{"id":617813,"date":"2024-03-28T00:00:00","date_gmt":"2024-03-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=617813"},"modified":"2025-12-17T04:51:08","modified_gmt":"2025-12-17T04:51:08","slug":"private-investments-to-make-up-50-of-total-investments-in-states-plan-for-the-next-fiscal-year","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/private-investments-to-make-up-50-of-total-investments-in-states-plan-for-the-next-fiscal-year\/","title":{"rendered":"Private investments to make up 50% of total investments in state\u2019s plan for the next fiscal year"},"content":{"rendered":"<section id=\"617815\" 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=\"617815\">\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\/28\/draft-budget-for-the-next-fiscal-year-heads-to-the-house\/\">\r\n                            Draft budget for the next fiscal year heads to the house                        <\/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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has-post-thumbnail hentry category-what-were-tracking-today tag-budget-watch tag-economy tag-enterpriseam tag-state-budget 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\/.bc04753e-ec94-4aff-b9be-cd2e925fd908.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>An unusually busy week in local business and economy news for Ramadan is ending how it began, and we\u2019ve got a packed issue for you today to prove it. There\u2019s plenty for you to read through this morning, so let\u2019s jump right into it.<\/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 6:12 pm in the capital city, and you\u2019ll have until 4:20 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>WEATHER- <\/strong>Expect another sunny day in Cairo today, with a daytime high of 32\u00b0C falling to 20\u00b0C, according to our favorite weather app. Be sure to pop on those sunglasses and check if your A\/C is ready for the cooler weather to end.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s more of the same in Alexandria<\/strong>, with a high of 31\u00b0C and a low of 17\u00b0C, but look out for rain forecasted from 10pm onwards.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** <\/strong><strong>DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/edition\/am\/f20ed150-b28c-464b-8a18-35d90ccbdcb8\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/edition\/am\/5af943c9-5e9c-4f2e-ad6b-78af1de98cf8\" style=\"\" rel=\"noopener\">the UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">** <strong>** Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge. <\/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>FTSE keeps Egypt on its demotion watch: <\/strong>Global index provider FTSE Russell is keeping Egypt on its watchlist for a possible demotion in its equity indexes as it continues to monitor the market following an improvement in foreign investors\u2019 ability to repatriate returns from the country, it <a target=\"_blank\" href=\"https:\/\/www.lseg.com\/en\/media-centre\/press-releases\/ftse-russell\/2024\/ftse-russell-country-classification-march-2024\" style=\"\" rel=\"noopener\">said<\/a> yesterday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Egypt was put on the watch list back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bf0691d-2249-4056-b53b-6f4781620fe6\" style=\"\" rel=\"noopener\">October<\/a>. The country is at risk of being demoted from \u201csecondary emerging market\u201d to \u201cunclassified,\u201d a move which could see Egyptian equities deleted from the provider\u2019s indexes.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Things are looking up: <\/strong>\u201cMarket participants report that previous delays in the ability of international institutional investors to repatriate capital from Egypt have been addressed\u201d following the USD 35 bn Ras El Hekma agreement and USD 8 bn IMF package, FTSE said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The verdict will be out in three months:<\/strong> FTSE Russell will provide an update on Egypt\u2019s watch list status by the end of June 2024, it said.<\/p><p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#1- The IMF\u2019s Executive Board is set to give the final thumbs up to our <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/033d5dd6-d417-4ad7-8154-b113a19b96a7\/madbouly-sounded-the-right-notes-as-he-unveiled-a-super-sized-usd-8-bn%253cmark%253e-imf-%253c%2Fmark%253epackage\" style=\"\" rel=\"noopener\">USD 8 bn package<\/a><\/strong><strong> with the fund tomorrow<\/strong>, a government source confirmed to Enterprise earlier in the week.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#2- Egypt says goodbye to JPMorgan Chase\u2019s Emerging Local Markets Index Plus:<font face=\"Arial\">\u00a0<\/font><\/strong>Starting today, the country is out of the lender\u2019s indices that track total returns for local currency denominated funds market instruments in EMs due, after a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba6da86a-4d90-4e47-98da-3beef39b5c1f\/another-sign-were-edging-towards-a-larger-imf-package\" style=\"\" rel=\"noopener\">decision<\/a> made by the bank at the start of the year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But hopefully not for long:<\/strong> JPMorgan Chase made the decision before the EGP float, pointing to the then-persistent FX shortage of the country and we\u2019re yet to hear if they\u2019ve decided to reverse the decision now that FX liquidity has come rushing back after liberalizing the pound.<\/p><p class=\"tag-border-left\">HAPPENING NEXT WEEK-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- FY 2024-25 draft budget to head to the House:<\/strong> The draft of the state budget and the first ever Public Government Budget for the next fiscal year will be presented to the House on Sunday after they were greenlit by cabinet yesterday, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ss6TaYALBeCA5vQExQMLYKWHbdp7Mh6NcCubfsVnuFvPLnKxKJaE3fsCkJmNRqUfl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Updated revenues and expenses:<\/strong> The Public Government Budget pencils in revenues of EGP 5.1 tn and expenses of EGP 6.4 tn for the next fiscal year \u2014 up from initial projections of EGP 4 tn and EGP 4.9 tn from an Ittihadeya statement a day earlier.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: Budget season is going to be a bit different this time round<\/strong>, with the issuing of the first <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/146b3145-ac54-4832-be15-9e2799b474bc\" style=\"\" rel=\"noopener\">Public<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/146b3145-ac54-4832-be15-9e2799b474bc\" style=\"\" rel=\"noopener\">Government Budget<\/a>. The new budget \u2014 which does not replace the state budget \u2014 shows the budgets of all the state\u2019s economic bodies in addition to the state budget collated together. The first phase includes some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe8be5ef-1808-4344-aa09-d303ff2fe7a2\" style=\"\" rel=\"noopener\">40 economic<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe8be5ef-1808-4344-aa09-d303ff2fe7a2\" style=\"\" rel=\"noopener\">bodies<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other key targets in the draft budget include:<\/strong><\/p><ul>\n<li>An increase of over 30% in allocations for the health and education sectors, which are deemed to be of top priority.<\/li>\n<li>Channeling <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f39bafa5-1db6-4158-8c53-f20e036939e8\/\" style=\"\" rel=\"noopener\">50% of the privatization program\u2019s proceeds<\/a> into reducing the government\u2019s outstanding debt and improving debt sustainability.<\/li>\n<li>An <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4286f10b-5618-426b-87de-d53d22d9591a\" style=\"\" rel=\"noopener\">EGP 1 tn cap<\/a> on public investment for all state entities.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- President Abdel Fattah El Sisi will officially begin his <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52af37f1-7aa4-4f93-a3d6-cf65ea23456d\/el-sisi-gets-a-third-term-%25e2%2580%2594-here%25e2%2580%2599s-what-to-watch-for-next-on-the-economy\" style=\"\" rel=\"noopener\">third term<\/a><\/strong> when he is inaugurated on Tuesday after winning nearly 90% of the vote in December\u2019s presidential election.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Get ready for a cabinet shuffle?<\/strong> El Sisi\u2019s new term is likely to start with some faces at the helm of some of the country\u2019s ministries and other government bodies. Cue the rumor mill.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">THE BIG STORY ABROAD-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s no single story capturing the imagination of the global press <\/strong>this morning, but watchers of the green economy will want to pay attention here: <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Janet Yellen is stirring the pot with China, warning Beijing against dumping key <\/strong><strong>components of the global green economy <\/strong>on other markets. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yellen claims China is dumping excess production of solar panels, EVs, and lithium ion <\/strong><strong>batteries <\/strong>on other countries. She said the practice \u201cdistorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why the fuss? <\/strong>Western economies are scrambling to catch up to China on clean-tech manufacturing. They see it as critical to energy security, to the green transition, and to bringing manufacturing jobs back to the west. The US is offering tax breaks and subsidies to everyone from green hydrogen producers (hello, Inflation Reduction Act) to key component makers, sparking competition with Canada and the European Union. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why now? <\/strong>Yellen was speaking on the eve of her second trip to Beijing as US treasury secretary. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Read more: <\/strong>Head to our website for links to stories from the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6d52ed0d-4d4e-4540-8950-4c0c5a789992\" style=\"\" rel=\"noopener\">Financial Times<\/a> and <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/27\/yellen-china-solar-ev-surplus-global-markets.html\" style=\"\" rel=\"noopener\">CNBC<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON A RELATED NOTE- <\/strong>EV and business nerds alike (Elon stans, not so much) will enjoy this morning\u2019s analysis from the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/autos\/byds-rise-challenges-teslaand-its-valuation-b9de43eb?mod=finance_feat1_hots_pos1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>, which writes that Chinese EV maker \u201cBYD\u2019s rise challenges Tesla \u2014 and its valuation. The companies are increasingly close peers while being valued completely differently.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tesla is worth about 7x more<\/strong>, and \u201cit takes a lot of faith in Tesla Chief Executive Elon Musk\u2019s promise of autonomy to rationalize the difference,\u201d the Journal suggests.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH KNOWING ABOUT on this fine Thursday morning:<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Daniel Kahneman, one of the founding fathers of behavioral economics, is dead <\/strong>at age 90. The Nobel laureate and his partner Amos Tversky were pioneers of the notion that we don\u2019t make rational economic decisions (take that, Adam Smith). Instead, he explained how we use mental shortcuts, get swayed by emotions, and otherwise simply make choices that frequently fail to give us the best economic outcomes. <strong>We\u2019ll have an explainer in EnterprisePM on Sunday<\/strong>, and you can read more in the meantime in the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/investing\/daniel-kahneman-nobel-winning-pioneer-of-behavioral-economics-dies-at-90-56b8b5a9\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Just in time to help explain why fast-fashion retailer H&amp;M is delaying <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/fast-fashion-retailer-hm-delayed-some-campaigns-due-red-sea-crisis-2024-03-27\/\" style=\"\" rel=\"noopener\">some<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/fast-fashion-retailer-hm-delayed-some-campaigns-due-red-sea-crisis-2024-03-27\/\" style=\"\" rel=\"noopener\">campaigns<\/a><\/strong><strong>:<\/strong> The \u2018no-fail\u2019 mission to protect the Red Sea isn\u2019t working,\u201d writes <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2024-03-27\/the-us-no-fail-mission-to-protect-the-red-sea-isn-t-working?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/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=\"617817 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=\"617817\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/617817\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617817\" class=\"content-area-description single-story post-617817 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2029.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Somabay set to make a splash again with World Aquatics triple event extravaganza:<\/span><span> Somabay is hosting the World Aquatics series for the second year, featuring three events in March, May, and August. The series includes the World Aquatics Open Water Swimming World Cup 2024, World Aquatics Elite Beach Water Polo World Cup 2024, and the World Aquatics Under 18 Beach Water Polo Cup 2024.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617818\" 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=\"617818\">\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\">Coffee With<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/tarek-el-nahas-on-why-we-may-be-looking-at-an-opportunity-on-a-scale-and-at-a-speed-that-egypt-has-never-seen-before\/\">\r\n                            Mashreq\u2019s Tarek El Nahas on why we may be looking at an \u201copportunity on a scale and at a speed that Egypt has never seen before\u201d                        <\/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\/28\/tarek-el-nahas-on-why-we-may-be-looking-at-an-opportunity-on-a-scale-and-at-a-speed-that-egypt-has-never-seen-before\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Not of the people managing hot money, but <\/strong><strong>of the major corporates <\/strong>we\u2019re counting on to help us build an export-led economy based on investment in the real economy? In search of answers, we reached out to our friend Tarek El Nahas (<a target=\"_blank\" href=\"https:\/\/ae.linkedin.com\/in\/tarek-el-nahas-85119a195\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), a regional banking and finance veteran who built a reputation as a creative problem-solver during his more than 25 years at Citibank, where he was most recently head of corporate and investment banking for North Africa, Egypt, and the Levant, managing teams across six countries in MENA.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>Tarek has since January 2020 been the Dubai-based group head of international banking <\/strong><strong>at Mashreq<\/strong>, the UAE\u2019s fastest-growing bank and good friends of Enterprise. We spoke on two occasions: Over coffee in Dubai just a few hours after the float, and again a couple of days ago when the dust had started to settle. We chewed over how we got here, how Egypt is seen now, where we might go from here, and what the float of the EGP has meant to Mashreq\u2019s plans for Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>KEY TAKEAWAYS-<\/strong><\/p>\n<ul>\n<li><strong>The FX crunch of the past few years was largely a confidence issue<\/strong>, and that\u2019s now unwinding;<\/li>\n<li><strong>Egyptian businesses have to invest first<\/strong> if we expect to see significant foreign direct investment coming in;<\/li>\n<li><strong>\u201cI don\u2019t go to any country or speak to a single client that doesn\u2019t have an interest <\/strong><strong>in Egypt.\u201d<\/strong> There\u2019s interest in a broad range of industries.<\/li>\n<li><strong>Construction and engineering companies <\/strong>and anyone who sells them materials, products, or services could be on the cusp of a once-in-a-lifetime opportunity when you factor in both Ras El Hekma and possible reconstruction mandates around the region;<\/li>\n<li><strong>Mashreq has plans for Egypt: <\/strong>It\u2019s bought a state-of-the-art head office here. Egypt is one of three centers of excellence for the bank;<\/li>\n<li><strong>The bank sees opportunity in retail <\/strong>and in serving small businesses.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>Edited excerpts from our conversation:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE- <\/strong><strong>Less than a month in, how do you feel about the float?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>TAREK EL NAHAS- I\u2019ve told you before, this was a confidence issue more than anything <\/strong><strong>else, and we\u2019re now seeing confidence start to return. <\/strong>I\u2019ve seen this cycle every eight years or so \u2014 in 2008, though less dramatically. In 2016, when I was involved with arranging some gov\u2019t funding structures linked to unlocking the IMF agreement. And now it\u2019s 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>This is what happens when the parallel market is allowed to run away from the official <\/strong><strong>bank rate. <\/strong>The differential is small at the start, but it grows \u2014 and as it does, the volumes flowing into the banking system continue to decline. The structure of Egypt\u2019s foreign currency inflows makes it relatively easy to divert FX into the parallel market: worker remittances, tourism, and services are leaky buckets. A large part of that FX is in Egypt \u2014 but it\u2019s sitting in households and corporate safes, not in the banks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>Confidence takes a hit when companies can\u2019t import through L\/Cs and when investors <\/strong><strong>can\u2019t repatriate dividends. <\/strong>That lack of confidence snowballs and ultimately overshoots when corporates have to source FX on the parallel market to keep their businesses running. <strong>Incremental investment doesn\u2019t come in<\/strong> and the result is growth of the informal, non-taxable, opaque sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>The upside: Confidence can return very, very quickly as well<\/strong>, and that\u2019s what we\u2019re seeing now.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>We\u2019re likely to see things unravel in three phases. <\/strong>First, the panic buyers [of USD] yesterday are panic sellers today. That\u2019s how they work. Second, we\u2019re seeing the carry trade coming back. The panic buyers and sellers? They were opportunistic. So is the carry trade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>The third phase is slower, more challenging, and more meaningful: <\/strong>That\u2019s the real investment phase.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>E: So, foreign direct investment?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>TN: I don\u2019t want to limit it to FDI, no. Locals have to invest first<\/strong> before foreigners will come in \u2014 it\u2019s a confidence issue, and they want to see that Egyptian businesses are confident in the prospects of their economy. That probably takes a bit longer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>E: How are you on the optimism scale right now?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>TN: Am I optimistic? I am. For several reasons<\/strong>, and they haven\u2019t changed since I was on a panel at your finance conference [in September 2023]: Egypt has a large, relatively educated population. The cost base is now competitive. It has great trade agreements \u2014 Europe, Africa, and the Middle East. Great geographic positioning to sell into all three. Many of the fundamentals are already there.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>What Egypt needs to work on is the ease of setting up and doing business. <\/strong>Have another look at the legal system for commercial disputes, employment \/ residency laws and the global fight for talent (whether local or imported to plug essential technical gaps) and the existing tax system. You cannot grow the pie by continuing to impose taxes and fees on the few companies or employees that are paying taxes now.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>E: What sectors do you like today?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>TN: It\u2019s not so much about sectors, it\u2019s about the management teams. <\/strong>There are some businesses that used the past couple of years wisely: They took the fat out of their companies and kept the muscle, so essentially got more efficient. They diversified their product ranges and expanded geographically by growing their exports. They\u2019re going to be much stronger companies coming out of this.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>The thing about crises is that they clean out the less-fit and should create stronger <\/strong><strong>champions.<\/strong> You must have had a unique and competitive product offering or deep pockets to have ridden this out. Crises weed out people who lack the creativity \u2014 and who aren\u2019t willing to put in the hard work \u2014 to generate new revenue streams. They also generally weed out the overleveraged with weak capital bases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>What happens to those champions? They\u2019re looking at an opportunity on a scale and at a <\/strong><strong>speed that Egypt has potentially never seen before. <\/strong>As an example, there are huge investments coming into real estate in the years ahead. That\u2019s going to need contractors, it\u2019s going to demand building and finishing materials, white goods, textiles, and services of all forms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>Now look around you: Countries like Saudi Arabia and the UAE are investing at a major<\/strong><strong> scale. <\/strong>Take Neom alone: If and when it materializes as expected, many of the same corporate champions in <strong>Egypt will have the opportunity of a lifetime<\/strong> to do business there, too.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>I don\u2019t think Ras El Hekma is where it stops.<\/strong> Consider the size of our land bank \u2014 large parts of our coasts remain completely underdeveloped. We\u2019re no longer talking about building out small compounds, but about master-planning and developing destinations. <strong>Egypt needs to start thinking differently now.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>E: What about manufacturing?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>TN: It\u2019s the same thing in industry: You have to masterplan.<\/strong> Take the Renault auto plant in Morocco as an example. Line up a clear strategy and incentivize strategic players to enter and it transforms everything. Look at the development of feeder industries, of ports, of services around that plant and the export proceeds it now generates. It took planning.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>This ad-hoc way of doing things cannot continue.<\/strong> From real estate to manufacturing to value-added exports, Ras El Hekma with its master plan and the ambition behind it becomes something you have to apply to different parts of the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>USD 35 bn. People are obsessed with that figure. <\/strong>But if you get the tourists in, if your local players are investing and producing, if you attract the bolt-on FDI, if real estate sales target domestic and foreign buyers, if you\u2019re smart about manufacturing and services and exporting? You\u2019re talking multiples of USD 35 bn \u2014 that number can become anything.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>E: Are we a hub for reconstruction?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>TN: Absolutely. <\/strong>That feeds into it. Just next door, Sudan, Libya, and Gaza will all need to be rebuilt as well as Syria and Iraq further down the road. Egypt has developed the contracting might, the engineering know-how, the human talent who know how to do that at scale. The magnitude of what Egypt has built in recent years \u2014 the roads, bridges, tunnels, skyscrapers, ports. Add to those factors the proximity, land access, and competitive labor, and Egypt could very well become a construction hub. It\u2019s the tip of the iceberg if we get it right.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>E: Is it too early to ask if you\u2019re seeing a return in appetite for Egypt among Mashreq\u2019s <\/strong><strong>clients?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>TN: I don\u2019t go to any country or speak to a single client that doesn\u2019t have an interest in <\/strong><strong>Egypt. <\/strong>That\u2019s the one country in MENA that comes up every single time I go into a meeting due to the sheer size and potential of the market. And I\u2019m talking every industry: FMCG, retailers, traders, residential and commercial real estate, and export-driven industries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>Manufacturers are absolutely looking at Egyptian companies as part of regional plays. <\/strong>Look at what happened with [oil driller] Ades and [snack food maker] Abu Auf. What are they about? Are they about the local market in Egypt? That\u2019s attractive, sure. But no: They\u2019re pools of talent and know-how that you can take and scale across the region.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>E: How has Mashreq\u2019s view on Egypt changed since the float?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>TN: We already had a good appetite for Egypt. <\/strong>There was no knee-jerk reduction in overall exposure in the face of macro challenges. Egypt is a market we understand very well. We believe strongly in the retail banking proposition and we know that most of our wholesale clients have weathered many storms in the past. We\u2019ve continued operating, and led some of the largest transactions in the market throughout the period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>We have the market knowledge and we have the right corporate client base. <\/strong>We\u2019re definitely going to be investing in our GTB proposition including a platform that will be second-to-none when it rolls out in early 2025. [Editor\u2019s note: That\u2019s global transaction banking, which covers cash management, trade finance, and supply chain finance.]<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>We expect to see more regional players arriving in Egypt<\/strong>, particularly those who have partnered with major multinationals. If we\u2019re providing regional transaction banking solutions for large players like Al-Futtaim or Alshaya in the GCC, we need to offer them the same capabilities in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>On the retail side, the model is changing just as it has in the UAE. <\/strong>We\u2019re not going to be increasing the number of branches in Egypt \u2014 we\u2019re going to be aggressive in going after online and mobile channels and accordingly we\u2019re investing heavily in our online platforms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>Watch that space on retail: <\/strong>It\u2019s about massively augmented online capabilities and strategic partnerships, all of which will help us address the Central Bank of Egypt\u2019s financial inclusion targets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>We\u2019re also interested in small businesses<\/strong>, NeoBiz in the UAE is a market leader just like our retail banking Neo proposition. It\u2019s just a question of what we need to tweak to scale it to Egypt, because the model is already tested and successful.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500022727272727;orphans:2;widows:2;text-align:left\"><strong>And the third thing is our Mashreq Global Network<\/strong>, or MGN, which includes centers of excellence in Egypt, India, and Pakistan and we have some of our most senior talent in all three. The MGN is not a low-cost back-office model. It\u2019s been assembled to try to attract the best talent in multiple geographies, including with WFH agreements that allow women with childcare or eldercare responsibilities to work from wherever they need to be. <strong>I think you should view our decision of purchasing a substantial new state-of-the-art head office in Egypt as yet another sign of the depth of our long-term commitment to the country.<\/strong><\/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\/coffee-with\/\">Coffee With<\/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\/mashreq-bank\/\">Mashreq 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=\"617820\" 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=\"617820\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/govt-unveils-new-economic-and-social-development-targets-for-the-next-fiscal-year\/\">\r\n                            Gov\u2019t unveils new economic and social development targets for the next fiscal year                        <\/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\/28\/govt-unveils-new-economic-and-social-development-targets-for-the-next-fiscal-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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That\u2019s a 0.2 percentage point upward revision from a projection indicated in a Ittihadeya statement <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe8be5ef-1808-4344-aa09-d303ff2fe7a2\" style=\"\" rel=\"noopener\">a day earlier<\/a>. The target is part of the government\u2019s economic and social development plan for the upcoming fiscal year, which was greenlit by cabinet yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The game plan: <\/strong>Key targets under the economic and social development plan include:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Ramping up private investments<\/strong><strong>to about 50% of total investments<\/strong>, in line with the goals of the state ownership policy and the government\u2019s efforts to raise the private sector\u2019s involvement in the economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Hiring some 150k school teachers<\/strong> to ensure that new schools deliver quality education, while continuing to build technological universities and push for the accreditation of public universities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Raising the private sector\u2019s share in healthcare to 50% by 2027<\/strong> \u2014 up from a current 30%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0mQwZXS5ZRo42g8UnvoDSYYeQBagTHGowWrNTGzCCRfWCLVfvJyuM5SNt2baLK7aCl\" style=\"\" rel=\"noopener\">approved<\/a><\/strong><strong> by cabinet:<\/strong><\/p>\n<ul>\n<li>A draft law that would allow for <strong>the issuance of regulations for the disposal of state properties.<\/strong><\/li>\n<li>A draft decision that would authorize the <strong>Suez Canal Authority to participate in establishing Al Alamein Ports and Yacht Management<\/strong>, a joint-stock company that will be tasked with setting up and operating a yacht marina on the North Coast.<\/li>\n<li>Amendments to the investment law's executive regulations that would allow <strong>investors to set up private service projects in freezones<\/strong> through partnerships or investment contracts with state entities (following the cabinet\u2019s approval).<\/li>\n<li>A draft law that would <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30ba234b-f74c-40f0-9141-bdb449d86709\/\" style=\"\" rel=\"noopener\">allow<\/a> <strong>Medlog <\/strong>\u2014 the cargo subsidiary of Italy\u2019s Mediterranean Shipping Company \u2014 <strong>to design, construct, operate, maintain, and finance the new Tenth of Ramadan dry port<\/strong> and logistics center.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/msc\/\">MSC<\/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=\"617822\" 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=\"617822\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/foreign-investors-ink-usd-353-mn-worth-of-industrial-projects\/\">\r\n                            Foreign investors ink USD 353 mn worth of industrial projects in 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\/28\/foreign-investors-ink-usd-353-mn-worth-of-industrial-projects\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2535.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2535.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2535.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2535.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617822\" class=\"content-area-description single-story post-617822 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-china tag-commodities tag-enterpriseam tag-fdi tag-france tag-investment-watch tag-manufacturing tag-poland tag-saint-gobain tag-suez-canal-economic-zone tag-wheat 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\/4\/.b0d356a9-1527-4f49-add8-8e69b8cfae68.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Our industrial zones are a big hit with foreign investors:<\/strong> Egypt signed three separate industrial investment agreements with companies from China, Poland, and France collectively worth USD 353 mn for projects to be implemented in the country\u2019s industrial zones. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agreements include:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A USD 146 mn ductile iron pipes factory: <\/strong>China\u2019s state-owned <a target=\"_blank\" href=\"https:\/\/www.xinxing-pipes.com\/en\/\" style=\"\" rel=\"noopener\">Xinxing Ductile Iron Pipes Company<\/a> also signed an agreement with the SCZone that will grant the Chinese company the right to use a 270k sqm plot of land in the TEDA industrial park to set up a USD 146 mn ductile iron pipe factory, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid033t6GdWTBg9H6vCXPCTv3c8TwrsnUa74nmnXxb4vBC8ApSfFjA9nKZHdgxVo7ppYGl\" style=\"\" rel=\"noopener\">statement<\/a>. The project aims to manufacture 250k tonnes of cast iron pipes per year with an annual production value of USD 1.2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>We first heard about the project in October during the Belt and Road Forum that saw the SCZone rake in at least USD 15.5 bn worth of investment agreements in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c54bfd4-d4fc-43ff-8bed-bbaf36445938\/egypt,-china-sign-usd-15.5-bn-worth-of-energy,-manufacturing-agreements\" style=\"\" rel=\"noopener\">just a few days<\/a> from Chinese investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Another USD 174 mn glass factory from Saint-Gobain:<\/strong> The Suez Canal Economic Zone also signed an agreement with French glass and building materials manufacturer Saint-Gobain Glass Egypt to further cooperation on an already under-construction EUR 160 mn (USD 174 mn) glass factory in the Sokhna Industrial Zone, according to a separate <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid07h8nN9qMZMNKEJbZ4A9ggabA6HKfyEZKeUmiwDpywqehubcq79DvTMtSGCQpbn7Vl\" style=\"\" rel=\"noopener\">cabinet<\/a> statement. A statement from the SCZone about the project <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91216a51-8e4a-4b1a-a656-0cd3ea970800\/saint-gobain-lays-the-foundation-for-its-eur-175-mn-glass-factory\" style=\"\" rel=\"noopener\">last week<\/a> put the cost of the project at EUR 175 mn (USD 189 mn).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saint-Gobain is no stranger to Egypt\u2019s construction materials industry:<\/strong> The company\u2019s flat glass production line in the SCZone is the <a target=\"_blank\" href=\"https:\/\/eg.saint-gobain-glass.com\/who-we-are#:~:text=With%20a%20900%2Dton%20daily,facility%20in%20the%20Middle%20East.\" style=\"\" rel=\"noopener\">largest in the Middle East<\/a>. It also owns two building materials factories in Sadat and Amreya worth more than EUR 150 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- A new USD 33 mn grain silo factory:<\/strong> East Port Said Development and the Egyptian arm of Polish grain silo company <a target=\"_blank\" href=\"https:\/\/feerum.pl\/en\/\" style=\"\" rel=\"noopener\">Feerum<\/a> signed an agreement to allocate land for an EGP 1.6 bn (USD 33 mn) factory to design, manufacture, and establish grain silos and their components in the East Port Said Industrial Zone, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0dJns7iJgxaMxt3ZURBpC7g867M46CJX75E2Ryax7Qi6Sxe2kRpp8W1XV1ygsaDgpl\" style=\"\" rel=\"noopener\">statement<\/a>. The project will be developed in cooperation with Egyptian construction and engineering firm Samcrete and the state-owned Egyptian Holding Company for Silos and Storage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: For years, the state has been working to boost its wheat storage capacity<\/strong>, building more silos and taking out <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e898bc6-7f2c-405b-9ced-30629d53c1cc\/more-funds-to-help-us-expand-our%253cmark%253e-silo-%253c%2Fmark%253ecapacity\" style=\"\" rel=\"noopener\">loans<\/a> to invest in silo development, all with the aim of ensuring none of our local harvest goes to waste due to lack of sufficient silo capacity and increasing wheat reserves. The Supply Ministry has a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/befcc83c-0144-4a26-978d-c7adea0ea723\/how-will-the-state%25e2%2580%2599s-plan-to-increase%253cmark%253e-silo-%253c%2Fmark%253ecapacity-help-reduce-waste%3F\" style=\"\" rel=\"noopener\">plan<\/a> to increase the country\u2019s silo capacity to 5.3 mn tons from its current 2.1 mn tons and cut down on the percentage of wheat that is wasted in the harvest and storage process.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poland\/\">Poland<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saint-gobain\/\">Saint-Gobain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/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=\"617824\" 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=\"617824\">\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\">Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/efg-holding-plans-to-expand-its-ksa-team-by-one-third-this-year\/\">\r\n                            EFG Holding plans to expand its team in Saudi Arabia by one-third this year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1885.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617825\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/efg-holding-plans-to-expand-its-ksa-team-by-one-third-this-year\/1885-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1885.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1885.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1885.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1885.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617824\" class=\"content-area-description single-story post-617824 post type-post status-publish format-standard has-post-thumbnail hentry category-finance tag-efg-hermes tag-enterpriseam tag-finance tag-ipo-watch tag-karim-awad tag-saudi-arabia 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\/.71889795-0650-4e23-8f39-6a77b22198ad.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Holding eyes Saudi expansion as more businesses go public:<\/strong> EFG Holding plans to increase its staff in Saudi Arabia by 30% to 47 people as its investment bank arm, EFG Hermes, gears up to be involved in as many as six IPOs in the kingdom this year, the company\u2019s CEO Karim Awad told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-27\/egypt-s-efg-boosts-saudi-arabia-presence-to-tap-ipo-boom?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. \u201cWe have big plans for hopefully increasing our market share, either at brokerage or investment banking.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Saudi appeal: <\/strong>The kingdom boasts a diverse range of industries in addition to strongliquidity and investor base, Awad said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>In the cards in KSA this year is a USD 20 bn secondary sale in Aramco, whoseIPO saw EFG Hermes act as a bookrunner <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed251fb9-7e2f-4281-be13-ff1e5ab9b4dd\/it%25e2%2580%2599s-official:-saudi-aramco%25e2%2580%2599s-ipo-is-now-underway\" style=\"\" rel=\"noopener\">back in 2019<\/a>. The Public Investment Fund is also mulling more equity offerings in its portfolio companies, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-14\/saudi-arabia-s-pif-to-ramp-up-bond-sales-ipos-to-pay-for-mbs-s-projects\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported last month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What does EFG Hermes have in store outside KSA?<\/strong> The investment bank has three to four IPO transactions pending in the UAE, one in Kuwait, and up to two in Egypt, Bloomberg says. Awad said that the bank also plans to continue upping its headcount in the UAE \u2014 its biggest overseas office \u2014 where currently a team of 130 employees is based.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On home soil: <\/strong>Egypt has \u201cturned an important corner\u201d in light of recent FX inflows and the float of the EGP, but to revive its IPO market, \u201cyou will have to see more foreign inflows into the stock market and more investments, and I believe it\u2019ll come,\u201d Awad added.<\/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\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karim-awad\/\">Karim Awad<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617826\" 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=\"617826\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/act-financial-to-raise-egp-1-bn-in-its-upcoming-ipo\/\">\r\n                            Act Financial to raise EGP 1 bn in its upcoming IPO                        <\/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\/28\/act-financial-to-raise-egp-1-bn-in-its-upcoming-ipo\/\" 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\/28\/act-financial-to-raise-egp-1-bn-in-its-upcoming-ipo\/')\">\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\/28\/act-financial-to-raise-egp-1-bn-in-its-upcoming-ipo\/\">\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=Act Financial to raise EGP 1 bn in its upcoming IPO&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/act-financial-to-raise-egp-1-bn-in-its-upcoming-ipo\/\">\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\/28\/act-financial-to-raise-egp-1-bn-in-its-upcoming-ipo\/&title=Act Financial to raise EGP 1 bn in its upcoming IPO\">\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=Act+Financial+to+raise+EGP+1+bn+in+its+upcoming+IPO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F28%2Fact-financial-to-raise-egp-1-bn-in-its-upcoming-ipo%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\/28\/act-financial-to-raise-egp-1-bn-in-its-upcoming-ipo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2546.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617827\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/act-financial-to-raise-egp-1-bn-in-its-upcoming-ipo\/2546-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2546.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2546.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2546.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2546.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617826\" class=\"content-area-description single-story post-617826 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-act-financial tag-egx tag-enterpriseam tag-ipo-watch tag-matouk-bassiouny-hennawy tag-zilla-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\/.3845d4cc-70d3-45cc-887b-21daf4d34b6b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Act Financial eyes EGP 1 bn IPO: <\/strong>Investment management firm <a target=\"_blank\" href=\"https:\/\/act-fin.com\/\" style=\"\" rel=\"noopener\">Act Financial<\/a> plans to offer a minority stake worth EGP 1 bn through a capital increase in its long-awaited EGX debut, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/03\/27\/1778859\" style=\"\" rel=\"noopener\">Al Borsa reports<\/a>, citing unnamed sources. The company reportedly filed a temporary listing request with the EGX yesterday and is awaiting the listing committee\u2019s approval.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No exit:<\/strong> Act Financial reportedly aims to raise the whole amount through a capital increase, without the exit of any existing shareholders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exact stake TBD:<\/strong> The exact size of the stake to be offered will be determined once <a target=\"_blank\" href=\"https:\/\/www.fact-eg.com\/\" style=\"\" rel=\"noopener\">Fact<\/a> \u2014 the independent financial advisor on the transaction \u2014 concludes its studies within days.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/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 a stake of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0508ea6b-bb74-47c6-af38-d9447377b4fe\/act-financial-plans-to-ipo-in-the-new-year\" style=\"\" rel=\"noopener\">up to 40%<\/a> on the EGX by early 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>Investment bank Zilla Capital and law firm Matouk Bassiouny have been tapped as consultants on the transaction, according to the sources.<\/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\/act-financial\/\">Act Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/matouk-bassiouny-hennawy\/\">Matouk Bassiouny &amp; Hennawy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zilla-capital\/\">Zilla 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=\"617828\" 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=\"617828\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">A MESSAGE FROM VISA<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/empowering-women-owned-small-businesses\/\">\r\n                            Empowering women-owned small businesses                        <\/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\/28\/empowering-women-owned-small-businesses\/\" 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\/28\/empowering-women-owned-small-businesses\/')\">\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\/28\/empowering-women-owned-small-businesses\/\">\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=Empowering women-owned small businesses&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/empowering-women-owned-small-businesses\/\">\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\/28\/empowering-women-owned-small-businesses\/&title=Empowering women-owned small businesses\">\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=Empowering+women-owned+small+businesses+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F28%2Fempowering-women-owned-small-businesses%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\/28\/empowering-women-owned-small-businesses\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2512.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617829\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/empowering-women-owned-small-businesses\/2512-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2512.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2512.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2512.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2512.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617828\" class=\"content-area-description single-story post-617828 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-visa tag-a-message-from-visa tag-enterpriseam tag-op-ed tag-visa 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\/.e864aa0d-9e1b-47b3-90b5-c18f53ca7848.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Through the Visa <strong>She's Next<\/strong> program, women entrepreneurs receive funding, training, and mentorship that is aimed at helping them grow their businesses. Visa has invested over <a target=\"_blank\" href=\"https:\/\/ifundwomen.com\/visa\" style=\"\" rel=\"noopener\">USD 3 mn in She's Next<\/a>, as part of its aim to digitally enable 50 mn small businesses around the world.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/eg.visamiddleeast.com\/en_EG\/run-your-business\/she-is-next-campaign.html#02497b2c60\" style=\"\" rel=\"noopener\">Meet Egypt\u2019s 2023 She\u2019s Next winners<\/a><\/strong><span style=\"background-color: transparent;\">,<\/span><strong style=\"background-color: transparent;\">&nbsp;<\/strong><span style=\"background-color: transparent;\">three young entrepreneurs who embody resilience, creativity, and a commitment to positive change.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Salma Tammam's Reme-D<\/strong> pioneers affordable disease testing technologies, bridging critical healthcare gaps.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hadeer Shalaby's Green Fashion<\/strong> empowers marginalized communities with eco-friendly fashion from discarded materials.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nihal Ali's Fincart<\/strong> revolutionizes e-commerce shipping with AI-driven solutions, reducing carbon footprints and enhancing efficiency.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">With Visa's support, these trailblazers are shaping a brighter, more inclusive future.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">According to Visa\u2019s Women digitization Index Study, 97% of women entrepreneurs in Egypt would like to digitize their businesses, but 95% said they need digital payments training. Check out <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2094.pdf\" style=\"\" rel=\"noopener\">the full study here<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a-message-from-visa\/\">A MESSAGE FROM VISA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/op-ed\/\">op-ed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/visa\/\">Visa<\/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=\"617830\" 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=\"617830\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/\">\r\n                            Egypt\u2019s New Urban Communities Authority eyes EGP 260 bn sukuk issuance in 2024                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/')\">\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\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/\">\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=NUCA eyes EGP 260 bn sukuk issuance in 2024&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/\">\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\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/&title=NUCA eyes EGP 260 bn sukuk issuance in 2024\">\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=NUCA+eyes+EGP+260+bn+sukuk+issuance+in+2024+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F28%2Fnuca-eyes-egp-260-bn-sukuk-issuance-in-2024%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\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2541.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617831\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/2541-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2541.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2541.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2541.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2541.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617830\" class=\"content-area-description single-story post-617830 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-banque-misr tag-debt-watch tag-enterpriseam tag-finance-ministry tag-islamic-finance tag-national-bank-of-egypt tag-new-urban-communities-authority tag-sukuk 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\/.b6383eb5-af4c-4663-93c9-cf1cea6dde5e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>NUCA to sell EGP 260 bn in sukuk this year:<\/strong> The New Urban Communities Authority(NUCA) plans to issue up to EGP 260 bn worth of sharia-compliant bonds in 2024, in what would be the first corporate sukuk issuance from a government entity, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/62055\/%D8%A7%D9%84%D9%85%D8%AC%D8%AA%D9%85%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%B9%D9%85%D8%B1%D8%A7%D9%86%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%B7%D8%B1%D8%AD-%D8%B5%D9%83%D9%88%D9%83-%D8%A8%D9%80260-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing four sources it said are in the know. The Finance Ministry-backed issuance is expected to wrap up within a month, one of the sources told the outlet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where will the funds go?<\/strong> The issuance will help the authority settle arrears it owes to Banque Misr and the National Bank of Egypt,one of the sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NUCA maintains its spot as the biggest player in the securitization market:<\/strong> NUCA hasbeen setting records in the securitization market in recent years, issuing a total of EGP 70 bn of securities since 2019. The authority last closed a EGP 15 bn securitized bond issuance in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c8ac437-201b-4d6f-bc7c-65382476b94c\" style=\"\" rel=\"noopener\">November<\/a>, in what was the second and final issuance of a EGP 30 bn program. It also set new records for the country\u2019s biggest securitized bond issuance in 2020 with a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08f62d78-a688-47cb-9ad1-4ab4ad1bcb06\" style=\"\" rel=\"noopener\">EGP 10 bn<\/a> issuance and again in 2022 with a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e4b248f-60d6-4930-9a92-c2a6aeddb6dd\" style=\"\" rel=\"noopener\">EGP 20 bn<\/a> transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plenty of corporate sukuk issuances are also in the pipeline:<\/strong> Five companies are in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58d7b10d-1b31-4123-b4ac-7c45cb4f6ecb\/five-companies-are-mulling-sukuk-issuances-this-year.-plus:-news-from-contact,-hassan-allam-properties\" style=\"\" rel=\"noopener\">talks<\/a> with the Financial Regulatory Authority (FRA) to move ahead with sukuk issuances worth a combined EGP 10 bn, the FRA\u2019s Central Administration for Finance head, Sayed Abdel Fadil, said earlier this month. Contact Financial Holding, MNT-Halan\u2019s Tasaheel, GB Capital, and Rawasi Urban Development are reportedly among the interested companies.<\/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\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/islamic-finance\/\">Islamic finance<\/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\/new-urban-communities-authority\/\">New Urban Communities Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/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=\"617832 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=\"617832\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/617832\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617832\" class=\"content-area-description single-story post-617832 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/186.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617833\" 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=\"617833\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/juhayna-slashes-prices-by-15-18\/\">\r\n                            Egypt\u2019s dairy giant Juhayna cuts prices by 15-18%                        <\/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\/28\/juhayna-slashes-prices-by-15-18\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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     \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\/28\/juhayna-slashes-prices-by-15-18\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2531.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617834\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/juhayna-slashes-prices-by-15-18\/2531-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2531.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2531.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2531.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2531.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617833\" class=\"content-area-description single-story post-617833 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-ades tag-ades-holding tag-ades-international tag-also-on-our-radar tag-commodities tag-egyptian-general-petroleum-corporation tag-energy tag-enterpriseam tag-juhayna tag-oil-and-gas wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.5a71eab1-49d4-4f81-8e40-53fd63938540.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">COMMODITIES- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Dairy giant Juhayna reduces prices by up to 18%: <\/strong>Juhayna has cut the prices of its dairy products by 18% and its juice products by 15%, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2518.pdf\" style=\"\" rel=\"noopener\">company statement (pdf)<\/a>. The move came after the government agreed with manufacturers, suppliers, and retailers to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2d637305-5938-4ad5-b7e6-318cad8bf8f7\/\" style=\"\" rel=\"noopener\">cut commodity prices by 15-20%<\/a> this week.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe decision comes in line with the government\u2019s decisions to reduce prices<\/strong> and confront any negative effects that may affect the consumer. It also reflects the company\u2019s constant interest in supporting society and individuals and supporting the Egyptian consumer in light of the currency economic changes,\u201d read the statement.<\/p><p class=\"tag-border-left\">ENERGY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil and gas drilling company Ades Holding will work to boost oil production<\/strong><strong> at two<\/strong><strong> brownfields<\/strong><strong> in Egypt<\/strong> after landing a ten-year service agreement, it said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2463.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. Under the agreement, Ades will receive \u201cincremental production returns,\u201d the statement reads. The agreement has an option for a ten-year extension. The drilling giant signed the agreement with two subsidiaries of the Egyptian General Petroleum Corporation \u2014 <a target=\"_blank\" href=\"https:\/\/www.suco-eg.com\/aboutus.html\" style=\"\" rel=\"noopener\">Suez Oil Company<\/a> (SUCO) and <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/offshore-shukheir-oil-company-osoco\" style=\"\" rel=\"noopener\">Offshore Shukeir Marine Oil<\/a> (OSOCO) \u2014 and will partner on the projects with an unnamed \u201cleading local exploration and production player.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The agreement will see Ades invest USD 30 mn in SUCO and USD 36 mn inOSOCO, over the first three years. The consortium\u2019s share of the additional production will range between 61% and 72% depending on production volume and price factors.The project is slated for launch in July 2024.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ades\/\">ADES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ades-holding\/\">ADES Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ades-international\/\">Ades International<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-general-petroleum-corporation\/\">Egyptian General Petroleum Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/juhayna\/\">Juhayna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"617836\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/egypt-ksa-and-the-uae-accounted-for-over-85-of-mas-in-the-region-in-2023\/\">\r\n                            Egypt, KSA, and the UAE accounted for over 85% of M&amp;As in the region in 2023                        <\/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        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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2533.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2533.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617836\" class=\"content-area-description single-story post-617836 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-egp tag-enterpriseam tag-inflation tag-ma-watch tag-mena-ipos tag-planet-finance tag-pwc tag-ras-el-hekma tag-saudi-arabia tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.46e0090e-ec7c-45ba-8275-d856aea0d0ea.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt was among the top three countries in the region for M&amp;A volumes in 2023<\/strong>, closing 93 transactions during the year, according to the latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2337.pdf\" style=\"\" rel=\"noopener\">PwC 2024 TransAct Middle East report (pdf)<\/a>. Along with Saudi Arabia and the UAE, the three countries accounted for 85.2% of the total transaction volume in the region with 381 transactions, according to the consulting firm. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But all three still witnessed y-o-y drops in the number of transactions closed<\/strong>, with Egypt clocking a 60% y-o-y decline in transaction value on the back of a depreciating EGP and high inflation, the Big Four accounting firm said. M&amp;A volume dropped in the UAE saw a 14% y-o-y decline, Saudi Arabia recorded a 13% drop in the same period, and regional M&amp;A activity as a whole was down 30% y-o-y to 447 transactions.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite the decline, regional transactions held up well compared to global figures over<\/strong><strong> the past two years<\/strong>, which saw volumes plummet by half, from over USD 5 tn in 2021 to USD 2.5 tn in 2023. The consulting firm attributed the comparative regional resilience to strong market fundamentals, and supportive government policy environments.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By industry: <\/strong>Across the region, consumer-related mergers or acquisitions led with 106 transactions, followed by financial services with 96 and industrial, manufacturing, and automotive with 91. Healthcare and companies working in technology, media, and telecommunications rounded out the top five. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Regional outlook for 2024:<\/strong> \u201cWe anticipate that 2024 will be a year of growth and activity will bedriven by economic diversification goals, decarbonisation, and a focus on localisation and value creation, as organizations transform their business models and look to expand capabilities,\u201d PwC transactions markets leader Romil Radia said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong><strong>Trump\u2019s media company valued at nearly USD 8 bn: <\/strong>Former US President Donald Trump\u2019s social media firm Trump Media &amp; Technology Group saw its shares surge by 59% on its debut on the Nasdaq on Tuesday, bringing its value to almost USD 8 bn. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/trumps-media-company-shares-jump-ahead-backdoor-nasdaq-debut-2024-03-26\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/03\/26\/business\/trump-media-stock.html\" style=\"\" rel=\"noopener\">New York Times<\/a>) <\/p><p class=\"tag-border-left\">THE MARKETS THIS MORNING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian shares are in the red this morning <\/strong>while US futures were largely unchanged overnight, leaving the Dow, Nasdaq Composite, and S&amp;P 500 still on track to close the first quarter up 10% or more. European futures were up slightly as we slid toward dispatch time this morning, suggesting major benchmarks will open in the green later today.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Today is the last day of trading in 1Q 2024 for most Western markets, which will close Friday and Monday for the Easter holiday weekend. <\/p><p><a target=\"_blank\" id=\"t.f2cd893fc62e87134d9643338a999a1a3a1caebe\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-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\">28,224<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.9% (YTD: +13.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 47.20<\/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 47.35<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (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 47.23<\/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 47.33<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,607<\/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: +5.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,273<\/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\">-0.5% (YTD: -3.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,231<\/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: +4.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,248<\/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\">+0.9% (YTD: +10.0%)<\/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>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\">0.0% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,081<\/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: +12.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 86.41<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.72<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,209.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 69,010.50<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.4% (YTD: +63.2%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 2.9% at yesterday\u2019s close<\/strong> on turnover of EGP 3.0 bn (42.1% below the 90-day average). Foreign investors were net buyers. The index is up 13.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Orascom Construction (+1.0%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>E-Finance (-11.6%), Alexandria Container and Cargo Handling (-6.1%) and Juhayna (-5.5%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena-ipos\/\">MENA IPOs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pwc\/\">PwC<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n 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      <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/el-sisi-shoukry-talk-gaza-with-us-house-committee-on-homeland-security\/\">\r\n                            El Sisi, Shoukry talk Gaza with US House Committee on Homeland Security                        <\/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\/28\/el-sisi-shoukry-talk-gaza-with-us-house-committee-on-homeland-security\/\" target=\"_blank\">\n                    Open 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2508.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617840\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/el-sisi-shoukry-talk-gaza-with-us-house-committee-on-homeland-security\/2508-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2508.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2508.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2508.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2508.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617839\" class=\"content-area-description single-story post-617839 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-egypt-us-relations tag-enterpriseam tag-sameh-shoukry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.af888db2-0ef3-4393-af00-ba77c140632b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaza and national security topped the agenda of US House delegation\u2019s<\/strong><strong> visit:<\/strong> President Abdel Fattah El Sisi and Foreign Minister both received a US House Committee on Homeland Security delegation led by Republican Rep August Pfluger yesterday to discuss areas of security and counter-terrorism measures, as well as the ongoing war Gaza and other conflicts in the region, according to an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02Cq4MkaDGszVh96PtHx7gyBfG3BW8sfvD7SV1xBiZDWbrm4DSzQxYBR7GrDSEKk7bl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign Minister Sameh Shoukry also called on the US to resume funding to UNRWA<\/strong>, after the US temporarily suspended funding to the UN organization for Palestinian refugees after Israel accused some of its members of participating in the October 7 attack on Israel, according to a Foreign Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid02Ubarnx16tYH348CoS8Djci2DymUCrGkTJxnaA6nsx6Wb6Mi5Rn7drDSTuuQugmHSl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-us-relations\/\">Egypt-US relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"617841\" 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=\"617841\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/my-ramadan-routine-motaz-el-dreny-founding-partner-of-dreny-partners\/\">\r\n                            My Ramadan Routine: Motaz El Dreny, founding partner of Dreny &amp; Partners                        <\/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\" 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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\/28\/my-ramadan-routine-motaz-el-dreny-founding-partner-of-dreny-partners\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2378.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"617842\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/my-ramadan-routine-motaz-el-dreny-founding-partner-of-dreny-partners\/2378-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2378.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2378.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2378.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2378.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617841\" class=\"content-area-description single-story post-617841 post type-post status-publish format-standard has-post-thumbnail hentry category-my-morning-routine tag-dreny-partners tag-enterpriseam tag-law tag-motaz-el-dreny tag-my-morning-routine 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\/4\/.3b545a1c-799c-4d89-ba10-6845856015e0.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Motaz El Dreny, founding partner of Dreny & Partners: <\/strong>For a special Ramadan edition of our weekly My Morning Routine column that we will run through the holy month, we spoke to Motaz El Dreny (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/motaz-el-dreny-3636889\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), founding partner of <a target=\"_blank\" href=\"https:\/\/www.dreny.partners\" style=\"\" rel=\"noopener\">Dreny & Partners<\/a>. We asked Motaz the usual questions to find out how a successful member of the community starts their day and threw in a few more to find out how he adjusts to Ramadan and what he looks forward to in the holy month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My name is Motaz El Dreny and I\u2019m the founding partner of Dreny & Partners. <\/strong>My interest in the law started as early as high school \u2014 my father was also a lawyer \u2014 and I've been practicing law for over 20 years. I started my career as a public prosecutor and moved over to corporate law in 2006, before establishing my own firm in 2014. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I manage a firm of around 40 people, including 23 lawyers.<\/strong> My daily responsibilities can be split into three parts: the technical part of my job, which is the law itself, the administrative part managing the firm, and the PR and business development side, which is a key part of ensuring the sustainability of the firm.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt has made a lot of progress in expanding financial services in the country,<\/strong> and working towards financial inclusion. This is something I had anticipated when I set up the firm. We wanted to be a key player in this wave of new financial activity that is fast developing, and to position Dreny & Partners as one of the top law firms providing legal services in the field of financial services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As for what we do?<\/strong> We help to grow and support businesses who provide finance \u2014 whether that\u2019s to consumers or to other businesses \u2014 and we make sure that they are in full compliance and that they adhere to financial regulations, which are often complex. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our job goes hand in hand with the macroeconomic conditions.<\/strong> So, for example, with the float of the EGP, we\u2019re seeing busier private M&A activity. Or, a decision to increase interest rates will subdue financing activities as people go for unconventional methods of lending, like structured finance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In terms of my usual morning routine, I\u2019m quite sporty.<\/strong> I\u2019ll wake up at 6:30am, say goodbye to my three boys before they head to school, and then I\u2019ll head to the gym for an hour-and-a-half workout. I\u2019m fortunate enough that my home, my gym, and my office are all in the same compound. Back home, I\u2019ll cook breakfast and check if I have any external meetings for the day. I take external meetings in the afternoon, and then head back to the office for internal meetings with the admin team or the lawyers. After that comes the best part of the job \u2014 the \u2018lawyering\u2019 itself, the technical stuff, which usually only starts around 5pm or 6pm. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, my Ramadan routine is completely different, and super hectic.<\/strong> You need to squeeze in the same routine of the regular working day in fewer hours and on lower energy. During Ramadan, I usually head to the office first. The team will finish up in the office around 3pm or 4pm, so I\u2019ll work by myself for a couple of hours and then hit the gym right before iftar and social gatherings. I\u2019ll sometimes join a business suhoor, but I enjoy spending time with family and friends the most. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The one constant in my day? My boys.<\/strong> They\u2019re 15, 10, and 7 years old and I like to be super present in their lives. Whatever spare time I have from work, I\u2019ll spend with them. I\u2019ll take them to sports activities and I\u2019ll join them on trips. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s easy to forget to \u2018live\u2019 when progressing in the corporate world<\/strong>. One thing I\u2019m trying to work on is getting the right work-life balance. Getting back in touch with the people I love and miss, whom I lost touch with while focussing on my career.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019m a big fan of Al Daheeh. <\/strong>I discovered it quite late, around four or five years ago, but I love that it\u2019s a show that you can relax to whilst also learning valuable information. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As for books, I\u2019m reading two at the moment: \u2018<\/strong>Everything Is Fu**ed: A Book About Hope\u2019 by Mark Manson and \u2018Sapiens\u2019 by Yuval Noah Harari. I would recommend them both.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> As for Dreny & Partners, we\u2019re seeking regional expansion. We\u2019re looking into GCC countries, especially Saudi Arabia. I think it makes sense for any business here who is looking to expand. We\u2019ve started making moves into the UAE, but there\u2019s nothing solid confirmed so far. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I was one of the youngest lawyers to make partner in the corporate field,<\/strong> and I\u2019d often resent how the older, established lawyers would treat younger colleagues. The mentality of, \u201cWho are you to tell me what to do?\u201d But one of the best pieces of advice I was given came from my professor at the University of Commercial Law, Dr Hani Sarieldin, with whom I also worked with until 2015 \u2014 he\u2019s very charismatic and someone I look up to. He would tell me, \u201cYou\u2019re young, you have the future. They don\u2019t. So use your youth wisely. It\u2019s one of the most valuable assets you have.\u201d<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dreny-partners\/\">Dreny &amp; Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/law\/\">law<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/motaz-el-dreny\/\">Motaz El Dreny<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/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=\"617843\" 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\/28\/617843\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-617843\" class=\"content-area-description single-story post-617843 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\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>Draft budget heads to the house | Foreign investments keep on coming | EGP 1 bn IPO | NUCA eyes sukuk issuance<\/p>\n","protected":false},"featured_media":617814,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-617813","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ea4097d6-6cb7-4b52-af14-c095dd46e3f2","teaser":"Draft budget heads to the house | Foreign investments keep on coming | EGP 1 bn IPO | NUCA eyes sukuk issuance","photo_url":"https:\/\/ent.news\/2024\/3\/1057.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>Private investments to make up 50% of total investments in state\u2019s plan for the next fiscal year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, 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