{"id":618378,"date":"2024-04-08T00:00:00","date_gmt":"2024-04-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=618378"},"modified":"2025-12-17T05:04:54","modified_gmt":"2025-12-17T05:04:54","slug":"private-sector-minimum-wage-is-increasing-to-egp-6k-next-month","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/private-sector-minimum-wage-is-increasing-to-egp-6k-next-month\/","title":{"rendered":"Private sector minimum wage is increasing to EGP 6k next month"},"content":{"rendered":"<section id=\"618380\" 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=\"618380\">\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\/04\/08\/happy-eid-al-fitr\/\">\r\n                            Egypt kicks off Eid Al Fitr break tomorrow                        <\/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\/04\/08\/happy-eid-al-fitr\/\" 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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We hope you have a wonderful Eid Al Fitr with your loved ones and get a chance to relax and kick back. <\/p><p style=\"padding:0;margin:0;font-family:\" arial><a id=\"wwtt1\"><\/a> <strong>Everyone is off till next week: <\/strong>The public, private, and banking sectors as well as the EGX will be off from tomorrow until Sunday in observance of Eid Al Fitr. <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>** EnterpriseAM Egypt will also be taking a break <\/strong>starting tomorrow, but we will be back in your inbox at our customary time with all the latest business news on Monday, 15 April. <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;font-family:\" arial>** <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;font-family:\" arial> <a id=\"wwtt5\"><\/a><strong>The private sector minimum wage to get a 71% bump starting May: <\/strong>The National Council for Wages has decided to raise the minimum wage for private sector workers to EGP 6k a month up from EGP 3.5k currently starting May, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid0siN6UrNsWLH3SMdTGDhoGCCwksrHD4vRwwHWfogi4W6NkPTBGRqtmMZmQuH9BzrRl&amp;id=100064535599158\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>Remember: <\/strong>The government last increased the private sector minimum wage in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e541aa1-a231-4a7f-aac2-dc65c69a314f\/pay-a-living-wage,-okay%3F\" style=\"\" rel=\"noopener\">January<\/a>, pushing it to EGP 3.5k from EGP 3k previously to cushion the impact of soaring inflation on low-income households.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>This puts the private sector minimum wage in line with that of the public sector. <\/strong>The government raised the public sector minimum wage by 50% to EGP 6k in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76f901c8-012d-4de4-8d1e-eb994506231c\" style=\"\" rel=\"noopener\">February<\/a> as part of a wider EGP 180 bn social support package.<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;font-family:\" arial> <a id=\"wwtt2\"><\/a> <strong>Inflation nation: <\/strong>State statistics agency Capmas is expected to release its inflation data for March today, giving us our first real insight into the nation\u2019s inflationary trajectory following the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\/what-got-us-there:-a-float-of-the-egp-and-a%253cmark%253e-600-bps-%253c%2Fmark%253erate-hike\" style=\"\" rel=\"noopener\">float<\/a> of the EGP on 6 March.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>The analyst forecasts are already in:<\/strong> Annual urban inflation is forecasted to come in at 36.3% y-o-y \u2014 up 0.6 percentage points from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98061d01-2567-4fa0-ae15-7bbd9ca9b5ba\/annual%253cmark%253e-inflation-%253c%2Fmark%253ejumps-to-35.7%2525-in-february,-defying-analyst-forecasts\" style=\"\" rel=\"noopener\">last month<\/a> \u2014 according to a median forecast of 12 analysts polled by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-inflation-seen-edging-up-march-after-currency-devaluation-2024-04-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Core inflation is expected to rise even further, with the measure \u2014 which excludes fuel and certain volatile food items \u2014 forecasted to increase 1.0 percentage points to 36.1% y-o-y for the month.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>But some think we could be in for some unexpectedly positive news: <\/strong>Analysts are split on the impact floating the EGP will have on inflationary pressures. While some analysts have pointed to the depreciation of the EGP in the official banking sector as an indicator that prices will increase, others have argued that prices were instead based upon the EGP\u2019s exchange rate in the now-defunct parallel market that had the greenback trading for considerably higher than today\u2019s bank rates. <\/p><p class=\"tag-border-left\">FROM THE RUMOR MILL- <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>The Libyan Investment Authority is looking into snapping up a majority stake or<\/strong><strong> 100% of an unnamed Egyptian commercial bank<\/strong>, Al Mal reports, citing sources it says are in the know. The sources refused to disclose the bank that the authority is looking to acquire. <\/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\">PSA-<\/p><p style=\"padding:0;margin:0;font-family:\" arial><a id=\"wwtt4\"><\/a> <strong>WEATHER- <\/strong>The sun is out in Cairo today, with a high of 26\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>It\u2019s cooler in Alexandria<\/strong>, with a high of 23\u00b0C and a low of 15\u00b0C.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>And over Eid Al Fitr<\/strong>, we\u2019re in for highs ranging from 25-28\u00b0C and lows of 17-18\u00b0C in the capital. <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>When do we eat?<\/strong> Maghrib prayers are at 6:18 pm in the capital city, and you\u2019ll have until 4:05 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>ICYMI- <\/strong><strong>Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we took a look at what the government is doing to develop its network of 114 industrial zones across the country. You can check out the story <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49a2796d-bb14-4d38-9337-a9ca96084a84\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p class=\"tag-border-left\">WAR WATCH- <\/p><p style=\"padding:0;margin:0;font-family:\" arial> <strong>El Sisi talks ceasefire with CIA head:<\/strong> President Abdel Fattah El Sisi discussed the latest on the joint Egyptian-Qatari-American efforts to reach a ceasefire in Gaza with CIA Director William Burns, according to an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0275Y8C9r5EaEQwZfrW9auL9HWKcR3oCiqfsMg3gwfKsZzYs1tqrb8AquPX1z6gtcAl\" style=\"\" rel=\"noopener\">statement<\/a>. The two sides also discussed the need for the uninterrupted entry of aid into Gaza and the dangers of a military escalation in Rafah. Burns landed in Cairo on Saturday to partake in ceasefire negotiations.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>The latest on negotiations: <\/strong>Talks have moved forward and Hamas and Israel have reached an agreement on the basics, Al Qahera News reported late last night (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=p-IdbkUHZog\" style=\"\" rel=\"noopener\">watch, runtime: 00:57<\/a>), citing unnamed high-level Egyptian sources. The Qatari, Hamas, US, and Israeli delegations that were in town for the ceasefire talks left Cairo late last night with plans to come back in two days to discuss the final details of the agreement. <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>On the ground: <\/strong>Israeli military <a target=\"_blank\" href=\"https:\/\/twitter.com\/AFP\/status\/1777027710675472389\" style=\"\" rel=\"noopener\">said<\/a> that it has withdrawn forces from Khan Younis in southern Gaza, as it \u201cprepares for their next missions,\u201d including the planned incursion into Rafah. Israel withdrew all of its ground troops from southern Gaza on Sunday save for one brigade today, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-military-withdraws-most-ground-troops-southern-gaza-spokesperson-says-2024-04-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> wrote, citing a military spokesperson.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>Aid increases: <\/strong>Egypt has increased the number of aid trucks heading to Gaza to over 300 trucks a day, State Information Service head Diaa Rashwan said in a <a target=\"_blank\" href=\"https:\/\/sis.gov.eg\/Story\/192376\/SIS-Increasing-aid-trucks-to-Gaza-to-more-than-300-per-day?lang=en-us\" style=\"\" rel=\"noopener\">statement<\/a> yesterday.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>MEANWHILE- Iranian promises to respond to Damascus embassy strike risk <\/strong><strong>regional<\/strong><strong> escalation: <\/strong>Iran is readying a response to an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/380472ad-cda9-4123-b8d9-bbf0e2cd3357\/president-el-sisi-is-sworn-in-for-a-third-term\" style=\"\" rel=\"noopener\">Israeli air strike on Iran\u2019s embassy<\/a> in Syria last week, and has warned the US to \u201cstep aside so that you won\u2019t get hurt,\u201d in a social media <a target=\"_blank\" href=\"https:\/\/twitter.com\/MhmmdJamshidi\/status\/1776238843710058907\" style=\"\" rel=\"noopener\">post<\/a> by a senior Iranian political affairs official. <\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>It\u2019s a quiet Monday morning in the global business press<\/strong>, with no single story dominating the headlines. Among those receiving attention: <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>The hunt for the next big thing in AI in EMs: <\/strong>Wall Street wants to continue investing in AI, particularly in emerging markets. \u201cWe see AI as a growth driver in emerging markets \u2026 Going forward it will be key to look for companies in different industries that are adopting AI to enhance earnings,\u201d Morgan Stanley Investment Management's Jitania Kandhari told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-07\/wall-street-hunts-ai-winners-beyond-nvidia-in-emerging-markets?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>AND- US-China relations continue to receive attention<\/strong>, with US President Joe Biden set to issue a warning to China regarding its aggressive activity in the South China Sea. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/be5f840a-28f7-4bb0-91f9-1aedd3d10d9e\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;font-family:\" arial><a id=\"wwtt3\"><\/a> <strong>#1- <\/strong><strong>Mark your calendars for AUC\u2019s CultureFest.<\/strong> This <a target=\"_blank\" href=\"https:\/\/tahrirculturefest.aucegypt.edu\/program\/april-17\" style=\"\" rel=\"noopener\">event<\/a> \u2014 held at <a target=\"_blank\" href=\"https:\/\/maps.app.goo.gl\/UAbetWZHMPvk2UfcA\" style=\"\" rel=\"noopener\">AUC Tahrir<\/a> from Wednesday, 17 April to Monday, 22 April \u2014 is a celebration of the Cairene spirit. Panel discussions about Cairo\u2019s history, people, and evolving culture will kick off the festival, and will be accompanied by live music, a book bazaar, a local market, and art exhibitions. Register for the event <a target=\"_blank\" href=\"https:\/\/www2.ticketsmarche.com\/culturefest\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>#2- An open call for tech startups in Africa: <\/strong>The UK\u2019s Department of Business and Trade (DBT) is calling on African startups specializing in AI, automated mobility technology, cybersecurity, and digital trade solutions to apply for its Unicorn Kingdom: Pathfinder Awards, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/732.pdf\" style=\"\" rel=\"noopener\">press release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/732.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/732.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The selected startups will receive a \u201ctailormade program to help scale up and grow their business in the UK.\u201d <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>INTERESTED? <\/strong>Startups have until Tuesday, 30 April to apply through the link <a target=\"_blank\" href=\"https:\/\/www.great.gov.uk\/campaign-site\/Unicorn-Kingdom-Pathfinder-Awards\/submission-form\/\" style=\"\" rel=\"noopener\">here<\/a>. Startups will have to make it through several rounds before they make it to the live finals taking place in the UK next fall.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>In today\u2019s issue:<\/strong> We talk to industry insiders to find out how private and international schools are navigating elevated costs following the float of the EGP.<\/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\/ramadan\/\">Ramadan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"618382 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=\"618382\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/618382\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618382\" class=\"content-area-description single-story post-618382 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;font-family:\" arial><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/637.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Somabay's second annual Spring Festival: A celebration of life, music, fashion, and fun. <\/span><span>Join us for an unforgettable experience at Somabay's second annual Spring Festival, happening from 10 April to 14 April. Discover a world of excitement and connection against the stunning backdrop of the Red Sea. Dance under the stars at beach parties with top DJs, indulge in the latest fashion trends at our beachside fashion show, and savor gourmet delights from our selection of food trucks. With a variety of activities for all ages, this festival is the ultimate Spring getaway you won't want to miss.<\/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=\"618383\" 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=\"618383\">\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\/04\/08\/the-private-sector-has-a-vital-role-to-play-in-turning-egypts-economy-around-efg-hermes-shams-el-din\/\">\r\n                            The private sector has a vital role to play in turning Egypt\u2019s economy around -EFG Hermes\u2019 Shams El Din                        <\/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\/04\/08\/the-private-sector-has-a-vital-role-to-play-in-turning-egypts-economy-around-efg-hermes-shams-el-din\/\" target=\"_blank\">\n                    Open in new tab              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data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/698.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618383\" class=\"content-area-description single-story post-618383 post type-post status-publish format-standard has-post-thumbnail hentry category-agreements-and-mous-totalling-eur-67-7-bn-inked-at-egypt-eu-investment-conference tag-capital-markers tag-coffee-with tag-devaluation tag-efg-hermes tag-enterpriseam tag-foreign-exchange wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.a8542aaa-883d-414f-ab59-77192c0b96e6.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"> <strong>Highlighting the private sector\u2019s role: <\/strong>We sat down with our friend EFG Hermes Head of Research Ahmed Shams El Din (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ahmed-shamseldin\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) to discuss the role the private sector plays in turning Egypt\u2019s economy around and what needs to be done to once again reel in foreign institutional investors. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Egypt is starting to turn a corner, but<\/strong><strong> the sustainability of our path forward is reliant on<\/strong><strong> how economic reforms take shape: <\/strong>Egypt has been sick for some time, and has recently taken some pain relievers, in the form of new liquidity and large FDI injections announced over the past several weeks \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\/adq-acquires-development-rights-to%253cmark%253e-ras-el-hekma-%253c%2Fmark%253efor-usd-24-bn,-will-invest-a-further-usd-11-bn-in-real-estate-and-other-prime-projects\" style=\"\" rel=\"noopener\">including<\/a> USD 35 bn from Abu Dhabi sovereign wealth fund ADQ, Shams El Din told Enterprise. \u201cThe three main fundamental challenges for the country relate to its competitiveness, investment, and trade. The three of them are directly correlated to the labor market reform \u2014 we\u2019ve done three or four legs of reform since 1990 and every time, we do the monetary side well, but miss the mark on the other real economic areas,\u201d but hopefully this time can be different, he said.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>The key: It\u2019s all about the private sector.<\/strong> \u201cWithout boosting private sector competitiveness, I fear that any improvement that we\u2019ll see in our twin deficit and external balances might not be sustainable,\u201d Shams El Din said. In the short term, this new batch of fresh liquidity will be very good for the economy and will allow room for the correct policies to be set in the short term, but the use of the proceeds remains unclear, he noted. \u201cHow this money will be deployed into the economy to make it a sustainable improvement in competitiveness and avoid another bottleneck in three to four years down the line is the critical thing to watch for.\u201d<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Inflation is likely going to trend downwards over the coming period, because markets<\/strong><strong> were already pricing in a much weaker EGP<\/strong> before the Central Bank of Egypt moved to float the currency, Shams El Din said. Markets were pricing in an exchange rate of EGP 50-55 against the greenback before the float, he said, whereas the official rate has consistently closed below the EGP 50 mark in the weeks since then. \u201cThat means that the devaluation actually isn\u2019t going to cause inflation to accelerate, because traders had already overshot their pricing when they had to rely on the parallel market. The float will not hurt consumers,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Expectations and sentiment have improved massively in Egypt over the past several<\/strong><strong> weeks<\/strong>, Shams El Din noted. \u201cPrior to the float, it was impossible to price anything in the market, whether that\u2019s a product or service. The economy and assets were simply mispriced, and the priority for most people was to secure FX. Now there\u2019s a price and a benchmark, and there\u2019s FX liquidity.\u201d<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Capital markets over the past period have mirrored all of these issues:<\/strong> \u201cThe external imbalances that we\u2019ve had have impacted the stock market, of course, because there was a significant queue of foreign institutional investors with pending orders or repatriation requests. These investors were therefore hesitant to invest again in Egypt because there was already a backlog,\u201d Shams El Din told us. \u201cThe second issue with capital markets is a product of the FX crunch and the USD. Foreign institutional investors start with USD-generating stocks like fertilizers and all exporters, and from there, there\u2019s a trickle down into the domestic stories like real estate and consumer players. Now that the devaluation has happened, however, the priority of the investors in capital markets is no longer to hedge against the USD.\u201d<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>A big reason why Egypt fell out of favor with foreign institutional investors is the lack of<\/strong><strong> representation of economic sectors in capital markets:<\/strong> \u201cThe financial sector and real estate alone, together account for 60-65% of the market cap. Egypt is simply lacking depth.\u201d Shams El Din said. \u201cWe need more offerings from sectors like healthcare, education, and tech. Right now, there are two education companies that are listed on the EGX, and while both are great with excellent management, a country like Egypt should have ten educational companies in the market.\u201d<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Private sector competitiveness is the key that\u2019s going to help move all of this along.<\/strong> \u201cWe need to have a governance-based private sector with a strong regulatory framework in place. Boosting private sector investments is very crucial for a country like Egypt,\u201d Shams El Din said. \u201cI\u2019m very happy to see the UAE investing in Ras El Hekma, but I want to see investors from Europe, China, Japan, and the US all investing in technology, healthcare, and education. There\u2019s nothing wrong with the investors we have now \u2014 regional investors are more than welcome, but diversification is very important for Egypt.\u201d<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Fundamentally, Egypt has always been a great market for investors:<\/strong> \u201cI think the potential is huge \u2014 on the service sector specifically \u2014 Egypt can deliver beyond expectations, whether that\u2019s tourism or logistics. We tick all the boxes that are needed to continue to grow and continue shifting our economy into a more innovative, knowledge-based economy, which comes with service and technology.\u201d<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>We\u2019re<\/strong><strong> doing well, but we want to prove to investors that we are pro-market and that we\u2019re<\/strong><strong> working on improving the competitiveness<\/strong> of the economy, and that we will not bite off more than we can chew and digest, Shams El Din told us.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>\u201cEgypt is making a lot of progress when it comes to increasing competitiveness<\/strong>, especially when it comes to tech and digitization,\u201d Shams El Din said. \u201cIn the areas of the economy where there are decentralized capital allocations, we can make magic happen. We already have areas in our economy where we\u2019re digitizing, such as the financial services, the supply chain, and the retail industry, and that\u2019s going very well because it\u2019s decentralized. When it\u2019s decentralized, Egypt does very well.\u201d<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Critically, Egypt has the talent to make progress on tech and digitization:<\/strong> \u201cJust look at regional VCs and how keen they are to hire Egyptian talents \u2014 the market for hiring is 5x as big as it was five years ago. I think Egypt could potentially see significant growth in tech, because it\u2019s a sector that\u2019s built on innovation, talent, and market. We have the first two, and now it\u2019s about the market. When you can see ease in inflows and outflows and capital exits, we will go beyond expectations,\u201d Shams El Din said.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>\u201cWe are certainly in direct competition over our talent with markets like Saudi Arabia and<\/strong><strong> the UAE<\/strong>, but we have an oversupply,\u201d Shams El Din told Enterprise, adding that \u201cif you look at Saudi\u2019s Vision 2030 or the UAE\u2019s Vision 2031, both are heavily reliant on sourcing talents from around the world, even though they have a good amount of local talent supply.\u201d For Egypt, \u201cour talent pool being hired by GCC firms is a form of exports \u2014 we export talents and high caliber services and we can be a center for these types of service exports. This is an area that will \u2014 or at least should \u2014 heat up in Egypt,\u201d Shams El Din continued.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>What that means for the local market: \u201c<\/strong>It\u2019s all going to be about the pricing of talent. The pricing structure is held hostage right now because of the high level of demand in our neighboring markets and by the lack of benchmarks or reference points,\u201d Shams El Din said. \u201cThere will be a market-based price for talents and will help Egypt attract and retain the talents it needs.\u201d<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>** We also sat down with Shams El Din recently to discuss how asset managers<\/strong><strong> underweighting Saudi Arabia are missing the boat<\/strong>. You can check out the story on EnterpriseAM KSA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4bcd3720-29a6-4af8-bd2d-4f648523c1e2\" style=\"\" rel=\"noopener\">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\/capital-markers\/\">capital markers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/735.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618386\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/central-bank-could-impose-fines-on-importers-who-abandon-their-goods-at-ports\/735-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/735.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"735.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/735.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/735.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618385\" class=\"content-area-description single-story post-618385 post type-post status-publish format-standard has-post-thumbnail hentry category-trade tag-central-bank-of-egypt tag-customs tag-enterpriseam tag-trade 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\/.651e838e-ba54-4d9d-9040-0e891874175e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"> <strong>Importers abandoning their goods at ports could be slapped with fines: <\/strong>The Central Bank of Egypt (CBE) is looking into imposing fines on importers who refuse to move their goods from ports even after receiving the required FX to do so, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/bhzj6f24\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing sources it says are in the know.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>That\u2019s not all:<\/strong> The CBE is also looking into blacklisting the importers who don\u2019t clear their goods from ports \u2014 issuing instructions to have their bank accounts monitored, Al Mal added. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Still early stages: <\/strong>The central bank is yet to take any official steps regarding the matter, a government source told Enterprise, adding that each case will be evaluated individually. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Why would an importer not collect their goods? <\/strong>Some importers have declined to receive their goods as they wait for the USD-EGP rate to further depreciate, which will in turn mean a cheaper customs bill \u2014 importers can store their goods at local ports for up to a month without paying any fees or fines, according to the current regulations. Meanwhile, some importers of foodstuff have abandoned their imports that have been stuck at ports for some time now while the FX crisis get resolved as a way to avoid paying hefty storage costs and fees, especially knowing that there is a high chance their goods have gone bad and won\u2019t be sellable, our source said. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Remember: <\/strong>The government has cleared some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2099dda-f52e-4c70-b3ec-8b6bc0efd740\" style=\"\" rel=\"noopener\">USD<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2099dda-f52e-4c70-b3ec-8b6bc0efd740\" style=\"\" rel=\"noopener\">2.8 bn<\/a> worth of goods from the country\u2019s ports thanks to the recent spate of foreign currency injections as of late March. Some remaining USD 1.7 bn of goods have had their paperwork completed and secured the required FX through the banking system, but these goods remain unclaimed by their importers, Prime Minister Moustafa Madbouly said two weeks ago.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>And if they remain unclaimed?<\/strong> The goods are set to be confiscated, Madbouly previously said, adding that they will be subject to the laws and regulations of abandoned and unclaimed goods. The goods will then be sold at auctions. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>This got importers moving: <\/strong>There has been a noticeable shift in the rate at which importers are collecting their goods since Madbouly unveiled the government\u2019s plan to confiscate neglected goods, our source tells us.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/customs\/\">customs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"618387\" 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=\"618387\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/edtech-platform-almentor-gears-up-for-an-international-ipo-this-year\/\">\r\n                            Edtech platform Almentor gears up for an international IPO 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 href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/edtech-platform-almentor-gears-up-for-an-international-ipo-this-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n      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up for an international IPO this year&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/edtech-platform-almentor-gears-up-for-an-international-ipo-this-year\/\">\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\/04\/08\/edtech-platform-almentor-gears-up-for-an-international-ipo-this-year\/&title=Edtech platform Almentor gears up for an international IPO this year\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Edtech+platform+Almentor+gears+up+for+an+international+IPO+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F04%2F08%2Fedtech-platform-almentor-gears-up-for-an-international-ipo-this-year%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\/04\/08\/edtech-platform-almentor-gears-up-for-an-international-ipo-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/714.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618388\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/edtech-platform-almentor-gears-up-for-an-international-ipo-this-year\/714-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/714.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"714.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/714.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/714.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618387\" class=\"content-area-description single-story post-618387 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-almentor tag-edtech tag-enterpriseam tag-ipo-watch tag-nasdaq tag-startup-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.1ae96ba4-3d6e-4978-b1c9-abfff0fb4786.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"> <strong>Almentor to IPO this year? <\/strong>Edtech platform <a target=\"_blank\" href=\"https:\/\/www.almentor.net\/en\/home?utm_medium=cpc&utm_source=sem&utm_campaign=%7BAr%7DBrandConversionGoogleSearchNew11-4-2022%7BEG%7D&adgroupid=158784141829&utm_term=almonter&creative=691606174455&device=c&placement=&keyword=almonter&matchtype=e&adposition=&network=g&gad_source=1&gclid=Cj0KCQjwiMmwBhDmARIsABeQ7xS1amKtBG_W8qNlkm-9oZ3ipFHQYcfFrndOv1jHtWeVD0M8zdp0tW4aAiwiEALw_wcB\" style=\"\" rel=\"noopener\">Almentor<\/a> is working towards listing its shares on an international stock exchange \u2014 most likely Nasdaq \u2014 by the end of the year, the company\u2019s CEO Ihab Fikry told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%b4%d8%b1%d9%83%d8%a9-%d8%a7%d9%84%d9%85%d9%86%d8%aa%d9%88%d8%b1-%d9%84%d9%84%d8%aa%d8%b9%d9%84%d9%8a%d9%85-%d8%a7%d9%84%d8%a5%d9%84%d9%83%d8%aa%d8%b1%d9%88%d9%86%d9%89-%d8%aa%d8%af\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. Fikry did not disclose how much the company was looking to raise or how much of the company would be offered up.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Almentor?<\/strong> Almentor is an online learning platform that provides educational content in digestible short video clips in Arabic and English on <a target=\"_blank\" href=\"https:\/\/www.almentor.net\/en\/courses\/popular\" style=\"\" rel=\"noopener\">topics<\/a> ranging from sports nutrition to machine learning and everything in between. The company was founded in 2016 by the Egyptian Abdelrahman Fahmy (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/adelrhmanfahmy\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and Ibrahim Kamel (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ibrahim-mostafa-kamel\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), alongside the Emirati Fikry (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ihab-fikry-9a07386\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), Hesham Heikal (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/heshamheikal\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), and Husni Khuffash (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/husni\/?originalSubdomain=ae\" style=\"\" rel=\"noopener\">LinkedIn<\/a>). The company operates in both Egypt and the UAE and has its HQ in Dubai.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Pre-IPO investments are also in the works: <\/strong>The company is also in talks with investment funds to raise USD 10 mn that will help \u2014 among other things \u2014 finance the use of artificial intelligence on its platform and set up marketing campaigns.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Ten seems to be Almentor\u2019s magic number: <\/strong>The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6246ee8d-de33-4a07-8bfe-e642d08e21bf\/edtech-platform-almentor-raises-usd-10-mn-in-pre-series-c-round.-plus:-acasia-ventures-invests-in-credable.\" style=\"\" rel=\"noopener\">closed<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6246ee8d-de33-4a07-8bfe-e642d08e21bf\/edtech-platform-almentor-raises-usd-10-mn-in-pre-series-c-round.-plus:-acasia-ventures-invests-in-credable.\" style=\"\" rel=\"noopener\">a USD 10 mn<\/a> pre-series C round led by Etisalat\u2019s VC arm in March 2023. Sawari Ventures and Egypt Ventures, the International Cooperation Ministry\u2019s VC, made follow-on investments, along with Partech, Sango Capital, and Endure Capital.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Almentor has big plans ahead:<\/strong> Almentor has plans to reach 50 mn learners in the next 30 years as education methods start relying more and more on digital tech.<\/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\/almentor\/\">Almentor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edtech\/\">edtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nasdaq\/\">Nasdaq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"618389 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=\"618389\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/618389\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618389\" class=\"content-area-description single-story post-618389 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;font-family:\" arial><a href=\"https:\/\/ak-ships.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/214.jpg?ssl=1\"><\/a><\/span><\/p>\n\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=\"618390\" 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=\"618390\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/egyptian-startups-aplenty-on-forbes-middle-east-fintech-list\/\">\r\n                            Egyptian startups aplenty on Forbes Middle East fintech list                        <\/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\/04\/08\/egyptian-startups-aplenty-on-forbes-middle-east-fintech-list\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The UAE and Saudi Arabia came in second with 11 companies each on the list. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>The Egyptian fintech companies featured on the list:<\/strong><\/p>\n<ul>\n<li>#2- Fawry<\/li>\n<li>#8- MNT-Halan<\/li>\n<li>#11- Aman Holding<\/li>\n<li>#15- Valu<\/li>\n<li>#18- Thndr<\/li>\n<li>#20- Paymob<\/li>\n<li>#22- Contact Financial<\/li>\n<li>#26- Paysky<\/li>\n<li>#29- Masria Digital Payments<\/li>\n<li>#31- Money Fellows<\/li>\n<li>#39- Lucky One<\/li>\n<li>#44- Telda<\/li>\n<li>#50- Klickit <\/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\/aman-financial-services\/\">Aman Financial Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/contact-financial\/\">Contact Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/klickit\/\">Klickit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/masria-digital-payments\/\">Masria Digital Payments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mnt-halan\/\">MNT-Halan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paymob\/\">Paymob<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paysky\/\">PaySky<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/thndr\/\">Thndr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/a>\n                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class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;font-family:\" arial><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=\"618393\" 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=\"618393\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/turkeys-dnm-inks-contract-to-set-up-denim-factory-plus-news-from-heliopolis-housing-indrive-air-arabia\/\">\r\n                            Turkey\u2019s DNM inks contract to set up denim factory 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 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PLUS: News from Heliopolis Housing, InDrive, Air Arabia&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/turkeys-dnm-inks-contract-to-set-up-denim-factory-plus-news-from-heliopolis-housing-indrive-air-arabia\/\">\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\/04\/08\/turkeys-dnm-inks-contract-to-set-up-denim-factory-plus-news-from-heliopolis-housing-indrive-air-arabia\/&title=Turkey\u2019s DNM inks contract to set up denim factory. PLUS: News from Heliopolis Housing, InDrive, Air Arabia\">\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=Turkey%E2%80%99s+DNM+inks+contract+to+set+up+denim+factory.+PLUS%3A+News+from+Heliopolis+Housing%2C+InDrive%2C+Air+Arabia+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F04%2F08%2Fturkeys-dnm-inks-contract-to-set-up-denim-factory-plus-news-from-heliopolis-housing-indrive-air-arabia%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\/04\/08\/turkeys-dnm-inks-contract-to-set-up-denim-factory-plus-news-from-heliopolis-housing-indrive-air-arabia\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/729.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618394\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/turkeys-dnm-inks-contract-to-set-up-denim-factory-plus-news-from-heliopolis-housing-indrive-air-arabia\/729-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/729.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"729.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/729.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/729.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618393\" class=\"content-area-description single-story post-618393 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-air-arabia tag-also-on-our-radar tag-aviation tag-enterpriseam tag-heliopolis-housing-and-development tag-indrive tag-manufacturing tag-real-estate tag-startups tag-suez-canal-economic-zone 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\/4\/.340573f0-884e-4ffe-9bf8-710b966c9f35.mp3\"><\/audio><\/figure><p class=\"tag-border-left\"> MANUFACTURING-<\/p><p style=\"padding:0;margin:0;font-family:\" arial> <strong>Turkey\u2019s DNM inks contract for denim factory: <\/strong>The General Authority of the Suez Canal Economic Zone (SCZone) andthe Turkish <a target=\"_blank\" href=\"https:\/\/dnmdenim.com\/about\/\" style=\"\" rel=\"noopener\">DNM Textile for Spinning, Weaving and Dyeing<\/a> have signed the contract under which DNM will set up a USD 40 mn denim factory in Qantara West Industrial Zone, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/story.php?story_fbid=908347081335713&amp;id=100064812882317&amp;mibextid=WC7FNe&amp;rdid=cNIWihmWzexNR4F4\" style=\"\" rel=\"noopener\">statement<\/a>. The company \u2014 an investment venture of Turkish clothing firm Eroglu Holding \u2014 plans to begin construction of the factory in June and begin operations in early 2025, the statement read.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>ICYMI:<\/strong> DNM <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce89f5d7-083f-4cb7-9cbc-8fe5c1249f18\/sczone-greenlights-new-industrial-projects\" style=\"\" rel=\"noopener\">last month<\/a> received approval to move forward with the denim factory as well as an industrial complex for spinning, weaving, clothing, mattress, and furnisher production. Some 70% of the denim factory\u2019s production will be exported. This came after Eroglu Egypt \u2014 the local arm of the Turkish Eroglu Holding \u2014 received approval to build a USD 150 mn ready-made clothing factory in Qantara West Industrial Zone, under a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6d22b157-fea2-45f8-9b75-2242a6952327\/sczone-inks-framework-agreements-for-five-industrial-projects\" style=\"\" rel=\"noopener\">framework agreement<\/a> inked with the SCZone. <\/p><p class=\"tag-border-left\">REAL ESTATE-<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>Heliopolis Housing lines up four offers for New Heliopolis project:<\/strong> Heliopolis Housing and Development (HHD) has received offers from local developers Hyde Park Developments, La Vista Developments, Madinet Masr, and Mountain View to develop 500 feddans in New Heliopolis, sources with knowledge of the matter reportedly told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/62465\/%D9%85%D8%B5%D8%B1-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%84%D9%84%D8%A5%D8%B3%D9%83%D8%A7%D9%86-%D8%AA%D8%AA%D9%84%D9%82%D9%89-%D8%B9%D8%B1%D9%88%D8%B6%D8%A7-%D9%84%D8%AA%D8%B7%D9%88%D9%8A%D8%B1-500-%D9%81%D8%AF%D8%A7%D9%86-%D8%A8%D9%86%D8%B8%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D8%B4%D8%A7%D8%B1%D9%83%D8%A9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The project will be built on land worth EGP 10 bn, the sources said, adding that HHD will review the offers next week.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>Sound familiar? <\/strong>CEO Sameh El Sayed said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1863d30d-e2c5-4721-8879-3f85b05ac31b\/a-ton-of-real-estate-news-from-acud,-talaat-moustafa,-heliopolis-housing\" style=\"\" rel=\"noopener\">in March<\/a> that HHD had received four offers for the project without providing the names of the firms and adding that an unnamed UK firm wants to build an outlet mall for commercial brands in New Heliopolis. Madinet Masr also submitted an offer to develop three land plots in New Heliopolis <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/490cdbcf-937b-4b6d-9ce9-9eb0ce115145\" style=\"\" rel=\"noopener\">last month<\/a>.<\/p><p class=\"tag-border-left\"> STARTUPS-<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>InDrive to invest in local startups: <\/strong>Global ride-hailing app InDrive is looking to invest some USD 10 mn in Egyptian startups \u201cin the coming period,\u201d Chief Growth Officer Evgenia Matrosova told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/33mawwu9\" style=\"\" rel=\"noopener\">Al Arabiya Business<\/a>. The firm has a department dedicated to finding promising startups that it could invest in or acquire, Matrosova explained. <\/p><p class=\"tag-border-left\">AVIATION-<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>That Istanbul getaway you\u2019ve been planning may have just gotten a bit cheaper: <\/strong>The Egyptian arm of Emirati budget airline Air Arabia launched its first flight connecting Cairo and Istanbul this month, the airline said in a <a target=\"_blank\" href=\"https:\/\/press.airarabia.com\/ar-ae\/%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B7%D9%84%D9%82-%D8%B1%D8%AD%D9%84%D8%A7%D8%AA-%D9%85%D8%A8%D8%A7%D8%B4%D8%B1%D8%A9-%D8%A8%D9%8A%D9%86-%D8%A7%D9%84%D9%82%D8%A7%D9%87%D8%B1%D8%A9-%D9%88%D8%A7%D8%B3%D8%B7%D9%86%D8%A8%D9%88%D9%84\/\" style=\"\" rel=\"noopener\">statement<\/a>. The carrier will offer three weekly flights between the two cities.<\/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\/air-arabia\/\">Air Arabia<\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/heliopolis-housing-and-development\/\">Heliopolis Housing and Development<\/a>\n    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story-section            \"\r\n            id=\"618396\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/food-inflation-is-falling-across-wealthier-countries\/\">\r\n                            Food inflation is falling across wealthier countries                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n        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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/738.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618397\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/08\/food-inflation-is-falling-across-wealthier-countries\/738-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/738.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"738.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/738.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/738.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618396\" class=\"content-area-description single-story post-618396 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-china tag-enterpriseam tag-fao tag-financial-markets tag-inflation tag-oecd tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.b95f14f5-e728-462b-852a-5755e87a8d67.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;font-family:\" arial> <strong>Food inflation dips across rich nations: <\/strong>Food inflation in rich nations has dropped to its lowest level since before Russia began its invasion of Ukraine in February 2022, with the average food prices among 38 surveyed industrialized nations dropping to 5.3% in February \u2014 down from 6.2% in January, and from a peak of 16.2% in November 2022, <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f51368f0-c157-451d-a231-b944fbe7e7a0\" style=\"\" rel=\"noopener\">Financial<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f51368f0-c157-451d-a231-b944fbe7e7a0\" style=\"\" rel=\"noopener\">Times<\/a> reports, citing OECD data. The dip can be attributed to agricultural commodity prices falling \u201csignificantly,\u201d fully normalized supply chains, and lower gas prices. <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>MEANWHILE- Global food prices saw a slight increase following a 7-month decline: <\/strong>The FAO <a target=\"_blank\" href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\/\" style=\"\" rel=\"noopener\">food price<\/a><a target=\"_blank\" href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\/\" style=\"\" rel=\"noopener\">index<\/a> \u2014 which measures the monthly change in the international prices of a basket of food commodities \u2014 rose 1.1% m-o-m to 118.3 points in March, after seven months in decline. This is still well <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44b4e397-6ae8-485c-bb6d-424ddce9519f\/food-was-pricier-than-ever-in-2022-%2B-goldman-bankers-to-get-the-boot-this-week\" style=\"\" rel=\"noopener\">below their peak recorded in 2022<\/a>, but remains considerably higher than pre-pandemic levels.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>ALSO WORTH NOTING-<\/strong><strong>Chinese sovereign wealth fund mulls sizable investment to deepen MidEast <\/strong><strong>ties: <\/strong>Bahraini alternative asset manager Investcorp Holding could receive USD 800 mn from <a target=\"_blank\" href=\"http:\/\/www.china-inv.cn\/en\/\" style=\"\" rel=\"noopener\">China Investment Corporation<\/a> for its Gulf-focused pre-IPO fund. (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/62462\/%D8%A7%D9%84%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AF%D9%8A-%D8%A7%D9%84%D8%B5%D9%8A%D9%86%D9%8A-%D9%8A%D8%AF%D8%B1%D8%B3-%D8%AF%D8%B9%D9%85-%D8%A5%D9%86%D9%81%D8%B3%D8%AA%D9%83%D9%88%D8%B1%D8%A8-%D9%81%D9%8A-%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D8%A7%D9%84%D8%A3%D9%88%D8%B3%D8%B7\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>)<\/p><p class=\"tag-border-left\">THE MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>Asian markets are mixed this morning<\/strong>, with the Nikkei up 1.56% at dispatch time. The Shanghai Composite is down 0.68% and the Hang Seng is down 0.43%, while the Kospi is barely in the green. This comes as investors sit tight as they wait for inflation figures from the US and China due later this week, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/04\/08\/asia-markets-live-updates.html\" style=\"\" rel=\"noopener\">CNBC<\/a> writes. <\/p><p><a target=\"_blank\" id=\"t.e09f94453cd43027c82ce58527156e5cd707e97d\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial><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;font-family:\" arial>28,152<\/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;font-family:\" arial>-1.2% (YTD: +13.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial><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;font-family:\" arial>Buy 47.49<\/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;font-family:\" arial>Sell 47.62<\/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;font-family:\" arial><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;font-family:\" arial>Buy 47.5<\/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;font-family:\" arial>Sell 47.6<\/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;font-family:\" arial><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;font-family:\" arial>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;font-family:\" arial>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;font-family:\" arial><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;font-family:\" arial>12,705<\/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;font-family:\" arial>+0.7% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial><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;font-family:\" arial>9,237<\/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;font-family:\" arial>0.0% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial><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;font-family:\" arial>4,244<\/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;font-family:\" arial>-0.1% (YTD: +4.5%)<\/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;font-family:\" arial><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;font-family:\" arial>5,204<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial>+1.1% (YTD: +9.1%)<\/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;font-family:\" arial><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;font-family:\" arial>7,911<\/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;font-family:\" arial>-0.8% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial><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;font-family:\" arial>5,015<\/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;font-family:\" arial>-1.1% (YTD: +10.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial><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;font-family:\" arial>USD 91.17<\/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;font-family:\" arial>+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial><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;font-family:\" arial>USD 1.79<\/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;font-family:\" arial>+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial><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;font-family:\" arial>USD 2,330<\/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;font-family:\" arial>+1.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;font-family:\" arial><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;font-family:\" arial>USD 68,988<\/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;font-family:\" arial>+1.0% (YTD: +63.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>The EGX30 fell 1.2% at yesterday\u2019s close<\/strong> on turnover of EGP 2.8 bn (44.5% below the 90-day average). Local investors were net buyers. The index is up 13.1% YTD.<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>In the green: <\/strong>Abu Qir Fertilizers (+7.4%), Abu Dhabi Islamic bank (+4.3%), and Mopco (+3.6%).<\/p><p style=\"padding:0;margin:0;font-family:\" arial><strong>In the red: <\/strong>Talaat Moustafa Group (-6.6%), Ezz Steel (-4.3%), and Juhayna (-4.0%).<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fao\/\">FAO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oecd\/\">OECD<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"618398\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">8<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/how-are-private-and-international-schools-navigating-elevated-costs-post-float\/\">\r\n                            How are private and international schools navigating elevated costs post float?<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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\/blackboards\/how-are-private-and-international-schools-navigating-elevated-costs-post-float\/\" 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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With a cap on how much they can raise tuition fees and teacher salaries paid in FX, many private and international schools are finding themselves in a bind. We spoke with several education sector veterans to find out how these schools have been impacted and how they are navigating the post-float environment. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Costs are on the rise:<\/strong> The float will cause schools to incur \u201chuge losses\u201d amid high operating costs and demands for salary increases, Private School Owners Association Deputy Chairman Badawy Allam told Enterprise. British International College of Cairo CEO and member of the Senate Ahmed Samir Zakaria told us that costs are also set to increase as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be2302e1-e1a7-4413-95b2-887642444241\/egypt-hikes-car%253cmark%253e-fuel-%253c%2Fmark%253eprices-by-by-8-21%2525\" style=\"\" rel=\"noopener\">fuel price hikes<\/a> introduced two weeks ago drive up the expenses of school buses and school activities.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Schools knew this was coming: <\/strong>International school El Alsson had penciled in the EGP at 40 to the greenback when it calculated its budget for the 2023-24 academic year, the school\u2019s executive director Karim Rogers told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>There isn\u2019t m<\/strong><strong>uch room for tuition increases: <\/strong>Private and international schools under the purview of the Education Ministry that charge fees of EGP 35k and above are not allowed to hike fees by more than 6% for the current academic year. Schools outside of the ministry\u2019s oversight \u2014 among them institutions owned by associations and other bodies, like CAC, MBIS, and BISC \u2014 are not impacted by the caps.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>But, negotiations are underway:<\/strong> School operators are currently in talks with the government to raise the limit on tuition fee hikes, which has seen schools taking the financial hit on behalf of parents over the past years, Zakaria said, adding that they are seeking to at least double the limit. In the meantime, the Private School Owners Association will conduct a study to decide on what it sees as a more suitable fee increase, with plans to submit a formal proposal to the Education Ministry at a later stage. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>There\u2019s a good chance that the cap could be eased for the next academic year:<\/strong> Following the completion of high school exams, the Education Ministry will examine requests from schools regarding increased expenses, a ministry source told Enterprise. We may witness \u201can exceptional increase in favor of private and international schools, but the matter will be subject to a study first,\u201d the source said. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>It might not be enough: <\/strong>\u201cTuition fees will have to be increased for the 2024-25 academic year, but this [increase] still cannot meet the huge rise of costs due to the new, fluctuating exchange rate. Schools have to be creative in coming up with new ways to cut expenses and not affect the quality of education,\u201d Malvern College CEO Azza El Sherbiny told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Passing costs onto parents:<\/strong> Not only are parents likely to see tuition fees for the 2024-2025 academic year rise, but also non-educational expenses from uniforms to school transportation, food, materials and after school activities are on track to rise. \u201cIt\u2019s not desirable and we\u2019re trying to be conscious of parents, but it\u2019s a catch-22 situation,\u201d Rogers told us.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Schools have rolled out financing mechanisms<\/strong>, including loans and installment programs \u2014 to help parents cope with rising costs following a directive from the Education Ministry that came into effect at the beginning of academic year 2023-24, Zakaria said, adding that he expects to see an increase in the number of parents seeking these financial tools. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Foreign teachers still see some of their salary in FX:<\/strong> Most private and international schools pay foreign teachers a split salary \u2014 25% of their salary is paid in FX and the rest is paid in local currency, Rogers told Enterprise. The FX portion of the salary is not pegged to the exchange rate, \u201cmeaning we\u2019re being hit [by the EGP depreciation] all year round,\u201d Rogers added.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>But, this may change:<\/strong> Split salaries will have to change and there won\u2019t be a large foreign currency percentage included, as schools can no longer afford it, El Sherbiny told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Expat teachers are frustrated:<\/strong> Foreign teachers in Egypt have been hit by the float on top of facing FX spending limits on Egyptian bank accounts. They have their own payments to make, not just Netflix accounts, but for mortgages, student loans, ins., and pensions, Rogers said.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>And many have already left: <\/strong>An exodus of foreign teachers to the Gulf has already started and it is difficult for Egyptian schools to be competitive under the current circumstances, El Sherbiny told us.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>It\u2019s been a tough year for recruiting:<\/strong> \u201cWe attended two recruitment fairs in January and it was a very competitive year. After the currency float in March, we couldn\u2019t do it. It was ridiculous to the extent that we were offering [the equivalent of] say USD 40-48k a year, and then overnight it went down to USD 25k,\u201d Rogers said. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>International schools are looking more at Egyptian staff: <\/strong>Schools are trying to attract the best local teachers and Egyptian teachers understand that there is a greater demand for highly qualified, local teachers and are beginning to request high salaries (although still in EGP) in response, El Sherbiny said.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blackboard\/\">Blackboard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"618400\" 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\/04\/08\/618400\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618400\" class=\"content-area-description single-story post-618400 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;font-family:\" arial\";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;font-family:\" arial\";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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">9-14 April (Tuesday-Sunday): Eid Al Fitr holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">15-21 April (Monday-Sunday): The IMF \/ World Bank Spring Meetings. <\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">26 April (Wednesday): Clocks move forward one hour at midnight as daylight saving time starts.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">29 April (Monday): The government\u2019s car export scheme expires.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">1 May (Wednesday): National holiday in observance of Labor Day (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">2-5 May (Thursday-Sunday): Townhall Expo in Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">5 May (Sunday): Coptic Easter.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">6 May (Monday): Sham El Nessim (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">23 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">29 May (Wednesday): Virtual launch of Chicago Booth Executive Program.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">15-19 June (Saturday-Wednesday): Eid El Adha (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">29-30 June (Saturday-Sunday): EU-Egypt Investment Conference.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">30 June (Sunday): June 30 Revolution Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">7 July (Sunday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">18 July (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">2-5 September (Monday-Thursday): Egypt International Airshow, El Alamein International Airport.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">5 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">15 September (Sunday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">17 October (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">21-27 October (Monday-Sunday): The World Bank and IMF annual meetings.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">21 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">26 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">April 2024: President Abdel Fattah El Sisi will visit Turkey.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">1Q 2024: Egyptian-Qatari Joint Supreme Committee.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">February-May: The Grand Egyptian Museum could officially open to visitors.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">March 2024: The USD 2.7 bn MIDOR Refinery is set to begin full operations. <\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">May 2024: Egypt to receive USD 20 bn of Ras El Hekma funds.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">May 2024: Arab Finance Ministers\u2019 meeting at Egypt\u2019s administrative capital.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">June 2024: Gov\u2019t expects to finalize sale of Beni Suef combined-cycle power plant.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">1H 2024: Gov\u2019t expects to finalize sale of four water desalination plants.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">2H 2024: Gov\u2019t to launch the Cairo Ring Road BRT buses.<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">November 2024: Egypt to host the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:400;font-family:\" arial\";\"=\"\">20 January-7 February: Egypt to host the African Games<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span style=\"font-weight:700;font-family:\" arial\";\"=\"\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><span>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>Almentor IPO | Burns in Cairo | Denim factory | Inflation data incoming | CultureFest | Unicorn Kingdom.<\/p>\n","protected":false},"featured_media":618379,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-618378","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"cf2bdab9-2ecb-4f67-8913-3652af41ae3c","teaser":"Almentor IPO | Burns in Cairo | Denim factory | Inflation data incoming | CultureFest | Unicorn Kingdom.","photo_url":"https:\/\/ent.news\/2024\/4\/736.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 sector minimum wage is increasing to EGP 6k next month - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/private-sector-minimum-wage-is-increasing-to-egp-6k-next-month\/\" \/>\n<meta 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