{"id":617739,"date":"2024-03-27T00:00:00","date_gmt":"2024-03-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=617739"},"modified":"2025-12-17T04:49:18","modified_gmt":"2025-12-17T04:49:18","slug":"govt-begins-paying-back-nearly-20-of-overdue-arrears-to-international-oil-firms","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/govt-begins-paying-back-nearly-20-of-overdue-arrears-to-international-oil-firms\/","title":{"rendered":"Gov\u2019t begins paying back nearly 20% of overdue arrears to international oil firms"},"content":{"rendered":"<section id=\"617741\" 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=\"617741\">\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\/27\/govt-begins-paying-back-nearly-20-of-overdue-arrears-to-international-oil-firms\/\">\r\n                            Gov\u2019t begins paying back nearly 20% of overdue arrears to international oil firms                        <\/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-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/188.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/188.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617741\" class=\"content-area-description single-story post-617741 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-oil-and-gas 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\/.8f5c7580-8569-46de-952d-ef102735eb58.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>We may have lost on the football field to Croatia last night, but we\u2019ve got news of wins on the investment front to cheer you up this morning with a further EGP 5.6 bn worth of fresh investments coming our way after the SCZone handed out six new golden licenses.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But that\u2019s not all<\/strong>, we\u2019ve also got news for you today of chatter in the banking world that six state-owned banks are rumored to be in line for a leadership reshuffle \u2014 potentially \u201cwithin hours,\u201d one source told us. We\u2019ve got a busy issue for you this morning, so let\u2019s jump right in.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, when do we eat?<\/strong> Maghrib prayers are at 6:11 pm in the capital city, and you\u2019ll have until 4:21 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/edition\/am\/739e70d4-791a-43ad-9ffe-a672a793f025\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/edition\/am\/efe3a528-f43f-4c39-82f2-877d71dea105\" style=\"\" rel=\"noopener\">the UAE<\/a><\/strong><strong>? <\/strong>Tap or click either link to read this morning\u2019s issue or subscribe without charge online to get your own copy delivered to you before 7am local time. <\/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 begins paying overdue arrears to international oil firms:\u00a0<\/strong>The state has begun paying back nearly 20% of the arrears it owes to international oil companies (IOCs) operating in the country, with a structured plan now in place to clear the remaining debt in stages over the coming period, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Tuiv6xnRdBJXd71ADeAP6trBzaSRrYgShTKqUx4Q4r3nKbPWGsuJ5vSobcnDJEnBl\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. The government first <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ea59e39-6fc2-4391-a708-7c96349d5908\/another-package%3F\" style=\"\" rel=\"noopener\">signaled its intention<\/a> to soon begin repayment two weeks ago.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How much are we talking? <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypt-starts-paying-off-arrears-petroleum-companies-2024-03-26\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported yesterday that the government could start paying back up to USD 1.5 bn of total arrears as soon as today, citing unnamed sources. The figures fairly match up with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ebdece9-73e5-4449-a45b-28f9ed2bba6b\/\" style=\"\" rel=\"noopener\">other media reports<\/a> earlier this month claiming that the Oil Ministry has been working to pay out USD 1-1.5 bn in arrears \u2014 out of an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ea59e39-6fc2-4391-a708-7c96349d5908\/another-package%3F\" style=\"\" rel=\"noopener\">estimated<\/a> total of USD 6.25 bn.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is a good sign of improving liquidity. <\/strong>Egypt, like many governments in a time of foreign currency shortage, allowed dues to IOCs to pile up. It\u2019s easy enough to do: Oil drillers have generally sunk a ton of money into exploration and then to bring an asset into production. They\u2019re loathe to leave, and doing so is typically not good for their financials. In that context, they will typically remain invested and producing at a basal level \u2014 even if they become increasingly vocal about having their receivables paid down. <strong>The Madbouly government paying IOCs suggests foreign currency inflows have been strong.<\/strong><\/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 EGP weakened again yesterday against the greenback: <\/strong>After steadily gaining on the USD since the float of the EGP earlier in the month, the national currency has inched down against the greenback since Sunday from EGP 46 to around EGP 48 yesterday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But worry not, a fluctuating exchange rate is a completely normal and healthy sign<\/strong>, which indicates that the central bank is serious about liberalizing the exchange rate, banking sources told <a target=\"_blank\" href=\"https:\/\/www.masrawy.com\/news\/news-banking\/details\/2024\/3\/25\/2558294\/\" style=\"\" rel=\"noopener\">Masrawy<\/a>. The outlet's sources attributed the weakening of the EGP in the last few days to the sale of t-bills by foreign investors seeking to claim returns and the government\u2019s arrear payments to oil companies.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a>  <strong>#3- National Printing Company to hit the EGX in 2Q 2024:<\/strong> Qalaa Holding plans to list its printing subsidiary, the National Printing Company, on the EGX in the second quarter of this year, our friend Qalaa Holdings Managing Director Hisham El Khazindar told Al Borsa. The company has tapped EFG Hermes and CI Capital Holding to manage the IPO, which is part of a wider restructuring plan, and is still in the process of determining the size of the stake to put up for grabs.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> We first heard of the National Printing Company\u2019s plans for a stock market debut back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d155ddaf-923b-4191-b569-17da587aa92a\/qalaa-wants-to-take-the%253cmark%253e-national-printing-%253c%2Fmark%253ecompany-public-on-the-egx\" style=\"\" rel=\"noopener\">July<\/a>. The EGX approved the temporary listing of the company last month.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to follow?<\/strong> Qalaa Holding plans to take more of its subsidiaries public, El Khazindar said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- The EGX could see three other new listings this year: <\/strong>Investment management firm Act Financial and two unnamed agricultural manufacturing firms are in talks with the EGX to list on the bourse this year, Asharq Business reports, citing EGX boss Ahmed El Sheikh (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=_TfuLvxqkzE&amp;t=425s\" style=\"\" rel=\"noopener\">watch, runtime 8:09<\/a>).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:\u00a0<\/strong>Local media reported earlier this week that Act Financial is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/195963b1-4574-44d3-8a2c-ceec25daaaf8\/\" style=\"\" rel=\"noopener\">working to launch an<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/195963b1-4574-44d3-8a2c-ceec25daaaf8\/\" style=\"\" rel=\"noopener\">IPO<\/a> on the EGX in 2Q 2024. We first heard of the plan in September 2022, when Managing Partner and Co-Founder Mostafa Abdel Aziz told us that the company would offer up to a 40% stake on the EGX by early 2023.<\/p><p class=\"tag-border-left\">MORNING MUST READ-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cIt\u2019s different this time\u201d for Egypt\u2019s economy<\/strong>, says FIM Partners Head of Macro Strategy Charlie Robertson in a note seen by Enterprise. Robertson argues that Egypt is set to be the next emerging market to make a transition \u201cfrom historic poverty into industrialisation and wealth\u201d as it expands the sectors that bring in hard currency and sees an improvement in its budget and current account deficits.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The country\u2019s ability to self-finance its own growth is expected to \u201crise significantly\u201d<\/strong> on the back of a projected decline in the fertility rate. This drop would allow families to save money, driving up bank deposits and cutting the cost of money \u2014 i.e., interest rates. As local funding becomes more abundant and cheaper, budgetary strains will ease.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And local industry and FX-generating sectors are also witnessing growth<\/strong>, with the tourism sector reeling in over USD 14 bn (4% of GDP) in 12 months \u2014 well over the USD 13 bn pre-Covid peak. Robertson also points out that in FY 2017-18, only two types of merchandise exports \u2014 crude oil and petroleum products \u2014 topped more than USD 1 bn a year, but in the last fiscal year, the number of sectors bringing over USD 1 bn went up to five. Fertilizers brought in over USD 2 bn and ready-made garments and organic chemicals each brought in USD 1 bn and exports of household appliances and cotton textiles were also on the verge of breaking the USD 1 bn mark.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FIM has its money where its mouth is:<\/strong> The emerging- and frontier-market-focused investment manager has invested \u201cin a large overweight position\u201d in the country\u2019s external debt because it \u201crecognised the underlying improvement in the primary balance\u201d and predicted last year that forthcoming FX injections would be \u201cvery large.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And has taken a special interest in the local debt market:<\/strong> FIM is shifting from external debt to the \u201cexciting trade\u201d of local currency government debt, with the interest rate on t-bills in March dipping to below 29% from a previous 32%. \u201cWith an appreciating currency, that provides a very appealing USD return,\u201d he says.<\/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\">BUDGET WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Gov\u2019t trims growth forecast for the next fiscal year again: <\/strong>The Madbouly government has downgraded its growth forecast for the fiscal year 2024-25 to 4.0%, according to an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02zhCU7A3e7CCUppEzwaRSUSDXyVLPD3t2BRgfFy7MjXEMiFPYzxbWJkR8kuoED12El\" style=\"\" rel=\"noopener\">Ittihadeya statement<\/a>. The new target is 0.2 percentage points below projections penciled in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4649e92d-a0d3-4c7a-aa32-9cd0b088fd52\" style=\"\" rel=\"noopener\">last month<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sneak peek of the Public Government Budget just in:<\/strong> The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/146b3145-ac54-4832-be15-9e2799b474bc\" style=\"\" rel=\"noopener\">Public Government Budge<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/146b3145-ac54-4832-be15-9e2799b474bc\" style=\"\" rel=\"noopener\">t<\/a> \u2014 which includes both the state budget and the budgets of 40 economic bodies in its first phase \u2014 has penciled in revenues of EGP 4 tn and expenses of EGP 4.9 tn for the next fiscal year.<\/p><p class=\"tag-border-left\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Your Uber commute is now going to cost you a little more:<\/strong> Ride-hailing service app Uber has raised its prices by 10% in Cairo and Alexandria in the wake of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be2302e1-e1a7-4413-95b2-887642444241\/egypt-hikes-car%253cmark%253e-fuel-%253c%2Fmark%253eprices-by-by-8-21%2525\" style=\"\" rel=\"noopener\">fuel price hikes<\/a> last weekend, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/03\/26\/1778570\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing messages sent to the company\u2019s drivers informing them of the change.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>Women-led MSMEs are in line for financial support from the Micro, Smale, and<\/strong><strong> Micro Enterprise Development Agency<\/strong>, with a newly launched funding initiative \u2014 dubbed Aziza \u2014 set to provide soft financing to existing women-led MSMEs, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02CnKykGhoqLJHjYkVkRivyRZb3fATbNiMcW6Q3C4e6E2kLqcmt9FUUEuP3NvJjoA5l\" style=\"\" rel=\"noopener\">statement<\/a> from the agency. The initiative will focus on MSMEs in manufacturing and agriculture and provide training in addition to technical and marketing support. Entrepreneurs can enquire at any of the agency\u2019s branches or by calling the hotline 16733.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#3- Attention, investors: <\/strong>The deadline for online reservation requests for 456 fully serviced plots of land for industrial purposes offered up by the Industrial Development Authority (IDA) is <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/IDA.Egypt\/posts\/pfbid02QfY3DaPgz9fNMpa54jgKvSY4H86ceXLmwMyu2mRFEBDT7zFivNRRotvavV8BrE8Ml\" style=\"\" rel=\"noopener\">tomorrow<\/a>. The IDA offered up the 1 mn sqm of land on its digital platform in a bid to boost industry localization and bridge the gap between exports and imports, the authority <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/IDA.Egypt\/posts\/pfbid02ARZmi3Ds2BYx2N1ooCwM1ZsA9i5mV3thC6T4Ue8j7CHZ8seRCcNjKPFxdi8hCMtql?locale=ar_AR\" style=\"\" rel=\"noopener\">said<\/a> when it first launched the initiative in January. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The authority is offering plots of land in 10 governorates, with areas ranging between 200 sqm to 10k sqm. They can be bought through regular ownership contracts or usufruct agreements with 5% of the plot\u2019s value paid annually.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Interested? <\/strong>Investors can make a reservation request from the authority\u2019s <a target=\"_blank\" href=\"http:\/\/ida.gov.eg\/webcenter\/portal\/IDA\/pages_servicesguidelinescopy2\" style=\"\" rel=\"noopener\">online investment<\/a><a target=\"_blank\" href=\"http:\/\/ida.gov.eg\/webcenter\/portal\/IDA\/pages_servicesguidelinescopy2\" style=\"\" rel=\"noopener\">portal<\/a>.<\/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\"><strong>FX receipts into Egypt reached<\/strong><strong> USD 121.9 bn in FY 2022-23<\/strong>, down 24% from the USD 160.5 bn recorded in the previous year, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2372.pdf\" style=\"\" rel=\"noopener\">data (pdf)<\/a> from state statistics agency Capmas.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Outflows also saw a drop from the preceding year<\/strong>, dropping 27% to USD 135 bn on the back of a 76% y-o-y drop in payments on portfolio investments to USD 7.6 bn.<\/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\/2020\/01\/Web-view-01.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/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 industry insiders about how the real estate sector is preparing to move on from a difficult period marred by fluctuating prices of essential inputs and difficulties pricing units, with the government\u2019s decision to liberalize the exchange rate causing an immediate shift in investment prospects and the overall outlook of the market moving forward.<\/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\/oil-and-gas\/\">oil and gas<\/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=\"617743 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=\"617743\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/617743\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617743\" class=\"content-area-description single-story post-617743 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><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=\"617744\" 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=\"617744\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/at-least-six-state-owned-banks-rumored-to-be-in-line-for-leadership-reshuffle\/\">\r\n                            At least six Egyptian state-owned banks rumored to be in line for leadership reshuffle                        <\/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\/27\/at-least-six-state-owned-banks-rumored-to-be-in-line-for-leadership-reshuffle\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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       <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=At+least+six+state-owned+banks+rumored+to+be+in+line+for+leadership+reshuffle+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F27%2Fat-least-six-state-owned-banks-rumored-to-be-in-line-for-leadership-reshuffle%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\/27\/at-least-six-state-owned-banks-rumored-to-be-in-line-for-leadership-reshuffle\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1739.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617745\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/at-least-six-state-owned-banks-rumored-to-be-in-line-for-leadership-reshuffle\/1739-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1739.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1739.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1739.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1739.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617744\" class=\"content-area-description single-story post-617744 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-arab-african-international-bank tag-banking tag-banque-du-caire tag-banque-misr tag-enterpriseam tag-export-development-bank-of-egypt tag-moves tag-national-bank-of-egypt tag-suez-canal-bank 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\/.68013e24-0c9c-4329-975a-ce43141e370c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EXCLUSIVE- We may be just hours away from a major shuffle of the <\/strong><strong>leadership of at least six state-owned banks<\/strong>, a source with knowledge of the situation tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What can you expect? <\/strong>Our source says new leaders could be appointed at banks where the state retains substantial control, including: the National Bank of Egypt, Banque Misr, Banque du Caire (BdC), AAIB, EBank, and Suez Canal Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rumored shortlist, <\/strong>according to our source<strong>:<\/strong><\/p>\n<ul>\n<li>Al Baraka Bank Vice Chairman and CEO <strong>Hazem Hegazy<\/strong> will take the reins at <strong>Banque du Caire<\/strong>, where he was previously executive vice-chairman.<\/li>\n<li>AAIB Vice Chairman and Managing Director <strong>Tamer Waheed<\/strong>will head the <strong>National Bank of Egypt<\/strong>;<\/li>\n<li>EGBank Vice Chairman and CEO <strong>Nidal <\/strong><strong>Assar <\/strong>will run the show at <strong>Banque Misr<\/strong>. He\u2019s a former deputy governor of the central bank.<\/li>\n<li>National Bank of Egypt Deputy Chairman <strong>Yehia Abou El Fotouh<\/strong> will move to <strong>AAIB<\/strong>;<\/li>\n<li>Banque du Caire Chairman and CEO <strong>Tarek Fayed<\/strong> will head over to <strong>EBank<\/strong>;<\/li>\n<li>And Banque Misr Vice Chairman <strong>Akef El Maghriby<\/strong> will be the man in charge at the <strong>Suez Canal Bank<\/strong>.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- NBE, Banque Misr, and Banque du Caire are the \u201cbig three\u201d state-owned <\/strong><strong>institutions. <\/strong>BdC and AAIB are both perennial candidates for stake sale or IPO as part of the Sisi administration\u2019s privatization program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The caveat: <\/strong>The source cautioned that the roster of changes and which banks are involved in the shuffle is not final and could change before it is announced. In some cases, we could see proven execs move from one bank to another. It is unclear how many other c-suite leaders could find themselves moving in the days to come.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The changes could be announced \u201cwithin hours,\u201d <\/strong>our source says \u2014 that\u2019s press shorthand for \u201cany moment now, but please don't hold your breath.\u201d Meanwhile, Al Borsa is out with a list of changes that largely overlaps with ours. It suggests that news of the changes could trickle out over the next several days, continuing into next week. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-african-international-bank\/\">Arab African International Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/export-development-bank-of-egypt\/\">Export Development Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-bank\/\">Suez Canal Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617746\" 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=\"617746\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/six-golden-licenses-attract-egp-5-6-bn-of-fresh-investments\/\">\r\n                            Six golden licenses attract EGP 5.6 bn of fresh investments to 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\/27\/six-golden-licenses-attract-egp-5-6-bn-of-fresh-investments\/\" 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\/27\/six-golden-licenses-attract-egp-5-6-bn-of-fresh-investments\/')\">\n             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   <\/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\/27\/six-golden-licenses-attract-egp-5-6-bn-of-fresh-investments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2449.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617747\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/six-golden-licenses-attract-egp-5-6-bn-of-fresh-investments\/2449-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2449.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2449.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2449.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2449.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617746\" class=\"content-area-description single-story post-617746 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-enviroprocess tag-fdi tag-gafi tag-golden-licenses tag-hassan-allam-holding tag-investment-watch 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\/.33206a38-a363-4b65-b268-db65fb5fe6e1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>GAFI hands out six golden licenses:<\/strong> The General Authority for Investments and Freezones (GAFI) has awarded six golden licenses for projects worth a combined EGP 5.6 bn, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/GAFIEG\/posts\/pfbid02kbS4ELx8drCYF63SGLPi1bhHTNo6awHVxDRpcaLLZHYUn9bqQN6GRNaJUMGTCr6El\" style=\"\" rel=\"noopener\">statement<\/a> from the authority. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The projects that have been awarded the license:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A railway parts factory:<\/strong> The <a target=\"_blank\" href=\"https:\/\/www.neric.com\/\" style=\"\" rel=\"noopener\">National Egyptian Railway Industries Company<\/a> \u2014 a joint-venture between the state and the private sector \u2014 will build and operate <strong>an EGP 3.6 bn railway parts factory in the Suez Canal Economic Zone<\/strong> for rail, metro, and high-speed train components and supplies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- An alternative fuels plant:<font face=\"Arial\">&nbsp;<\/font><\/strong>EnviroProcess will set up an <strong>EGP 74 mn recycling plant for<\/strong><strong> alternative fuels and fibers<\/strong> in Minya. We first <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3473f369-0b05-4a6c-9c5c-97b42b9f00ba\/\" style=\"\" rel=\"noopener\">heard about this<\/a> back in October. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Warehouse facilities in Luxor:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/www.hassanallam.com\/\" style=\"\" rel=\"noopener\">Hassan Allam<\/a> will build and operate <strong>strategic warehouse<\/strong><strong> facilities in Luxor with EGP 1.5 bn<\/strong> in investments. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4 &amp; #5- Two new towers on the Nile Corniche:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/bit.ly\/45AD9Rr\" style=\"\" rel=\"noopener\">Nilus Hotel and Commercial Services<\/a> and <a target=\"_blank\" href=\"https:\/\/bit.ly\/45mtL3v\" style=\"\" rel=\"noopener\">Nilus Residential Services<\/a> will build a large <strong>real estate project at an investment of EGP 463.5 mn<\/strong>. The project will consist of two new towers on the Nile Corniche housing residential, commercial, and administrative units. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The companies got the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a0a192e-8d43-4112-81ec-a17f1ed9dc94\/%253cmark%253enilus-%253c%2Fmark%253eto-to-build-two-commercial,-residential-towers-on-former-ndp-hq\" style=\"\" rel=\"noopener\">thumbs up<\/a> from the cabinet to build the towers on the National Democratic Party\u2019s former headquarters in March. The chairman of the Sovereign Fund of Egypt\u2019s tourism sun-fund told local media in August that the project could cost a combined <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">USD 5 bn<\/a> and would be completed by 2Q 2028.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- Food packaging factory: <\/strong>Limited liability company ICE LINX will build and operate a 100% export-oriented <strong>food processing and packaging plant with an investment of <\/strong><strong>EGP 134.6 mn<\/strong> in New Borg El Arab. We heard about a similar \u2014 or possibly the same \u2014 project <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/029064d8-4fd0-4e79-bc81-481d29e55aef\/cabinet-approves-eu-%2B-eib-financing,-new-golden-license,-green-hydrogen-consultant\" style=\"\" rel=\"noopener\">earlier this month<\/a> when ICE LINX was granted a golden license for the same type of plant in the same location, but with investment of up to EGP 205 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>G<\/strong><strong>olden licenses? <\/strong>Introduced in the Investment Act of 2017, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d03b6507-b649-4f52-9d7b-1c4bdf41420a\" style=\"\" rel=\"noopener\">golden licenses<\/a> create a streamlined process to set up new industrial and infrastructure projects that fit a certain list of requirements and criteria. Rather than exempting investors from the necessary approvals, the acquisition of the license serves as a one-stop shop for all necessary approvals to move forward with a project. The Madbouly government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6877e9b-11cc-4db7-bd39-53bfb157854a\" style=\"\" rel=\"noopener\">made it easier<\/a> in December 2022 for industry to receive the licenses by scrapping a minimum issued capital requirement and allowing companies to apply for it online.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enviroprocess\/\">EnviroProcess<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/golden-licenses\/\">golden licenses<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/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=\"617748 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=\"617748\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/617748\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617748\" class=\"content-area-description single-story post-617748 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/ak-ships.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/214.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617749\" 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=\"617749\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/edtech-startup-sprints-secures-usd-3-mn-in-a-bridge-round\/\">\r\n                            Egyptian edtech startup Sprints closes USD 3 mn bridge funding round                        <\/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\/27\/edtech-startup-sprints-secures-usd-3-mn-in-a-bridge-round\/\" 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\/27\/edtech-startup-sprints-secures-usd-3-mn-in-a-bridge-round\/')\">\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\/27\/edtech-startup-sprints-secures-usd-3-mn-in-a-bridge-round\/\">\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=Edtech startup Sprints secures USD 3 mn in a bridge round&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/edtech-startup-sprints-secures-usd-3-mn-in-a-bridge-round\/\">\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\/27\/edtech-startup-sprints-secures-usd-3-mn-in-a-bridge-round\/&title=Edtech startup Sprints secures USD 3 mn in a bridge round\">\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=Edtech+startup+Sprints+secures+USD+3+mn+in+a+bridge+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F27%2Fedtech-startup-sprints-secures-usd-3-mn-in-a-bridge-round%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\/27\/edtech-startup-sprints-secures-usd-3-mn-in-a-bridge-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2400.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617750\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/edtech-startup-sprints-secures-usd-3-mn-in-a-bridge-round\/2400-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2400.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2400.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2400.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2400.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617749\" class=\"content-area-description single-story post-617749 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-disruptech-ventures tag-edtech tag-edventures tag-enterpriseam tag-sprints tag-startup-watch tag-venture-capital 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\/.af37cac1-1575-4c5c-8d16-f3d14c46fd4b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Edtech startup <\/strong><strong><a target=\"_blank\" href=\"https:\/\/sprints.ai\/\" style=\"\" rel=\"noopener\">Sprints<\/a><font face=\"Arial\">&nbsp;<\/font><\/strong><strong>has raised USD 3 mn in a bridge funding round<\/strong> led by <a target=\"_blank\" href=\"http:\/\/www.disruptechventures.com\/\" style=\"\" rel=\"noopener\">Disruptech Ventures<\/a>, which will support its plan to tap into ten new markets, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2334.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The round also drew investments from Nahdet Misr\u2019s VC arm <a target=\"_blank\" href=\"https:\/\/www.nmedventures.com\/\" style=\"\" rel=\"noopener\">EdVentures<\/a> and Holland\u2019s <a target=\"_blank\" href=\"https:\/\/fundforyouthemployment.nl\/\" style=\"\" rel=\"noopener\">Challenge Fund for Youth Employment<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cWe're a proud force of passionate trailblazers, consisting of over&nbsp;<span style=\"background-color: transparent;\">100 employees and 300 trainers from 12 countries, united by a single mission, to revolutionize&nbsp;<\/span><span style=\"background-color: transparent;\">education through AI. This investment is a resounding validation of the team\u2019s tireless efforts&nbsp;<\/span><span style=\"background-color: transparent;\">and unwavering dedication,\u201d CEO and co-founder of Sprints, Ayman Bazaraa said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Sprints:<\/strong> Founded in 2019 by Ayman Bazaraa (<a target=\"_blank\" href=\"https:\/\/eg.linkedin.com\/in\/ayman-bazaraa-5a750517\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and Bassam Sharkawy<font face=\"Arial\"> <\/font>(<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/bassam-sharkawy-60b5774b\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), Sprints works to bridge the tech talent gap in MEA. The company offers online training programs to software developers, as well as crash courses in artificial intelligence, cybersecurity, data science, and cloud computing, among others. The firm bills itself as the MEA region\u2019s first edtech startup that offers guaranteed hiring programs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sprints says it has delivered over 52k learning experiences<\/strong> while working with the governments of Egypt, Saudi Arabia, the UAE, the Netherlands, Germany and the US, as well as UN organizations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More investments to come from EdVentures this year: <\/strong>EdVentures plans to invest up to USD 500k each into 10-12 Egyptian and international startups in 2024, Nahdet Misr CEO and EdVentures founder Dalia Ibrahim <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fb0138ae-7cb8-479c-a172-29c8ebca7d62\/edventures-founder-dalia-ibrahim-on-what-we-can-expect-from-the-local%253cmark%253e-edtech-%253c%2Fmark%253esector-this-year\" style=\"\" rel=\"noopener\">told<\/a> Enterprise in an interview last month.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/disruptech-ventures\/\">Disruptech Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edtech\/\">edtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edventures\/\">EdVentures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sprints\/\">Sprints<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/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=\"617751 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=\"617751\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/617751\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617751\" class=\"content-area-description single-story post-617751 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/186.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617752\" 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=\"617752\">\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\/27\/honeywell-gears-up-for-sustainable-aviation-fuel-project-plus-eu-french-development-agency-finance-water-treatment-plant-eda-to-clamp-down-on-counterfeit-meds\/\">\r\n                            Honeywell gears up for sustainable aviation fuel project. PLUS: EU + French Development Agency finance water treatment plant, EDA to clamp down on counterfeit meds                        <\/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\/27\/honeywell-gears-up-for-sustainable-aviation-fuel-project-plus-eu-french-development-agency-finance-water-treatment-plant-eda-to-clamp-down-on-counterfeit-meds\/\" 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\/27\/honeywell-gears-up-for-sustainable-aviation-fuel-project-plus-eu-french-development-agency-finance-water-treatment-plant-eda-to-clamp-down-on-counterfeit-meds\/')\">\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\/27\/honeywell-gears-up-for-sustainable-aviation-fuel-project-plus-eu-french-development-agency-finance-water-treatment-plant-eda-to-clamp-down-on-counterfeit-meds\/\">\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=Honeywell gears up for sustainable aviation fuel project. PLUS: EU + French Development Agency finance water treatment plant, EDA to clamp down on counterfeit meds&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/honeywell-gears-up-for-sustainable-aviation-fuel-project-plus-eu-french-development-agency-finance-water-treatment-plant-eda-to-clamp-down-on-counterfeit-meds\/\">\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\/27\/honeywell-gears-up-for-sustainable-aviation-fuel-project-plus-eu-french-development-agency-finance-water-treatment-plant-eda-to-clamp-down-on-counterfeit-meds\/&title=Honeywell gears up for sustainable aviation fuel project. 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The two sides also discussed the possibility of working together on several green energy-related projects, the ministry said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Honeywell has been considering building a sustainable aviation fuel production facility in Alexandria under a public-private partnership with state-run Egyptian Petrochemicals Holding Company and local private companies, the Oil Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c09a6545-db48-4ff4-8b88-730126955e50\/network-of-food-logistic-hubs-planned-for-2024.-plus:-honeywell-x-egypt-aviation-fuel\" style=\"\" rel=\"noopener\">said<\/a> last October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEVELOPMENT FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EU and French Development Agency back water treatment plant with additional<\/strong><strong> EUR 61.5 mn: <\/strong>The European Union and the French Development Agency will provide a total of EUR 61.5 mn in financing for the third phase of the Gabal El Asfar water treatment plant, the International Cooperation Ministry said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02iMh4toxyaHt3Vi78qMLPSVUf6t6qjB6y1V2NwKfg8s8qedKbAxLAE7EiSiqrQcbXl\" style=\"\" rel=\"noopener\">statement<\/a>. The project will be one of the largest water treatment plants in Egypt and will serve 17.5 mn people by 2040 through wastewater collection and treatment services. The third phase is scheduled to contribute to increasing the plant\u2019s capacity by 1 mn cbm, the statement read.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PHARMA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EDA to roll out system to clamp down on counterfeit meds:<\/strong> The Egyptian Drug Authority (EDA) plans to launch a tracking system before the end of the year to eradicate the sale of counterfeit and imitation meds and crack down on illegal sales, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%86%d8%b3%d8%a8%d8%a9-%d8%a7%d9%84%d8%ae%d8%b5%d9%85-%d9%88%d9%86%d9%82%d8%b5-%d8%a7%d9%84%d8%a3%d8%b5%d9%86%d8%a7%d9%81-%d9%88%d8%a7%d9%84%d8%aa%d8%b7%d8%a8%d9%8a%d9%82%d8%a7%d8%aa-%d8%a7%d9%84\/#google_vignette\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing a source it says has knowledge of the matter. The move, which comes in response to a rise in sales via digital platforms, was discussed during a meeting between the EDA and industry associations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Committee to regulate the market: <\/strong>EDA head Ali El Ghamrawy also called for the formation of acommittee to set a mechanism for collecting expired meds that manufacturers have been refusing to take back.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/aviation\/\">aviation<\/a>\n                <!-- 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          \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/esg-and-climate-change-take-the-backseat-for-infrastructure-energy-pragmatism-in-finks-letter\/\">\r\n                            ESG and climate change take the backseat for infrastructure + energy pragmatism in Larry Fink\u2019s letter                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2438.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2438.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2438.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2438.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617755\" class=\"content-area-description single-story post-617755 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-blackrock tag-energy tag-enterpriseam tag-financial-markets tag-infrastructure tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.40a88954-3335-451d-b73f-791742067d30.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Finance will be \u201ckey to addressing two of the mid-21st century\u2019s biggest economic <\/strong><strong>challenges,\u201d BlackRock boss Larry Fink writes <\/strong>in his annual letter to shareholders, zeroing in on infrastructure in general (and energy infrastructure in particular) and how to pay for retirement when a growing percentage of the world\u2019s population is aging. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters #1: <\/strong>Fink co-founded and leads a business that he\u2019s grown from an eight-person shop into the world\u2019s largest asset manager. His writing is cogent and he has consistently put a ton of effort into making his annual letter to shareholders into exercises in strategic thinking. He\u2019s not just his generation\u2019s Warren Buffett, in that sense \u2014 his notes are now scrutinized at least as carefully as the Oracle of Omaha\u2019s were back at the height of his influence. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters #2: <\/strong>Fink\u2019s past letters made climate change and \u201cstakeholder capitalism\u201d (as it is now trendy to call ESG investing) mainstream topics on Planet Finance. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s in it for folks who live, do business, or invest in our part of the world? <\/strong>The infrastructure piece, right now. And the retirement issue, too \u2014 if we\u2019re smart. (More on the retirement bit in another Planet Finance column to come.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On infrastructure: <\/strong>Fink argues that \u201cas countries decarbonize and digitize their economies, they\u2019re supercharging demand for all sorts of infrastructure, from telecom networks to new ways to generate power. In fact, in my nearly 50 years in finance, I\u2019ve never seen more demand for energy infrastructure.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Citing trips to nearly 20 countries worldwide, he writes that countries \u201chave twin aims: <\/strong>They want to transition to lower-carbon sources of power while also achieving energy security.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>His solution will sound awfully familiar if you live in Egypt, Saudi Arabia, or the UAE: <\/strong>\u201cThe future of infrastructure is public-private partnership,\u201d he writes, and the adoption of an <strong>\u201cenergy pragmatism\u201d<\/strong> approach \u2014 embrace renewables, yes, but don\u2019t abandon the fossil fuels we need to cool our homes and grow our economies until the moment is right. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BlackRock is a big investor in both renewable energy and hydrocarbon companies<\/strong>, and Fink knows that pragmatism will expose him to arrows from both sides. His argument that energy pragmatism is the real \u201cpath to decarbonization\u201d will ring true to Saudi ears \u2014 and to folks in Germany and Texas, which he cites as examples of the policy in action. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Putting his money where his mouth is: <\/strong>BlackRock said in January that it was going after the USD 1 tn infrastructure market by acquiring Global Infrastructure Partners to create a \u201cworld-leading infrastructure private markets investment platform.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Read for yourself:\u00a0<\/strong><a target=\"_blank\" href=\"https:\/\/www.blackrock.com\/corporate\/investor-relations\/larry-fink-annual-chairmans-letter\" style=\"\" rel=\"noopener\">Fink\u2019s letter is online here<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Read what others are saying:\u00a0<\/strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/38fcdd1f-481a-44b8-8f0d-e1c0a39cdc55\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/investing\/blackrock-larry-fink-annual-letter-8484e68e\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/03\/26\/business\/dealbook\/blackrock-fink-letter-retirement.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/retirement-crisis-social-security-savings-401k-genz-investing-blackrock-fink-2024-3\" style=\"\" rel=\"noopener\">Business Insider<\/a> <\/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>Neumann vies for control of WeWork: <\/strong>Adam Neumann, the ousted co-founder and CEO of WeWork, has offered to pay more than USD 500 mn to regain ownership of the long-bankrupt coworking space rental company. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-25\/wework-co-founder-neumann-offers-500-million-plus-for-firm-wsj?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/li>\n<\/ul><p class=\"tag-border-left\">THE MARKETS THIS MORNING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mostly in the red this morning<\/strong>, with just the Nikkei bucking the trend. US stock futures are edging higher after the S&amp;P 500 recorded its third straight day of losses, suggesting there\u2019s a chance it will break into the green today. Futures for major European benchmarks trended mostly lower overnight. <\/p><p><a target=\"_blank\" id=\"t.5320012d2445ab729eb1d7134b1b50b765d8700a\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">29,058<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0% (YTD: +16.7%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.72<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.86<\/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>USD (CIB)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.73<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.83<\/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\">12,586<\/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: +5.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,318<\/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: -2.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,246<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: +4.6%)<\/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\">5,204<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +9.1%)<\/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>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\">+0.2% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,064<\/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: +12.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 85,71<\/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%<\/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 1.78<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,198.30<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 69,908.36<\/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: +65.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 3.4 bn (31.6% 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>Edita (+4.7%), Delta Sugar (+3.4%), and Alexandria Container and Cargo Handling (+2.8%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Ezz Steel (-4.5%), Palm Hills Developments (-4.1%), and Madinet Masr (-4.0%).<\/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>#1-<\/strong><strong>Telecom Egyp<\/strong><strong>t will pay its shareholders a dividend<\/strong> for FY 2023 at a value of EGP 1.50 per share, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2382.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>CIB will pay out a dividend of EGP 0.55<\/strong> on its 2023 earnings, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2443.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.The ordinary general assembly also approved a decision to raise the bank\u2019s issued and paid-in capital by EGP 236.6 mn to EGP 30.4 bn.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Al Baraka Bank\u2019s ordinary general assembly has decided to hold off on paying<\/strong><strong> dividends<\/strong> on the bank\u2019s 2023 earnings, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2442.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" 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photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2434.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"617759\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/the-real-estate-sector-is-expected-to-see-a-boom-on-the-back-of-currency-correction\/2434-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2434.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2434.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2434.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2434.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-617758\" class=\"content-area-description post-617758 hardhat type-hardhat status-publish has-post-thumbnail hentry category-hardhat tag-construction tag-devaluation tag-egp tag-enterprise-hardhat tag-enterpriseam tag-foreign-exchange tag-gcc tag-hardhat tag-infrastructure tag-ras-el-hekma tag-real-estate 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>EGP float opens a new page for real estate developers: <\/strong>The real estate sector is preparing to move on from a difficult period marred by fluctuating prices of essential inputs and difficulties pricing units, with the government\u2019s decision to liberalize the exchange rate causing an immediate shift in investment prospects and the overall outlook of the market moving forward, industry insiders told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But despite recent challenges, top developers doubled their sales in 2023: <\/strong>The country\u2019s top 20 real estate developers saw their sales more than double in 2023 to over EGP 700 bn as investors flocked to the real estate market to hedge against a weakening EGP, Cairo-based consulting firm <a target=\"_blank\" href=\"https:\/\/theboardconsulting.com\/\" style=\"\" rel=\"noopener\">The Board Consulting<\/a> said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e6fe8171-6a9b-40fa-b4ec-4caac82d737c\" style=\"\" rel=\"noopener\">last month<\/a> in its annual real estate report. However, \u201cthe sales volumes did not experience the same level of appreciation,\u201d the consultancy\u2019s chairman Ahmed Nazmy said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The stability of production input prices represents a \u201cnew beginning\u201d for developers<\/strong>,<strong> <\/strong>the chairman of steel distributor El Massia, Khaled El Degwy, told us. Around 75% of the sector\u2019s main inputs in the building process depend on imports and are therefore greatly affected by changes in the USD\u2019s exchange rate in the local market, El Degwy adds. Building materials being priced according to the official exchange rate and the absence of the parallel market will give the real estate sector more stability in the coming period, El Degwy continued, saying that he rules out any price increases caused by the instability of the exchange rate and fluctuations in the prices of building materials moving forward. Beta Egypt Chairman Alaa Fikry was similarly hopeful about the sector\u2019s future, telling us that the sector is on the verge of unprecedented investment inflows and a rise in the rate of demand from both local and foreign investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The market is currently in a state of calm<\/strong>,<strong> <\/strong>but the sector is expecting it to be followed by a boom in sales, New Cairo Developers Association chair Mohamed El Bostany tells us. Setting fair prices on units will solidify that stability even further, El Bostany adds, saying that setting price averages for units by area will attract more liquidity to the sector and ensure that units are being priced according to feasibility studies, especially with the stability of the exchange rate and expectations of more foreign currency liquidity.<\/p>\n<p class=\"tag-border-left\">A SOFT REBOOT FOR THE CONSTRUCTION INDUSTRY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Big growth projections for Egypt\u2019s construction sector: <\/strong>Fitch Solutions sees Egypt\u2019s construction sector growing by 7.5% y-o-y in the current fiscal year and by 7.9% for the next fiscal year, outperforming the sector\u2019s growth rates in other in the MENA region countries until 2033, it said in its <a target=\"_blank\" href=\"https:\/\/store.fitchsolutions.com\/infrastructure\/egypt-infrastructure-report#:~:text=In%20FY2023%2F24%20and%20FY2024,9.9%25%20between%202015%20and%202019\" style=\"\" rel=\"noopener\">Egypt Infrastructure Report<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Contractors in the construction sector are re-evaluating their business models <\/strong>following the government\u2019s recent cuts to public spending and the decision to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ee7dee0-e5f9-4574-8263-7b5b02e945e9\" style=\"\" rel=\"noopener\">push back<\/a> any new projects until at least 30 June 2024, Egyptian Federation of Construction and Building Contractors head Mohamed Sami Saad tells us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government\u2019s recent decision to cut public spending has been particularly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/02d223b2-6f5b-4685-9f35-60724896fed1\/how-will-public-spending-cuts-impact-infrastructure-projects%3F\" style=\"\" rel=\"noopener\">difficult<\/a> for the construction industry, which had already been suffering through a liquidity crisis triggered by the devaluation of the EGP, in addition to pricing difficulties and raw material shortages, Saad <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d479408-1267-41ea-828e-432c08edc765\" style=\"\" rel=\"noopener\">previously<\/a> told Enterprise. The government also pledged to dish out some EGP 40 bn in compensation to contractors who have suffered losses on state projects due to macroeconomic headwinds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All roads lead to the Gulf: <\/strong>The sector has mostly been immersed in the local market for the last eight years due to an unprecedented volume of work in infrastructure \u2014 plenty of which came from state-sponsored projects, Saad said. Now, regional expansion will provide an alternative path for the construction industry, as it begins to shift its attention to countries in the Gulf and others. Gulf markets in particular provide a large and stable destination for Egyptian contractors, and many companies are also looking towards Libya, Iraq, and some markets in Africa, Saad continued.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi companies are offering more to Egyptian firms<\/strong>, but business has been hindered due to the letters of guarantee being denominated in SAR, Saad explained. However, the federation will soon meet with the Central Bank of Egypt to work on a solution, Saad said, adding that an alternative guarantee mechanism could also be agreed on to facilitate the entry of Egyptian companies into the kingdom.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, financing is a problem for both the real estate and construction sectors: <\/strong>The high financing rates, coupled with the increase in interest rates, are currently among the biggest obstacles for both markets, Fikry told us. However, given the recent positive developments, Fikry expects the coming period to witness huge investments in the real estate sector. Meanwhile, Saad said that he is looking into submitting a request to the cabinet to maintain the current interest rate on corporate loans without any changes. <\/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 infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Chinese state-owned construction giant could <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7b8dea0-fa0d-4a5e-abf6-e1f535afc240\" style=\"\" rel=\"noopener\">establish<\/a><\/strong><strong> a medical city in<\/strong><strong> the new capital<\/strong>, which would house 18 specialized clinics, research centers, labs, and a blood bank. China State Construction Engineering Corporation will also build a residential area and hotel to cater for medical tourism.<\/li>\n<li><strong>Two new recycled plastic factories courtesy of BariQ:<\/strong> Intro Group\u2019s recycling company BariQ is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e80d0523-a35e-4c4e-8fa1-aeb3a4ce43e4\/we-have-two-recycled-plastic-factories-in-the-making\" style=\"\" rel=\"noopener\">setting up<\/a> two recycled plastic factories in Sixth of October this year with combined investments of USD 30 mn.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-el-hekma\/\">Ras El Hekma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\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=\"617760\" 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\/27\/617760\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617760\" class=\"content-area-description single-story post-617760 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MARCH<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 March (Thursday): Industrial Development Authority to close applications 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): IMF\u2019s Executive Board to discuss Egypt\u2019s loan program.<\/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 bid for 23 blocks 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 style=\"font-weight:400;\">15-21 April (Monday-Sunday): The IMF \/ World Bank Spring Meetings. <\/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 style=\"font-weight:400;\">28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) meeting on \u2018global collaboration, growth, and energy.\u2019<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 April (Monday): The government\u2019s car export scheme expires.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Wednesday): National holiday in observance of Labor Day (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-5 May (Thursday-Sunday): Townhall Expo 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 style=\"font-weight:400;\">29 May (Wednesday): Virtual launch of Chicago Booth Executive Program.<\/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 style=\"font-weight:400;\">2-5 September (Monday-Thursday): Egypt International Airshow, 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 style=\"font-weight:400;\">25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank\u2019s (AIIB) 2024 annual meeting, 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 style=\"font-weight:400;\">21-27 October (Monday-Sunday): The World Bank and IMF annual meetings.<\/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 style=\"font-weight:400;\">February 2024: Funds from the Islamic Development Bank for the high speed electric railway 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 style=\"font-weight:400;\">February-May: The Grand Egyptian Museum could officially open to visitors.<\/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;\">March 2024: The USD 2.7 bn MIDOR Refinery is set to begin 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 style=\"font-weight:400;\">June 2024: Gov\u2019t expects to finalize sale 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 style=\"font-weight:400;\">November 2024: Egypt to host the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2Q 2025: Safaga Terminal 2 to start operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 January-7 February: Egypt to host the African Games<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Banking leadership in the works? | Another six golden licenses | Companies warm up for 2024 IPOs | EGP float gives real estate a boost<\/p>\n","protected":false},"featured_media":617740,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-617739","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"85d9aacb-2613-452d-8b4f-7bad98da4f9f","teaser":"Banking leadership in the works? | Another six golden licenses | Companies warm up for 2024 IPOs | EGP float gives real estate a boost","photo_url":"https:\/\/ent.news\/2024\/2\/2165.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 begins paying back nearly 20% of overdue arrears to international oil firms - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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