{"id":619148,"date":"2024-04-28T00:00:00","date_gmt":"2024-04-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=619148"},"modified":"2025-12-17T05:23:38","modified_gmt":"2025-12-17T05:23:38","slug":"act-financial-gears-up-for-2q-2024-ipo-after-getting-egx-green-light","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/act-financial-gears-up-for-2q-2024-ipo-after-getting-egx-green-light\/","title":{"rendered":"Act Financial gears up for 2Q 2024 IPO after getting EGX green light"},"content":{"rendered":"<section id=\"619150\" 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=\"619150\">\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\/28\/goldman-sachs-forecasts-2-cbe-interest-rate-cut-in-may\/\">\r\n                            Goldman Sachs forecasts 2% CBE interest rate cut in May                        <\/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\/28\/goldman-sachs-forecasts-2-cbe-interest-rate-cut-in-may\/\" target=\"_blank\">\n      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tag-interest-rates tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.e8861763-626e-4e68-9a63-c5fa03457b18.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>It may not just be the weather that\u2019s warming up in Egypt at the moment, with news that the country\u2019s IPO winter may soon be over. We\u2019ve got news of Act Financial penciling in 2Q 2024 for an IPO after getting the green light from the EGX, another USD 820 mn from the IMF arriving in June, and so much more in the issue today.<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- Several ministers are in Riyadh for a World Economic Forum meeting:<\/strong> Prime Minister Mostafa Madbouly, Planning Minister Hala El Said, and Foreign Minister Sameh Shoukry will be attending a two-day event in Riyadh organized by the World Economic Forum, according to several government statements (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0D2DX77KaRvjRm5MWzhjQUATe3R9MvK536V1CZ3gmJurBYNnuiK9DFG1T4NDqPdidl\" style=\"\" rel=\"noopener\">here<\/a>, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid05Wgov75TvtfstMtvBLNxYk9cpy1bbUj3Kbs9CNUFdsRoMzzJhvK1g9cou4ANbiBYl\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid0bg1ogSRSZ2uKNQaEc8rAPgxQhofJW6tW7JHbNZfg2VSSmfDLM5dPzU1SkpUPjZybl\" style=\"\" rel=\"noopener\">here<\/a>). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Entitled the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.weforum.org\/events\/special-meeting-on-global-collaboration-growth-and-energy-for-development-2024\/\" style=\"\" rel=\"noopener\">Special Meeting on Global Collaboration, Growth and Energy for<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.weforum.org\/events\/special-meeting-on-global-collaboration-growth-and-energy-for-development-2024\/\" style=\"\" rel=\"noopener\">Development<\/a><\/strong>, the event will gather heads of state and senior officials from the public and private sectors to discuss solutions to economic, environmental and humanitarian challenges. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch out for: <\/strong>El Said will take part in a meeting on <a target=\"_blank\" href=\"https:\/\/www.weforum.org\/events\/special-meeting-on-global-collaboration-growth-and-energy-for-development-2024\/sessions\/what-homeland-economics-means-for-trade\/\" style=\"\" rel=\"noopener\">What Homeland Economics<\/a><a target=\"_blank\" href=\"https:\/\/www.weforum.org\/events\/special-meeting-on-global-collaboration-growth-and-energy-for-development-2024\/sessions\/what-homeland-economics-means-for-trade\/\" style=\"\" rel=\"noopener\">Means for Trade<\/a> at 11:30 am Riyadh time later today, looking into how domestic politics and geopolitical tensions affect trade policy. Tomorrow morning, Madbouly will speak at a <a target=\"_blank\" href=\"https:\/\/www.weforum.org\/events\/special-meeting-on-global-collaboration-growth-and-energy-for-development-2024\/sessions\/briefing-on-the-gaza-crisis\/\" style=\"\" rel=\"noopener\">Briefing on the Gaza Crisis<\/a> and later in the day Shoukry will take to the stage alongside his Saudi counterpart and columnist Thomas Friedman to speak about the <a target=\"_blank\" href=\"https:\/\/www.weforum.org\/events\/special-meeting-on-global-collaboration-growth-and-energy-for-development-2024\/sessions\/middle-east-under-stress\/\" style=\"\" rel=\"noopener\">Middle East Under Stress<\/a> on Monday afternoon. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#2- Car import scheme draws to a close:<\/strong> Expats have until the end of today to register forthe expat car-for-FX scheme, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0TJggVnNzt1LVJFxxpNJ9Fr7Kikbt4eWq3zXFjUv3wt2MFY5wLB5D3BY1jDfZuWkNl\" style=\"\" rel=\"noopener\">statement<\/a> from the Emigration Ministry. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>As of earlier this month,some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea6c1f19-efbe-4bcd-b2d4-5721c0c14979\/\" style=\"\" rel=\"noopener\">490k Egyptian expats had registered<\/a> in the initiative and some USD 750 mn had been transferred to the government under the scheme, the Finance Ministry said. Around 27k cars have entered the country under the initiative. The two phases of the scheme had brought in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f657a8af-2709-4b17-b854-ae6f768abc80\/\" style=\"\" rel=\"noopener\">USD 1.7 bn<\/a> by February, within reaching distance of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa251d63-f340-4886-b43d-3c792acc96a5\" style=\"\" rel=\"noopener\">Finance Minister\u2019s USD 2 bn goal<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>INTERESTED?<\/strong> You can sign up for the initiative through the government\u2019s app on <a target=\"_blank\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.mcit.eca&amp;pli=1\" style=\"\" rel=\"noopener\">Google Play<\/a> and the <a target=\"_blank\" href=\"https:\/\/apps.apple.com\/eg\/app\/%D8%B3%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D9%8A%D9%86-%D8%A8%D8%A7%D9%84%D8%AE%D8%A7%D8%B1%D8%AC\/id6444364022\" style=\"\" rel=\"noopener\">App Store<\/a>.<\/p><p class=\"tag-border-left\">HAPPENING THIS WEEK-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>El Sisi to touchdown in Ankara: <\/strong>President Abdel Fattah El Sisi is slated to visit theTurkish capital this week at the invitation of Turkish President Recep Tayyip Erdogan to discuss ways to strengthen bilateral cooperation and a ceasefire in Gaza, <a target=\"_blank\" href=\"https:\/\/asharq.com\/politics\/86474\/%D9%85%D8%B5%D8%A7%D8%AF%D8%B1-%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D8%B3%D9%8A%D8%B2%D9%88%D8%B1-%D8%AA%D8%B1%D9%83%D9%8A%D8%A7-%D8%A7%D9%84%D8%A3%D8%B3%D8%A8%D9%88%D8%B9-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84\/\" style=\"\" rel=\"noopener\">Asharq News<\/a> reports, citing Egyptian sources and a Turkish presidential source. The visit will see the pair head the first high-level strategic cooperation council meeting between the two countries.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What can we expect: <\/strong>The two sides will likely ink a number of cooperation agreements during the council, the Turkish source said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The anticipated visit comes on the heels of Foreign Minister Sameh Shoukry\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba725661-1096-4564-91a7-45f0e4e34c96\/\" style=\"\" rel=\"noopener\">meeting<\/a> with Erdogan and Foreign Minister Hakan Fidan in Istanbul last week. Relations between Cairo and Ankarahave been warming after a decade of tense relations, with President Erdogan visiting Cairo <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ae5b0fc-803e-47d7-a69e-acd5831c4f19\/%253cmark%253eerdogan%253c%2Fmark%253e-talks-trade,-politics-with-el-sisi-in-his-first-visit-to-cairo-in-over-a-decade\" style=\"\" rel=\"noopener\">for the first time since 2012<\/a> this February. <\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">WATCH THIS SPACE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a>  <strong>#1- Goldm<\/strong><strong>an Sachs sees CBE trimming rates by 2% in May on the back of easing inflation: <\/strong>Goldman Sachs expects the Central Bank of Egypt to cut rates by 200 bps at its next policy meeting in May, according to a research note by the US-based investment bank seen by Enterprise. The prediction is based on the Goldman Sachs\u2019 forecast that inflation will fall to 20% by the end of the calendar year, down from 33.3% y-o-y <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1893b899-8f26-4bd3-8c9c-232f2d8ee93c\/\" style=\"\" rel=\"noopener\">recorded for March<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The bank\u2019s Monetary Policy Committee (MPC) is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2493b4d0-5f98-4348-ba5d-16053210a875\/\" style=\"\" rel=\"noopener\">scheduled to meet<\/a> on Thursday, 23 May to review interest rates. The MPC delivered a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\/\" style=\"\" rel=\"noopener\">jumbo 600 bps rate hike<\/a> at its last meeting in March alongside the EGP float.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>Progress on the tax policy framework? <\/strong>Prime Minister Moustafa Madbouly and Finance Minister Mohamed Maait discussed a proposed tax policy document for 2024-2030 that will be used to inform and provide clarity to businesses, investors, and society at large on the country\u2019s targets, policies, and plans for taxation over the next six years, a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02ZrQZc147YmDoihoNAmLxdjE6Caw5P3cLGaXuf63h9ygu2Zv34zgkw3BVFfPgXViYl\" style=\"\" rel=\"noopener\">statement<\/a> reads. The document aims to support individuals as they build their investment strategies, create forecasts, financial models, and feasibility studies with a greater degree of tax certainty.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The gov\u2019t is keen on avoiding tax hikes: <\/strong>The document will lay out ways in which the government can increase the effectiveness and management of tax policies rather than looking to apply new taxes or increase current taxes. <\/p><p class=\"tag-border-left\">ATTENTION, EGYPT INVESTORS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/optimism.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/221.jpg?ssl=1\"><\/a> <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <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 its competitive advantages are clear to many of them: <strong>It\u2019s a massive consumer opportunity and a 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>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 are 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>*** Interested in attending? <\/strong><strong><a target=\"_blank\" href=\"https:\/\/optimism.enterprise.news\/\" style=\"\" rel=\"noopener\">Tap or click here<\/a><\/strong><strong> to let us know.<\/strong> Seating is limited.<\/p><p class=\"tag-border-left\">DATA POINT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1 Egypt has issued USD 71.6 bn worth of debt\u00a0<\/strong><strong>instruments since the beginning of the year<\/strong>, marking a 57% y-o-y increase, writes <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63062\/%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1%D8%A7%D8%AA-%D9%85%D8%B5%D8%B1-%D9%85%D9%86-%D8%A3%D8%AF%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D8%AF%D9%8A%D9%86-%D8%AA%D8%B1%D8%AA%D9%81%D8%B9-57-%D9%85%D9%86%D8%B0-%D8%A8%D8%AF%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A5%D9%84%D9%89-716-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>, citing calculations by Bloomberg. The value of EGP-denominated debt sold during the period reached its highest point in over ten years at USD 69.2 bn, rising 64% y-o-y.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>Egypt welcomes more tourists<\/strong><strong> in 1Q 2024:<\/strong> The number of tourists visiting Egypt has increased 3-4% y-o-y in the first quarter of the year, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0zXVoLyzzLUL73m9goiiu78bZWGY28qJV3LYqSw9UmhevKk9c6EMZERNhtMQF9jxGl\" style=\"\" rel=\"noopener\">Tourism Ministry statement<\/a>. Hotel occupancy in tourist cities reached 54.8% during the quarter, up 8% y-o-y, the ministry said in a separate <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0uCykMgWmXkmWwbaKgM9bJqfpAAwvkdj1U7ns8QVe1A6L9xrvFTfeTRBhxZh6ePLjl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Gold imports under the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eebc811-7a6e-4798-ad07-f7d9fc6192ea\" style=\"\" rel=\"noopener\">customs-exemptions initiative<\/a><\/strong><strong> rose to 4.6 tons over the<\/strong><strong> last year<\/strong>, Finance Minister Mohamed Maait told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63143\/%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D9%88%D9%86-%D9%8A%D8%AC%D9%84%D8%A8%D9%88%D9%86-46-%D8%B7%D9%86-%D8%B0%D9%87%D8%A8-%D9%85%D9%86-%D8%A7%D9%84%D8%AE%D8%A7%D8%B1%D8%AC-%D8%AE%D9%84%D8%A7%D9%84-%D8%B9%D8%A7%D9%85\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The initiative, which kickstarted last May and expires 10 May this year, has allowed gold to be brought into Egypt tax-free in a bid to stabilize gold prices. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No word yet on a possible extension: <\/strong>The government hasn\u2019t yet decided whether the initiative will be extended once it expires, Maait told the outlet. <\/p><p class=\"tag-border-left\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Smoke price hikes:<\/strong> Tobacco distributor JTI-Nakhla has raised the prices of cigarettes by 3-10%, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1875.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from the company. The price of its popular unflavored Winston brand is up 10% to EGP 55, while a pack of unflavored Camel cigarettes is up 5% to EGP 60 and a pack of the company\u2019s flavored Camel Activate is up only 3% to EGP 62.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>JTI is the latest tobacco distributor to hike its prices<\/strong> after the government approved a decision allowing tobacco distributors to hike their prices by up to 12% earlier <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8b0866c-babb-4bf4-98db-de2461de0411\" style=\"\" rel=\"noopener\">this month<\/a>.<\/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>WEATHER- <\/strong>It\u2019s going to be a warm and sunny day in Cairo today, with a high of 31\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a whole lot cooler in Alexandria<\/strong>, with a high of 24\u00b0C and a low of 17\u00b0C.<\/p><p class=\"tag-border-left\">WAR WATCH- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian offi<\/strong><strong>cials touch down in Israel for ceasefire talks: <\/strong>A high-level Egyptian delegation met with Israeli officials on Friday to push for a ceasefire in Gaza and avert an Israeli offensive on Rafah, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egyptian-delegation-israel-talks-gaza-hostages-2024-04-26\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. While Israel made no new proposals, it was willing to consider Egypt\u2019s proposal for Hamas\u2019 release of 33 hostages in exchange for a limited truce, an Egyptian official told the outlet. Should an agreement be reached, the pause would be \u201cdefinitely less than six weeks,\u201d the official anticipated.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel delivers an ultimatum:<\/strong> Israeli officials told the delegation that it would give negotiations \u201cone last chance\u201d before it moves forward with its planned ground invasion of Rafah, <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/04\/26\/israel-hamas-egypt-hostage-deal-rafah-invasion-gaza\" style=\"\" rel=\"noopener\">Axios<\/a> reports, citing two unnamed senior Israeli officials.<\/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 mixed bag on global front pages this morning: <\/strong>No single story hold sway, as is often the case on Sunday mornings<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US Federal Reserve\u2019s ongoing bid to tame inflation is making it more difficult <\/strong>for the European Central Bank and Bank of England to start cutting interest rates, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/123dd179-baf5-4f15-b979-c12b0695c33d\" style=\"\" rel=\"noopener\">Financial Times<\/a> warns. Policymakers aren\u2019t being explicit about it, but investors are already pricing-in the idea that rate cuts will be delayed, futures suggest. At the same time, a key index that the US Fed relies on to gauge inflation says that American consumers are borrowing more and dipping into their savings to keep spending, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/04\/26\/all-the-data-shows-inflation-isnt-going-away-making-things-tough-on-fed.html\" style=\"\" rel=\"noopener\">CNBC<\/a> notes, raising the odds the Fed will slow-walk cuts.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters now: <\/strong>The Fed\u2019s open markets committee will meet Tuesday and Wednesday. Pundits are parsing Jay Powell\u2019s every gesture for a suggestion as to when rate cuts might begin. Few now expect action before fall.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Pro-Palestine protests on US university campuses <\/strong>\u2014 and heavy-handed reactions by police and university officials \u2014<strong> are getting plenty of ink around the world<\/strong>. The story is everywhere from the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/education\/pro-palestinian-protest-new-york-city-universities-71c4c93e\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> to the <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/us-news\/2024\/apr\/27\/emory-university-georgia-police-campus-protests\" style=\"\" rel=\"noopener\">Guardian<\/a>, while the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/04\/26\/us\/columbia-university-nemat-shafik-vote.html\" style=\"\" rel=\"noopener\">New York Times<\/a> notes that Columbia University\u2019s senate has called for an investigation into Minouche Shafik, the university\u2019s Egypt-born president.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO making headlines: <\/strong>Wall Street is getting its head around a US <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/681ca675-d92a-4be1-bcd3-ed31c16ab191\" style=\"\" rel=\"noopener\">ban on non-compete<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/681ca675-d92a-4be1-bcd3-ed31c16ab191\" style=\"\" rel=\"noopener\">agreements<\/a> \u2014 and <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/ai\/investors-cheer-ai-spending-boom-in-big-techjust-not-at-meta-42af2528?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">shares of both Google parent company Alphabet and Microsoft advanced<\/a> after the companies reported strong first-quarter results. Google declared its <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/alphabet-microsoft-shares-jump-investors-cheer-ai-investment-2024-04-26\/\" style=\"\" rel=\"noopener\">first-ever dividend<\/a> and saw strong AI-based Google Workspace sales, while Microsoft reported improved cloud sales.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND-<\/strong> Europe is worried about <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/04\/27\/world\/europe\/china-spies.html\" style=\"\" rel=\"noopener\">Chinese spies<\/a> | Apple is <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-26\/apple-intensifies-talks-with-openai-for-iphone-generative-ai-features?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">talking to OpenAI and Google<\/a> about using their AI tech on its iPhone.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/strong> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not an internship program \u2014 a career:<\/strong> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/strong> in your subject line.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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experience.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619153\" 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=\"619153\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/egypt-could-receive-another-usd-820-mn-tranche-in-june\/\">\r\n                            Egypt could receive another USD 820 mn tranche in June        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style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>IMF greenlights expedited access to funding unlocked by upcoming third review<\/strong><strong>:&nbsp;<\/strong>Egypt could receive USD 820 mn from the International Monetary Fund from June 15 onwards \u2014 shortly following the Fund\u2019s third review of our loan program in the same month \u2014 after the Fund agreed to \u201cto better align access with review cycles under the program,\u201d according to a country <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1864.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> from the Fund on Friday. <\/p>\n<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 Egypt\u2019s extended fund facility and completed its long-delayed first and second reviews of the facility in late March, when it approved a decision to let the state draw USD 820 mn. Egypt received an initial tranche of USD 347 mn in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c374319e-e849-44f6-bf5a-8179fb41caf5\" style=\"\" rel=\"noopener\">December 2022<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When will the nex<\/strong><strong>t tranches be disbursed? <\/strong>Egypt will have access to five tranches of around USD 1.2 bn each if it passes reviews in September 2024, March 2025, September 2025, March 2026, and September 2026, according to the proposed schedule in the IMF\u2019s report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The country met 7 of the 15 structural benchmarks put forwards by the Fund:&nbsp;<\/strong>Policymakers managed to discard the use of letters of credit, publish a state-ownership policy, amend competition law with regard to M&amp;As, widen the scope of social protection programs to include more households, list tax policy measures for the FY 2023-2024 budget draft, prevent exemptions to banks breaching net FX open position limits and hit the brakes on launching new subsidized loans that are backed by the CBE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the Fund still wants us to make progress on <\/strong>publishing public procurement contracts exceeding EGP 20 mn on the government\u2019s e-tenders website, keeping the mechanism used in the retail fuel pricing up to date, ensuring the timely publication of audit reports on fiscal years<strong>, <\/strong>releasing comprehensive reports on tax expenditure, implementing executive regulations of the public finance management law, and reporting payment arrears by the Finance Ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two of the targets were dropped by the IMF: <\/strong>The adoption of a risk-based approach to customs procedures and the acceleration of the release of goods at the Alexandria port was dropped as a target by the Fund, as was the digitalization of real estate records to include geo-coded identifiers to facilitate property taxation. The fund said that they are no longer critical for the current program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Fund thinks we may be on the verge of finalizing stake sales of the Gabal El Zeit and<\/strong><strong> Zafarana wind farms: <\/strong>The IMF is anticipating that the state will wrap its stake sale for the Gabal El Zeit wind farm in the current fiscal year and thinks the sale could bring in USD 339 mn. The Fund also thinks the state is nearing the stake sale of either the Zafarana wind farm or a desalination plant that could bring in USD 300 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even with a rush of fresh funds coming in, the Fund is still penciling in a big financing<\/strong><strong> gap: <\/strong>The IMF estimated the country\u2019s financing gap at USD 28.5 bn for the remainder of the loan program by 2026 when taking into account the inflows from the Ras El Hekma agreement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Closing the gap is going to be difficult with arrears to pay:<\/strong> The state-owned oil firm Egyptian General Petroleum Corporation owes external arrears of between USD 4-5 bn, the fund said, adding that lower gas production amid higher domestic demand impeded the company\u2019s exports.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"619155\" 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=\"619155\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/act-financial-gets-egx-approval-for-ipo-in-2q-2024\/\">\r\n                            Act Financial gets EGX approval for IPO in 2Q 2024                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/act-financial-gets-egx-approval-for-ipo-in-2q-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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data-image-meta=\"[]\" data-image-title=\"2679.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2679.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2679.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619155\" class=\"content-area-description single-story post-619155 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-act-financial tag-egx tag-enterpriseam tag-ipo-watch tag-zilla-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.2e2d7363-ad43-4cd1-873f-115a64f7e1c4.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Act Financial gets the green light to list on the EGX:<\/strong> Investment management firm Act Financial is closing in on its long-awaited initial public offering on the EGX and expects to start trading its shares within two months, after obtaining approval from the EGX, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1903.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from the company yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What stake size are we talking?<\/strong> The company will be out with details of the upcoming IPO as soon as it works to finalize listing on the EGX in 2Q 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No exit:<\/strong> Act Financial aims to raise the whole amount through a capital increase, without the exit of any existing shareholders, the statement added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the fresh funds will go: <\/strong>Of the proceeds \u2014 which are expected to reach EGP 1 bn, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c059f85c-3a65-42fb-8ec3-c873838e83fc\/%253cmark%253eact%253c%2Fmark%253e%253cmark%253e-financial%253c%2Fmark%253e-to-raise-egp-1-bn-in-its-upcoming-ipo\" style=\"\" rel=\"noopener\">unconfirmed media reports<\/a> last month \u2014 75% will go into acquiring stakes in EGX-listed companies, while 20% will finance the registration of new SMEs on the bourse, Al Mal reports, citing what it says are sources in the know. The remaining 5% will go into restarting its subsidiaries in securities trading and asset management.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Retail investors will get 25% of the offering<\/strong>, while institutional investors will get 75%, the sources added to Al Mal. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThis has been our vision and dream since starting Act almost a decade ago in 2015,\u201d said CEO Bassem Azab. \u201cThe IPO will not only mark a new chapter in our journey but also provide us with the necessary resources to capitalize on our pipeline of opportunities. This will allow us to grow and expand, further solidifying our position as a key player in the investment scene.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The advisors: <\/strong>Investment bank Zilla Capital and law firm Matouk Bassiouny have been tapped as consultants on the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>We first caught wind of Act\u2019s IPO plans back in 2022, when Managing Partner and Co-Founder Mostafa Abdel Aziz told us that the investment firm is aiming to offer up to a 40% stake on 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\/act-financial\/\">Act Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zilla-capital\/\">Zilla Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619157\" 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=\"619157\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/cabinet-greenlights-freezone-tourist-port-for-ras-el-hekma\/\">\r\n                            Cabinet greenlights freezone, tourist port for Egypt\u2019s Ras El Hekma                        <\/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\/28\/cabinet-greenlights-freezone-tourist-port-for-ras-el-hekma\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We received the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c56ceb8-55ac-4055-b827-61334472f26c\/el-sisi%25e2%2580%2599s-address-announcing-the-arrival-of-the-first-tranche-of%253cmark%253e-ras-el-hekma-%253c%2Fmark%253efunds-dominated-the-airwaves-last-night\" style=\"\" rel=\"noopener\">first tranche of the payment late February<\/a> and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0f153a1-4a27-4cda-9c1d-6dfc4681517b\/\" style=\"\" rel=\"noopener\">second tranche<\/a> is expected to arrive in the nation\u2019s coffers at the beginning of May. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who is in charge? <\/strong>Cabinet has also greenlit a decision to set up a company dubbed Ras ElHekma for Urban Development, which will be given golden licenses to develop both the freezone and investment zone and will also be setting up the tourist port, according to the statement. Cabinet also approved the formation of a board of directors for the investment zone.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO APPROVED BY CABINET-<\/strong><\/p>\n<ul>\n<li><strong>Funds <\/strong><strong>for Gabal El Asfar water treatment plant: <\/strong>The ministers approved financing from the European Union and the French Development agency for the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0265ecaa-ed34-49ca-9a7c-b0587f07bc5b\/\" style=\"\" rel=\"noopener\">third phase of the Gabal El Asfar<\/a> water treatment plant. Phase three will raise the plant's capacity by 1 mn cubic meters per day to serve 17.5 mn people by 2040.<\/li>\n<li><strong>Land for the NREA: <\/strong>Cabinet approved a draft decision allocating three plots of land in the Suez and Red Sea governorates for the New and Renewable Energy Authority (NREA) to set up renewable-energy power plants.<\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-and-renewable-energy-authority\/\">New and Renewable Energy Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-el-hekma\/\">Ras El Hekma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619159\" 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=\"619159\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/chinese-steel-factory-opens-in-sczone-plus-elaraby-and-taiwanese-company-to-build-ac-factory-public-enterprise-ministry-mulls-mineral-extraction-project\/\">\r\n                            USD 12 mn Chinese steel factory opens in Egypt\u2019s SCZone. PLUS: Elaraby and Taiwanese company to build AC factory, Public Enterprise Ministry mulls mineral extraction project                        <\/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\/28\/chinese-steel-factory-opens-in-sczone-plus-elaraby-and-taiwanese-company-to-build-ac-factory-public-enterprise-ministry-mulls-mineral-extraction-project\/\" 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\/28\/chinese-steel-factory-opens-in-sczone-plus-elaraby-and-taiwanese-company-to-build-ac-factory-public-enterprise-ministry-mulls-mineral-extraction-project\/')\">\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\/28\/chinese-steel-factory-opens-in-sczone-plus-elaraby-and-taiwanese-company-to-build-ac-factory-public-enterprise-ministry-mulls-mineral-extraction-project\/\">\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=Chinese steel factory opens in SCZone. 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The plant will create some 200 jobs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fast-tracked factory:<\/strong> The factory was established within eight months, driven by thepartnership between the SCZone and China\u2019s special economic zone TEDA, the statement said. The factory will provide the technical development, design, testing, processing, and construction of steel structures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CSCEC loves Egypt:<\/strong> South Korean construction and plant operation company SK ecoplant willwork with CSCEC to build a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53c7111a-7581-4583-ab46-fec27faf0da9\" style=\"\" rel=\"noopener\">green hydrogen and green ammonia plant<\/a> in the SCZone. The group has also been contracted to design and construct the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c56b1ef7-a0a4-4361-b790-0b4a0b294ddc\/nspo-to-spin-out-new-a1-brand-of-filling-stations.-plus:-news-from-ekh,-accor,-new-alamein,-and-more\" style=\"\" rel=\"noopener\">Crystal Lagoon project<\/a> in downtown New Alamein on top of constructing five residential skyscrapers as part of the <a target=\"_blank\" href=\"https:\/\/english.cscec.com\/CompanyNews\/CorporateNews\/202106\/3353637.html\" style=\"\" rel=\"noopener\">Alamein Downtown Towers project<\/a>. The state-owned construction giant may also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7b8dea0-fa0d-4a5e-abf6-e1f535afc240\/%253cmark%253echina%253c%2Fmark%253e%25e2%2580%2599s%253cmark%253e-construction%253c%2Fmark%253e-behemoth-eyes-building-a-medical-city-near-the-new-capital\" style=\"\" rel=\"noopener\">establish a medical city project<\/a> in collaboration with the Health Ministry.<\/p>\n<p class=\"tag-border-left\">ELARABY, RECHI\u2019S AC COMPRESSOR FACTORY IS COMING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An update on a long-stalled project: <\/strong>Local home appliance manufacturer Elaraby Groupinked a strategic partnership with Taiwanese manufacturer Rechi to build a USD 40 mn air conditioning compressor factory in Beni Suef with an initial investment of USD 10 mn, according to separate statements from the companies (<a target=\"_blank\" href=\"https:\/\/www.rechi.com\/posts_en\/215\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/elarabygroup\/posts\/pfbid02UUHUz1fL7G2ZE9iUXLTjEimcy7ZPgvzkK8sHSCS37C1HDn9wT8Mq7YN76FXkCTm8l?locale=ar_AR\" style=\"\" rel=\"noopener\">here<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The factory will kick off production in 2025 with an initial annual production capacity of 1.5 mn units, which will rise to 6 mn units. Half of the units will be earmarked for exports and the factory will create 500 new jobs. Rechi will hold a 51% stake in the project, according to Elaraby Group <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Years in the making: <\/strong>The project has been in the making <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4e82829-1d16-4800-8beb-5bf05e3fbc71\" style=\"\" rel=\"noopener\">since 2022<\/a>. At the time, the factorywas expected to start production in 2024. <\/p>\n<p class=\"tag-border-left\">A SALT EXTRACTION COMPLEX- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Salts, mineral extraction on the table: <\/strong>State-owned Holding Company for Chemical Industries subsidiary <a target=\"_blank\" href=\"https:\/\/www.nasrsalines.net\/products\" style=\"\" rel=\"noopener\">El Nasr Salines Company<\/a> has submitted a proposal to establish an integrated industrial complex to extract salts and minerals, a Public Enterprise Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0vnw7F6MuNwZYk1xSwfqVVx4CmdDmfkazM4TbP943k7udmKcQH21EHWY9aKAFRtjZl\" style=\"\" rel=\"noopener\">statement<\/a> said. The project will be implemented in cooperation with private sector companies as part of a wider strategy to export high-value raw minerals.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know: <\/strong>If given the greenlight, the project would extract an annual 380k tons of tablesalt, 140k tons of magnesium sulfate, 78k tons of magnesium hydroxide, 28k tons of potassium chloride, and 2.3k tons of bromine. <\/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>The statement did not provide a timeline for the project or how much it would cost.<\/p>\n<p class=\"tag-border-left\">MORE INTEREST IN SODIUM CYANIDE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new USD 160 mn sodium cyanide project in the works:<\/strong> Austria\u2019s Petrochemical Holding Company and Czech company Draslovka are planning to jointly establish a sodium cyanide facility in Egypt, with delegations from the two companies discussing their plans last week with Trade Minister Ahmed Samir, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/story.php?id=100064812882317&story_fbid=919707773532977&_rdc=1&_rdr\" style=\"\" rel=\"noopener\">statement<\/a> from the ministry. The facility would see initial investments of USD 160 mn in its first phase, Samir said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART:<\/strong> Sodium cyanide is the solution commonly used for gold extraction from low-grade ore, and can be used to extract other metals, including copper, zinc, and silver.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not the first time foreign players have eyed sodium cyanide in Egypt:<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43a9cbdd-ba38-4f10-94bb-8603572b6188\/two-european-firms-mull-usd-270-mn-investments-in-plays-on-egypt%25e2%2580%2599s-growing-gold-industry\" style=\"\" rel=\"noopener\">Last month<\/a>, German cyanide producer CyPlus submitted an investment proposal to set up a USD 150 mn factory that would produce 30k tonnes of sodium cyanide per annum, while another Austrian company separately submitted a proposal for a USD 120 mn factory. It remains unclear whether that Austrian company mentioned last month is the Petrochemical Holding Company. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619161\" 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=\"619161\">\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\">A MESSAGE FROM VISA<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/visa-security-summit-2024\/\">\r\n                            Visa Security Summit 2024                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/visa-security-summit-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/visa-security-summit-2024\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/visa-security-summit-2024\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Visa Security Summit 2024&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/visa-security-summit-2024\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/visa-security-summit-2024\/&title=Visa Security Summit 2024\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Visa+Security+Summit+2024+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F04%2F28%2Fvisa-security-summit-2024%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/visa-security-summit-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1866.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619162\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/visa-security-summit-2024\/1866-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1866.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1866.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1866.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1866.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619161\" class=\"content-area-description single-story post-619161 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-visa tag-a-message-from-visa tag-enterpriseam tag-visa wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.5d20c555-b6e0-4904-922f-5af9dfb84033.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More than 350 industry leaders from 50 markets across Central and Eastern Europe, the&nbsp;<\/strong><strong>Middle East, and Africa (CEMEA) convened to unravel the future of digital security.<\/strong> With two days of keynotes, panels, and breakout sessions, the summit brought together global and regional Visa execs with experts in the field of payments and risk to discuss what\u2019s next when it comes to security.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What were the takeaways?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AI investments<\/strong> to combat fraud are a priority.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A zero liability guarantee<\/strong> for consumers in the face of fraudulent transactions is a must.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tokenization<\/strong>, replacing sensitive card data with tokens, will be a game-changer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Get the details <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1865.pdf\" style=\"\" rel=\"noopener\">here<\/a>. See the <a target=\"_blank\" href=\"https:\/\/navigate.visa.com\/cemea\/trust-and-security\/watch-visa-cemea-security-summit-highlights\/\" style=\"\" rel=\"noopener\">highlights<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a-message-from-visa\/\">A MESSAGE FROM VISA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/visa\/\">Visa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619163\" 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=\"619163\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/\">\r\n                            Mashreq\u2019s net income after tax rose by 25% in 1Q2024; Mo Salah on board for Mashreq NEO Visa in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/\" 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\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/')\">\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\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/\">\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=Mashreq\u2019s net income after tax rose by 25% in 1Q2024&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/\">\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\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/&title=Mashreq\u2019s net income after tax rose by 25% in 1Q2024\">\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=Mashreq%E2%80%99s+net+income+after+tax+rose+by+25%25+in+1Q2024+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F04%2F28%2Fmashreqs-net-income-after-tax-rose-by-25-in-1q2024%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\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/891.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619164\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/891-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/891.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"891.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/891.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/891.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619163\" class=\"content-area-description single-story post-619163 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings-watch tag-enterpriseam tag-mashreq-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\/.a37ecf75-b93b-461a-8d9c-d71332a3eb04.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our friends at Mashreq reported AED 2.0 bn in net income after tax in 1Q 2024<\/strong>, rising 25% y-o-y, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1859.pdf\" style=\"\" rel=\"noopener\">earnings report (pdf)<\/a>. On a pre-tax basis, the UAE-based bank\u2019s net income came in at AED 2.3 bn (up 36% y-o-y), with the lender noting that its net income after tax remained strong despite the introduction of the 9% corporate tax.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the growth:<\/strong> \u201cThe main drivers include exceptional business growth, healthy client margins, the current interest rate environment, and low risk costs,\u201d Mashreq said. The bank also reported 23% y-o-y growth in its net interest income, rising to AED 2.1 bn, which accounted for 68% of the lender\u2019s total revenues for the quarter. Non-interest income rose 29% y-o-y, coming in at nearly AED 997 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank is expanding and investing abroad:<\/strong> \u201cOur efforts to launch our Digital Retail Bank in Pakistan remain afoot, which will mark a significant step in our international expansion,\u201d said Group CEO Ahmed Abdelaal. \u201cAdditionally, the initiation of corporate banking operations in the United Kingdom and the opening of a new branch in Mumbai are pivotal in our mission to deliver innovative banking solutions across diverse markets.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And that includes Egypt: \u201c<\/strong>In Egypt, the launch of Mashreq NEO represents a key development in offering simplified and innovative banking experiences, which align with our goals to enhance customer satisfaction,\u201d Abdelaal said.<\/p>\n<p class=\"tag-border-left\">AND ON THE TOPIC OF MASHREQ NEO-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Introducing the Mashreq NEO Visa Card:<\/strong> Our friends at Mashreq Egypt and Visa have launched the Mashreq NEO Visa Card, a new service targeting Egypt\u2019s youth and offering them \u201cseamless banking services, and exclusive benefits,\u201d according to a&nbsp;<a href=\"https:\/\/ent.news\/2024\/4\/2043.pdf\" target=\"_blank\" rel=\"noopener\">joint&nbsp;statement&nbsp;(pdf)<\/a>&nbsp;on Wednesday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mo Salah is on board: <\/strong>The Egyptian football superstar and Visa international ambassador will feature prominently in advertising for the Mashreq NEO Visa card in Egypt, Mashreq and Visa said in their statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cOur partnership with Mashreq is a testament to our shared commitment to innovation, accessibility, and the empowerment of individuals,\u201d Visa\u2019s country manager Malak El Baba said. \u201cMore than just a new segment, Mashreq NEO is a symbol of our pledge to provide efficient, secure, lifestyle and personalized banking experiences,\u201d added Mashreq Egypt\u2019s retail banking head Mohamed Talaat.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> Mashreq Egypt launched Mashreq NEO \u2014 a banking segment that fulfills clients\u2019 on-the-go banking needs \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/490cdbcf-937b-4b6d-9ce9-9eb0ce115145\/\" style=\"\" rel=\"noopener\">last month<\/a>. Clients from the age of 15 can apply for a Mashreq NEO account through the bank\u2019s mobile application on <a target=\"_blank\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.vipera.ts.starter.MashreqEG&amp;hl=en_US\" style=\"\" rel=\"noopener\">Google Play<\/a> or <a target=\"_blank\" href=\"https:\/\/apps.apple.com\/us\/app\/mashreq-egypt\/id1130658092\" style=\"\" rel=\"noopener\">App Store<\/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\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mashreq-bank\/\">Mashreq Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619165 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=\"619165\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/619165\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619165\" class=\"content-area-description single-story post-619165 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/186.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619166\" 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=\"619166\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/talk-shows-explore-a-fresh-imf-report-on-egypts-loan-program-plus-us-pro-palestine-student-protests-get-airtime\/\">\r\n                            Talk shows explore a fresh IMF report on Egypt\u2019s loan program. PLUS: US pro-Palestine student protests get airtime                        <\/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\/28\/talk-shows-explore-a-fresh-imf-report-on-egypts-loan-program-plus-us-pro-palestine-student-protests-get-airtime\/\" 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\/28\/talk-shows-explore-a-fresh-imf-report-on-egypts-loan-program-plus-us-pro-palestine-student-protests-get-airtime\/')\">\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\/28\/talk-shows-explore-a-fresh-imf-report-on-egypts-loan-program-plus-us-pro-palestine-student-protests-get-airtime\/\">\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=Talk shows explore a fresh IMF report on Egypt\u2019s loan program. 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The financing gap \u201ccan be remedied by increasing exports by about USD 5-7 bn annually, as well as increasing foreign direct investment to the country.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe biggest risk to Egypt maintaining its loan program is failing to adhere to a free<\/strong><strong> exchange rate,<\/strong><strong>\u201d <\/strong>Fouad said, referring to the report\u2019s findings. \u201cAs long as there is the ability to manage commercial operations without resorting to the parallel market and merchants are able to price their products for the next three or six months ... over time, people will become accustomed and confident in the official exchange rate,\u201d Fouad added, <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cForeign direct investment will not come without transparency and competitiveness,\u201d<\/strong>Fouad said, pointing to the Fund\u2019s demand for the government to publish all procurement contracts with a value exceeding EGP 20 mn on an open and available website, publicizing any exemptions and benefits provided to state agencies, as well as the debts of government agencies to the public treasury every 90 days. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Guiding lines: <\/strong>The Fund puts forward about 15 points and general policy guidelines, but in the end they are non-binding targets and what is important is the results, Fouad explained, adding that \u201cthe Fund gives us a framework for governance, which is what we really need.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND OVER IN INTERNATIONAL NEWS- Palestine protests in the US captured the<\/strong><strong> attention of the nation\u2019s talking heads:<\/strong> Arrests at pro-Palestinian student protests in the US are \u201cunprecedented,\u201d said Lamees El Hadidi on Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-896UBaxqa0\" style=\"\" rel=\"noopener\">watch, runtime: 11:43<\/a>). Columbia University President Nemat Shafik is currently facing increasing pressure to resign for not calling the police on the protesters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe White House is in a critical position,\u201d<\/strong>Heba Al Qudsi, director of the Washington bureau of Al Sharq Al Awsat newspaper, told El Hadidi, when asked about the extent to which the pro-Palestine student protests have affected the American political decision. \u201cOn the one hand, it cannot condemn the protests from the standpoint of defending and promoting democratic values, and on the other hand, it cannot support the protests because it cannot anger Israel.\u201d The impact on the Biden administration would be \u201cdisastrous\u201d if the protests continued and spread outside of the universities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A<\/strong><strong>LSO ON THE AIRWAVES LAST NIGHT-<\/strong><\/p>\n<ul>\n<li><strong>The universal healthcare ins. scheme got significant airtime<\/strong>. El Hadidi conducted a discussion about how the first phase of the universal healthcare ins. scheme has been going, the extent of citizens\u2019 satisfaction with it, and the reasons for the weak private sector participation so far (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=z7ffAIwfrjg\" style=\"\" rel=\"noopener\">watch, runtime: 42:36<\/a>)<\/li>\n<li><strong>The latest commodity prices,<\/strong> especially in light of the calls for a boycott of some commodities, were scrutinized on Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=rXG_xqxhsrY\" style=\"\" rel=\"noopener\">watch, runtime: 12:11<\/a>), El Hekaya (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1009734554044919\" style=\"\" rel=\"noopener\">watch, runtime: 3:42<\/a>), and Alaa Masouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=qjVOT_PxLSg\" style=\"\" rel=\"noopener\">watch, runtime: 40:38<\/a>).<\/li>\n<li><strong>Mohamed Salah\u2019s altercation with coach Jurgen Klopp<\/strong> in the Liverpool-West Ham match yesterday also caught the attention of talk show hosts. El Hekaya (watch, runtime: 3:04), Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=JSBhsTRV0Ko\" style=\"\" rel=\"noopener\">watch, runtime: 7:00<\/a>), and Alaa Masouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=kA2MuwWir_0\" style=\"\" rel=\"noopener\">watch, runtime: 2:48<\/a>) all had the story.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gaza\/\">Gaza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/growing-gulf-investor-interest-in-egypt-is-catching-the-attention-of-the-international-press\/\">\r\n                            Growing Gulf investor interest in Egypt is catching the attention of the international press                        <\/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\/28\/growing-gulf-investor-interest-in-egypt-is-catching-the-attention-of-the-international-press\/\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/growing-gulf-investor-interest-in-egypt-is-catching-the-attention-of-the-international-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1671.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619170\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/growing-gulf-investor-interest-in-egypt-is-catching-the-attention-of-the-international-press\/1671-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1671.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1671.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1671.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1671.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619169\" class=\"content-area-description single-story post-619169 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-food tag-gaza tag-state-privatization-program tag-tourism 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\/.633396b0-8b40-428b-be43-ea78b1906391.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The international press zeroes in on Egypt-bound Gulf investments: <\/strong>Abu Dhabi wealth fund ADQ has made big investments in the Egypt\u2019s lucrative tourism sector this year \u2014 including, but not limited to the landmark USD 35 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">Ras El Hekma<\/a> agreement \u2014 and Saudi Arabia could soon be following suit in south Sinai, thinks <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-27\/why-wealthiest-gulf-powers-like-uae-are-snapping-up-prime-property-in-egypt?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, as the Gulf powerhouses seek to shore up the country\u2019s economy and ensure regional stability through investments rather than handouts. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Luxury tourism in particular could benefit from the new influx of funds,<\/strong> bringing Egypt\u2019sstandards up to those of luxury customers, Abu Dhabi Commercial Bank Chief Economist Monica Malik told the outlet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not just Egypt\u2019s travel destinations that are attracting Gulf attention: <\/strong>Both the UAE andSaudi Arabia have reportedly shown interest in the stake sale of Egypt\u2019s military-built petrol station chain <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/186b8b0d-c93f-40db-960d-03e84dd9e709\/madbouly-assesses-final%253cmark%253e-wataniya%253c%2Fmark%253e-bids\" style=\"\" rel=\"noopener\">Wataniya<\/a>, while Qatar could also be joining the mix, with its eye on a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f9a5a94-cc1c-4fc1-b8c6-7c02d15cae3b\/ramadan-kareem\" style=\"\" rel=\"noopener\">stake in Vodafone Egypt<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO PUTTING EGYPT IN THE NEWS- Shawarma restaurant set up by displaced Gazan<\/strong><strong> gives Palestinian refugees a taste of home: <\/strong>A restaurant opened by a Palestinian businessman who fled Israel\u2019s war on Gaza and had his restaurants and house destroyed in the siege has set up shop in Cairo, offering Egyptians and Palestinans alike a taste of authentic Gazan shawarma, writes <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/shawarma-restaurant-cairo-brings-taste-home-displaced-palestinians-2024-04-25\/\" style=\"\" rel=\"noopener\">Reuters<\/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\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gaza\/\">Gaza<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"619171\" 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=\"619171\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/italian-energy-giant-eni-slows-down-egypt-operations-plus-more-incoming-lng-shipments-foreign-funding-for-high-speed-rail-hassan-allam-siemens-land-gcc-railway-project-new-nobu-project\/\">\r\n                            Italian energy giant Eni slows down Egypt operations. PLUS: More incoming LNG shipments, foreign funding for high-speed rail, Hassan Allam + Siemens land GCC railway project, new Nobu project                        <\/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\/28\/italian-energy-giant-eni-slows-down-egypt-operations-plus-more-incoming-lng-shipments-foreign-funding-for-high-speed-rail-hassan-allam-siemens-land-gcc-railway-project-new-nobu-project\/\" 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\/28\/italian-energy-giant-eni-slows-down-egypt-operations-plus-more-incoming-lng-shipments-foreign-funding-for-high-speed-rail-hassan-allam-siemens-land-gcc-railway-project-new-nobu-project\/')\">\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\/28\/italian-energy-giant-eni-slows-down-egypt-operations-plus-more-incoming-lng-shipments-foreign-funding-for-high-speed-rail-hassan-allam-siemens-land-gcc-railway-project-new-nobu-project\/\">\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=Italian energy giant Eni slows down Egypt operations. PLUS: More incoming LNG shipments, foreign funding for high-speed rail, Hassan Allam + Siemens land GCC railway project, new Nobu project&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/italian-energy-giant-eni-slows-down-egypt-operations-plus-more-incoming-lng-shipments-foreign-funding-for-high-speed-rail-hassan-allam-siemens-land-gcc-railway-project-new-nobu-project\/\">\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\/28\/italian-energy-giant-eni-slows-down-egypt-operations-plus-more-incoming-lng-shipments-foreign-funding-for-high-speed-rail-hassan-allam-siemens-land-gcc-railway-project-new-nobu-project\/&title=Italian energy giant Eni slows down Egypt operations. 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Eni issued <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1908.pdf\" style=\"\" rel=\"noopener\">its earnings release for 1Q 2024 last week (pdf)<\/a>, which showed that the company\u2019s production in Egypt dropped by 11.7% y-o-y to 293k barrels of oil equivalent by the end of the quarter.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A change of tone:<\/strong> Eni in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f843071-dfad-4c1a-b639-6a083b287bcd\/\" style=\"\" rel=\"noopener\">September<\/a> announced plans to invest USD 7.7 bn with its partners in their Egypt operations over the next four years, marking a massive step up in its spend on exploration.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Another LNG shipment on its way:<\/strong> State gas firm EGAS has purchased another LNG shipment as part of a plan to secure gas supplies ahead of peak consumption this summer, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63063\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B4%D8%AA%D8%B1%D9%8A-%D8%B4%D8%AD%D9%86%D8%A9-%D9%81%D9%88%D8%B1%D9%8A%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%85%D9%86-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D8%A7%D9%84%D9%85%D8%B3%D8%A7%D9%84\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing Bloomberg. The shipment is expected to reach the Aqaba LNG terminal in Jordan in late May for regasification and was reportedly purchased at a premium to the benchmark Dutch TTF. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government has purchased at least two shipments of LNG due to be delivered next month, an Oil Ministry source previously <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/625cba2a-fe2a-4310-abfb-4185dbf0ff2f\" style=\"\" rel=\"noopener\">told Enterprise<\/a>. The government reportedly plans to spend up to USD 120 mn per month between July and October to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4dee55b2-9d00-4dd3-ac1f-7da2d203a76d\" style=\"\" rel=\"noopener\">import three LNG shipments monthly<\/a> during the period, while sources told Reuters last week that the government is expected to import 20 shipments in total until the end of summer. <\/p><p class=\"tag-border-left\">TRANSPORT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Our friends at Hassan Allam Construction and Siemens Mobility were awarded a\u00a0<\/strong><strong>signaling contract<\/strong> for the first-ever cross-border railway link in the Middle East, linking Abu Dhabi in the UAE and Sohar in Oman, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1872.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Under the contract, Hassan Allam and Siemens will work to design, build, and integrate the train protection system over the 303 km long railway link. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It all started in Egypt: <\/strong>\u201cHassan Allam Construction and Siemens have a long-standing record of successful collocation in Egypt, and we are honored to extend this partnership in other important regional countries like UAE and Oman,\u201d said Hassan Allam Construction Chairman Hassan Allam.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>Foreign funding for our high-speed electric rail?<\/strong> A syndicate of 18 international institutions is putting together a EUR 2.3 bn loan for the first line of the high-speed electric railway connecting Ain Sokhna and Matrouh, <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1783547789844033571\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports. The loan will finance the manufacture and supply of 15 express trains, 34 passenger trains, and 14 locomotives for freight transportation. It will also cover telecommunication systems and electromechanical work.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Delivery due soon:<\/strong> Currently under construction, the first phase is expected to be ready for trial runs by the end of 2024, or early 2025 at the latest, the news outlet reports.<\/p><p class=\"tag-border-left\">HOSPITALITY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Nobu brand is expanding in Egypt: <\/strong>Global luxury brand Nobu Hospitality will setup another hotel and restaurant in Egypt, this time in East Cairo, under an agreement inked with real estate developer SODIC, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1877.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. There was no information about the size of investment or timeframe given.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nobu?<\/strong> A luxury hotel and restaurant company founded in the 1990s by celebrity chef NobuyukiMatsuhisa and Robert De Niro.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Third time\u2019s a charm: <\/strong>This marks the third partnership between the two sides. They are also launching two luxury hotels, a residential project and restaurant in New Zayed and Ras El Hekma. <\/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\/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\/egas\/\">EGAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-construction\/\">Hassan Allam Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/siemens-mobility\/\">Siemens Mobility<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/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=\"619173\" class=\"issue-section markets\">\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=\"619173\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/emerging-markets-are-driving-the-global-gold-market\/\">\r\n                            Emerging markets are driving the global gold market                        <\/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\/28\/emerging-markets-are-driving-the-global-gold-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(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/emerging-markets-are-driving-the-global-gold-market\/')\">\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\/28\/emerging-markets-are-driving-the-global-gold-market\/\">\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=Emerging markets are driving the global gold market&url=https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/emerging-markets-are-driving-the-global-gold-market\/\">\n                    X                    <!-- <img 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data-image-meta=\"[]\" data-image-title=\"1609.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1609.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1609.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619173\" class=\"content-area-description single-story post-619173 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-commodities tag-enterpriseam tag-financial-markets 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\/.1837ec80-ccb4-40e1-b87f-0d37a0de9423.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Emerging economies have become the linchpin of the gold market:<\/strong> Emerging market demand for gold has been driving up the price of the precious metal despite a strong USD, high US interest rates, and weak demand from Europe, World Gold Council\u2019s senior market strategist for Europe and Asia, John Reade, said at the first edition of the World Gold Council conference in Egypt last week. \u201cGold is very much an emerging market story,\u201d he said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As good as gold:<\/strong> Gold prices rose to an all-time high of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fb88c4e7-a1f5-4259-a724-59847d1d703a\" style=\"\" rel=\"noopener\">over USD 2.4k<\/a> an ounce this month, continuing an upward trend that saw the commodity reaching consecutive record highs. Gold has so far outperformed every asset class this year, topping US stocks \u2014 to which it came in second last year \u2014 said Reade.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The players:<\/strong> India and China account for more than 50% of the world's gold demand, but other emerging areas like the Middle East and Southeast Asia also play a pivotal role, Reade said, name-checking Egypt and Turkey as sources of demand for gold as an investment.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EM central banks have been a main driver of demand:<\/strong> \u201cThe biggest change that's taken place in the gold market in the last few years has been the action of the world's central banks,\u201d Reade said. Around the time of the global financial crisis, \u201cemerging market countries who had added tns of USD to their foreign exchange reserves started to buy gold,\u201d while a two-decade trend of selling by Western banks came to a halt, he explained. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>EM central banks in 2022 and again in 2023 bought almost double the 500 tons of gold a year that they averaged between 2010 and 2021, he said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why are Western investors giving gold a break?<\/strong> In North America, the strong performance of the US equity market coupled with high interest rates mean that the opportunity cost of holding gold is high, Reade said. In Europe, meanwhile, high interest rates are compounded by inflation, which has been eroding disposable incomes and limiting gold purchases, he explained.<\/p><p><a target=\"_blank\" id=\"t.1a56818f74f293c3ad85218e3f1d65c6b751a054\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">25,918<\/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\">-3.2% (YTD: +4.1%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.97<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.85<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,255<\/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: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,042<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: -4.3%)<\/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>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\">4,148<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,100<\/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: +6.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;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\">8,140<\/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: +5.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,007<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.4% (YTD: +14.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;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 89.50<\/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\">+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.92<\/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\">-3.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,347.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 63,184.50<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.4% (YTD: +49.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 3.2% at Wednesday\u2019s close<\/strong> on turnover of EGP 3.8 bn (24.1% below the 90-day average). Local investors were net sellers. The index is up 4.1% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>E-Finance (+0.3%) and Sidi Kerir Petrochemicals (+0.03%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Beltone Holding (-9.2%), Ibnsina Pharma (-8.5%), and Palm Hills Development (-6.8%).<\/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\/commodities\/\">commodities<\/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\/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<section id=\"619175\" 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\/28\/619175\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619175\" class=\"content-area-description single-story post-619175 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;\">28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) meeting on \u2018global collaboration, growth, and energy.\u2019<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 April (Monday): The government\u2019s car export scheme expires.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 April (Tuesday): The Decision Makers Conference 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;\">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>5<\/span><span> May (Wednesday): National holiday in observance of Labor 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;\">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>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;\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4-5 Augu<\/span><span style=\"font-weight:400;\">st (Monday-Tuesday): Egypt Expat Forum.<\/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>Mid-year: T<\/span><span style=\"font-weight:400;\">he fifth Japan-Arab Economic Forum.<\/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>Another IMF tranche in June? | Ras El Hikma project steams ahead | Goldman forecasts 2% CBE rate cut | Eni slowing Egypt ops<\/p>\n","protected":false},"featured_media":619149,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-619148","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c47769de-b923-46be-9618-b4a4f26babdb","teaser":"Another IMF tranche in June? | Ras El Hikma project steams ahead | Goldman forecasts 2% CBE rate cut | Eni slowing Egypt 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