{"id":619380,"date":"2024-05-01T00:00:00","date_gmt":"2024-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=619380"},"modified":"2025-12-17T05:29:07","modified_gmt":"2025-12-17T05:29:07","slug":"auto-sales-down-43-m-o-m-in-march-as-customers-wait-for-further-price-reductions","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/auto-sales-down-43-m-o-m-in-march-as-customers-wait-for-further-price-reductions\/","title":{"rendered":"Auto sales down 43% m-o-m in March as customers wait for further price reductions"},"content":{"rendered":"<section id=\"619382\" 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=\"619382\">\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\/05\/01\/egx30-down-6-to-four-month-low\/\">\r\n                            EGX30 down 6% to four-month low                        <\/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\/05\/01\/egx30-down-6-to-four-month-low\/\" target=\"_blank\">\n                    Open in new tab                    <!-- 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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2470.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2470.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2470.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619382\" class=\"content-area-description single-story post-619382 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-capital-markets tag-egx tag-enterpriseam 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\/5\/.1a3ae009-4900-4498-82a3-de5e3c0aebaa.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>The EGX30 may be down, but we hope that all of your spirits are up with a long weekend just two days away. In case no one told you, the public and private sectors and all banks will be off on Sunday and Monday next week in observance of Labor Day and Sham El Nessim.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue<\/strong>, we\u2019ve got news that auto sales have slumped to their lowest in at least five years, another Chinese manufacturing project in the works (no surprise here), the prospect of increased trade and investment cooperation with Belarus, and much, much more for you today.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p class=\"tag-border-left\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another warm and sunny day in Cairo today<\/strong>, with a high of 30\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a little cooler and breezier in Alexandria<\/strong>, with a high of 25\u00b0C and a low of 16\u00b0C.<\/p><p class=\"tag-border-left\">EGX WATCH- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>The EGX30 dropped 6.0% at yesterday\u2019s close<\/strong>, with each of the index\u2019s components \u2014 bar E-finance with a modest 0.4% gain \u2014 ending in the red, after the index <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76eca1b5-b242-4058-b9fb-c921d1e1442e\/\" style=\"\" rel=\"noopener\">jumped 5.6%<\/a> and reached a four-year intraday high the day before. The index now sits at 24,449 \u2014 its lowest level in four months \u2014 and is down 1.8% YTD. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s all about figuring out the value of the EGP, say EGX insiders: <\/strong>Sharp fluctuations on the bourse have been on the back of traders trying to figure out the value of stocks as the EGP settles following the float of the national currency in March, Former EGX board member Ehab Saied told Enterprise.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The why: <\/strong>The EGX reached historic highs in the run up to the float \u2014 hitting 35k points when the EGP exchange rate against the greenback on the parallel market was in and around the EGP 70 mark \u2014 as investors looked to the bourse to hedge against currency volatility, Saied explained. Now we\u2019ve said goodbye to the unpredictability of the parallel markers and investors are no longer looking towards the EGX as a way to hedge, investors are trying to figure out the actual value of stocks.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But\u00a0<\/strong><strong>there\u2019s also other drivers of market instability:<\/strong> Rumors about capital gain taxes on EGX transactions have been circulating in the local media have affected the market, Horizon Security Brokerage\u2019s Moatasem Al Shahidy told <a target=\"_blank\" href=\"https:\/\/al-ain.com\/article\/billion-pounds-stock-shares-sessions-initiator\" style=\"\" rel=\"noopener\">Al Ain<\/a>. Heightened tensions in the region have also added to the unpredictability of the market, he added.<\/p><p class=\"tag-border-left\">WATCH THIS SPACE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>A more optimistic primary surplus forecast: <\/strong>Finance Minister Mohamed Maait now expects the country\u2019s primary surplus to come in at 5.75% by the end of the current fiscal year on the back of the arrival of around USD 12 bn from the landmark Ras El Hekma agreement, he told Morgan Stanley\u2019s head of EMEA Clare Woodman, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid032r3afd8frNXqBCEWTKgxbghNPFRtGRYEogYnU4qxgQvkoet67jt3t8raZcv9HXjhl\" style=\"\" rel=\"noopener\">statement<\/a> from the ministry. The government\u2019s last forecast penciled in a primary <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b22a5100-0c81-46fe-9ac3-c52f94b2719d\/economy-to-grow-at-a-4.0%2525-clip-in-preliminary-budget-report-for-fy-2024-25\" style=\"\" rel=\"noopener\">surplus of 2.5%<\/a> for the current fiscal year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And a more positive budget deficit to boot:\u00a0<\/strong>Maait also sees the budget deficit finishing the fiscal year at 3.95%, down from the government\u2019s forecast of 7.0%.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More Morgan Stanley news to come?<\/strong> \u201cWe look forward to benefiting from the capabilities of Morgan Stanley and enhancing cooperation in hedging arrangements against rising prices for the most popular commodities... and in non-traditional financing,\u201d Maait said.<\/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\"><strong>#1- The Immigration Ministry has opened the door for Egyptians living abroad to settle<\/strong><strong> unfulfilled military service obligations<\/strong> for two months starting today, according to <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0sx2Y5XzRDnNwJmWXty3413hq8gMNQ9ALpQnRAy4MCPFgBvrW2GXrPNV43vb6aYMcl\" style=\"\" rel=\"noopener\">a ministry statement<\/a>. The settlement cost has changed to <a target=\"_blank\" href=\"https:\/\/www.tagneedinit.gov.eg\/\" style=\"\" rel=\"noopener\">USD 7k \/ EUR 7k<\/a> from USD 5k \/ EUR 5k in the first iteration of the initiative.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Attention, investors:<\/strong> Supply Minister Ali El Moselhi will offer investors the chance to invest in several internal trade projects today, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/29\/1787375\" style=\"\" rel=\"noopener\">MENA<\/a> reports, without diving deeper into the details. We will be keeping our ears to the ground today to find out more. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Early signs of <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\" style=\"\" rel=\"noopener\">Egypt-EU strategic partnership<\/a><\/strong><strong> bearing fruit?<\/strong> A technical mission from the EU is in town to meet with various ministries and national authorities in Egypt to discuss ways of offering macroeconomic and budget support as part of a two-day trip that started yesterday, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02zg1uUWXeg5XJjnyUZ9GESFyroGYKfuG1XEjSKsHSeHkdt8D5Xq3GyHF2kuV3sSEEl\" style=\"\" rel=\"noopener\">statement<\/a> from the International Cooperation Ministry.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the agenda: <\/strong>During its trip, the delegation has penciled in meetings with the ministries of finance, planning, international cooperation, trade, environment, electricity, labor, and the Central Bank of Egypt. <\/p><p class=\"tag-border-left\">NEWS TRIGGERS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>It\u2019s the first day of May \u2014 <\/strong>here are the key news triggers to keep your eyes on in this month:<\/p><ul>\n<li><strong>Inflation: <\/strong>Capmas and the CBE are expected to publish the inflation data for April next week. The likelihood that we\u2019re on a deflationary path seems good, with annual urban inflation cooling 2.4 percentage points to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1893b899-8f26-4bd3-8c9c-232f2d8ee93c\/%253cmark%253einflation%253c%2Fmark%253e-eases-in-march-following-egp-float\" style=\"\" rel=\"noopener\">33.3% in March<\/a> on the back of a softer increase in food prices as traders priced in a lower exchange rate following the fall of the parallel market.<\/li>\n<li><strong>Interest rates: <\/strong>The central bank\u2019s Monetary Policy Committee will meet on 23 May to review rates. Most analysts are yet to unveil their forecasts, but <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63e469c9-3dca-4aa2-b4be-3a4adc54842d\/goldman-sachs-forecasts-2%2525-cbe-interest-rate-cut-in-may\" style=\"\" rel=\"noopener\">Goldman Sachs<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63e469c9-3dca-4aa2-b4be-3a4adc54842d\/goldman-sachs-forecasts-2%2525-cbe-interest-rate-cut-in-may\" style=\"\" rel=\"noopener\">expects<\/a> the CBE to cut rates by 200 bps at its next policy meeting to bring rates down after its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\/\" style=\"\" rel=\"noopener\">600 bps rate hike<\/a> in March alongside the EGP float.<\/li>\n<li><strong>Foreign reserves: <\/strong>Economists and analysts will be awaiting the release of April\u2019s foreign reserves data from the central bank over the coming few days to see how fresh inflows coming our way following the float of the EGP will continue to affect our net foreign reserve position after our net foreign reserves rose in March to their <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46df9d21-89e7-45fa-bc58-a87c4ffc1dfa\/foreign-reserves-jump-above-usd-40-bn-thanks-to-ras-el-hekma\" style=\"\" rel=\"noopener\">highest level<\/a> since Russia\u2019s war on Ukraine and the global rise of interest rates triggered the flight of hot money from EMs.<\/li>\n<li><strong>PMI figures: <\/strong>S&amp;P Global will publish Egypt\u2019s PMI figures for April on Wednesday 8 May measuring the country\u2019s non-oil private sector activity, which has been in contraction for the last 40 months. We\u2019re still yet to see the hoped for uptick in business activity following the float of the EGP with March\u2019s data showing \u201c <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17af29c8-54b5-4ecb-a4ff-92ad3b00f68d\/%253cmark%253epmi%253c%2Fmark%253e-records-softer-but-still-solid-deterioration-in-march\" style=\"\" rel=\"noopener\">softer but still-solid deterioration<\/a> \u201d on the back of persistent currency challenges and elevated inflationary pressures. <\/li>\n<\/ul><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\">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\"><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.<\/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\"><a id=\"wwtt5\"><\/a> <strong>The end of the Egyptian gold rush?<\/strong> Local sales of gold bullions and coins were down 36% y-o-y to record 5.2 tons in 1Q 2024 \u2014 its lowest figure since 2Q 2022 \u2014 according to the World Gold Council\u2019s Gold Demand Trends <a target=\"_blank\" href=\"https:\/\/www.gold.org\/goldhub\/research\/gold-demand-trends\/gold-demand-trends-q1-2024#registration-type=google&amp;just-verified=1\" style=\"\" rel=\"noopener\">quarterly report and data set<\/a>. \u201cEgypt\u2019s improved economic circumstances diluted the safe-haven motive of gold investors,\u201d the report said, pointing to the country\u2019s expanded package from the IMF and the central bank floating the EGP. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Egyptians are as fond of jewelry as ever: <\/strong>Local sales of gold jewelry rose 3% y-o-y in the same period to 8.0 tons.<\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aqarmap is bringing Egyptian and Saudi developers together:<\/strong> Real estate marketplace <a target=\"_blank\" href=\"https:\/\/aqarmap.com.eg\/en\/\" style=\"\" rel=\"noopener\">Aqarmap<\/a> will organize a developers-get-together platform on Sunday 12 May in Cairo, bringing together Egyptian and Saudi real estate developers and property investors, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/2247.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a> from the company.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Just a couple of stories are getting very wide play in the global business press <\/strong>on an otherwise very quiet Wednesday morning. It\u2019s a national holiday today from much of Europe (France, Germany, Italy, Spain, Sweden) to India, Korea, and Latin America in observance of labor day.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Here\u2019s the rundown on what\u2019s making headlines:<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- BlackRock has landed a USD 5 bn commitment from Saudi Arabia\u2019s Public Investment Fund and <\/strong><strong>will open a \u201cmulti-class investment firm\u201d in Riyadh. <\/strong>A unit of the world\u2019s largest asset manager will target investments in the Kingdom as well as across the Middle East and North Africa. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">EnterpriseAM Saudi has more<\/a>, as do the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0127f1d6-7b20-4b2e-8886-659d63e2e6a1\" style=\"\" rel=\"noopener\">Financial Times<\/a>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/blackrock-launch-pif-backed-saudi-investment-platform-2024-04-30\/\" style=\"\" rel=\"noopener\">Retuers<\/a>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-30\/blackrock-to-get-5-billion-from-pif-to-boost-saudi-presence?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-today-earnings-04-30-2024\/card\/blackrock-teams-with-saudi-sovereign-wealth-fund-to-launch-riyadh-based-investment-firm-lBz0WqFlCSATyamSmAJq\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Benjamin Netanyahu is signaling he will push ahead with a ground assault on Rafah <\/strong><strong>\u201cwith or without a deal.\u201d <\/strong>Speaking as Cairo-brokered ceasefire talks continued, Netanyahu said, \u201cThe idea that we will stop the war before achieving all of its goals is out of the question. We will enter Rafah and we will eliminate Hamas\u2019 battalions there \u2014 with or without a deal,\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ll know more tonight:<\/strong> Hamas is expected to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-30\/israel-won-t-join-truce-talks-until-hamas-responds-kan-says\" style=\"\" rel=\"noopener\">reply later today<\/a> to Israel\u2019s latest proposal and Israel says it\u2019s <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-30\/israel-won-t-join-truce-talks-until-hamas-responds-kan-says?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">not talking until it does<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Netanyahu\u2019s statement got a lot of attention on foreign press:\u00a0<\/strong><a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-iran-hamas-latest-04-30-2024-64a7c8736994e5ea282a8dbb674e0344\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/national\/2024\/04\/30\/israel-iran-hamas-latest-04-30-2024\/8a922c96-06c4-11ef-b60b-a512fc749f9b_story.html?ref=upstract.com\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-will-enter-rafah-with-or-without-gaza-hostage-deal-netanyahu-says-2024-04-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.politico.eu\/article\/israel-going-to-invade-rafah-regardless-of-hostage-deal-says-benjamin-netanyahu\/\" style=\"\" rel=\"noopener\">Politico<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/live\/2024\/apr\/30\/middle-east-crisis-live-biden-urges-egypt-qatar-release-israeli-hostages-ceasefire-talks-hamas\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/04\/29\/middleeast\/hamas-israel-ceasefire-proposal-cairo-talks-intl\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Demand for artificial intelligence drove sales growth at Amazon\u2019s cloud division in 1Q <\/strong>\u2014 a fact you now know because every single news outlet from <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/28e3e064-df0f-4fc8-bb9c-1477f3ae125e\" style=\"\" rel=\"noopener\">the FT<\/a> and <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/earnings\/amazon-amzn-q1-earnings-report-2024-85bf00b1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-30\/amazon-reports-strong-cloud-unit-sales-on-rising-ai-demand\" style=\"\" rel=\"noopener\">Bloomberg<\/a> is leading with that story at the top of their homepages as we head to dispatch this morning. Germany\u2019s <a target=\"_blank\" href=\"https:\/\/www.handelsblatt.com\/technik\/it-internet\/quartalszahlen-amazon-enttaeuscht-mit-ausblick-cloud-sparte-schwaechelt\/100036203.html\" style=\"\" rel=\"noopener\">Handelsblatt<\/a> notes that both Google and Microsoft Azure (both admittedly smaller players) grew their AI cloud businesses twice as fast in the fourth quarter. <strong>Amazon\u2019s income more than tripled<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/04\/30\/amazon-amzn-q1-earnings-report-2024.html\" style=\"\" rel=\"noopener\">comfortably ahead<\/a> of analyst expectations.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Pro-Palestinian protests on US college campuses \u2014 and heavy-handed responses to <\/strong><strong>them \u2014 are also getting plenty of ink. <\/strong>Columbia President Minouche Shafik is <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/minouche-shafik-columbia-president-student-protests-spiral-68609268\" style=\"\" rel=\"noopener\">still under fire<\/a> from both sides, New York City is <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/columbia-student-protesters-take-over-campus-building-525a8a78\" style=\"\" rel=\"noopener\">massing police next to the campus<\/a> after protesters \u201cdramatically\u201d took over a building, and those occupying the building have been <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/pro-palestinian-protesters-occupy-building-columbia-university-cnn-2024-04-30\/\" style=\"\" rel=\"noopener\">threatened with expulsion<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Palace intrigue at HSBC: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6f1ff561-8dac-4b2e-b377-436cafd29bb7\" style=\"\" rel=\"noopener\">Financial Times<\/a> has the best insider take we\u2019ve seen yet on the \u201cshock exit\u201d of Noel Quinn, the CEO of Europe\u2019s biggest bank. \u201cInside HSBC headquarters, the narrative is that it was impossible for both Quinn and group chair Mark Tucker to continue in their roles.\u201d Each effectively had a \u201cthree-year deadline\u201d to leave the organization at around the same time \u2014 and Tucker wanted to oversee the selection of the third CEO his board will work with. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2020\/01\/Web-view-01.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:\u00a0<\/strong>Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at Egypt\u2019s spending plans for infrastructure in the next fiscal year.<\/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\/capital-markets\/\">capital markets<\/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\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619384 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=\"619384\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/619384\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619384\" class=\"content-area-description single-story post-619384 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2232.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Join us for an unforgettab<\/span><span style=\"font-weight:700\">le Easter vacation at Somabay from May 2-6:<\/span><span style=\"\"> Enjoy daily<\/span><span> beachside beats with DJ Van Heldt at S.Cape Beach, and special events like the World Jazz Day celebration, DJ Aly Fathalla at Sobar Rooftop and the Solorize Music Event. There's something for everyone with the Playpark Carnival, DJ Dennis at S.Cape Beach Club, and more daily activities. Book now for an Easter like no other.<\/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=\"619385\" 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=\"619385\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/chinese-usd-146-mn-iron-pipes-factory-breaks-ground-plus-a-thai-usd-20-mn-sportswear-factory-in-the-works-egp-100-mn-home-appliances-factory-for-egypts-tredco\/\">\r\n                            Chinese-backed USD 146 mn iron pipes factory breaks ground. PLUS: A Thai USD 20 mn sportswear factory in the works, EGP 100 mn home appliances factory for Egypt\u2019s Tredco                        <\/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\/05\/01\/chinese-usd-146-mn-iron-pipes-factory-breaks-ground-plus-a-thai-usd-20-mn-sportswear-factory-in-the-works-egp-100-mn-home-appliances-factory-for-egypts-tredco\/\" 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\/05\/01\/chinese-usd-146-mn-iron-pipes-factory-breaks-ground-plus-a-thai-usd-20-mn-sportswear-factory-in-the-works-egp-100-mn-home-appliances-factory-for-egypts-tredco\/')\">\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\/05\/01\/chinese-usd-146-mn-iron-pipes-factory-breaks-ground-plus-a-thai-usd-20-mn-sportswear-factory-in-the-works-egp-100-mn-home-appliances-factory-for-egypts-tredco\/\">\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 USD 146 mn iron pipes factory breaks ground. PLUS: A Thai USD 20 mn sportswear factory in the works, EGP 100 mn home appliances factory for Egypt\u2019s Tredco&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/chinese-usd-146-mn-iron-pipes-factory-breaks-ground-plus-a-thai-usd-20-mn-sportswear-factory-in-the-works-egp-100-mn-home-appliances-factory-for-egypts-tredco\/\">\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\/05\/01\/chinese-usd-146-mn-iron-pipes-factory-breaks-ground-plus-a-thai-usd-20-mn-sportswear-factory-in-the-works-egp-100-mn-home-appliances-factory-for-egypts-tredco\/&title=Chinese USD 146 mn iron pipes factory breaks ground. PLUS: A Thai USD 20 mn sportswear factory in the works, EGP 100 mn home appliances factory for Egypt\u2019s Tredco\">\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=Chinese+USD+146+mn+iron+pipes+factory+breaks+ground.+PLUS%3A+A+Thai+USD+20+mn+sportswear+factory+in+the+works%2C+EGP+100+mn+home+appliances+factory+for+Egypt%E2%80%99s+Tredco+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F01%2Fchinese-usd-146-mn-iron-pipes-factory-breaks-ground-plus-a-thai-usd-20-mn-sportswear-factory-in-the-works-egp-100-mn-home-appliances-factory-for-egypts-tredco%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\/05\/01\/chinese-usd-146-mn-iron-pipes-factory-breaks-ground-plus-a-thai-usd-20-mn-sportswear-factory-in-the-works-egp-100-mn-home-appliances-factory-for-egypts-tredco\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2250.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619386\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/chinese-usd-146-mn-iron-pipes-factory-breaks-ground-plus-a-thai-usd-20-mn-sportswear-factory-in-the-works-egp-100-mn-home-appliances-factory-for-egypts-tredco\/2250-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2250.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2250.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2250.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2250.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619385\" class=\"content-area-description single-story post-619385 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-enterpriseam tag-fdi tag-investment-watch tag-manufacturing tag-suez-canal-economic-zone tag-textiles 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\/5\/.cbd2c7bc-426e-4a50-a051-a80417e0cdeb.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A bout of fresh investments into our industrial zones: <\/strong>In familiar news to regular readers of Enterprise, another Chinese big ticket manufacturing project is in the works. While in not too familiar \u2014 and very encouraging \u2014 news, a Thai company looks set to become the first from the country to set up an industrial project in the country. And for good measure, a new home appliances factory from Egypt\u2019s Tredco could also be in the cards.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Construction of a USD 146 mn iron pipes factory has kicked off in TEDA:&nbsp;<\/strong>China\u2019s state-owned <a target=\"_blank\" href=\"https:\/\/www.xinxing-pipes.com\/en\/\" style=\"\" rel=\"noopener\">Xinxing Ductile Iron Pipes Company<\/a> has begun construction on a USD 146 mn ductile iron pipe factory in the TEDA industrial park, according to an SCZone <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid02A5JaitTdJ56nbiMz6QqSHu8UqAuKsPkeY6MyYq2Lq1FZQVngeTifiUmQWgMoPqPPl\" style=\"\" rel=\"noopener\">statement<\/a>. The project will manufacture 250k tonnes of cast iron pipes per year with an annual production value of USD 1.2 bn<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The Chinese company inked an agreement with the SCZone <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a760dc2b-4840-4b9e-827c-b6cff5009778\/\" style=\"\" rel=\"noopener\">in March<\/a> granting it the right to build the iron pipes factory on the 270k sqm plot of land. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Thai investors will set up a USD 20 mn sportswear factory in the SCZone:<\/strong> Thai ready-made clothing giant Hi-Tech Apparel has signed an agreement with the SCZone for the land to build a USD 20 mn sportswear factory in Qantara West above Ismailia, marking the first Thai industrial project in the country, according to an SCZone <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid0uKRZgabsfTFqqyHKAXQuxP9XvBKeRGmhkeAnFDFNnZaTrfcBn18tRcu9zSMjMHvPl\" style=\"\" rel=\"noopener\">statement<\/a>. The project is expected to break ground in 2H 2024, kick off in 2H 2025, and create 1.5k jobs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hi-Tech?<\/strong> The company operates ten factories across Thailand, Vietnam, Cambodia, and Laos, and manufactures sportswear for companies including US legacy brand Nike. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Tredco wants to build a EGP 100 mn factory in the Tenth of Ramadan Industrial Zone:<\/strong> Egyptian manufacturer Tredco for Engineering Industries is looking to set up a factory to manufacture stoves in the Tenth of Ramadan Industrial Zone with investments of up to EGP 100 mn, the company\u2019s chairman Sherif El Sayad told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/29\/1787511\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The factory will be financed in equal part by the company and government banks. Operations are expected to launch in the first half of next year, with production capacity to hit 60k stoves within the first year. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/textiles\/\">textiles<\/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=\"619387\" 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=\"619387\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/egypt-belarus-ink-agreements-to-boost-trade-and-investment\/\">\r\n                            Egypt, Belarus ink agreements to boost trade and investment                        <\/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\/05\/01\/egypt-belarus-ink-agreements-to-boost-trade-and-investment\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/api.whatsapp.com\/send?text=Egypt%2C+Belarus+ink+agreements+to+boost+trade+and+investment+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F01%2Fegypt-belarus-ink-agreements-to-boost-trade-and-investment%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\/05\/01\/egypt-belarus-ink-agreements-to-boost-trade-and-investment\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/5.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619388\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/egypt-belarus-ink-agreements-to-boost-trade-and-investment\/5-jpg-45\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/5.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"5.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/5.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/5.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619387\" class=\"content-area-description single-story post-619387 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-egypt-kuwait-relations tag-egypt-qatar-relations tag-enterpriseam tag-investment-watch tag-kuwait tag-qatar tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.1e1b99fa-6fd6-4a6f-b315-4c85cb82f4d6.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>First visit of a Belarusian prime minister to Egypt ends with a raft of agreements<\/strong><strong>:<\/strong> Belarusian Prime Minister Roman Golovchenko wrapped his visit to Egypt with the inking of three agreements between the two nations on trade, stock market cooperation, and bilateral investment, according to cabinet statements (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0eFk5FEirhxz27fTwdGdLek84rzpkyhDjsEQp3x8rXYwLSnTdkGYsubwMAG5yPn2ml\" style=\"\" rel=\"noopener\">here<\/a>, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0evAHnBf4M6pax4PPSqgJYy1sWGVRT4RWUWwoiMP5YBpshREZBpZngtmTVtmh1wWl\" style=\"\" rel=\"noopener\">here<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid032rGFS2eDi5Cz18vZiSZXzHrUKfHeRoJPfBeMGRPVbNzLhC6XBvUK2KMjbzJxZpADl\" style=\"\" rel=\"noopener\">here<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agreements included:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Strengthening trade relations between the two countries <\/strong>by giving each other's exports priority when clearing customs and by launching a year-long pilot project to exchange information on the movement of goods between the two countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Working together to up investor participation in their stock markets <\/strong>by inking an MoU to exchange expertise, sending delegations of experts between the two countries, and to cooperate in legal and technical matters that relate to the stock market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Boosting bilateral investment cooperation <\/strong>by promoting areas of investment of interest to investors in each country, facilitating joint projects, and encouraging business delegations to travel between the countries to find out more about potential investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN OTHER DIPLOMACY NEWS- President Abdel Fattah El Sisi welcomed the Emir of Kuwait<\/strong><strong> Sheikh Meshal Al Ahmad Al Jaber Al Sabah<\/strong> to Cairo yesterday and discussed increasing investment and trade between the two and cooperating on energy, infrastructure, and healthcare, according to an Ittihadeya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid022eUDZN2iszL8u4uByhH39RywkSmbKB6JdWTK1ivBadYgcn39tpz8C9s3H1jxhSeCl\" style=\"\" rel=\"noopener\">statement<\/a>. The two also discussed the need for a ceasefire in Gaza and Sudan, Libya, and Egypt\u2019s right to water security. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Another stock-take of ceasefire efforts between El Sisi and Qatari emir:<\/strong> El Sisi followed up on efforts to reach a ceasefire in Gaza and deliver sufficient humanitarian aid into the besieged enclave during a call with Emir of Qatar Sheikh Tamim bin Hamad Al Thani, according to an Ittihadeya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02xvnAV7AmkmcfSiJhv6RVtsNgyQiNxEFddRG2ZLu5fMk2CEDjx25oy96H3cRCiXVAl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We have more on yesterday\u2019s visits in Last Night\u2019s Talk Shows, below.<\/strong><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-kuwait-relations\/\">Egypt-Kuwait relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-qatar-relations\/\">Egypt-Qatar relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619389\" 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=\"619389\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/auto-sales-fall-43-m-o-m-in-march-as-customers-wait-for-further-price-reductions\/\">\r\n                            Egypt\u2019s auto sales fall 43% m-o-m in March as customers wait for further price reductions                        <\/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\/05\/01\/auto-sales-fall-43-m-o-m-in-march-as-customers-wait-for-further-price-reductions\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The figure is the lowest we\u2019ve seen since we started keeping track of auto sales in the country in January 2019.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>February went a little differently: <\/strong>Sales saw a 20% m-o-m <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e9b86eef-ac84-44b2-8b69-4bb1a189afcf\/auto-sales-rebound-in-february\" style=\"\" rel=\"noopener\">rebound<\/a> in February from a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2143906-0a83-4674-9348-fb2c5895661f\" style=\"\" rel=\"noopener\">10-month low<\/a> recorded in January with distributors selling some 7.4k vehicles. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown: <\/strong>The dip was driven by a 53% m-o-m decrease in passenger car sales, with just 2.8k units sold throughout the month. Truck sales were also down 10% m-o-m to 920 units, while bus sales remained essentially flat at 522 units.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a yearly basis: <\/strong>Auto sales fell down 37% y-o-y in March, driven by a 41% y-o-y decrease in passenger car sales. Bus and truck sales were also both down in comparison to where they were a year ago, falling just over 18% and 32%, respectively.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why the massive dip in demand? <\/strong>The decline in sales comes in direct relation to the central bank\u2019s decision to float the EGP in March, Egyptian Association of Automobile Manufacturers head Khaled Saad told Enterprise. As a result of the EGP float, car distributors have started slashing their prices, which seems to have pushed customers to hold off from buying a car with the possibility of further price reductions down the line seen as a possibility. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Despite the increase of cars in the market from the easing of FX shortages, buyers have remained hesitant to make any purchases in hopes that prices will cool even further, Saad said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The caveat:<\/strong> AMIC figures reflect data contributed by member distributors, who include most(but not all) industry participants.<\/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\/amic\/\">AMIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/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=\"619391\" 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=\"619391\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/hsbcs-revenue-inches-up-in-q1-2024-ceo-noel-quinn-resigns\/\">\r\n                            HSBC\u2019s revenue inches up in Q1 2024 + CEO Noel Quinn resigns                        <\/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\/05\/01\/hsbcs-revenue-inches-up-in-q1-2024-ceo-noel-quinn-resigns\/\" 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\/05\/01\/hsbcs-revenue-inches-up-in-q1-2024-ceo-noel-quinn-resigns\/')\">\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\/05\/01\/hsbcs-revenue-inches-up-in-q1-2024-ceo-noel-quinn-resigns\/\">\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=HSBC\u2019s revenue inches up in Q1 2024 + CEO Noel Quinn resigns&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/hsbcs-revenue-inches-up-in-q1-2024-ceo-noel-quinn-resigns\/\">\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\/05\/01\/hsbcs-revenue-inches-up-in-q1-2024-ceo-noel-quinn-resigns\/&title=HSBC\u2019s revenue inches up in Q1 2024 + CEO Noel Quinn resigns\">\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=HSBC%E2%80%99s+revenue+inches+up+in+Q1+2024+%2B+CEO+Noel+Quinn+resigns+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F01%2Fhsbcs-revenue-inches-up-in-q1-2024-ceo-noel-quinn-resigns%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\/05\/01\/hsbcs-revenue-inches-up-in-q1-2024-ceo-noel-quinn-resigns\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2211.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619392\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/hsbcs-revenue-inches-up-in-q1-2024-ceo-noel-quinn-resigns\/2211-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2211.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2211.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2211.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2211.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619391\" class=\"content-area-description single-story post-619391 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-banking tag-earnings-watch tag-enterpriseam tag-hsbc 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\/5\/.c7827ae5-4105-4eaa-8bd2-5e9d773df15e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HSBC\u2019s revenues rose 3% y-o-y to <\/strong><strong>U<\/strong><strong>SD 20.8<\/strong><strong> bn in 1Q 2024<\/strong>, defying the London Stock Exchange Group\u2019s <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/04\/30\/hsbc-q1-2024-earnings-beats-expectations-group-ceo-noel-quinn-to-retire.html\" style=\"\" rel=\"noopener\">forecast<\/a> of just USD 16.9 bn. The bank\u2019s net income after tax logged USD 10.8 bn for the quarter, down 1.7% on the same period last year, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/2204.pdf\" style=\"\" rel=\"noopener\">e<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/2204.pdf\" style=\"\" rel=\"noopener\">arnings report (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the increase in revenues:<\/strong> The lender\u2019s revenues were up due to the selling of its banking business in Canada to the Royal Bank of Canada in late March, which amounted to a gain of USD 4.8 bn. Revenues were also driven by \u201chigher wealth revenue in Wealth and Personal Banking, notably from a strong performance in Global Private Banking, well as revenue growth in Equities and Securities Financing in Global Banking and Markets, as market sentiment improved.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dragging down the lender\u2019s bottom line: <\/strong>The lender\u2019s net income after tax was down due to a USD 2.1 bn adjustment in 1Q 2023 related to the sale of its French retail banking operations. This adjustment was reversed in 4Q 2023 before the sale was finalized. Additionally, net income before tax in 1Q 2023 included a USD 1.5 bn gain from acquiring Silicon Valley Bank UK, according to the bank\u2019s financials.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a quarterly basis:<\/strong> The lender\u2019s net income after tax surged almost 48x q-o-q from USD 222mn, while revenues were up 59% from USD 13 bn in 4Q 2023.<\/p>\n<p class=\"tag-border-left\">NOEL QUINN IS LEAVING HSBC-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HSBC\u2019s chief executive Noel Quinn is stepping down<\/strong> from his post after nearly five years, the bank said in a <a target=\"_blank\" href=\"https:\/\/www.hsbc.com\/news-and-views\/news\/hsbc-news-archive\/group-ceo-noel-quinn-to-retire\" style=\"\" rel=\"noopener\">statement<\/a>. \u201cAfter an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward,\u201d said Quinn. The lender\u2019s board has begun its search for Quinn\u2019s successor and should settle on a replacement <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f9648510-13c7-47ab-9e9a-91169db5925f\" style=\"\" rel=\"noopener\">by 2H 2024<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/hsbc\/\">HSBC<\/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=\"619393 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=\"619393\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/619393\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619393\" class=\"content-area-description single-story post-619393 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=\"619394\" 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=\"619394\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/health-ministry-allays-fears-amid-fresh-astrazeneca-covid-19-blood-clots-controversy\/\">\r\n                            Health Ministry allays fears amid fresh AstraZeneca Covid-19 blood clots controversy                        <\/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\/05\/01\/health-ministry-allays-fears-amid-fresh-astrazeneca-covid-19-blood-clots-controversy\/\" 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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A visit from the Kuwaiti emir to Cairo and the Belarusian prime minister also received airtime yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201c<\/strong><strong>Clotting as a side effect of some vaccinations is a well-known and recognized issue<\/strong><strong> since 2021, but this symptom is very rare<\/strong> and amounts to three cases in every mn,\u201d Health Ministry spokesman Hossam Abdel Ghaffar told Lamees Hadidi on the Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1091554288803754\" style=\"\" rel=\"noopener\">watch, runtime: 11:36<\/a>). The spokesperson reassured listeners that \u201cthe chances of getting clots after vaccination are almost as likely as getting clots after being infected with the virus,\u201d adding that \u201csince 2021 until now, nobody \u2014 be it the European Meds. Agency or the World Health Organization \u2014 has issued recommendations to stop using the vaccine, because its benefits far outweigh the risks of harm.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe chances of developing clots from the vaccine are 10 times lower than getting clots<\/strong><strong> from the virus itself,\u201d <\/strong>Abdel Ghaffar explained. \u201cWhat\u2019s more, the exposure to clots lasts no more than two months after vaccination... there is no scientific evidence to show that I could take the vaccine in 2021 or 2022 and get a clot in 2024.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yesterday\u2019s visit from the Kuwaiti emir will soon be followed by another<\/strong><strong> high-level visit<\/strong>, said the Kuwaiti ambassador in Cairo, Ghanem Saqr Al Ghanim, on a phone call with Ahmed Moussa on Ala Mas\u2019ouleety after the Emir of Kuwait Sheikh Meshal Al Ahmad Al Jaber Al Sabah met with President Abdel Fattah El Sisi yesterday in Cairo (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=oWGmZgjabbA\" style=\"\" rel=\"noopener\">watch, runtime: 3:48<\/a>). The next visit \u2014 which was promised by the emir of Kuwait during yesterday's meeting \u2014 will convene a higher joint committee between the two countries to discuss the details of potential Kuwaiti investments in Egypt, he added. We have the story in the news well, above. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The prospect of increased economic cooperation with <\/strong><strong>Belarus<\/strong><strong> also caught the attention<\/strong><strong> of the nation\u2019s hosts:<\/strong> \u201cThe most important features of industry in Belarus are agricultural tractors, trucks, agricultural equipment, and silos, and we seek to cooperate with them in these aspects,\u201d Secretary General of the Federation of Chambers of Commerce Alaa Ezz said on a call with Mohamed Shardi on Al Hayah Al Youm following the Belarusian prime minister\u2019s trip to the country (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=p8btiLAGD9I&amp;t=155s\" style=\"\" rel=\"noopener\">watch, runtime: 6:51<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cEgypt has been manufacturing these tractors since the Soviet Union era<\/strong>,\u201d he added. \u201cWhat we are currently seeking is to remanufacture them locally, and to export them to neighboring countries and the European Union.\u201d Talks with Belarus yesterday also dealt with establishing grain silos in Egypt to serve the Egyptian market and export to other countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two countries are currently studying a direct flight route between Minsk and Egyptian destinations<\/strong> to attract more tourists and medical tourists from Belarus, Egyptian co-chair of the Belarusian-Egyptian Business Cooperation Council, Ahmed Kilani told Moussa on Ala Mas\u2019ouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=kRA-adlpB58\" style=\"\" rel=\"noopener\">watch, runtime: 7:21<\/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\/astrazeneca\/\">AstraZeneca<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-kuwait-relations\/\">Egypt-Kuwait relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619396\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"619397\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/us-international-development-finance-corporation-mulls-financing-actis-gabal-el-zeit-acquisition-plus-saudi-smes-to-expand-in-egypt-the-hub-plan-new-frozen-food-factory-uaes-hori\/\">\r\n                            US International Development Finance Corporation mulls financing Actis\u2019 Gabal El Zeit acquisition. PLUS: Saudi SMEs to expand in Egypt, The HUB plan new frozen food factory, UAE\u2019s Horizon Egypt eyes North Coast 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\/05\/01\/us-international-development-finance-corporation-mulls-financing-actis-gabal-el-zeit-acquisition-plus-saudi-smes-to-expand-in-egypt-the-hub-plan-new-frozen-food-factory-uaes-hori\/\" 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\/05\/01\/us-international-development-finance-corporation-mulls-financing-actis-gabal-el-zeit-acquisition-plus-saudi-smes-to-expand-in-egypt-the-hub-plan-new-frozen-food-factory-uaes-hori\/')\">\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\/05\/01\/us-international-development-finance-corporation-mulls-financing-actis-gabal-el-zeit-acquisition-plus-saudi-smes-to-expand-in-egypt-the-hub-plan-new-frozen-food-factory-uaes-hori\/\">\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=US International Development Finance Corporation mulls financing Actis\u2019 Gabal El Zeit acquisition. PLUS: Saudi SMEs to expand in Egypt, The HUB plan new frozen food factory, UAE\u2019s Horizon Egypt eyes North Coast project&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/us-international-development-finance-corporation-mulls-financing-actis-gabal-el-zeit-acquisition-plus-saudi-smes-to-expand-in-egypt-the-hub-plan-new-frozen-food-factory-uaes-hori\/\">\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\/05\/01\/us-international-development-finance-corporation-mulls-financing-actis-gabal-el-zeit-acquisition-plus-saudi-smes-to-expand-in-egypt-the-hub-plan-new-frozen-food-factory-uaes-hori\/&title=US International Development Finance Corporation mulls financing Actis\u2019 Gabal El Zeit acquisition. 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<\/strong>The US government\u2019s <a target=\"_blank\" href=\"https:\/\/www.dfc.gov\/\" style=\"\" rel=\"noopener\">US International Development<\/a><a target=\"_blank\" href=\"https:\/\/www.dfc.gov\/\" style=\"\" rel=\"noopener\">Finance Corporation<\/a> (DFC) is considering financing UK-based private equity giant Actis\u2019 planned acquisition of the Gabal El Zeit wind farm, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/29\/1787564\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing DFC data. This comes only a few weeks after the European Bank for Reconstruction and Development said it was reviewing a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08459131-9189-45a7-9d75-b6e0e09eb72c\/%253cmark%253eebrd%253c%2Fmark%253e-reviewing-usd-140-mn-loan-to-finance%253cmark%253e-actis%25e2%2580%2599-%253c%2Fmark%253egabal%253cmark%253e-el%253c%2Fmark%253e%253cmark%253e-zeit%253c%2Fmark%253e%253cmark%253e-acquisition%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">proposed USD 140 mn loan<\/a> for Actis to finance its acquisition of the 580-MW wind farm.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember<\/strong><strong>:<\/strong> Actis reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d724eb5-69ad-4490-bab5-00a5b65d9a1f\/maersk,-actis-make-progress-on-zafarana,%253cmark%253e-gabal%253c%2Fmark%253e-el-zeit-wind-farms-acquisition-bids\" style=\"\" rel=\"noopener\">wrapped up due diligence<\/a> on the wind farm in February and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a4d40c7-270d-4f17-b677-f24738922550\/egypt-could-receive-another-usd-820-mn-tranche-in-june\" style=\"\" rel=\"noopener\">IMF thinks<\/a> stake sales of the Gabal El Zeit and Zafarana wind farms will be finalized before the end of June.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- <\/strong><strong>Egypt + Indonesia <\/strong><strong>talk green<\/strong><strong> energy: <\/strong>The Suez Canal Economic Zone welcomed a delegation from Indonesia\u2019s Trade Ministry to discuss potential cooperation in several areas including green energy, according to an SCZone <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0zmG2khJ6WXSuTBPMXCBbjC2M7PiWMq8GKzDWZAR6q2Lox1tQgGXS2ysqMrQGNoJ7l\" style=\"\" rel=\"noopener\">statement<\/a>. The talks focused on the economic zone's capabilities, including its four industrial zones and six seaports, and Egypt's infrastructure development plan. The Indonesian delegation expressed interest in collaboration, especially in ports and green energy.<\/p><p class=\"tag-border-left\">SMEs- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>USD 25 mn extended to Banque du Caire to help Saudi SMEs export to Egypt: <\/strong>Banque du Caire will receive a line of financing worth USD 25 mn from the International Islamic Trade Finance Corporation and the Saudi Export-Import Bank to help Saudi SMEs expand their presence in Egypt and encourage non-oil exports to Egypt, according to a <a target=\"_blank\" href=\"https:\/\/www.itfc-idb.org\/news-events\/news\/itfc-and-saudi-exim-bank-extends-us%2425-million-line-financing-to-banque-du-caire-%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p><p class=\"tag-border-left\">INVESTMENT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An EGP 150 mn frozen food factory:<\/strong> Local F&amp;B firm <a target=\"_blank\" href=\"https:\/\/thehub-eg.org\/about-us\/\" style=\"\" rel=\"noopener\">The HUB for Food Industries<\/a> is looking to set up a EGP 150 mn factory for frozen fruits and vegetables by 4Q 2024, the firm\u2019s chairman Mohamed Abdelsabour told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/29\/1787519\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The factory will have an initial production capacity of 15k tons, all of which will be exported, Abdelsabour said. <\/p><p class=\"tag-border-left\">REAL ESTATE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE developer Horizon Egypt eyes the North Coast to set up tourism complex:<\/strong> Emirati real estate developer <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/horizon-egypt-developments\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Horizon Egypt Developments<\/a> is reportedly looking to buy 180 acres land on the North Coast to build an integrated tourism complex, writes <a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=30042024&amp;id=2183a5c8-b2e7-45bc-9f18-ebb6087e45fa\" style=\"\" rel=\"noopener\">Shorouk News<\/a>, citing sources it said are in the know. The sources added that there are other property developers looking to get the land to set up similar projects.<\/p><p class=\"tag-border-left\">FOOD-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KSA\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/baazeem.com\/en\/aboutus\/\" style=\"\" rel=\"noopener\">Baazee<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/baazeem.com\/en\/aboutus\/\" style=\"\" rel=\"noopener\">m Trading<\/a><\/strong><strong> has signed a three-year exclusive distribution contract<\/strong><strong> with Egypt-based food manufacturer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/eg.linkedin.com\/company\/kellogg-tolaram-noodles-egypt\" style=\"\" rel=\"noopener\">Kellogg Tolaram Noodles<\/a><\/strong> valued at SAR 20 mn per year, according to a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3zmnfmjc\" style=\"\" rel=\"noopener\">Tadawul disclosure<\/a>. Baazeem anticipates annual sales growth of SAR 20 mn.<\/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\/actis\/\">Actis<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/gabal-el-zeit-wind-farm\/\">Gabal El Zeit wind farm<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/indonesia\/\">Indonesia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-islamic-trade-finance-corporation\/\">International Islamic Trade Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"619399\" 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=\"619399\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/adq-to-sell-first-usd-denominated-bonds\/\">\r\n                            ADQ to sell first USD-denominated bonds                        <\/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\/05\/01\/adq-to-sell-first-usd-denominated-bonds\/\" target=\"_blank\">\n                    Open in new tab                    <!-- 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/adq-to-sell-first-usd-denominated-bonds\/2147-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2147.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2147.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2147.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2147.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619399\" class=\"content-area-description single-story post-619399 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-adq tag-debt tag-enterpriseam 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\/5\/.1c0ada31-0907-4460-96ae-f0589a9ed52b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>ADQ mulls i<\/strong><strong>naugural be<\/strong><strong>nchmark-sized USD bond issuance:<\/strong> Abu Dhabi sovereign wealth fund ADQ is reportedly selling its first dual-tranche USD-denominated benchmark sized senior unsecured bonds with tenors between five and ten years, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-29\/abu-dhabi-sovereign-wealth-fund-plans-debut-dollar-bond-sale\" style=\"\" rel=\"noopener\">Bloomberg<\/a> and <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/wealth\/funds\/abu-dhabi-sovereign-fund-adq-plans-debut-us-dollar-bond-issue-sh3754wa\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing people they say are familiar with the matter. A global investor call reportedly took place on Monday to discuss the debut offering. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart: <\/strong>A benchmark sized issuance usually has a minimum value of USD 500 mn.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADQ is looking to diversify its funding sources<\/strong><strong> for future acquisitions<\/strong>, according to one of the sources. In addition to its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">landmark USD 35 bn<\/a> agreement with the Egyptian government back in February, ADQ has committed to plenty of investments over the last few months, including agreements <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1b1842e0-1a82-43d0-aea8-b71d3dab5adb\/uae-to-invest-usd-500-mn-in-kenya,-including-in-mining-and-tech-%2B-ecuador-next-in-line-for-trade-agreement\" style=\"\" rel=\"noopener\">in Kenya worth USD 500 mn<\/a> and initiated a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/708e3db3-9849-441c-b644-4412a3d64600\/uae-signs-usd-35-bn-partnerships-with-oman\" style=\"\" rel=\"noopener\">USD 180 mn tech-focused fund in Oman<\/a> just last week.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The offering comes one week after Abu Dhabi\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/01e6e28d-c584-49d5-a2e4-4d1c933d717b\/abu-dhabi-raises-usd-5-bn-in-first-eurobond-sale-in-three-years\" style=\"\" rel=\"noopener\">first eurobond sale<\/a><\/strong><strong> in three years<\/strong>, raising around USD 5 bn in one of the biggest emerging market transactions of the year, according to Bloomberg. Companies under Abu Dhabi\u2019s ownership had around USD 113 bn in outstanding debt by the end of 2023, according to the bond prospectus.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT: <\/strong>The wealth fund, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, manages around AED 720.5 bn (USD 196 bn) worth of assets.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> Our friends at HSBC Holdings and First Abu Dhabi Bank, alongside Citigroup, Cr\u00e9dit Agricole, Goldman Sachs International, and Standard Chartered will act as joint global coordinators and active bookrunners, according to Reuters and Bloomberg. <\/p><p class=\"tag-border-left\">MARKETS THIS MORNING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Most Asian markets are closed this morning in observance of Labor Day. <\/strong>The Nikkei was down about 0.7% in early trading, while Australia\u2019s ASX 200 was off a bit more than 1%. Markets are also closed today in France, Germany, Italy, and Spain and will look to make up ground tomorrow after the broad Stoxx 600 closed down nearly 1.5% for the month of April. <strong>Futures suggest shares in London and New York will face selling pressure <\/strong>at the opening bell later today.<\/p><p><a target=\"_blank\" id=\"t.195d4732fb4990dc92d7d67082b9ffb66269465a\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;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\">24,449<\/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\">-6.0% (YTD: -1.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 47.79<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.93<\/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 47.80<\/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 47.90<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,395<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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>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\">9,067<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: -5.3%)<\/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\">4,156<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,036<\/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\">-1.6% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;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\">8,144<\/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: +5.3%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,921<\/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\">-1.2% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 87.86<\/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 1.99<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,302.90<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.3%<\/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>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 60,118.00<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-4.5% (YTD: +41.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 6.0% at yesterday\u2019s close<\/strong> on turnover of EGP 3.5 bn (29.1% below the 90-day average). Local investors were net buyers. The index is down 1.8% 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 (+0.4%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Talaat Moustafa Group (-12.0%), Qalaa Holding (-10.7%) and Eipico (-10.4%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong><strong>Sidi Kerir Petrochemicals Company will pay out a dividend of EGP 1.25<\/strong> per share on its 2023 earnings, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/2215.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The dividend will be paid in two installments, EGP 0.75 at the end of this month and EGP 0.50 in September. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Rameda Pharma will pay out a dividend of EGP 0.67 <\/strong>per share on its 2023earnings, which will be paid over three installments in June, October, and December of 2024, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/2219.pdf\" style=\"\" rel=\"noopener\">bourse disclosure (pdf)<\/a>.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/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\/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=\"619401\" 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=\"619401\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">HARDHAT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/a-look-at-egypts-infrastructure-spending-priorities-for-fy-2024-25\/\">\r\n                            A look at Egypt\u2019s infrastructure spending priorities for FY 2024-25                        <\/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\/05\/01\/a-look-at-egypts-infrastructure-spending-priorities-for-fy-2024-25\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619402\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/a-look-at-egypts-infrastructure-spending-priorities-for-fy-2024-25\/2182-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2182.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2182.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2182.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2182.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619401\" class=\"content-area-description single-story post-619401 post type-post status-publish format-standard has-post-thumbnail hentry category-hardhat tag-enterpriseam tag-finance-ministry tag-hardhat tag-housing tag-ict tag-infrastructure tag-manufacturing tag-oil-and-gas tag-planning-ministry tag-real-estate tag-state-budget tag-trade tag-wastewater tag-water 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\/5\/.c1bf274f-9b67-496a-92c8-5b29d47a3a42.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>What are the state's infrastructure priorities for FY 2024-25?<\/strong> Last week, Planning Minister Hala El Said <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/pfbid0cKh6kMogqhJ3X4Vrz2PKvQ51MjP9vtE3aB1Ts18bB2kCCVBd2L4EcFU1QsaXqsA3l\" style=\"\" rel=\"noopener\">presented<\/a> the government\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1954.pdf\" style=\"\" rel=\"noopener\">socioeconomic<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1954.pdf\" style=\"\" rel=\"noopener\">development plan (pdf)<\/a> for the next fiscal year in an address to the House of Representatives, while Finance Minister Mohamed Maait <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fd60d61-8953-483c-a09b-8bce0f612e9e\/\" style=\"\" rel=\"noopener\">presented<\/a> the first-ever <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1742.pdf\" style=\"\" rel=\"noopener\">consolidated draft budget (pdf)<\/a> for FY 2024-25. The two documents give us our first real insight into the state\u2019s infrastructure priorities for the coming year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember<\/strong><strong>:<\/strong> Budget season is going to be a bit different this time round, with the issuing of the first <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/146b3145-ac54-4832-be15-9e2799b474bc\" style=\"\" rel=\"noopener\">Public Government Budget<\/a>. The new budget \u2014 which does not replace the state budget \u2014 shows the budgets of all the state\u2019s economic bodies in addition to the state budget collated together. The first phase includes some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe8be5ef-1808-4344-aa09-d303ff2fe7a2\" style=\"\" rel=\"noopener\">40 economic bodies<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government plans to increase its FY 2024-2025 spending 29% y-o-y to EGP 3.9 tn<\/strong> in the draft state budget. This time round, public investments will also be capped at EGP 1 tn, in response to the International Monetary Fund\u2019s request to slow spending on infrastructure projects and rationalize fiscal policy, according to the Finance Ministry\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1980.pdf\" style=\"\" rel=\"noopener\">analysis report (pdf)<\/a>. When taking into account the state\u2019s economic bodies, spending is estimated to read EGP 6.6 bn in the Public Government Budget. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state will be more selective when making public investments: <\/strong>Government-funded investments will focus on ongoing national projects that are at least 70% complete and expected to enter the operational phase within a year or two at most, according to the Planning Ministry. The plan notes that the government will only invest in new national projects if deemed necessary or approved by the cabinet<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Urban development is among the government\u2019s top priorities: <\/strong>The government will allocate EGP 186 bn to urban development \u2014 which would account for 19% of public investments allocated for the next fiscal year \u2014 where EGP 50 bn will go to the real estate sector, EGP 45 bn to water services, and EGP 91 bn to sanitation, the socioeconomic development plan showed. The plan includes developing 471 drinking water stations, 100 pumping stations, and 248 sewage treatment plants.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some EGP 136 bn are earmarked for the oil and gas sector, <\/strong>where natural gas will be distributed to houses under the second phase of the Decent Life initiative, oil terminals and refineries revamped, and oil pipelines completed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As Egypt\u2019s fastest growing sector, ICT will receive EGP 85 bn in FY 2024-2025, <\/strong>with the target of increasing revenues from outsourcing and tech consulting activities to USD 8 bn within three years to end in 2026. The plan also aims to accelerate the digitization of government services, such as the issuance of e-visas, real estate taxes, and universal health ins.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state wants to save up to USD 3 bn by localizing certain industries:<\/strong> The government wants to ramp up efforts to localize the manufacturing of iron, steel, paper, pharma products, pipes, and boilers, among other products in the next fiscal year in a bid to narrow the EGP 25.7 bn trade deficit by 11% by saving USD 3 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving up exports:<\/strong> The plan also aims to accelerate export-oriented industries, such as food, textile, engineering, and chemicals, by targeting 20% more industrial exports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fueling the green transition:<\/strong> The government said it will focus on environmentally-friendly industries that support sustainable development such as electric vehicles, green hydrogen, solar panels, wastewater treatment and seawater desalination plants, and the manufacture of energy-saving devices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** You can get the full breakdown of the government\u2019s plan for the green economy<\/strong> in the coming fiscal year in our latest <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e18202f-18f1-47cc-8b14-8c3958d3ea9b\/what-are-egypt%25e2%2580%2599s-targets-and-spending-plans-for-the-green-economy-in-fy-2024-25%3F\" style=\"\" rel=\"noopener\">Going Green<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A nod to industrial zones: <\/strong>The government will continue working on upgrading the Rubiki Leather City, along with industrial zones in Sohag and Qena governorates in the coming fiscal year. It also plans to upgrade the infrastructure in industrial complexes including Damietta Furniture City, textile industrial zones in El Mahalla El Kubra and Kufr Al Dawar, and the plastic industries complex in Al Aamiriya.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>DACT, Rowad to work on Tahya Misr 1 container terminal:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/www.damiettaalliance.com\/\" style=\"\" rel=\"noopener\">Damietta<\/a><a target=\"_blank\" href=\"https:\/\/www.damiettaalliance.com\/\" style=\"\" rel=\"noopener\">Alliance<\/a><a target=\"_blank\" href=\"https:\/\/www.damiettaalliance.com\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.damiettaalliance.com\/\" style=\"\" rel=\"noopener\">Container Terminals<\/a> (DACT) and <a target=\"_blank\" href=\"https:\/\/rowad-rme.com\/\" style=\"\" rel=\"noopener\">Rowad Modern Engineering<\/a> have inked an agreement to develop the superstructure of Damietta Port\u2019s Tahya Misr 1 container terminal. (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid022DECMoJjaP2YMKhxGST2d7hs6udsPcRmwM6DgpPD4NKp8PnyUMt8ARW2fc35N3rl\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>Suez Canal Authority, Hyundai discuss investments: <\/strong>The Suez Canal Authority and Hyundai Corporation have opened talks on avenues for investment in the canal, including the distribution of spare parts for vessels transiting the waterway as well as the offering of rapid repair services and maintenance at its entrances. (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SuezCanalAuthorityEG\/posts\/pfbid06M4rVtRdCYHaD6D3kUHCuSNdnEFyDJjcsP6UDouSpfc3dmGuk5tss3HaJU8h6atDl\" style=\"\" rel=\"noopener\">S<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SuezCanalAuthorityEG\/posts\/pfbid06M4rVtRdCYHaD6D3kUHCuSNdnEFyDJjcsP6UDouSpfc3dmGuk5tss3HaJU8h6atDl\" style=\"\" rel=\"noopener\">tatement<\/a>)<\/li>\n<li><strong>Orange, Huawei bring the Cloud to Egypt: <\/strong>Orange and Huawei have teamed up to launch Huawei Cloud services in Egypt. (<a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1974.pdf\" style=\"\" rel=\"noopener\">Statement | pdf<\/a>)<\/li>\n<li><strong>Pricier hydropower? <\/strong>The Egyptian Electricity Holding Company is looking into raising the price of hydropower in FY 2024-25 following the float of the EGP. (<a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d9%82%d8%a7%d8%a8%d8%b6%d8%a9-%d9%84%d9%84%d9%83%d9%87%d8%b1%d8%a8%d8%a7%d8%a1-%d8%aa%d8%af%d8%b1%d8%b3-%d8%aa%d8%ad%d8%b1%d9%8a%d9%83-%d8%b3%d8%b9%d8%b1-%d8%a7%d9%84%d8%b7\/#google_vignette\" style=\"\" rel=\"noopener\">Al Mal<\/a>)<\/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\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/housing\/\">housing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ict\/\">ICT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planning-ministry\/\">Planning Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wastewater\/\">wastewater<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"619403\" 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\/05\/01\/619403\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619403\" class=\"content-area-description single-story post-619403 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\">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 style=\"font-weight:400;\">5 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 style=\"font-weight:400;\">30 June (Sunday): June 30 Revolution Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 July (Sunday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">18 July (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 July (Tuesday): Revolution Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUGUST<\/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;\">4-5 August (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 style=\"font-weight:400;\">Mid-year: The 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    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