{"id":618884,"date":"2024-04-22T00:00:00","date_gmt":"2024-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=618884"},"modified":"2025-12-17T05:17:12","modified_gmt":"2025-12-17T05:17:12","slug":"saudi-arabias-ajlan-bros-eyes-ras-gamila-tourism-project-with-usd-1-5-bn-initial-investment","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/saudi-arabias-ajlan-bros-eyes-ras-gamila-tourism-project-with-usd-1-5-bn-initial-investment\/","title":{"rendered":"Saudi Arabia\u2019s Ajlan &#038; Bros eyes Ras Gamila tourism project with USD 1.5 bn initial investment"},"content":{"rendered":"<section id=\"618886\" 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=\"618886\">\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\/22\/another-usd-820-mn-coming-our-way-from-the-imf\/\">\r\n                            Another USD 820 mn coming our way from the IMF                        <\/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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category-what-were-tracking-today tag-economy tag-enterpriseam tag-imf wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.17c2efe9-4b26-48a0-8387-1d07dfd517e9.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Admit it \u2014 you\u2019re a bit grumpy right now. <\/strong>Relieved, maybe. But in a mood. A funk. Just \u2026 out of sorts. ADQ, the European Union, and the IMF together ensured we averted disaster, but the way forward is still a bit opaque. <strong>You\u2019re not alone <\/strong>in feeling that way.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: <strong>We\u2019re a massive consumer opportunity and the regional export hub of tomorrow.<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026but here at home, our community is in a rut.<\/strong> The enthusiasm gap between domestic business leaders and global investors is stark. <\/p><p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><strong>We\u2019d all do well to remember: It\u2019s a chicken-and-egg kind of thing. <\/strong>Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.<\/p><p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><strong>We\u2019ll be talking with you about the agenda over the coming couple of weeks.\u00a0<\/strong>It features speakers from Egypt and abroad who future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p><p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><strong>*** <\/strong><strong>Interested in attending? <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forum.enterprise.news\/\" style=\"\" rel=\"noopener\">Tap or click here<\/a><\/strong><strong> to let us know.<\/strong> Seating is limited.<\/p><p><a style=\"color:#29990b;text-decoration:underline;\" href=\"https:\/\/forum.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" style=\"max-width:758px;width:100%;display:block;margin:0 auto;\"  src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/221.jpg?w=758&#038;ssl=1\"><\/a><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Get ready for rising temperatures in Cairo today, with a high of 33\u00b0C and a low of 20\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 almost just as hot in Alexandria today<\/strong>, with a high of 31\u00b0C and a low of 20\u00b0C.<\/p><p class=\"tag-border-left\">WATCH THIS SPACE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- Another USD 820 mn from the IMF:<\/strong> Egypt has reportedly received the second USD 820 mn tranche under the IMF\u2019s USD 8 bn loan program, two unnamed government sources reportedly told <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1781995190758056082\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is earlier than we expected: <\/strong>We <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/72695007-0bdb-4085-b04c-093acab38347\/we-could-receive-the-second-tranche-of-our%253cmark%253e-imf%253c%2Fmark%253e-loan-in-june\" style=\"\" rel=\"noopener\">were expecting the tranche this summer<\/a> after the fund completes its third review of the facility. The rest of the facility will be disbursed in USD 1.3 bn tranches, following reviews that will take place every six months until the program comes to an end in fall of 2026. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The IMF\u2019s Executive Board <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0f153a1-4a27-4cda-9c1d-6dfc4681517b\/%253cmark%253eimf-%253c%2Fmark%253egreenlights-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\">signed off on a USD 5 bn extension<\/a> for our extendedf und facility and completed its long-delayed first and second reviews of the facility in late March. Of the total USD 8 bn program, the Fund also approved a decision to let the state immediately draw around USD 820 mn earlier this month. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a> <strong>#2-<\/strong><strong>Offering up of government HQs will bring in EGP 10 bn of private investment<\/strong><strong> into Cairo\u2019s downtown:<\/strong> The private sector is expected to pour close to EGP 10 bn into setting up projects in former HQs of government ministries that are currently being offered up as part of the state\u2019s privatization efforts, move to the new administrative capital, and plan to develop the downtown area, Planning Minister Hala El Said told Al Arabiya (<a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/04\/21\/%D9%88%D8%B2%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D8%AA%D8%AE%D8%B7%D9%8A%D8%B7-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-7-%D8%B9%D8%B1%D9%88%D8%B6-%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%84%D8%A7%D8%B3%D8%AA%D8%BA%D9%84%D8%A7%D9%84-%D9%85%D9%82%D8%A7%D8%B1-%D8%A7%D9%84%D9%88%D8%B2%D8%A7%D8%B1%D8%A7%D8%AA-%D9%81%D9%8A-%D8%A7%D9%84%D9%82%D8%A7%D9%87%D8%B1%D8%A9\" style=\"\" rel=\"noopener\">watch, runtime: 5:13<\/a>).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investors are already queuing:<\/strong> The government has so far received seven offers from international hotel chains and investors who want to get their hands on these buildings, El Said told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/62835\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AA%D9%84%D9%82%D9%89-7-%D8%B9%D8%B1%D9%88%D8%B6-%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%84%D8%A7%D8%B3%D8%AA%D8%BA%D9%84%D8%A7%D9%84-%D9%85%D9%82%D8%A7%D8%B1-%D8%AD%D9%83%D9%88%D9%85%D9%8A%D8%A9-%D9%88%D8%AA%D8%B3%D8%AA%D9%87%D8%AF%D9%81-15-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%85%D9%86-%D8%A7%D9%84%D8%B7%D8%B1%D9%88%D8%AD%D8%A7%D8%AA\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> over the weekend.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still early stages:<\/strong> The government is still working on the valuation of these buildings. Whatever offer the government ends up selecting will see the government maintain ownership of the buildings while granting the selected parties temporary usufruct rights, El Said continued. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> Earlier this year, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/457a61c7-92d0-4f8b-b17c-436dad90950f\/egypt-transfers-ownership-of-gov%25e2%2580%2599t-hqs-to-the-sovereign-fund-of-egypt\" style=\"\" rel=\"noopener\">the government transferred<\/a> its ownership of a set of ministerial headquarters to the Sovereign Fund of Egypt, including the landmark headquarters of the Foreign Ministry on the Nile Corniche along with the ministries of trade, tourism, transport, justice, education, housing, health, supply, social solidarity, military production, and government buildings.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#3- Egypt to halt LNG exports starting May: <\/strong>The Oil Ministry is reportedly stopping all LNG exports to European markets starting from next month, two unnamed government sources told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/04\/21\/%D9%85%D8%B5%D8%B1-%D8%AA%D9%88%D9%82%D9%81-%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D8%A7%D9%84%D8%B7%D8%A8%D9%8A%D8%B9%D9%8A-%D8%A7%D9%84%D9%85%D8%B3%D8%A7%D9%84-%D8%A8%D8%AF%D8%A7%D9%8A%D8%A9-%D9%85%D9%86-%D9%85%D8%A7%D9%8A%D9%88-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>D\u00e9j\u00e0 vu? <\/strong>Oil Minister Tarek El Molla said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0d8c3d2-6639-4dae-b08d-7d2ab5afab41\/\" style=\"\" rel=\"noopener\">in February<\/a> that the ministry could opt to suspend exports of liquefied natural gas during the coming summer on the back of increased domestic demand as rising temperatures strain supplies. LNG imports are also back, with the state gas firm EGAS <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7969a1e1-5fa4-4a4a-af73-74de094fd945\/egypt-looks-to-buy-more-lng-in-the-months-to-come-and-lease-floating%253cmark%253e-regasification-%253c%2Fmark%253eunit-from-bw-energy\" style=\"\" rel=\"noopener\">looking to import<\/a> no less than one LNG shipment a month until July or August.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Int\u2019l consultant for airport management tender to be chosen by June.<\/strong> The Civil Aviation Ministry is already receiving offers and wants to select an international consultant by the end of the first of the year that will oversee offers from the private sector <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de0002fe-3a59-4be4-be38-f6c33b8e72d0\/Gov%E2%80%99t%20to%20launch%20international%20tender%20to%20manage%20Egypt%E2%80%99s%20airports\" style=\"\" rel=\"noopener\">to manage Egyptian airports<\/a>, unnamed sources told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/21\/1785049\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The international consultant will be responsible for selecting the airports that will be handed over to be managed by the private sector and setting a timetable for the program. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Desalination plant tenders are weeks away from going live: <\/strong>The Madbouly government plans to launch tenders for an unspecified number of water desalination projects in the Mediterranean Sea, Red Sea, and the Suez Canal within weeks, Sovereign Fund of Egypt CEO Ayman Soliman said, according to <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/62888\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AE%D8%B7%D8%B7-%D9%84%D8%B7%D8%B1%D8%AD-%D9%85%D8%B4%D8%A7%D8%B1%D9%8A%D8%B9-%D9%85%D8%AD%D8%B7%D8%A7%D8%AA-%D8%AA%D8%AD%D9%84%D9%8A%D8%A9-%D9%85%D9%8A%D8%A7%D9%87-%D8%AE%D9%84%D8%A7%D9%84-%D8%A3%D8%B3%D8%A7%D8%A8%D9%8A%D8%B9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The companies will build the plants in exchange for the right to run the plants under a usufruct agreement for 25 years, Soliman told the outlet.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound familiar?<\/strong> We heard from the Cabinet Information and Decision Support Center\u2019s plan for El Sisi\u2019s third term that the government was planning to offer up four desalination plants to the private sector in the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0972661b-a8a3-4d61-9802-d9d9fd984327\/a-look-through-gov%25e2%2580%2599t-targets-for-the-infrastructure-sector-over-the-next-six-years\" style=\"\" rel=\"noopener\">first half of 2024<\/a>.<\/p><p class=\"tag-border-left\">IN THE HOUSE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#1-<\/strong><strong>It\u2019s budget day:<\/strong> Finance Minister Mohamed Maait and Planning Minister Hala El Said will head to the House today to give statements on the draft state budget and socioeconomic development plan for the next fiscal year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The draft budget at a glan<\/strong><strong>ce: <\/strong><\/p><ul>\n<li>Growth projection slashed again to 4.0% y-o-y;<\/li>\n<li>Inflation targets revised upwards to an average of 18.1% for the year;<\/li>\n<li>Budget deficit to widen slightly by 0.1 percentage point to 7.3%;<\/li>\n<li>Revenues expected to rise by 22.6% y-o-y to some EGP 2.6 tn;<\/li>\n<li>Funding for education up 45% y-o-y to just under EGP 858 bn;<\/li>\n<li>Healthcare to get a 25% y-o-y boost to EGP 496 bn;<\/li>\n<li>Social protection funding up 20% y-o-y to EGP 636 bn;<\/li>\n<li>And petrol subsidies up 30% y-o-y to EGP 155 bn.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> Budget season is going to be a bit different this time round, with the issuing of the first <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/146b3145-ac54-4832-be15-9e2799b474bc\" style=\"\" rel=\"noopener\">Public Government Budget<\/a>. The new budget \u2014 which does not replace the state budget \u2014 shows the budgets of all the state\u2019s economic bodies in addition to the state budget collated together. The first phase includes some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe8be5ef-1808-4344-aa09-d303ff2fe7a2\" style=\"\" rel=\"noopener\">40 economic bodies<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The state budget and development plan will be voted on before the start of the next fiscal year on 1 July.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- MPs gave the thumbs up to the Unified Ins. Law: <\/strong>The House representatives yesterday gave their preliminary approval to the new government-drafted Unified Ins. law that aims to draw up new and comprehensive rules for regulating the ins. industry and widen compulsory ins. coverage. \u201cThe law will regulate ins. companies, special funds, obligatory operations such as highway accidents, and state the new supervisory rules for the ins. industry,\u201d said Economic Affairs Committee Head Mohamed Soliman. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But this could just be the start:<\/strong> \u201cWe also aim to introduce ins. against natural disasters such as earthquakes, floods, heavy rains, tsunamis, hurricanes, and epidemics like coronavirus,\u201d said Financial Regulatory Authority head Mohamed Farid.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Oil Ministry wants to ink five\u00a0<\/strong><strong>exploration agreements:<\/strong> MPs yesterday received exploration licensing agreements the Oil Ministry wants to sign with the Khalda Petroleum, Tharwa Petroleum, IPR TransOil, HPS International Egypt, North Petroleum International in the Western Desert and an oil and gas exploration agreement in the Nile Delta with Dana Gas.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong><strong>It\u2019s another short work week: <\/strong>The public and private sectors will be off on Thursday, 25 April in observance of Sinai Liberation Day, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0EhdHuqEEcqsso6ZrXAFNsHXSGjEFQ4nr8QZzgbyUKg2drN1DAf4gYmUcNFDcdp42l\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at how international investments in the country\u2019s home appliances sector is heating up. Check out the story on EnterprisePM Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38b5c5b6-12da-4675-8d04-d24da127f663\/\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Federation of Egyptian Industries is heading off on a Libya tour this May: <\/strong>A federation delegation will head to Tripoli, Benghazi, and Misrata next month to promote local products and ink reconstruction agreements, senior federation official Mohamed Al Bahey told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/21\/1785037\" style=\"\" rel=\"noopener\">Al Borsa<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a quiet morning in the global business press<\/strong>, with earnings season looking set to dominate headlines for the rest of the week. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reporting this week: <\/strong>Everyone from General Motors, Tesla, Visa, and Halliburton to Microsoft, Hilton, Nestl\u00e9, TotalEnergies, and Sainsbury\u2019s. Tech giants Alphabet and Meta will also release results. <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-22\/s-p-500-will-get-its-mojo-back-from-strong-earnings?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Pundits hope strong earnings will hit the \u2018reset\u2019 button<\/a> for US investors who have soured after the S&amp;P\u2019s day-over-day losses last week.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Donald Trump will become the first former US president to stand trial on criminal charges <\/strong>when opening arguments begin in a Manhattan courtroom today. The Donald is estimated to have <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/962599e8-5306-4b14-b56a-034ffe2cb824\" style=\"\" rel=\"noopener\">spent more than 25% of his campaign donations on legal fees<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war in Gaza and tensions between Iran and Israel continue to get plenty of front-page <\/strong><strong>space <\/strong>in the business press, with the FT noting that Washington is <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/caca29c1-39fc-4e51-9f10-7d5aa6150a2a\" style=\"\" rel=\"noopener\">set to impose sanctions on an ultra-orthodox Israeli military unit over human rights abuses<\/a> (<a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/04\/20\/us-israel-sanctions-idf-west-bank\" style=\"\" rel=\"noopener\">Axios<\/a> first broke the story) and the WSJ giving prominent placement to a piece headlined <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/white-house-scramble-avert-middle-east-war-fc012c43?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Inside the white house\u2019s frenetic scramble to avert a full-blown Middle East war<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel killed 18 children yesterday <\/strong>in attacks on Rafah in which four adults also died, the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-news-04-21-2024-8c027f2587c2c433d0fde41b63a0e0c3\" style=\"\" rel=\"noopener\">Associated Press<\/a> reports.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH A MOMENT of your time this morning:<\/strong><\/p><ul>\n<li><strong>US companies are becoming more intolerant of \u201coffice activists,\u201d<\/strong> as underlined by Google\u2019s firing of staff who had occupied the office of its cloud CEO in protest of a contract with Israel. (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/lifestyle\/workplace\/company-bosses-draw-a-red-line-on-office-activists-bd11b7aa?mod=hp_lead_pos5\" style=\"\" rel=\"noopener\">WSJ<\/a>)<\/li>\n<li><strong>Golden visas are losing their appeal in much of Europe<\/strong>, with Spain being the latest to phase out its program. (<a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/04\/21\/business\/golden-visa-spain-europe-housing-crisis.html\" style=\"\" rel=\"noopener\">NYT<\/a>)<\/li>\n<li><strong>Bns in dirty money are flying under the radar<\/strong> at the world\u2019s busiest airports. (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/airlines\/heathrow-dubai-airports-billions-dirty-money-9f49cc7f?mod=wknd_pos1\" style=\"\" rel=\"noopener\">WSJ<\/a>)<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SIGN OF THE TIMES- BTC miners are looking at AI and power centers<\/strong> as they look to cope with reduced revenues following the halving this past weekend, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/04\/21\/bitcoin-miners-get-into-ai-to-survive-halving.html\" style=\"\" rel=\"noopener\">CNBC<\/a> writes.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND-<\/strong> It\u2019s the first day of Passover (our best wishes to readers who are celebrating) and International Earth Day. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue:<\/strong> We take a look at how the education sector is gearing up for a tech-driven job market. <\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/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=\"618888 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=\"618888\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/618888\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618888\" class=\"content-area-description single-story post-618888 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\/1171.png?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"\">Discover your dream getaway with our signature collection of vacation homes and let our expert<\/span><span style=\"font-weight:400;\"> team craft your perfect holiday experience.<\/span><\/p>\n<\/div>\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=\"618889\" 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=\"618889\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/ajlan-bros-could-invest-usd-1-5-bn-in-tourism-project-in-ras-gamila\/\">\r\n                            Ajlan &amp; Bros Holding could invest USD 1.5 bn in tourism project in Egypt\u2019s Ras Gamila                        <\/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\/22\/ajlan-bros-could-invest-usd-1-5-bn-in-tourism-project-in-ras-gamila\/\" 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 first phase will see Ajlan commit USD 1.5 bn for the development of the hotels, excluding the price of the plot.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The holding company is reportedly in negotiations with the Egyptian government for other undisclosed projects and wants to ink all of the contracts at the same time after they wrap up negotiations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the government says it\u2019s not ready to study any offers just yet: <\/strong>The government will not study any offers for the land ahead of the appointment of an international advisor, Public Enterprise Ministry spokesperson Mansour Abdelghany told <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/News\/522297.aspx\" style=\"\" rel=\"noopener\">Ahram Online<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Rumors that Egyptian and Saudi authorities were in talks over the developmentrights of Ras Gamila <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/379713a1-7a7b-4b19-a4f8-14913e1cc517\/february%25e2%2580%2599s-inflation-figures-out-today\" style=\"\" rel=\"noopener\">circulated<\/a> last month around the same time that the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\/adq-acquires-development-rights-to%253cmark%253e-ras%253c%2Fmark%253e%253cmark%253e-el%253c%2Fmark%253e%253cmark%253e-hekma%253c%2Fmark%253e-for-usd-24-bn,-will-invest-a-further-usd-11-bn-in-real-estate-and-other-prime-projects\" style=\"\" rel=\"noopener\">USD 35 bn Ras El Hekma agreement<\/a> was unveiled. The Madbouly government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2493b4d0-5f98-4348-ba5d-16053210a875\/blinken-is-landing-in-egypt-soon\" style=\"\" rel=\"noopener\">set up<\/a> a ministerial committee in March to select a consultant to manage, evaluate, and market the Ras Gamila development project, a government source told Enterprise at the time. The project was initially expected to have a sale value for the development rights of USD 2-3 bn, the source said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ajlan & Bros is also interested in Egypt\u2019s privatization program: <\/strong>The group has submittedoffers to acquire stakes at multiple companies offered in the state privatization program, the source told Asharq. Negotiations for the companies are set to be completed within six months, they added.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-gamila\/\">Ras Gamila<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/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=\"618891\" 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=\"618891\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/private-sector-energy-firms-step-in-line-for-renewable-energy-projects-under-new-peer-to-peer-system\/\">\r\n                            Private sector energy firms step in line for renewable energy projects in Egypt under new peer-to-peer system                        <\/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\/22\/private-sector-energy-firms-step-in-line-for-renewable-energy-projects-under-new-peer-to-peer-system\/\" target=\"_blank\">\n                    Open in new tab                  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         LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Private+sector+energy+firms+step+in+line+for+renewable+energy+projects+under+new+peer-to-peer+system+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F04%2F22%2Fprivate-sector-energy-firms-step-in-line-for-renewable-energy-projects-under-new-peer-to-peer-system%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/private-sector-energy-firms-step-in-line-for-renewable-energy-projects-under-new-peer-to-peer-system\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1483.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618892\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/private-sector-energy-firms-step-in-line-for-renewable-energy-projects-under-new-peer-to-peer-system\/1483-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1483.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1483.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1483.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1483.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618891\" class=\"content-area-description single-story post-618891 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-amea-power tag-edf tag-egyptera tag-electricity tag-elsewedy-electric tag-enara tag-energy tag-enterpriseam tag-infinity tag-karmsolar tag-renewables tag-scatec 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\/.f8c2d861-5ec8-46bb-9e05-f91c6414e922.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Energy firms seem to be excited about P2P renewables projects: <\/strong>Some 20 private sector energy players have voiced their interest in supplying electricity to other private sector companies through renewable energy projects under the recently approved peer-to-peer (P2P) system that was given the regulatory greenlight only last month, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/04\/18\/%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%8A%D8%B3%D8%B9%D9%8A-%D9%84%D8%AA%D8%A3%D9%85%D9%8A%D9%86-%D8%A7%D8%AD%D8%AA%D9%8A%D8%A7%D8%AC%D8%A7%D8%AA%D9%87-%D9%85%D9%86-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D8%B9%D8%A8%D8%B1-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%AF%D8%B1-%D8%A7%D9%84%D9%85%D8%AA%D8%AC%D8%AF%D8%AF%D8%A9\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> reported, citing sources from the Electricity Ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Excited might be an understatement:<\/strong> Some unnamed energy companies said they want to invest upwards of USD 1 bn in renewable energy projects under the agreements with capacities exceeding 1k MW over two years, the sources added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hold on a second, what is the P2P system? <\/strong>The Egyptian Electric Utility and Consumer Protection Regulatory Agency <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1424.pdf\" style=\"\" rel=\"noopener\">approved (pdf)<\/a> the new system in March, enabling private sector companies to produce and sell renewable energy via the national grid to companies in the private sector. The price for the energy is agreed upon between the two private companies and the Egyptian Electricity Transmission Company only charges a fee for the use of its network. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s interested?<\/strong> Interested energy companies include local players such as our friends at <a target=\"_blank\" href=\"https:\/\/www.weareinfinity.com\/home\" style=\"\" rel=\"noopener\">Infinity<\/a> in addition to <a target=\"_blank\" href=\"https:\/\/www.karmsolar.com\/\" style=\"\" rel=\"noopener\">KarmSolar<\/a>, <a target=\"_blank\" href=\"https:\/\/www.elsewedyelectric.com\/en\/home\/\" style=\"\" rel=\"noopener\">Elsewedy Electric<\/a>, and <a target=\"_blank\" href=\"https:\/\/enaragroup.com\/#\" style=\"\" rel=\"noopener\">Enara<\/a>, according to the outlet. The initiative has also caught the attention of firms outside the country, including the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/www.ameapower.com\/\" style=\"\" rel=\"noopener\">AMEA Power<\/a> and <a target=\"_blank\" href=\"https:\/\/alcazarenergy.com\/\" style=\"\" rel=\"noopener\">Alcazar Energy<\/a>, Norway\u2019s <a target=\"_blank\" href=\"https:\/\/scatec.com\/\" style=\"\" rel=\"noopener\">Scatec<\/a>, and the state-owned French energy giant <a target=\"_blank\" href=\"https:\/\/www.edf.fr\/en\" style=\"\" rel=\"noopener\">EDF<\/a>. A senior government official confirmed to Enterprise that Infinity, Elsewedy Electric and Scatec are among the interested companies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The first step towards an open electricity market? <\/strong>The initiative will act as a trial phase as part of the country\u2019s plans to transition to a fully open electricity market by 2025, our source told us. An open market for electricity sales is expected to accelerate the implementation of renewable energy projects and draw USD bns of investments to the sector, the source added.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amea-power\/\">AMEA Power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edf\/\">EDF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptera\/\">Egyptera<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enara\/\">ENARA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infinity\/\">Infinity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karmsolar\/\">KarmSolar<\/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\/scatec\/\">Scatec<\/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=\"618893\" 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=\"618893\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/waja-group-ventures-into-the-ev-industry-in-egypt-in-partnership-with-arab-organization-for-industrialisation-plus-al-mansour-to-expand-mg-range\/\">\r\n                            Waja Group ventures into the EV industry in Egypt in partnership with Arab Organization for Industrialisation. PLUS: Al Mansour to expand MG range                        <\/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\/22\/waja-group-ventures-into-the-ev-industry-in-egypt-in-partnership-with-arab-organization-for-industrialisation-plus-al-mansour-to-expand-mg-range\/\" 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\/22\/waja-group-ventures-into-the-ev-industry-in-egypt-in-partnership-with-arab-organization-for-industrialisation-plus-al-mansour-to-expand-mg-range\/')\">\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\/22\/waja-group-ventures-into-the-ev-industry-in-egypt-in-partnership-with-arab-organization-for-industrialisation-plus-al-mansour-to-expand-mg-range\/\">\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=Waja Group ventures into the EV industry in Egypt in partnership with Arab Organization for Industrialisation. PLUS: Al Mansour to expand MG range&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/waja-group-ventures-into-the-ev-industry-in-egypt-in-partnership-with-arab-organization-for-industrialisation-plus-al-mansour-to-expand-mg-range\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/waja-group-ventures-into-the-ev-industry-in-egypt-in-partnership-with-arab-organization-for-industrialisation-plus-al-mansour-to-expand-mg-range\/&title=Waja Group ventures into the EV industry in Egypt in partnership with Arab Organization for Industrialisation. PLUS: Al Mansour to expand MG range\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Waja+Group+ventures+into+the+EV+industry+in+Egypt+in+partnership+with+Arab+Organization+for+Industrialisation.+PLUS%3A+Al+Mansour+to+expand+MG+range+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F04%2F22%2Fwaja-group-ventures-into-the-ev-industry-in-egypt-in-partnership-with-arab-organization-for-industrialisation-plus-al-mansour-to-expand-mg-range%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/waja-group-ventures-into-the-ev-industry-in-egypt-in-partnership-with-arab-organization-for-industrialisation-plus-al-mansour-to-expand-mg-range\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1430.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618894\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/waja-group-ventures-into-the-ev-industry-in-egypt-in-partnership-with-arab-organization-for-industrialisation-plus-al-mansour-to-expand-mg-range\/1430-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1430.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1430.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1430.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1430.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618893\" class=\"content-area-description single-story post-618893 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-automotive tag-enterpriseam tag-evs 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\/.201e426c-a1f0-4002-b814-d4cf8850e251.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi Waja Group to manufacture EVs in Egypt:<\/strong> Saudi multi-industry outfit <a target=\"_blank\" href=\"https:\/\/waja.com.sa\/en\/home\/\" style=\"\" rel=\"noopener\">Waja<\/a><a target=\"_blank\" href=\"https:\/\/waja.com.sa\/en\/home\/\" style=\"\" rel=\"noopener\">Group<\/a> will form a joint venture with the <a target=\"_blank\" href=\"https:\/\/www.aoi.org.eg\/en\" style=\"\" rel=\"noopener\">Arab Organization for Industrialisation (AOI)<\/a> to produce EVs in Egypt under a framework agreement both parties signed, according to statements issued <a target=\"_blank\" href=\"https:\/\/waja.com.sa\/en\/waja-has-signed-a-strategic-agreement-with-the-arab-organization-for-industrialization-to-launch-a-joint-venture-in-egypt\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/waja.com.sa\/en\/waja-has-signed-a-strategic-agreement-with-the-arab-organization-for-industrialization-to-launch-a-joint-venture-in-egypt\/\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.aoi.org.eg\/en\/news\/cooperation-of-the-aoi-and-the-saudi-waja-company-to-create-a-joint-venture-company-to-manufacture-electric-cars\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.aoi.org.eg\/en\/news\/cooperation-of-the-aoi-and-the-saudi-waja-company-to-create-a-joint-venture-company-to-manufacture-electric-cars\" style=\"\" rel=\"noopener\">here<\/a>.&nbsp;<strong>This appears to be Waja\u2019s first venture in Egypt. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agreement will see the two sides launch a new JV to produce, sell, and market EVs<\/strong> for local consumption \u201cat competitive market prices,\u201d with a focus on potential exports to other Arab and African countries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we don\u2019t know: <\/strong>There\u2019s no publicly available information about the potential capital of the new JV, and the production capacity of the project. Waja boasts a portfolio of three companies working in the construction, communication, and IT sectors, but it is unclear how its expertise will be leveraged within the scope of this project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The first phase of manufacturing will unfold at one of AOI\u2019s existing factories <\/strong>and phase two is set to kick off once the JV\u2019s new facility is ready to go online.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO IN AUTOMOTIVE NEWS- Al Mansour Auto to expand MG line in 2025: <\/strong>Al Mansour Automotive is aiming to kick off production of a new MG model in 1Q 2025, with investments amounting to USD 20 mn, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0gfRCddMQ1yqm5WeS5ARPgRx8g4kt3hzDMrM5JUKKENjSk98P9QZzMBFiBSeWS5HHl\" style=\"\" rel=\"noopener\">statement<\/a> citing company CEO Ankush Arora. The production line will create some 5k direct and indirect jobs, it added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline: <\/strong>Al Mansour in the final stages of announcing two more projects to produce two new models \u2014 a sedan and a high-top minibus \u2014 with an investment of USD 15 mn, the statement added. Production on both of those is pegged for the end of next year.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"618895 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"618895\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/618895\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618895\" class=\"content-area-description single-story post-618895 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"618896\" 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=\"618896\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/local-hr-tech-startup-bluworks-closes-usd-1-mn-pre-seed-round\/\">\r\n                            Egyptian HR tech startup bluworks closes USD 1 mn pre-seed round                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    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class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/local-hr-tech-startup-bluworks-closes-usd-1-mn-pre-seed-round\/&title=Local HR tech startup bluworks closes USD 1 mn pre-seed round\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Local+HR+tech+startup+bluworks+closes+USD+1+mn+pre-seed+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F04%2F22%2Flocal-hr-tech-startup-bluworks-closes-usd-1-mn-pre-seed-round%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/local-hr-tech-startup-bluworks-closes-usd-1-mn-pre-seed-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1420.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618897\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/local-hr-tech-startup-bluworks-closes-usd-1-mn-pre-seed-round\/1420-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1420.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1420.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1420.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1420.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618896\" class=\"content-area-description single-story post-618896 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-acacia-ventures tag-camel-ventures tag-enterpriseam tag-startup-watch tag-startups tag-venture-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.4d8ee32a-c0f7-4d27-9780-e11ca2068f24.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Blue-collar HR tech startup <\/strong><strong><a target=\"_blank\" href=\"https:\/\/bluworks.io\/\" style=\"\" rel=\"noopener\">bluworks<\/a><\/strong><strong> raised USD 1 mn in a pre-seed round<\/strong> led by Saudi VC Khwarizmi Ventures, with participation from Acasia Ventures, Camel Ventures, and a group of angel investors, the startup said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1415.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where is the money going? <\/strong>The funds will help the company build and enhance its product sand grow its team, \u201cwith the ultimate aim of becoming the top destination for companies seeking to optimize management of blue-collar workers in the region.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About bluworks:<\/strong> Founded in 2022, blueworks is the region's only HR tech platform that manages the lifecycle of blue-collar employees in several industries. The company collects data for firms employing blue-collar workers, streamlining scheduling, communication, and payroll across distributed teams and locations. With thousands of blue-collar workers and tens of clients like Crave, Qahwa, and Cilantro already on board, blueworks is currently focused on the F&amp;B and retail sectors, with plans to expand into manufacturing, construction, and facility management.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cWe are excited about getting strategic investors on-board that can provide us with access to both local and regional markets, to which we are looking to expand,\u201d co-founder Farah Osman (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/farah-osman-%F0%9F%87%B5%F0%9F%87%B8-456551a4\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) said. \u201cThere is no shortage of industry use cases similar to Egypt around the world, and we are eager to tackle them with our innovative workforce management solutions.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>W<\/strong><strong>here to next?<\/strong> bluworks plans to set up shop in the GCC, starting with Saudi Arabia, Osman told Enterprise.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/acacia-ventures\/\">Acacia Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/camel-ventures\/\">Camel Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n 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section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"618899\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/central-banks-net-foreign-asset-deficit-falls-to-lowest-level-in-over-two-years\/\">\r\n                            Central bank\u2019s net foreign asset deficit falls to lowest level in over two years                        <\/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\" 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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1506.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1506.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618899\" class=\"content-area-description single-story post-618899 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-foreign-reserves tag-last-nights-talk-shows tag-ras-el-hekma 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\/.518fdf15-d8e7-40fc-8f19-9c2ad80b15b3.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A steep drop in the central bank\u2019s net foreign asset deficit dominated talk shows last<\/strong><strong> night<\/strong>, but the nation\u2019s talking heads also found the time to look into why natural gas production at the much hyped Zohr field has been declining.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The deficit in net foreign assets at the Central Bank of Egypt in March shrank to its&nbsp;<\/strong><strong>lowest levels in over two years<\/strong>,<strong> <\/strong>Lamees El Hadidi reported on Kelma Akhira, citing a statement issued by the CBE yesterday (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=M8SJBipu18Y\" style=\"\" rel=\"noopener\">watch, runtime: 4:32<\/a>). The net foreign assets deficit narrowed to EGP 65.4 bn at the end of March, from EGP 270.7 bn in February, El Hadidi explained \u2014 which comes out as a 76% drop by our math.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In USD terms<\/strong>, the drop is larger still, with the net foreign asset deficit coming in 84% smaller on the month before when taking into account the new post-float exchange rate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe decrease is down to two main reasons.<\/strong> Firstly, Egypt\u2019s foreign exchange reserves <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba6cd6f8-8fac-40b6-9b6c-49edf4aa4f64\/%253cmark%253eforeign%253c%2Fmark%253e%253cmark%253e-reserves%253c%2Fmark%253e-jump-above-usd-40-bn-thanks-to-ras-el-hekma\" style=\"\" rel=\"noopener\">rose<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba6cd6f8-8fac-40b6-9b6c-49edf4aa4f64\/%253cmark%253eforeign%253c%2Fmark%253e%253cmark%253e-reserves%253c%2Fmark%253e-jump-above-usd-40-bn-thanks-to-ras-el-hekma\" style=\"\" rel=\"noopener\">by USD 5 bn<\/a> at the end of last month, reaching USD 40 bn,\u201d El Hadidi explained. \u201cSecondly, a part of the UAE\u2019s deposits with the central bank, worth USD 10 bn, have gone into investments under the agreement to develop the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">Ras El Hekma<\/a> area, reducing the pressure on the central bank\u2019s debt obligations.\u201d Lubna Asal was also on the lookout for answers and called up Al Habtoor Research Centre Senior Economist Mohamed Shadi on El Hayah El Yom to find out more (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=edIFwxclh70\" style=\"\" rel=\"noopener\">watch, runtime: 3:54<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re yet to get the full picture:<\/strong> The CBE has not yet issued data on net foreign assets for the month of March for the banking sector as a whole and so we\u2019re still in the dark on how commercial banks\u2019 net foreign asset position fared in the month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- There\u2019s hope for Zohr yet:&nbsp;<\/strong>As the Zohr gas field suffers from a decreasing output, new wells are being drilled in the area with the aim of ramping up production rates, Petroleum Ministry spokesman Hamdi Abdel Aziz said on Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VMoC3TrGVqM\" style=\"\" rel=\"noopener\">watch, runtime: 10:21<\/a>) and Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Bu4gTRlmKoE\" style=\"\" rel=\"noopener\">watch, runtime: 4:40<\/a>). <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"618902\" 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=\"618902\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/king-ramses-ii-statue-makes-its-way-back-to-egypt\/\">\r\n                            King Ramses II statue makes its way back 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\/22\/king-ramses-ii-statue-makes-its-way-back-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(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/king-ramses-ii-statue-makes-its-way-back-to-egypt\/')\">\n                    Copy Link    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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/king-ramses-ii-statue-makes-its-way-back-to-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1501.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618903\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/king-ramses-ii-statue-makes-its-way-back-to-egypt\/1501-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1501.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1501.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1501.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1501.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618902\" class=\"content-area-description single-story post-618902 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-ancient-egypt tag-enterpriseam 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\/.bef456e0-b178-4063-99bc-77c990703f56.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Antique smuggling and Egypt\u2019s efforts to recover its stolen heritage is once again<\/strong><strong> putting Egypt in the news:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-reclaims-3400-year-old-stolen-statue-king-ramses-ii-2024-04-21\/\" style=\"\" rel=\"noopener\">Reuters<\/a> has picked up the story that a statue of Ramses II has been returned to Egypt after it was stolen more than three decades ago. The 3.4k year-old statue will be restored by the Egyptian Museum in Cairo.<\/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\/ancient-egypt\/\">Ancient Egypt<\/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=\"618904\" 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=\"618904\">\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\/22\/el-ezaby-to-open-120-additional-branches-in-2024-plus-shell-drills-new-wells-multilateral-development-banks-form-co-financing-platform-national-authority-for-tunnels-looks-for-sokhna-matrouh-line\/\">\r\n                            El Ezaby to open 120 additional branches in 2024. PLUS: Shell drills new wells, multilateral development banks form co-financing platform, National Authority for Tunnels looks for Sokhna-Matrouh line loan                        <\/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\/22\/el-ezaby-to-open-120-additional-branches-in-2024-plus-shell-drills-new-wells-multilateral-development-banks-form-co-financing-platform-national-authority-for-tunnels-looks-for-sokhna-matrouh-line\/\" 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\/22\/el-ezaby-to-open-120-additional-branches-in-2024-plus-shell-drills-new-wells-multilateral-development-banks-form-co-financing-platform-national-authority-for-tunnels-looks-for-sokhna-matrouh-line\/')\">\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\/22\/el-ezaby-to-open-120-additional-branches-in-2024-plus-shell-drills-new-wells-multilateral-development-banks-form-co-financing-platform-national-authority-for-tunnels-looks-for-sokhna-matrouh-line\/\">\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=El Ezaby to open 120 additional branches in 2024. PLUS: Shell drills new wells, multilateral development banks form co-financing platform, National Authority for Tunnels looks for Sokhna-Matrouh line loan&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/el-ezaby-to-open-120-additional-branches-in-2024-plus-shell-drills-new-wells-multilateral-development-banks-form-co-financing-platform-national-authority-for-tunnels-looks-for-sokhna-matrouh-line\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/el-ezaby-to-open-120-additional-branches-in-2024-plus-shell-drills-new-wells-multilateral-development-banks-form-co-financing-platform-national-authority-for-tunnels-looks-for-sokhna-matrouh-line\/&title=El Ezaby to open 120 additional branches in 2024. PLUS: Shell drills new wells, multilateral development banks form co-financing platform, National Authority for Tunnels looks for Sokhna-Matrouh line loan\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=El+Ezaby+to+open+120+additional+branches+in+2024.+PLUS%3A+Shell+drills+new+wells%2C+multilateral+development+banks+form+co-financing+platform%2C+National+Authority+for+Tunnels+looks+for+Sokhna-Matrouh+line+loan+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F04%2F22%2Fel-ezaby-to-open-120-additional-branches-in-2024-plus-shell-drills-new-wells-multilateral-development-banks-form-co-financing-platform-national-authority-for-tunnels-looks-for-sokhna-matrouh-line%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/el-ezaby-to-open-120-additional-branches-in-2024-plus-shell-drills-new-wells-multilateral-development-banks-form-co-financing-platform-national-authority-for-tunnels-looks-for-sokhna-matrouh-line\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/400.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"618905\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/el-ezaby-to-open-120-additional-branches-in-2024-plus-shell-drills-new-wells-multilateral-development-banks-form-co-financing-platform-national-authority-for-tunnels-looks-for-sokhna-matrouh-line\/400-jpg-36\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/400.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"400.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/400.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/400.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618904\" class=\"content-area-description single-story post-618904 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-development-finance tag-el-ezaby-pharmacy tag-energy tag-enterpriseam tag-pharma tag-shell tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.a9438ab5-bf51-4db4-812e-2ca86b72ea29.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">PHARMA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Ezaby is on a big expansion push this year: <\/strong>El Ezaby plans to set up 120 new branches in Egypt by the end of the year, which will bring its total presence in the country to 450 branches, CEO Ammar Aklan told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/21\/1785027\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The pharma group has already opened 34 new branches since the beginning of the year, Aklan added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The Sovereign Fund of Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ad67365-7042-4cae-9df3-343bf0877aaf\/sfe-buys-49%2525-of%253cmark%253e-el%253c%2Fmark%253e%253cmark%253e-ezaby%253c%2Fmark%253e,-launches-pharma-logistics-firm-with-b-investments\" style=\"\" rel=\"noopener\">snapped a 49% stake<\/a> in El Ezaby last year, with the investment going towards plans to double its branch count to 600.<\/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>Shell Egypt to drill three wells in West Delta:<\/strong> Shell Egypt will begin the 11th development phase of the West Delta Deep Marine offshore concession in 3Q 2024, Shell Egypt said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1457.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The new phase entails the drilling of three development wells in a move to maximize \u201cthe value of the rig mobilization at the site\u201d, the statement read. The project will be carried out alongside the Egyptian Natural Gas Holding Company, the Egyptian General Petroleum Corporation, and Petronas.<\/p>\n<p class=\"tag-border-left\">DEVELOPMENT FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ten of the world\u2019s largest multilateral development banks have teamed up for new<\/strong><strong> co-financing platform<\/strong>, dubbed the Global Collaborative Co-Financing Platform, to enable them to \u201c <a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2024\/04\/19\/innovative-co-financing-platform-will-improve-development-impact\" style=\"\" rel=\"noopener\">channel additional capital for development scale and impact<\/a>.\u201d The platform will create a secure platform for registered co-financiers, allowing them to share their project pipelines, boosting efficiency and transparency in the process. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The banks in question: <\/strong>The World Bank Group, European Bank for Reconstruction and Development, European Investment Bank, African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, Inter-American Development Bank, Islamic Development Bank, and the New Development Bank are the ten multilateral development banks behind the project.<\/p>\n<p class=\"tag-border-left\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The National Authority for Tunnels wants to borrow EGP 16.3 bn for the<\/strong><strong> Sokhna-Matrouh line:<\/strong> The authority is reportedly seeking a syndicated loan from local banks, led by the National Bank of Egypt, to complete the civil works on line 1 of the Sokhna-Matrouh high-speed rail link project, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/62848\/%D9%87%D9%8A%D8%A6%D8%A9-%D8%A7%D9%84%D8%A3%D9%86%D9%81%D8%A7%D9%82-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B3%D8%B9%D9%89-%D9%84%D8%A7%D9%82%D8%AA%D8%B1%D8%A7%D8%B6-163-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D9%85%D8%AD%D9%84%D9%8A%D8%A7\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing three sources it says have knowledge of the matter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c77944-a194-421e-b52d-c3ab09523df6\" style=\"\" rel=\"noopener\">2k km high-speed rail line<\/a> links Cairo, Aswan, the North Coast and the Red Sea. The Sokhna-Matrouh connection will feature a passenger line able to carry more than 30 mn people a year as well as a freight line.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The Finance Ministry has already secured the loan guarantee, according to one of the sources. The agreement will be final before the end of 2Q of this year, the two other sources confirmed to the news outlet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>Palm Hills Development is in talks with three banks over an EGP 1.7 bn loan<\/strong> to finance its Palmet Mall project in West Cairo, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1438.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a> to the EGX. <\/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\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-ezaby-pharmacy\/\">El Ezaby Pharmacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shell\/\">Shell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World 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wp-post-image\" alt=\"\" data-attachment-id=\"618907\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/soaring-chinese-demand-pushes-global-gold-prices-to-all-time-high\/1488-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1488.JPG?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1488.JPG\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1488.JPG?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1488.JPG?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618906\" class=\"content-area-description single-story post-618906 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-china tag-enterpriseam tag-financial-markets tag-gold tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.ba8b1bd7-784c-4a79-9d1d-1fde763ca7d6.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Chinese demand pushes gold to record highs: <\/strong>China extended its lead over India asthe world\u2019s biggest buyer of gold bars, coins, and jewelry. Chinese demand for gold and bar coin investments surged 27% over the past year and demand for gold jewelry rose 10% in the same period. Demand from China pushed the precious metal to a record-breaking USD 2.4k an ounce this year, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-21\/china-is-front-and-center-of-gold-s-record-breaking-rally?srnd=markets-vp\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China\u2019s demand for the safe-haven asset stands to grow even further<\/strong> as a weakening local currency and ongoing property crisis pushes investors towards the precious metal, Precious Metals Insights Managing Director Philip Klapwijk told Bloomberg. \u201cThe weight of money available under these circumstances for an asset like gold \u2014 and actually for new buyers to come in \u2014 is pretty considerable \u2026 There isn\u2019t much alternative in China. With exchange controls and capital controls, you can\u2019t just look at other markets to put your money into,\u201d he added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sounds familiar? <\/strong>Egyptians heavily brought gold as a safe haven asset until earlier this year as a way to hedge against a weakening EGP. The precious metal soared to record highs in the local market before cooling off after the Central Bank of Egypt floating the EGP appeared to restore confidence in the local currency.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The view from the trading floor: <\/strong>Gold (Comex) is up around 20% YTD and was trading at just over USD 2.4k last night in after hours trading.<\/p><p class=\"tag-border-left\">THE MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are rebounding from Friday\u2019s sell-off<\/strong>, with the Hong Kong\u2019s Hang Seng leading the gainers, up nearly 2.3% in early trading. That\u2019s raising hope that positive sentiment (or perhaps a bit of wishful thinking?) could see the Nasdaq (down 5.5% last week) and S&amp;P (down &gt;3% last week) snap their six-day losing streaks. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>The two big US benchmarks were dragged down last week by a tech selloff. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch for this week: <\/strong>1Q 2024 results announcements from Alphabet, Meta, and Microsoft.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Right now: <\/strong>US and European equities futures were up slightly in overnight trading. <\/p><p><a target=\"_blank\" id=\"t.c2b7255b88ca4b4c805005bee1dfd8ef4d2991bf\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-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\">28,623<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +15.0%)<\/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 48.32<\/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 48.45<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><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 48.32<\/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 48.42<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,518<\/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: +4.6%)<\/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>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\">9,126<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: -4.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,175<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: +2.8%)<\/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\">4,967<\/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: +4.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,896<\/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: +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>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\">4,918<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 87.00<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.75<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,401.50<\/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\">-0.5%<\/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>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 64,628.50<\/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\">-0.1% (YTD: +53.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 2.9 bn (42% below the 90-day average). Regional investors were net buyers. The index is up 15.0% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Qalaa Holdings (+8.2%), Ezz steel (+6.1%) and Fawry (+3.5%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Telecom Egypt (-1.9%), Talaat Moustafa Group (-1.4%) and Eipico (-0.6%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewedy Electric will pay out a dividend of EGP 0.50 per share<\/strong> on its 2023 earnings, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1428.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. <\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"618908\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/how-is-the-education-sector-gearing-up-for-a-tech-driven-job-market\/\">\r\n                            How is the education sector gearing up for a tech-driven job market?<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/how-is-the-education-sector-gearing-up-for-a-tech-driven-job-market\/\" 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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This push aligns with Egypt's Vision 2030, which anticipates a job market driven by fields like AI, big data, and automation, but concerns exist about potential job market saturation. This Blackboard explores this educational shift and the balance between equipping graduates with in-demand skills, while ensuring long-term employability.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government\u2019s strategy: <\/strong>With an eye on the evolving job market, Egypt\u2019s higher education strategy for 2030 focuses on developing new programs that include cybersecurity and artificial intelligence. According to the strategy, the fields likely to dominate the job market by 2040 include AI, big data, automation, internet of things, self-driving transport, digital economy, space sciences, and nuclear energy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government aims to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0972661b-a8a3-4d61-9802-d9d9fd984327\/a-look-through-gov%25e2%2580%2599t-targets-for-the-infrastructure-sector-over-the-next-six-years\" style=\"\" rel=\"noopener\">boost the tech sector's contribution to the GDP<\/a> from 3.4%currently to 7% over the next six years and nearly triple outsourcing exports to USD 13 bn<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The current job market: <\/strong>Software development roles \u2014 full-stack developers, software testers,cloud engineers \u2014 are the most in demand, accounting for over 58% of the 3.2k job openings offered by IT companies in Egypt, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1367.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1367.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a> released by the Information Technology Industry Development Agency last week. These are followed by jobs in IT management (9%), data science and AI (9%), and IT infrastructure (8%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, on the language front: <\/strong>English is demanded in 49% of jobs offered by call center and service outsourcing centers, followed by German (23%), French (14%), and&nbsp;<span style=\"background-color: transparent;\">Italian (13%).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The K-12 sector is catering to these requirements, too: <\/strong>While English is the most widely studied and used foreign language in Egypt, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/409172ea-8cfd-44ba-b742-98fe14c2d727\/a-deep-dive-into-the-demand-and-supply-for-second-foreign-languages-in-egypt%25e2%2580%2599s-k-12-system\" style=\"\" rel=\"noopener\">70% of students<\/a> in private and international schools take up German as a second foreign language and 30% study French. <\/p>\n<p class=\"tag-border-left\">ENTER TECH UNIVERSITIES- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The tech trend is unfolding across the board: <\/strong>Artificial intelligence and IT programs are surging inpopularity across all Egyptian universities, particularly technological universities, said Ahmed El Hewy, secretary general of the cabinet\u2019s Education Development Fund. AI programs have been opening up across all public, national, and private universities since 2019, according to several private university heads Enterprise spoke with previously.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are currently <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/pfbid0e3XBwPQYzwPpZzXF62eZbHnPELpfiarN1AMn5HBtyksGt35cFrF42ttjbPDqNxeCl\" style=\"\" rel=\"noopener\">10 state-run technological universities<\/a><\/strong><strong> in the country<\/strong>, including:<\/p>\n<ul>\n<li><a target=\"_blank\" href=\"http:\/\/nctu.edu.eg\" style=\"\" rel=\"noopener\">New Cairo Technological University<\/a> <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/btu.edu.eg\/en\/home\/\" style=\"\" rel=\"noopener\">Beni Suef Technological University<\/a> <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/dtu.edu.eg\/en\/home\/\" style=\"\" rel=\"noopener\">Delta Technological University<\/a> <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/october.technological.university\/\" style=\"\" rel=\"noopener\">6 October Technological University<\/a> <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/borg-al-arab-technological-university\/\" style=\"\" rel=\"noopener\">Borg Al Arab Technological University<\/a> <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/p\/%D8%AC%D8%A7%D9%85%D8%B9%D8%A9-%D8%B4%D8%B1%D9%82-%D8%A8%D9%88%D8%B1%D8%B3%D8%B9%D9%8A%D8%AF-%D8%A7%D9%84%D8%AA%D9%83%D9%86%D9%88%D9%84%D9%88%D8%AC%D9%8A%D8%A9-East-Port-Said-University-Of-Technology-100086740322838\/?paipv=0&amp;eav=AfZ1fG6-H8IyQEkJSlcduIk7yQthw-uOLxDDi-Zsq7P00uGOEoPF9xjKhhDdpYnPoCY&amp;_rdr\" style=\"\" rel=\"noopener\">East Port Said University of Technology<\/a> <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/p\/%D8%AC%D8%A7%D9%85%D8%B9%D8%A9-%D8%B7%D9%8A%D8%A8%D8%A9-%D8%A7%D9%84%D8%AA%D9%83%D9%86%D9%88%D9%84%D9%88%D8%AC%D9%8A%D8%A9-%D8%A8%D8%A7%D9%84%D8%A7%D9%82%D8%B5%D8%B1-100085687194794\/?paipv=0&amp;eav=Afbej_jxfjt0BlpOGD8BkvKkGMEWVal99ztzW1_TFgYDdBlXs34cGpHp42u3YuNpZGM&amp;_rdr\" style=\"\" rel=\"noopener\">Thebes Technological University<\/a> <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/profile.php?id=100085847211481\" style=\"\" rel=\"noopener\">New Assiut Technological University<\/a> <\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/p\/%D8%A7%D9%84%D8%AC%D8%A7%D9%85%D8%B9%D8%A9-%D8%A7%D9%84%D8%AA%D9%83%D9%86%D9%88%D9%84%D9%88%D8%AC%D9%8A%D8%A9-%D8%A8%D8%B3%D9%85%D9%86%D9%88%D8%AF-Samannoud-Technological-University-100086182525970\/\" style=\"\" rel=\"noopener\">Samannoud Technological University<\/a> <\/li>\n<li><a target=\"_blank\" href=\"http:\/\/www.mitu.edu.eg\/ShowCourses?id=13&amp;cat=1&amp;lang=en\" style=\"\" rel=\"noopener\">Misr International Technological University<\/a> <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To help reel in students: <\/strong>It costs just EGP 15k a year to enroll in one of these universities.The universities have so far spent EGP 1 bn to keep their tuition fees low, El Hewy said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come: <\/strong>The government has plans to set up a university near every industrial area, with each university offering tech programs and languages that cater specifically to the industry around it in order to optimally equip students for the job market, El Hewy said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the private sector is jumping on the bandwagon: <\/strong>The state's interest in technological sciences has prompted the private sector to set up its own technological universities, El Hewy said. ElSewedy University of Technology has already <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/578c3a69-dbb6-4f42-ad32-4ad279004eb7\/meet%253cmark%253e-elsewedy%253c%2Fmark%253e-edtech%25e2%2580%2599s-new%253cmark%253e-university%253c%2Fmark%253e-that%25e2%2580%2599s-bringing-polytechnic-education-to-egypt-to-better-equip-our-labor-force\" style=\"\" rel=\"noopener\">opened its doors to students<\/a> in the academic year 2023-2024 and Saxony Egypt University for Applied Sciences &amp; Technology is set to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5722d75a-8216-457e-abb8-451f57f8401f\/al-ahly-cira%25e2%2580%2599s%253cmark%253e-saxony%253c%2Fmark%253e%253cmark%253e-egypt%253c%2Fmark%253e-will-open-its-doors-in-september.-plus:-news-from-the-house,-ntra,-and-fra\" style=\"\" rel=\"noopener\">commence operations in September<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A union for the grads: <\/strong>A Tech Union is currently being set up after the <a target=\"_blank\" href=\"https:\/\/www.almasryalyoum.com\/news\/details\/3068770\" style=\"\" rel=\"noopener\">House greenlit the<\/a><a target=\"_blank\" href=\"https:\/\/www.almasryalyoum.com\/news\/details\/3068770\" style=\"\" rel=\"noopener\">decision earlier this year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To maintain an equilibrium between supply and demand: <\/strong>The government should work to ensure that tech university enrollment rates do not outpace job creation so that the job market is not over saturated, Nahda University President in Beni Suef Hossam El Mallahi told us. The number of graduates should remain lower than job vacancies to keep salaries attractive and prevent creating an oversupply of labor similar to that present in the fields of commerce and humanities, where unemployment is rife, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tech universities are working to ensure employment for their grads: <\/strong>New technologicaluniversities are seeking partnerships with German and Korean institutions to boost job prospects for graduates and forge international partnerships in this sector, El Hewy said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The demand is there: <\/strong>A <a target=\"_blank\" href=\"https:\/\/andela.com\/resource\/andela-research-finds-increasing-demand-for-global-remote-tech-talent\" style=\"\" rel=\"noopener\">survey<\/a> conducted by global talent marketplace Andela found that 88%of enterprise companies across the US, UK, and Germany are looking for tech talent in other countries.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Higher Ed Ministry to collab with Germany:<\/strong> Egypt and Germany are set tocollaborate on academic and research programs in a number of fields including math, computer science, natural sciences, technology, arts, music, humanities, tourism, and engineering under a letter of intent inked by Egypt\u2019s Higher Education Ministry and the German Saxony State Ministry for Science, Culture, and Tourism. (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0W6xwFexggXdaPh6XD7CAZUaNCCvDLuGRTEkbqyuYaCB9iuqPqE6vrnKLrFwjKSTml\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>Education is getting a boost in next year\u2019s draft budget:<\/strong> The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78bd711f-6eab-49a9-8b92-67bf0d11eebb\/\" style=\"\" rel=\"noopener\">allocated EGP 858 bn<\/a> to the education sector in 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.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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=\"618910\" 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\/22\/618910\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-618910\" class=\"content-area-description single-story post-618910 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;\">25 April (Thursday): National holiday in observance of Sinai Liberation 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:400;\">26 April (Friday): 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>30 April (Tuesday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/decision-makers.org\/\" style=\"\">Decision Makers Conference<\/a><\/span><span style=\"font-weight:400;\"> takes place at the St. Regis Cairo. <\/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;\">19-21 May (Sunday-Tuesday): Egypt International Summit for Digital Transformation and Cybersecurity.<\/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\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>CBE net foreign asset deficit down | More IMF funds in state coffers | No more LNG exports | Waja\u2019s Egypt EV venture<\/p>\n","protected":false},"featured_media":618885,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-618884","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6057079b-1962-405f-917e-725cbc60ce2d","teaser":"CBE net foreign asset deficit down | More IMF funds in state coffers | No more LNG exports | Waja\u2019s Egypt EV venture","photo_url":"https:\/\/ent.news\/2024\/4\/1407.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Saudi Arabia\u2019s Ajlan &amp; 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