities, Moussa told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EEP has a blueprint to follow from Egypt \u2014 with nuances to cater to the Saudi markets:&nbsp;<\/strong>At EEP, EFG Hermes created a central team run by Ahmed Wahby and his team, which is a unique model in Egypt. This provides all portfolio schools with central services, including procurement, HR, and IT. The schools are run with just the principals and very slim admin teams, which makes running them very efficient. \u201cThe EEP case study is quite relevant, and with the lessons learned in Egypt, we have several types of models \u2014 sometimes we own the land and real estate 100%, sometimes we enter into partnerships with the family that owns the schools, and other times we lease the land and real estate, or we only enter as a management team,\u201d Moussa said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How the student markets compare:<\/strong> The Egyptian student population is roughly 22 mn students, the lion\u2019s share \u2014 around 90% \u2014 of which attend public schools, with the remainder attending private schools, according to Moussa. Saudi Arabia is the second-largest market in the region with a student population of 6.5 mn, 85% of which attend public schools and roughly 15% attend private schools. That translates to roughly 1 mn students across 8k private schools, Moussa explained. Students attending private schools are primarily expatriates, but the local population is also raising the demand and standards for education, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In Saudi Arabia, there\u2019s a gap in the middle segment of the educational market:<\/strong> The market currently has very expensive international schools, which diplomats\u2019 children typically attend, and the mass market national schools, but in the middle there\u2019s an opportunity to provide high quality education at an attractive price point. \u201cWe feel there is a nice entry point in the Saudi market, in the mid-market where we\u2019re talking about tuition fees in the neighborhood of SAR 40k-60k per year and offer high standard curricula such as IB, with a high quality school,\u201d Moussa said. EFG Hermes also sees an opportunity to replicate its combination between building new schools, investing in schools, and helping existing schools with the firm\u2019s central management philosophy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cA lot of the schools that we see have been built as family businesses, and we feel that&nbsp;<\/strong><strong>there\u2019s a chance for us to enter the market there<\/strong> and provide our management expertise,\u201d Moussa said. There\u2019s an operational element \u2014 EFG Hermes \u201cisn\u2019t just some private equity player entering into the Saudi market. We have very strong operations and a track record that we\u2019d like to replicate,\u201d he told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the market for service providers also has similarities:<\/strong> \u201cWhat\u2019s very interesting is that the top four education companies in Saudi Arabia \u2014 most of which are listed \u2014 control only 10% of the market. The market is highly fragmented, which is similar to what we\u2019ve seen in Egypt, so there\u2019s room for a new entry into the market,\u201d Moussa said. Providing high-quality, high-standard education at affordable prices is an appealing proposition, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are also lots of similarities between the Egyptian and Saudi curricula<\/strong>, which iswhere a platform like Selah El Telmeez \u2014 which has also begun going digital \u2014 will come into play to help SEP create a strong curriculum for its assets in Saudi Arabia, Moussa said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>T<\/strong><strong>he Saudi government has been very welcoming of EFG Hermes\u2019 entry into the market:<\/strong> \u201cWe\u2019re spending a lot of time on creating deep Saudi content to run with Saudi management,\u201d Moussa said, stressing the importance of creating a bespoke formula that caters to the local market. <\/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 education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Akhdar to develop educational content for Nahdet Misr:<\/strong> Homegrown book summary and education platform <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/a5drcom\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Akhdar<\/a> will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/348a79ec-a9af-46d9-9fcc-b540ccd589b2\/\" style=\"\" rel=\"noopener\">develop digital educational content<\/a> for <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/nahdet-misr-publishing-group\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Nahdet Misr<\/a> \u2019s platforms under a cooperation agreement inked between the two.<\/li>\n<li><strong>House approves USD 12 mn USAID education grant: <\/strong>MPs last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/051857ef-511c-4d17-a8de-912f255039e1\/\" style=\"\" rel=\"noopener\">approved<\/a> a USD 12 mn USAID grant to support basic English-language education, including reading, writing and learning, among primary and secondary school students.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blackboard\/\">Blackboard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/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=\"617608\" 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\/25\/617608\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617608\" class=\"content-area-description single-story post-617608 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>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\/news\/story\/1ec344c3-9e08-4b6a-9656-143e62bbf536\/Oil%20Ministry%20offers%20new%20oil%20and%20gas%20exploration%20blocks%20to%20international%20firms\" 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\/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\/news\/story\/cfdc99d8-291f-4b7c-8af8-8e1cccc74de5\" style=\"\">finalize sale<\/a><\/span><span style=\"font-weight:400;\"> of Beni Suef combined-cycle power plant.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2024: Gov\u2019t expects to finalize sale of four water desalination plants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2024: The European Union is set to hold an investment conference in Egypt during spring.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2024: Gov\u2019t to launch the Cairo Ring Road BRT buses.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2Q 2025: Safaga Terminal 2 to start operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 January-7 February: Egypt to host the African Games<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Valu\u2019s first securitization of the year | Concrete Fashion heads to the EGX | EGP t-bill yields drop | EFG Hermes to launch Saudi education fund<\/p>\n","protected":false},"featured_media":617589,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-617588","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"cd2f8c9c-5938-4f7f-9eaa-bcf7be23cf05","teaser":"Valu\u2019s first securitization of the year | Concrete Fashion heads to the EGX | EGP t-bill yields drop | EFG Hermes to launch Saudi education fund","photo_url":"https:\/\/ent.news\/2024\/3\/2199.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>Gov\u2019t eyes upping strategic reserves of basic commodities by 20% - EnterpriseAM 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