{"id":618456,"date":"2024-04-15T00:00:00","date_gmt":"2024-04-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=618456"},"modified":"2025-12-17T05:06:47","modified_gmt":"2025-12-17T05:06:47","slug":"inflation-eases-to-33-3-in-march-following-egp-float-as-traders-price-in-lower-exchange-rate","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-eases-to-33-3-in-march-following-egp-float-as-traders-price-in-lower-exchange-rate\/","title":{"rendered":"Inflation eases to 33.3% in March following EGP float as traders price in lower exchange rate"},"content":{"rendered":"<section id=\"618458\" 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=\"618458\">\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\/15\/ebrd-reviewing-usd-140-mn-loan-to-finance-actis-gabal-el-zeit-acquisition\/\">\r\n                            EBRD reviewing USD 140 mn loan to finance Actis\u2019 Gabal El Zeit acquisition                        <\/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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style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.8773c799-097c-4ee7-aa6c-63e33bc10a44.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>After an unusually busy Ramadan for local business and economy news, it seems the tempo is set to pick up even further with a raft of new announcements out over the Eid Al Fitr break.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve got plenty to squeeze into today\u2019s issue<\/strong>, so let\u2019s jump right into it.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** 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;line-height:1.15;orphans:2;widows:2;text-align:left\">** <strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge. <\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>The IMF and World Bank spring meetings kick off today: <\/strong>Global finance chiefs are in Washington this week for the <a target=\"_blank\" href=\"https:\/\/meetings.imf.org\/en\/2024\/Spring\" style=\"\" rel=\"noopener\">IMF and World Bank\u2019s annual spring meetings<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Georgieva will begin her second, five-year term as the head of the IMF on 1 October 2024. The IMF\u2019s executive board said she was getting another term thanks to her \u201cstrong and agile leadership \u2026 navigating a series of major global shocks.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to look out for: <\/strong>Finance Minister Mohamed Maait will take the stage tomorrow for a one-on-one conversation with the IMF\u2019s Middle East and Central Asia head Jihad Azour under the title <a target=\"_blank\" href=\"https:\/\/www.imfconnect.org\/content\/imf\/en\/annual-meetings\/calendar\/open\/2024\/04\/16\/182895.html\" style=\"\" rel=\"noopener\">Egypt: Lessons in Restoring Macroeconomic Stability<\/a>. The IMF will also release its World Economic Outlook and part of its Global Financial Stability report tomorrow and its fiscal monitor on Wednesday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Go deeper: <\/strong>Check out the full schedule for the gathering <a target=\"_blank\" href=\"https:\/\/www.imfconnect.org\/content\/imf\/en\/annual-meetings\/calendar.html\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also on Maait\u2019s Washington schedule:<\/strong> Maait will also be attending an <a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/events\/2024\/04\/15\/seventh-annual-health-financing-forum-investing-in-health-in-the-post-covid-era\" style=\"\" rel=\"noopener\">annual health financing<\/a><a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/events\/2024\/04\/15\/seventh-annual-health-financing-forum-investing-in-health-in-the-post-covid-era\" style=\"\" rel=\"noopener\">forum<\/a> hosted by the World Bank today until Wednesday and the G20 <a target=\"_blank\" href=\"https:\/\/www.g20.org\/en\/calendar\" style=\"\" rel=\"noopener\">finance ministers\u2019 meeting<\/a> running this Wednesday and Thursday, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02u48CV3c9dUogegfRj6fbE76ESNebrscBkSEViHFHHeHumToRQjsxaCThNGWULwKvl\" style=\"\" rel=\"noopener\">statement<\/a> from the Finance Ministry.<\/p><p class=\"tag-border-left\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>The blackouts are back: <\/strong>Rolling blackouts are to resume in Egypt today after the Electricity Ministry put blackouts on pause for 35 days during the month of Ramadan and the Eid vacation, unnamed sources from the ministry told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d9%85%d8%b5%d8%a7%d8%af%d8%b1-%d8%a8%d8%a7%d9%84%d9%83%d9%87%d8%b1%d8%a8%d8%a7%d8%a1-%d8%aa%d8%b7%d8%a8%d9%8a%d9%82-%d8%aa%d8%ae%d9%81%d9%8a%d9%81-%d8%a7%d9%84%d8%a3%d8%ad%d9%85%d8%a7%d9%84-%d8%b3\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. Power cuts will last for an hour each day between 11am and 5pm, the sources added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s feeling pretty summery in Cairo today, with a high of 30\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a little cooler in Alexandria<\/strong>, with a high of 25\u00b0C and a low of 14\u00b0C.<\/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\">WATCH THIS SPACE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- EBRD mull financing Actis\u2019 acquisition of Gabal El Zeit:<\/strong> The European Bank for Reconstruction and Development is reviewing a proposed USD 140 mn loan for private equity giant Actis to finance its acquisition of the Gabal El Zeit wind farm in the Gulf of Suez, according to a <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/54928.html\" style=\"\" rel=\"noopener\">project summary<\/a> from the lender. The loan is now pending a structure review.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The Gabal El Zeit wind farm is included in the list of 35 companies and assets <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">earmarked for privatization<\/a>. Actis has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d724eb5-69ad-4490-bab5-00a5b65d9a1f\/maersk,-actis-make-progress-on-zafarana,-gabal-el%253cmark%253e-zeit-%253c%2Fmark%253ewind-farms-acquisition-bids\" style=\"\" rel=\"noopener\">reportedly<\/a> wrapped up due diligence on the state-owned 580-MW wind farm and is in advanced negotiations with the government, according to unconfirmed local media reports in February.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#2- A digital upgrade for the commercial registry:<\/strong> Local companies will have six months to register and update their commercial activity on a <a target=\"_blank\" href=\"https:\/\/bor.itda.gov.eg\/activity\/Account\/LandingPage?ReturnUrl=%2Factivity%3Ffbclid%3DIwAR2IaOdl-3pKnFXbG31EL45uYcpKkSHxMBWTdocj8gMbId7_1m2EUqiIShQ_aem_AVuuwRoyaZ4ksouuqDGjXeNwDvPE3FM1ClT823pLHKElCNH6lCF-UC0Ek4iruibiJI1-TgH2wcyHplLYWVOvHi8y\" style=\"\" rel=\"noopener\">new electronic platform<\/a>, the Supply Ministry said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid021wQ3VDpMBTEDmh16vBakQ5kK6EXRxrFk6tagNgSXN6VP8aKVLFJCZK3Tecyzm9hQl\" style=\"\" rel=\"noopener\">statement<\/a> on Sunday. An automated assistant that can be contacted via WhatsApp has also been launched to help establishments register on the platform.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Egypt could be present at G7\u2019s June meetings: <\/strong>G7 leaders will gather inmid-June to hold outreach meetings centered on the war in Ukraine, with host Italy planning to extend invitations to several African countries including Egypt, an unnamed source told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/italy-plans-invite-south-american-african-countries-june-g7-summit-2024-04-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s no single big story abroad this morning, but driving the news for the foreseeable future: <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Are we looking at an Iran-Israel war? <\/strong>Egyptian, Saudi, G7, and G20 leaders are all pushing Tel Aviv and Tehran to cool off lest they tip things over into a wider regional conflagration. It\u2019s the singular priority in policymaking circles this morning, as underscored by the banner headline in the Wall Street Journal: <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/biden-wanted-to-avoid-a-regional-war-now-hes-got-one-770745f3\" style=\"\" rel=\"noopener\">Biden wanted to avoid a regional war. Now he\u2019s got one<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt expressed \u201cdeep concern\u201d over the attacks<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid0aVKA4jBPVuJcHtGihnNySwDiq9wAmHvpCUDhLx7NAMSASe9TBkVNuzJwfoSbvVwvl\" style=\"\" rel=\"noopener\">calling<\/a> on all parties to avoid further instability in the region. Foreign Minister Sameh Shoukry also held telephone conversations with his counterparts from the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid02uuhwiHtvwwJzGs6oVdPBEPY76AdPC2yuTJnmwKWiLR2UsmRkQ24vmvQbq57D2ZDRl\" style=\"\" rel=\"noopener\">US<\/a>, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid0fEjzw6G6geMxpZ8BBSFvtxomPv4cFXEauth9JjjW1uEyg8NTHRACdKh6Yq8hh4YYl\" style=\"\" rel=\"noopener\">Iran, and Israel<\/a> in a bid to prevent any further escalation. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business as usual in Egypt: <\/strong>The Civil Aviation Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02gG9iGtJESusZrCZnwqB1bME2qeczCEmNNJnWD28xpyNbYL8EH3nWa3VDvULi8Q35l\" style=\"\" rel=\"noopener\">denied<\/a> rumors that Egypt will be closing its airspace, explaining that flights continue to operate normally \u2014 however, EgyptAir briefly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EGYPTAIR\/posts\/pfbid0iFb1NKxBAbCTbv18sNwG5Mc1NQ4sFY2iXmTm5TUMpc4bo9Pg8NSo8N5MvCCrD1d9l\" style=\"\" rel=\"noopener\">suspended<\/a> flights to Jordan, Iraq, and Lebanon before <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EGYPTAIR\/posts\/pfbid0PhDHt4vYzjRk8NGgEiq5B4muMKvg4cfrKkSfDi4UNcQn8Hnvphaf6RjxHbqvTx6wl\" style=\"\" rel=\"noopener\">resuming them hours later<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key message to Israel, per Politico: <\/strong><a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/04\/14\/us-israel-responding-iran-00152150\" style=\"\" rel=\"noopener\">Don\u2019t do something you\u2019ll regret.<\/a> <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The wildcard: How will Netanyahu react? <\/strong>And on what time scale? International leaders will have plenty of forums in which to express \u201cdeep concern\u201d this week, with G7 foreign ministers and EU heads of state both set to meet on Wednesday and G20 finance ministers meeting on Thursday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also \u201ctop of mind\u201d<\/strong> as we keep shrugging off the post-Eid blues:<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not enough news in the pipeline for you?\u00a0<\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/fa1844c4-ac2e-48ce-9c99-a8352533d6e2\/\" style=\"\" rel=\"noopener\">The halving of BTC<\/a><\/strong> should take place sometime around Saturday, <strong>Donald Trump\u2019s criminal hush-money trial<\/strong> gets underway today in New York City, and <strong>India kicks off its 44-day parliamentary election<\/strong> process on Friday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue:\u00a0<\/strong>We dive into the demand and supply for second foreign languages in Egypt\u2019sK-12 system. <\/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\/actis\/\">Actis<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gabal-el-zeit-wind-farm\/\">Gabal El Zeit wind farm<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"618460 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=\"618460\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/618460\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618460\" class=\"content-area-description single-story post-618460 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/637.jpg?ssl=1\"><\/a><\/span><\/p><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=\"618461\" 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=\"618461\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/inflation-eases-in-march-following-egp-float\/\">\r\n                            Egypt\u2019s inflation eases to 33.3% in March following float of the EGP                        <\/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\/15\/inflation-eases-in-march-following-egp-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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While some analysts predicted that the depreciation of the EGP in the banking system and <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> would send inflation soaring, a second camp that argued that prices were based on the EGP\u2019s exchange rate in the now defunct parallel market seem to have been proven correct. Now that the EGP is trading in banks for considerably less than on the parallel market before the float, inflationary pressures have begun to ease as traders price in a stronger EGP.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Monthly inflation fell to a six-month low: <\/strong>Monthly headline inflation fell to 1.0%, its lowest rate since <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-08\/egyptian-inflation-slightly-eases-even-after-currency-plunge\" style=\"\" rel=\"noopener\">October<\/a>, after reaching its highest recorded m-o-m jump of 11.4% in February.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Core inflation falls: <\/strong>Annual core inflation \u2014 which excludes volatile items such as food and fuel \u2014 slowed to 33.7% in March, down from 35.1% in February, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/economic-research\/statistics\/inflation-rates\" style=\"\" rel=\"noopener\">central bank figures<\/a>. Meanwhile, monthly core inflation fell to 1.4%, down from 6.1% in February.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You can thank food and beverage prices: <\/strong>Food and beverage prices \u2014 the largest component of the basket of goods and services used to calculate headline inflation \u2014 continued to rise but at a rate of 45.0% y-o-y compared to 50.9% in February. Prices increased by 0.7% m-o-m in March, compared to 16.7% m-o-m in February.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The central bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\">made it crystal clear<\/a> when it floated the currency last month that the country will \u201ccontinue the transition to a flexible inflation targeting regime \u2026 and continue to target inflation as its nominal anchor.\u201d This has been a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b78fa6-7f06-4318-9b95-612976b1933c\" style=\"\" rel=\"noopener\">long-held directive<\/a> from the IMF during its loan negotiations with the government.<\/p>\n<p class=\"tag-border-left\">WHAT HAPPENS NEXT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Prices are expected to keep falling <\/strong>after the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2d637305-5938-4ad5-b7e6-318cad8bf8f7\/gov%25e2%2580%2599t-launches-initiative-to-cut-commodity-prices-by-up-to-30%2525\" style=\"\" rel=\"noopener\">Madbouly government directed<\/a> local manufacturers, suppliers, and retailers to slash commodity prices by up to 30% by the end of Eid Al Fitr. The only way to break the inflationary cycle is to introduce price cuts for major commodities that are proportional to the decline of the USD-EGP exchange rate on the parallel market, Prime Minister Moustafa Madbouly said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But inflation will likely stay elevated <\/strong>despite slowing in March, as \u201cthe effects of the currency fall will continue to feed through over the coming months and keep inflation elevated throughout the rest of 2024,\u201d Capital Economics\u2019 MENA economist James Swanston wrote in a note picked up by <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/economy\/north-africa\/egypt-inflation-pressure-persists-despite-sharp-fall-say-experts-p7go32xs\" style=\"\" rel=\"noopener\">Zawya<\/a>. Inflation will remain above 25% at the close of the year driven by the EGP\u2019s depreciation and price hikes, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other signs pointing to inflationary pressures persisting <\/strong>include the newly-introduced <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb8c9cf7-08f3-480e-b120-d394e41f0291\" style=\"\" rel=\"noopener\">minimum wage hike<\/a> for private sector workers and the prospect of further subsidy cuts, HSBC economist Simon Williams said in a note.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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=\"618463\" 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=\"618463\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/eu-approves-eur-1-bn-in-short-term-assistance-to-egypt\/\">\r\n                            EU approves EUR 1 bn in short-term assistance to Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/eu-approves-eur-1-bn-in-short-term-assistance-to-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The EU is looking to deliver the first tranche before next summer, EU Ambassador to Cairo Christian Berger <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09687dab-6dcb-4840-817f-4b82bb097006\/welcome-to-2q\" style=\"\" rel=\"noopener\">said<\/a> last month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Conditions apply: <\/strong>\u201cA precondition for granting the assistance is that Egypt continues to make concrete and credible steps towards respecting effective democratic mechanisms (including a multi-party parliamentary system) and the rule of law and guaranteeing respect for human rights,\u201d the council said without elaborating any further. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The EU announced that it will provide Egypt with a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\" style=\"\" rel=\"noopener\">EUR 7.4 bn package<\/a> of loans, grants, and investments through 2027, after the two sides signed a joint strategic and comprehensive partnership in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expedited delivery: <\/strong>The EU will deliver the short-term funds by applying an emergency funding mechanism that side-steps the EU Parliament\u2019s approval as well as an evaluation of the funding\u2019s effects, a letter penned by European Commission President Ursula von der Leyen to the parliament last month <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0f153a1-4a27-4cda-9c1d-6dfc4681517b\/imf-greenlights-the-dispersal-of-usd-820-mn-after-approving-expanded-usd-8-bn-loan-program.-plus:-eu-fastracks-eur-1-bn-of-aid-package\" style=\"\" rel=\"noopener\">said<\/a>. The plan is part of the bloc\u2019s efforts to \u201cmake sure that a first significant contribution\u201d reaches Egypt before the end of 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why the rush?<\/strong> While it\u2019s unusual for the bloc to bypass financing safeguards, European Parliament elections scheduled for 6-9 June mean that upholding these controls would slow the delivery of funds. In her letter Von der Leyen cautioned of a \u201crapidly deteriorating economic and fiscal situation\u201d triggered by \u201ca very large exposure to the economic effects of Russia \u2019s full-scale war of aggression on Ukraine, the wars in Gaza and Sudan, and the Houthi attacks in the Red Sea.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not without controversy: <\/strong>Fast tracking the package bypasses the oversight of the EU Parliament and does away with the need for impact assessments. Following the EU elections, the EU parliament will be \u201cfully involved\u201d with the remaining EUR 4 bn of macro-financial assistance that will be given out after Egypt commits to \u201cmore comprehensive\u201d reforms, Von der Leyen added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ursula-von-der-leyen\/\">Ursula von der Leyen<\/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=\"618465\" 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=\"618465\">\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\">BUDGET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/govt-proposes-increasing-spending-on-education-social-security-healthcare-in-fy-2024-25-draft-budget\/\">\r\n                            Gov\u2019t proposes increasing spending on education, social security, healthcare in FY 2024-25 draft budget                        <\/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\/15\/govt-proposes-increasing-spending-on-education-social-security-healthcare-in-fy-2024-25-draft-budget\/\" 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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<img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/827.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618466\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/govt-proposes-increasing-spending-on-education-social-security-healthcare-in-fy-2024-25-draft-budget\/827-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/827.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"827.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/827.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/827.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618465\" class=\"content-area-description single-story post-618465 post type-post status-publish format-standard has-post-thumbnail hentry category-budget-watch tag-budget-watch tag-commodities tag-economy tag-education tag-enterpriseam tag-finance-ministry tag-healthcare tag-insurance tag-madbouly-cabinet tag-mohamed-maait tag-ras-el-hekma tag-social-welfare tag-state-budget 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\/.f4f4ac95-af64-43ea-925f-26eee2ffbf35.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Finance Ministry unveiled its draft budget for the coming fiscal year,<\/strong> which willsee the government spend more money on education, healthcare, social protection, and food and petrol subsidies, according to the statements from the ministry (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0dU5qfMArBKa23AWUguAa6yjyGsJ4SJ3A9SaSALTUZMeS3DjiydtrNMHBwWsLqvoql\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0rsDw8mWCJ9mPDjkgHixrXKproGnGvtrfKawcP46Sts44DCVrDJzsRTeZ1sX5Pn9Rl\" style=\"\" rel=\"noopener\">here<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Education is getting a boost:<\/strong> The government allocated EGP 858 bn to the educationsector in the next fiscal year\u2019s draft budget, up 45% y-o-y. Funding directed towards scientific research will also increase 40% y-o-y to just under EGP 140 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Healthcare will see a nearly 25% increase in the draft budget,<\/strong> with EGP 496 bnallocated to the sector \u2014 of which, over 8 bn will go to health ins. (up 38% y-o-y) and EGP 10 bn to state-funded treatments (up 25% y-o-y). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Social protection is set for a 20% increase, <\/strong>with EGP 636 bn earmarked in the comingfiscal year\u2019s draft budget.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Healthcare and education were among the key targets under the government\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bd53619-0a0c-4348-81f9-766539179c3c\" style=\"\" rel=\"noopener\">economic and social development plan<\/a> for the next fiscal year. The government wants to hire some 150k school teachers, build more technological universities, and push for the accreditation of public universities. It also wants to increase the private sector\u2019s share in healthcare to 50% by 2027 \u2014 up from a current 30%. Educators, doctors and nurses also saw their wages increase and pensioners received a 15% increase in their payouts as part of a recent <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76f901c8-012d-4de4-8d1e-eb994506231c\" style=\"\" rel=\"noopener\">package<\/a> of social protection measures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other key takeaways from the draft budget include:<\/strong><\/p>\n<ul>\n<li>EGP 134 bn earmarked to <strong>subsidize basic commodities<\/strong>, up 5% y-o-y.<\/li>\n<li>EGP 155 bn earmarked for <strong>petrol subsidies,<\/strong> up 30% y-o-y.<\/li>\n<li>EGP 12 bn allocated to back <strong>social housing initiatives<\/strong>, up 17% y-o-y.<\/li>\n<li>EGP 23 bn allocated to support <strong>export activities<\/strong>.<\/li>\n<li>EGP 18 bn allocated to back the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/309e9ce0-8b47-49f6-9c11-19c44664874c\/\" style=\"\" rel=\"noopener\">rebooted subsidized loan program for industry and agriculture<\/a>, which offers credit facilities to manufacturers at an interest rate of 15%.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madbouly-cabinet\/\">Madbouly Cabinet<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-el-hekma\/\">Ras El Hekma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"618467\" 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=\"618467\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/govt-revenues-up-57-y-o-y-in-9m-fy-2023-24\/\">\r\n                            Egyptian government revenues up 57% y-o-y in 9M FY 2023-24 to EGP 1.5 tn                        <\/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       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      <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/govt-revenues-up-57-y-o-y-in-9m-fy-2023-24\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/847.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618468\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/govt-revenues-up-57-y-o-y-in-9m-fy-2023-24\/847-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/847.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"847.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/847.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/847.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618467\" class=\"content-area-description single-story post-618467 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-budget-deficit tag-economy tag-enterpriseam tag-finance-ministry tag-state-budget 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\/.f84c070a-82ab-49c4-a302-9bc980eda42d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Budget indicators exceeded targets during the first nine months of the fiscal year <\/strong>on the back of economic reforms that pushed the private sector\u2019s role to the forefront and helped attract more local and foreign investments, Finance Minister Mohamed Maait said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0vHYpJp6vDXDmDV2ZEg3DSWzryuDg8c8nVHS2w7F2YytUcmUXsRsMmGu53qQrjhjxl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Revenues were up 57% y-o-y, reaching EGP 1.5 tn<\/strong> between July and March. Excluding the Ras El Hekma agreement, revenues were up 38%. While tax revenues were up 41% to over EGP 1 tn, non-tax revenues registered a 123% increase during the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, the budget deficit remained virtually unchanged y-o-y at<\/strong><strong>5.4% of GDP<\/strong>, with government expenditure increasing nearly 51% y-o-y to EGP 2.3 tn, on the back of high interest rates and debt servicing bills, as well as increased spending on social security measures and multiple wage hikes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A primary surplus of 3% of the GDP was achieved, <\/strong>logging EGP 416 bn \u2014 EGP 179 bn of which came from the landmark <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">Ras El Hekma development agreement<\/a> \u2014 which is more than eight times higher than last year\u2019s primary surplus, according to the statement. During the same period in the last fiscal year, the primary surplus of around EGP 50 bn accounted for only 0.5% of GDP. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of debts:<\/strong> Maait said the government eyes bringing down debt servicing bills to 30%of government spending in the medium term, as part of a wider plan to reduce the state\u2019s debt-to-GDP ratio to 80% by 2027. The government said last month it sees the ratio narrowing to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4286f10b-5618-426b-87de-d53d22d9591a\/\" style=\"\" rel=\"noopener\">below 90%<\/a> in the next fiscal year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-deficit\/\">budget deficit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"618469\" 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=\"618469\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/egypt-looks-to-buy-more-lng-in-the-months-to-come-and-lease-floating-regasification-unit-from-bw-energy\/\">\r\n                            Egypt looks to buy more LNG in the months to come and lease floating regasification unit from BW Energy                        <\/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\/15\/egypt-looks-to-buy-more-lng-in-the-months-to-come-and-lease-floating-regasification-unit-from-bw-energy\/\" 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 country will need no less than five such shipments for the summer, one source is quoted as saying. The government has purchased at least two shipments of LNG to be delivered next month, an Oil Ministry source <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/625cba2a-fe2a-4310-abfb-4185dbf0ff2f\/egypt-seeks-to-lease%253cmark%253e-lng-%253c%2Fmark%253eterminal-as-it-starts-importing-natural-gas\" style=\"\" rel=\"noopener\">told us<\/a> last week<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the gov\u2019t is already in talks to lease a floating regasification unit <\/strong>from Norway\u2019s <a target=\"_blank\" href=\"https:\/\/www.bwenergy.no\/about-us\/\" style=\"\" rel=\"noopener\">BW<\/a><a target=\"_blank\" href=\"https:\/\/www.bwenergy.no\/about-us\/\" style=\"\" rel=\"noopener\">Energy<\/a> for five years, an unnamed source told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/14\/1782896\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The proposed regasification unit that will dock in Ain Sokhna will do away with the country\u2019s reliance on Jordan\u2019s terminal in Aqaba and be the first in the country since the government ended a contract with Norway\u2019s H\u00f6egh Gallant <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2018\/10\/21\/what-were-tracking-on-21-october-2018\/\" style=\"\" rel=\"noopener\">in 2018<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The power outages are set to make their comeback today now that the Eid Al Fitr break is over. Lights are expected to go out for two hours a day, a source at the electricity sector told Enterprise earlier this month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, it will get more difficult for us to secure LNG shipments <\/strong>on the back of growing seasonal demand from South America \u2014 where winter starts in June. Increasing demand paired with Egypt\u2019s absence from the LNG market means a tightening LNG market and may put Egypt in a position where it will have to \u201cscramble for shipments in the coming months,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2024-04-10\/egypt-s-gas-shortfall-will-shake-up-sleepy-markets\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The solution? <\/strong>\u201cIn the long run, Egypt will need to increase its exploration efforts to boost production and bet on renewable energy,\u201d International Crisis Group\u2019s North Africa project director Riccardo Fabiani told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-08\/egypt-s-gas-shortage-brings-new-risks-after-massive-bailout\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/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=\"618471 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=\"618471\">\r\n            \r\n            <div 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/819.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618473\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/taking-a-long-term-view-why-prospects-for-the-gulf-asia-trade-and-investment-corridor-remain-strong\/819-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/819.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"819.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/819.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/819.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618472\" class=\"content-area-description single-story post-618472 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-hsbc tag-a-message-from-hsbc tag-enterpriseam tag-hsbc tag-logistics 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\/.a2b9c42c-cca5-4dcb-a5c9-1dd4ca398c36.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The trade flows that link the Gulf to Asia along the so-called Silk Road are ancient<\/strong>, but today there is renewed focus on this linkage as goods-carrying ships in the Middle East bound for Asia face disruption and being re-routed as they pass through the Suez Canal and the Red Sea.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The complex diplomacy and geopolitics underlying these realities affect governments<\/strong><strong> around the globe<\/strong>, which has led to some revising their optimism about the future of the Gulf-Asia trade and investment corridor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And yet, the longer term trends and commitments to opening up a new silk road are not&nbsp;<\/strong><strong>changing. <\/strong>Ambitious diversification plans among Gulf economies remain unchanged, and will require connectivity to high growth markets in the Asia-Pacific. The push away from hydrocarbons for example is driving governments, investors, and companies on both ends of the corridor to invest \u2014 and seek investment \u2014 in new technology and infrastructure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Capital rich countries in the Gulf increasingly seek investment diversification<\/strong> away from traditional centers and South Asian nations have exciting consumer stories and young workforces to offer in exchange. The Asian region offers better GDP growth potential than the West, contributing over 60% of global GDP in 2023. The ASEAN-6 \u2014 comprising Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam \u2014 are forecast to grow by 4.7% in 2024, far outstripping the 1.1% expansion expected in the developed world in 2024. Asia is also a growing center in the supply chain for the transition economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Accordingly, GCC trade with emerging Asia will reach USD 578 bn annually<\/strong> by 2030, <a target=\"_blank\" href=\"https:\/\/asiahouse.org\/research_posts\/the-middle-east-pivot-to-asia-2022\/\" style=\"\" rel=\"noopener\">surpassing trade<\/a> with advanced economies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Momentum for trade and investment agreements that aim to accelerate these trends has<\/strong><strong> been growing for some time.<\/strong> Indonesia and the UAE <a target=\"_blank\" href=\"https:\/\/www.mofaic.gov.ae\/en\/%20missions\/jakarta\/media-hub\/embassy-news\/%20cepa\" style=\"\" rel=\"noopener\">signed<\/a> a Comprehensive Economic Partnership Agreement in 2022, which aims to increase bilateral trade from USD 3 bn in 2021 to USD 10 bn by 2027. Since December 2021, Malaysia and Saudi Arabia have signed agreements on 18 industrial projects, with investments totaling nearly USD 1.7 bn and projected to create around 2,560 jobs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Japan is also cementing ties with the Gulf states. <\/strong>Prime Minister Fumio Kishida <a target=\"_blank\" href=\"https:\/\/asia.nikkei.com\/Opinion\/Japan-should-look-beyond-energy-in-its-Middle-East-outreach\" style=\"\" rel=\"noopener\">signed an<\/a><a target=\"_blank\" href=\"https:\/\/asia.nikkei.com\/Opinion\/Japan-should-look-beyond-energy-in-its-Middle-East-outreach\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/asia.nikkei.com\/Opinion\/Japan-should-look-beyond-energy-in-its-Middle-East-outreach\" style=\"\" rel=\"noopener\">agreement<\/a> in Saudi Arabia in July 2023 to cooperate on rare-earth metals and clean hydrogen. Given Japan\u2019s strong business ties with ASEAN, there are also numerous chances to strike partnerships combining Japanese expertise and capital, and that of the Gulf, with leading local players.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The India-Middle East-Europe Economic Corridor could be another long-term driver of<\/strong><strong> activity between the regions. <\/strong>Six months on from its announcement, consideration is understandably turning to the likely logistical and geopolitical challenges of making such a grand plan a reality. But there is good financial and political capital behind the project. Saudi Arabia has <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2023\/09\/09\/us-saudi-india-uae-railway-deal-middle-east-europe\" style=\"\" rel=\"noopener\">committed<\/a> USD 20 bn to its success. US president Joe Biden called it a \u201cgame-changer.\u201d If even some of the potential of the initiative is realized \u2014 it could lead to a 40% <a target=\"_blank\" href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/xe\/Documents\/finance\/me_india-middle-east-europe-economic-corridor.pdf\" style=\"\" rel=\"noopener\">increase<\/a> in trade speed through the corridor \u2014 it could support a significant uplift in activity between Asia, the Gulf, and Europe.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf sovereign wealth funds have been making tangible steps<\/strong> to seize the chance too. The Abu Dhabi Investment Authority has been a <a target=\"_blank\" href=\"https:\/\/www.gotocompany.com\/en\/news\/press\/adia-lead-goto-preipo-fundraising\" style=\"\" rel=\"noopener\">major investor<\/a> in Indonesian ride-hailing and e-commerce group GoTo since before its 2022 IPO. The emirate\u2019s renewable power company Masdar also made a <a target=\"_blank\" href=\"https:\/\/www.swfinstitute.org\/news\/95934\/indonesia-investment-authority-and-masdar-participate-in-ipo-of-pertamina-geothermal-energy\" style=\"\" rel=\"noopener\">strategic investment<\/a> in Indonesian Pertamina Geothermal Energy\u2019s IPO. Mubadala sought exposure to Asian demographics with its <a target=\"_blank\" href=\"https:\/\/www.cubehighwaystrust.com\/NewsRoom\/1\" style=\"\" rel=\"noopener\">investment<\/a> in India\u2019s Cube Highways Trust, and has now doubled down on the region with the <a target=\"_blank\" href=\"https:\/\/www.agbi.com\/articles\/mubadalas-beijing-office-to-deepen-uae-china-ties\/\" style=\"\" rel=\"noopener\">formal opening<\/a> of a Beijing office. Meanwhile, Saudi Arabia\u2019s Public Investment Fund (PIF) plans to build on the 2022 <a target=\"_blank\" href=\"https:\/\/www.chinamoneynetwork.com\/2023\/12\/13\/saudi-public-investment-fund-pif-reveals-plans-to-open-new-offices-in-china\" style=\"\" rel=\"noopener\">opening<\/a> of its Hong Kong office with a larger presence in mainland China. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Direct cooperation between both regions\u2019 sovereign wealth funds is further driving the&nbsp;<\/strong><strong>chance <\/strong><strong>for increased flows through the corridor. <\/strong>The UAE has <a target=\"_blank\" href=\"https:\/\/www.bi.go.id\/en\/publikasi\/ruang-media\/news-release\/Pages\/sp_256123.aspx\" style=\"\" rel=\"noopener\">committed<\/a> USD 20 bn to the newly established Indonesian Investment Authority, and the forthcoming Maharlika Investment Fund in the Philippines is drawing the attention of the Gulf\u2019s more established counterparts. Both funds take a catalytic role, seeking to attract co-investment into their countries in infrastructure and other key areas. That\u2019s a natural alignment for Gulf money \u2014 long-term, reliable in distribution, and anchored to demographics that are attractive even compared to growing home economies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other structures, such as a Middle East-China cooperation fund jointly established by the&nbsp;<\/strong><strong>city of Shenzhen and Saudi Arabia\u2019s PIF to stimulate post-pandemic growth<\/strong>, are taking targeted approaches, with similar initiatives involving other mainland Chinese cities, and potentially other sovereign funds, expected to follow.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It is far from one-way traffic. <\/strong>A growing investor base in Asia is increasingly seeking access to potential investments in the Gulf. A mark of this was the launch in November 2023 of Asia\u2019s first ETF tracking the performance of Saudi Arabian equities. The Hong Kong listing attracted over USD 1 bn in assets under management at launch. We also believe that Japanese companies will be welcome partners to invest in the Gulf, bringing international experience and industrial expertise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The net zero transition will be a huge catalyst of activity through the new silk road.&nbsp;<\/strong>Enormous renewable energy and infrastructure development projects across the Gulf are opening the door for Asia-based contractors, and for the export of emission reducing technologies. For example, Saudi Arabia\u2019s ACWA Power signed <a target=\"_blank\" href=\"https:\/\/www.acwapower.com\/news\/acwa-power-signs-strategic-agreements-with-nine-chinese-entities\/\" style=\"\" rel=\"noopener\">agreements<\/a> with nine Chinese entities in 2022, laying the ground for financing, investment, and construction of ACWA Power\u2019s global clean and renewable energy projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Transition-focused international agreements also inevitably relate to the high population<\/strong>, high growth, higher emitting markets along this corridor. At COP28 in December, the UAE announced the <a target=\"_blank\" href=\"https:\/\/gcfc.com\/\" style=\"\" rel=\"noopener\">launch<\/a> of its Global Climate Finance Centre. Based in Abu Dhabi, it will support local and international players in unlocking capital for transition in markets laying largely along the Silk Road. COP28 also saw the launch of the Capacity-Building Alliance of Sustainable Investment, focused on addressing the bottleneck in emerging and developing markets around technical capacity to access private and public capital for the transition. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When delegates met at HSBC\u2019s inaugural Global Investment Summit in Hong Kong on 8<\/strong><strong>April, they discussed how these types of new networks are changing the global economy. <\/strong>Making precise predictions might be ill-advised, but the deep and growing connectivity between Asia and the Gulf, backed by active diplomacy, cooperation, and investment is too compelling, and makes too much sense to be derailed. It suggests the beginning of a generational shift that will have far-ranging implications for international trade, business, and societies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Greg Guyett is CEO of HSBC Global Banking &amp; Markets. This Message from HSBC was originally published in Nikkei Asia.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a-message-from-hsbc\/\">A MESSAGE FROM HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/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=\"618474\" 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=\"618474\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/south-africas-standard-bank-group-to-set-up-egypt-office-in-2024-plus-bp-projects-float-impact-ebrd-funds-smes-eastern-hikes-smoke-prices-arabia-hotels-builds-new-giza-pyramids-hotel\/\">\r\n                            South Africa\u2019s Standard Bank Group to set up Egypt office in 2024. PLUS: BP projects float impact, EBRD funds SMEs, Eastern hikes smoke prices, Arabia Hotels builds new Giza Pyramids hotel                        <\/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\/15\/south-africas-standard-bank-group-to-set-up-egypt-office-in-2024-plus-bp-projects-float-impact-ebrd-funds-smes-eastern-hikes-smoke-prices-arabia-hotels-builds-new-giza-pyramids-hotel\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/south-africas-standard-bank-group-to-set-up-egypt-office-in-2024-plus-bp-projects-float-impact-ebrd-funds-smes-eastern-hikes-smoke-prices-arabia-hotels-builds-new-giza-pyramids-hotel\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/south-africas-standard-bank-group-to-set-up-egypt-office-in-2024-plus-bp-projects-float-impact-ebrd-funds-smes-eastern-hikes-smoke-prices-arabia-hotels-builds-new-giza-pyramids-hotel\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=South Africa\u2019s Standard Bank Group to set up Egypt office in 2024. 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The South African bank\u2019s presence in Egypt will allow the bank \u201cto capitalize on the significant emergence of the Gulf-sub Sahara Africa-Egypt corridors,\u201d Zok said. <\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BP feels the squeeze post float: <\/strong>Global energy giant BP is expecting an \u201cadverse impact\u201d of around USD 200 mn in 1Q 2024 as a result of the float of EGP, it said in a <a target=\"_blank\" href=\"https:\/\/www.bp.com\/en\/global\/corporate\/news-and-insights\/press-releases\/first-quarter-2024-trading-statement.html\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p class=\"tag-border-left\">SMEs-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EBRD ups funding for SMEs: <\/strong>The European Bank for Reconstruction and Development (EBRD) will provide MNT-Halan microfinance subsidiary Tasaheel Finance with EGP 700 mn to on-lend to women-run SMEs in Egypt, according to a <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/54899.html\" style=\"\" rel=\"noopener\">project summary<\/a> from the bank. The loan comes as part of the EBRD\u2019s Women in Business program, which works to \u201cprovide access to finance through credit lines to local banks dedicated to women-led SMEs,\u201d according to the initiative\u2019s <a target=\"_blank\" href=\"https:\/\/ebrdwomeninbusiness.com\/\" style=\"\" rel=\"noopener\">website<\/a>.<\/p>\n<p class=\"tag-border-left\">TOBACCO- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eastern Co<\/strong><strong>mpany hikes the price of smokes for the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/f4345025-c59f-446d-91d6-f1178f3884df\" style=\"\" rel=\"noopener\">second time<\/a><\/strong><strong> this year:<\/strong> State-owned tobacco giant Eastern Company has raised the prices of cigarettes by an average of 12%, Eastern CEO Hany Aman told Al Hadath Al Youm (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=YvYT9SWQU50\" style=\"\" rel=\"noopener\">watch, runtime: 2:14<\/a>) yesterday evening. The price of a pack of Cleopatra increased 15% to EGP 34.5, while the cost of its higher-end Viceroy and Pall Mall packs increased 10% to EGP 55. Aman pointed to the EGP depreciating in the banking system following the float of the EGP pushing up the costs of imported raw materials used by Eastern to produce cigarettes.<\/p>\n<p class=\"tag-border-left\">HOSPITALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new hotel incoming: <\/strong>Arabia Group subsidiary Arabia Hotels has kicked off construction of its USD 220 mn Fairmont Sun Capital Hotel overlooking the Giza Pyramids, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/811.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The project will add 500 rooms to Egypt\u2019s hotel capacity and will open its doors in 2028.<\/p>\n<p class=\"tag-border-left\">COMMODITIES- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of the two grain ships held up in Russia sets sail:<\/strong> Wadi Safaga \u2014 one of the two Egyptian ships loaded with Russian wheat that had been denied permission to set sail by Russian authorities <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/981d6bbc-3f17-454f-b7c1-67ce1e796908\/\" style=\"\" rel=\"noopener\">last week<\/a> \u2014 set sail for Egypt on Friday, writes <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-09\/delayed-wheat-ship-left-russian-port-after-egypt-s-request\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, citing sources it says have knowledge of the matter. The resolution came after the Egyptian Foreign Ministry reached out to its Russian counterparts to sort out a documentation error.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bp\/\">BP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-tobacco\/\">Eastern Tobacco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tasaheel\/\">Tasaheel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tobacco\/\">tobacco<\/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=\"618476\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between 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src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-tgissbu\" data-v=\"4\" data-block-id=\"tgissbu\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-tgissbu-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-tgissbu-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"618477\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/faster-approvals-simpler-structure-and-more-impact-will-be-hallmarks-of-world-bank-its-chief-says\/\">\r\n                            Faster approvals, simpler structure, and more impact will be hallmarks of World Bank, its chief says                        <\/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 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format-standard has-post-thumbnail hentry category-planet-finance tag-cryptocurrency tag-enterpriseam tag-financial-markets tag-planet-finance tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_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\/.841f2da6-1472-410c-8706-9065ff968de5.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>World Bank <\/strong><strong>Group President Ajay Banga kicked off the IMF and World Bank <\/strong><strong>Group\u2019s spring meetings last Thursday with a press conference <\/strong>at which he talked about challenges facing the global economy and how the group plans to expand its role in addressing them (<a target=\"_blank\" href=\"https:\/\/live.worldbank.org\/en\/event\/2024\/2024-spring-meetings-opening-press-conference?intcid=WBW_XPL_LangSched_EN_EXT_sm2024\" style=\"\" rel=\"noopener\">watch, runtime: 34:26<\/a>). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>G20 wants the WB Group to play a larger role on the global scale: <\/strong>Banga touched on some of the most-talked-about global issues including climate change, food insecurity, pandemics, poverty, and scarce resources, saying that \u201cG20 leaders challenged the World Bank Group to change and to be a bigger part of the solution,\u201d with the bloc providing a roadmap of 27 recommendation for the group to boost the <strong>speed <\/strong>and <strong>simplicity <\/strong>of its processes, \u201cleveraging our [the group\u2019s] <strong>balance sheet<\/strong>, engaging <strong>partners <\/strong>and the <strong>private sector<\/strong>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More bucks for more bang: <\/strong>The group has liberated USD 40 bn over the past 10 years from its balance sheet by adjusting its loan to equity ratio to be able to take part in more projects with bigger investments. The group plans to use some of its tools including the portfolio guarantee mechanism, and the hybrid capital instrument \u201c to leverage every USD we receive, six to eight times over the coming decade,\u201d Banga explained.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new fund for cross-border projects: <\/strong>Earlier this month, the group \u201cbegan offering 50-year financing through IBRD at no additional cost for projects that provide cross-border benefits,\u201d said Banga, adding that the group has launched a <strong>\u201cLivable Planet Fund that can be funded by governments, but also by philanthropies,\u201d<\/strong> to finance these new incentives. \u201cAll these instruments, what they do is they help us support the ambitions of middle-income countries, but we must do all we can to lift up lower-income countries,\u201d he highlighted.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mobilizing funds for lower-income countries:<\/strong> The IDA replenishment is coming up at the end of 2024 and the group is aiming to pool together generous funds to refill the association\u2019s coffers. \u201cIDA is the largest source of concessional financing for lower-income countries,\u201d said Banga.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Data openness to encourage private investment in developing economies<\/strong>: \u201cLast month, we started to publish our proprietary data as a global public good to kind of inspire investor confidence,\u201d said Banga, explaining that the group started by publishing private sector data by country income level, private sector default data categorized by credit rating, and sovereign default and recovery rate statistics dating back to 1985.<\/p><p class=\"tag-border-left\">THE MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Holding steady? <\/strong>Traders around the world seem to be taking Iran\u2019s missile and drone attack on Israel \u2014 unprecedented though it may be \u2014 with a grain of salt:<\/p><ul>\n<li>US stock futures ticked up overnight and European futures inched down ever so slightly. All three major US indexes closed down last week;<\/li>\n<li>Gold and oil prices \u2014 both on an upward march of late, with gold having hit another all-time high last week \u2014 pulled back slightly yesterday;<\/li>\n<li>The USD is holding steady and BTC strengthened overnight. <\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING NOW- Major Asian benchmarks are down across the board this morning. <\/strong>The Shanghai Composite is taking it in stride, off 0.3% in early trading, while the Hang Seng, Kospi, and Nikkei are all down 1.1-1.3%<\/p><p><a target=\"_blank\" id=\"t.6c22b0986f30e3d6d490740969ceb826e52a3a4b\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28,504<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.3% (YTD: +14.5%)<\/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;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.52<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.66<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.50<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 46.60<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,667<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +5.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,237<\/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;line-height:1.15;text-align:left\">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;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,244<\/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;line-height:1.15;text-align:left\">-0.1% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,123<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.5% (YTD: +7.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,996<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,955<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 90.45<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.77<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,374.70<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 64,251.30<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.9% (YTD: +50.8%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 closed with a 1.3% gain last Monday <\/strong>on turnover of EGP 2.3 bn (53.9% above the 90-day average). Local investors were net buyers. The index is up 14.5% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Alexandria Containers and Cargo Handling (+12.0%), Juhayna (+4.6%), and Ibnsina Pharma (+4.4%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Qalaa Holdings (-0.4%), GB Corp (-0.3%), and Fawry (-0.1%).<\/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\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/a-deep-dive-into-the-demand-and-supply-for-second-foreign-languages-in-egypts-k-12-system\/823-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/823.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"823.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/823.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/823.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-618479\" class=\"content-area-description post-618479 blackboard type-blackboard status-publish has-post-thumbnail hentry category-blackboard tag-blackboard tag-education tag-enterprise-blackboard tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>One foreign language isn\u2019t enough<\/strong><strong>: <\/strong>While English has been the <a target=\"_blank\" href=\"https:\/\/www.researchgate.net\/publication\/227817616_English_in_the_Arab_Republic_of_Egypt\" style=\"\" rel=\"noopener\">most widely used foreign<\/a><a target=\"_blank\" href=\"https:\/\/www.researchgate.net\/publication\/227817616_English_in_the_Arab_Republic_of_Egypt\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.researchgate.net\/publication\/227817616_English_in_the_Arab_Republic_of_Egypt\" style=\"\" rel=\"noopener\">language<\/a> in Egypt since the beginning of the twentieth century, the use of second foreign languages has been picking up in recent years amid an increasingly globalized job market. Capitalizing on the demand for foreign languages, private schools have been pouring more resources into deepening their offerings. And eager to catch up, public schools will next year begin rolling out new languages to students at a younger age. But first, what shapes the demand and supply for foreign languages in Egypt? <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It all boils down to personal preference:<\/strong> Parents\u2019 choices for what language they choose for their kids tend to be guided by their dispositions towards the job market, said Abeer Ahmed, founder of the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/groups\/727915997388438\/?locale=ar_AR\" style=\"\" rel=\"noopener\">Egyptian Mothers Union for the Advancement of Education<\/a>. For families interested in technical fields, German programs and applied technology schools that offer Chinese and Korean can be attractive options, seeing as these languages are increasingly in demand within those fields. Conversely, for those drawn to the humanities, French, Spanish, and Italian remain popular options, she explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>German is the second foreign language of choice<\/strong> for 70% of students in most private and international schools, while French comes in second, Private School Owners Association Deputy Chairman Badawy Allam told Enterprise. German has become increasingly popular over the past two years, he said, with many students who had initially opted for French switching to German in schools where that is allowed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But why? <\/strong>Of the ten parents we surveyed, four said they chose German for their children because of its grammatical ease and similarities to English, while three others opted for French because of their own familiarity with it. The remaining three said their choices were based on their children\u2019s requests.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The trend is more apparent at the elementary level:<\/strong> Throughout grades one to six, 80% of students study German at Future Leaders Language Schools, its chairman Ahmed El Khateeb, told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why German?<\/strong> The strong demand for German can be attributed to its perceived ease compared to other languages as well as its role in helping students secure jobs at home and abroad, Allam said. German programs usually focus on technology education, which comes in handy for students who want to pursue a career in the sector, he explained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>French could see a resurgence in the coming years<\/strong> on the back of Egypt's growing efforts to strengthen ties and economic relations with the rest of Africa where the language remains prominent, said Teachers Syndicate head Khalaf El Zanaty. While French is eclipsed by German and other languages in Cairo, it remains the top choice across other governorates, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But are schools equipped to handle the surge in demand for foreign languages?<\/strong> Private and international schools invest heavily in capacity building to keep pace with competition, British International College of Cairo CEO Ahmed Samir said. These schools work to attract competent language instructors and provide them with training \u2014 an approach that serves as a marketing strategy that helps attract students.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The public sector is lagging behind:<\/strong> Public schools have been facing a severe shortage of teachers in general, and language instructors in particular, on the back of low teacher salaries, both El Khateeb and El Zanaty said. The shortage is further compounded by a high retirement rate and a lack of replacements, El Zanaty said. Meanwhile, teacher training is scarce and language labs are neglected, he said, suggesting that addressing these issues would greatly improve the overall quality of education.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t plans to step up its game next year:<\/strong> Public schools are set to offer elective second foreign languages to students starting grade seven \u2014 rather than grade 10 currently \u2014 starting from the academic year 2024-2025. Students will have the choice between <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/85b74a82-b89f-4915-8da0-3cf90ce28298\" style=\"\" rel=\"noopener\">Italian<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/680b4dde-5aa2-4baf-8957-b2582c51ce07\/private-universities-are-officially-bidding-farewell-to-tansik-system\" style=\"\" rel=\"noopener\">German<\/a>, and French and must study their language of choice throughout middle and high school. The plan is to equip students with a strong foundation in their chosen language by the time they graduate, a source at the Education Ministry told Enterprise. The three languages were chosen \u2014 after careful consideration with educational experts \u2014 based on the <a target=\"_blank\" href=\"https:\/\/www.coe.int\/en\/web\/common-european-framework-reference-languages\/level-descriptions\" style=\"\" rel=\"noopener\">Common European Framework of Reference for Languages<\/a> as well as their relevance to the job market until 2050, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Russian could also be on the table:<\/strong> Russia\u2019s Education Ministry said in March of last year that it had reached an agreement with its Egyptian counterpart to <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/03\/24\/egypt-russia-relations-reach-new-heights-in-ukraine-war-aftermath\/\" style=\"\" rel=\"noopener\">offer Russian<\/a> as a second language at Egyptian schools and universities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The gov\u2019t is already building up the workforce for it:<\/strong> Some 16k new teachers \u2014 of which a large portion are instructors of German, French, and Italian \u2014 have been appointed at public schools for the next academic year, according to our ministry source. The ministry is training these teachers in partnership with the German Goethe Institute and other foreign cultural centers, the source added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"618481\" 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\/15\/618481\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618481\" class=\"content-area-description single-story post-618481 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-21 April (Monday-Sunday): The IMF \/ World Bank Spring Meetings. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 April (Wednesday): Clocks move forward one hour at midnight as daylight saving time starts.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) meeting on \u2018global collaboration, growth, and energy.\u2019<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 April (Monday): The government\u2019s car export scheme expires.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Wednesday): National holiday in observance of Labor Day (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-5 May (Thursday-Sunday): Townhall Expo in Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">5 May (Sunday): Coptic Easter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 May (Monday): Sham El Nessim (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 May (Wednesday): Virtual launch of Chicago Booth Executive Program.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-19 June (Saturday-Wednesday): Eid El Adha (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29-30 June (Saturday-Sunday): EU-Egypt Investment Conference.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 June (Sunday): June 30 Revolution Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 July (Sunday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">18 July (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 July (Tuesday): Revolution Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-5 September (Monday-Thursday): Egypt International Airshow, El Alamein International Airport.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">5 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September (Sunday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank\u2019s (AIIB) 2024 annual meeting, Samarkand, Uzbekistan.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17 October (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21-27 October (Monday-Sunday): The World Bank and IMF annual meetings.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">April 2024: President Abdel Fattah El Sisi will visit Turkey.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1Q 2024: Egyptian-Qatari Joint Supreme Committee.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">February-May: The Grand Egyptian Museum could officially open to visitors.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">March 2024: The USD 2.7 bn MIDOR Refinery is set to begin full operations. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">May 2024: Egypt to receive USD 20 bn of Ras El Hekma funds.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">May 2024: Arab Finance Ministers\u2019 meeting at Egypt\u2019s administrative capital.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">June 2024: Gov\u2019t expects to finalize sale of Beni Suef combined-cycle power plant.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2024: Gov\u2019t expects to finalize sale of four water desalination plants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2024: Gov\u2019t to launch the Cairo Ring Road BRT buses.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">November 2024: Egypt to host the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2Q 2025: Safaga Terminal 2 to start operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 January-7 February: Egypt to host the African Games<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>EU greenlights fast tracking EUR 1 bn | Draft budget eyes education, healthcare spending increases | Gov\u2019t revenues on the 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