{"id":619565,"date":"2024-05-07T00:00:00","date_gmt":"2024-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=619565"},"modified":"2025-12-17T05:33:41","modified_gmt":"2025-12-17T05:33:41","slug":"fitch-upgrades-sovereign-credit-rating-outlook-to-positive-affirms-b-rating","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/fitch-upgrades-sovereign-credit-rating-outlook-to-positive-affirms-b-rating\/","title":{"rendered":"Fitch upgrades sovereign credit rating outlook to positive, affirms B- rating"},"content":{"rendered":"<section id=\"619567\" 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=\"619567\">\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\/07\/ipos-on-the-egx-to-pick-in-4q-2024-or-early-2025\/\">\r\n                            IPOs on the EGX to pick in 4Q 2024 or early 2025                        <\/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\/07\/ipos-on-the-egx-to-pick-in-4q-2024-or-early-2025\/\" target=\"_blank\">\n                    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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/ipos-on-the-egx-to-pick-in-4q-2024-or-early-2025\/2470-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2470.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" 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-619567\" class=\"content-area-description single-story post-619567 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-egx tag-enterpriseam tag-ipo-watch tag-mena-ipos 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\/.a9f588fe-fa30-411b-abd5-0557cb28115a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>You may be wishing that you were still sitting on the beach or however else you enjoyed the long weekend, but at least we have some positive news to kick off an all too abrupt start back at work.<\/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 very welcome news that Fitch Ratings has upgraded our credit rating outlook to positive, a floating LNG regasification unit set to arrive next month, Egypt\u2019s first digital bank to open in 4Q, and much, much more.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But before we jump right in, did you know that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another bright and sunny day in Cairo today<\/strong>, with a high of 28\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 slightly cooler in Alexandria<\/strong>, with a high of 25\u00b0C and a low of 17\u00b0C.<\/p><p class=\"tag-border-left\">DATA POINT- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Foreign holdings of local debt have more than doubled to USD 35.3 bn as of March<\/strong> from USD 16.6 bn at the end of 2023, according to data <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/fitch-revises-egypt-outlook-to-positive-affirms-at-b-03-05-2024\" style=\"\" rel=\"noopener\">compiled<\/a> by Fitch Ratings. (More about the ratings agency's outlook for the economy in the news well, below)<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- Tourist arrivals to Egypt increased 27% y-o-y in the first four months of the<\/strong><strong> year<\/strong>, with visitors from Arab countries accounting for around 54% of all arrivals, deputy Tourism Minister Ghada Shalaby told <a target=\"_blank\" href=\"https:\/\/twitter.com\/asharqbegy\/status\/1787480596509311211?s=46&amp;t=-JTomFjF7zfyHQWGsd4tSw\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Total orders issued under the government\u2019s car-for-FX initiative have reached just<\/strong><strong> under USD 2 bn<\/strong>,<strong>\u00a0<\/strong>according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02tFcXbHzyeqmM6cbfRtexeEG2ZJdp21rjNas4TrZB1edznDqEe4BdwVCWRXuzdXsHl\" style=\"\" rel=\"noopener\">statement<\/a> from the Immigration Ministry. Expats have transferred some USD 799 mn to the government under the initiative so far, the statement read.<\/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=\"wwtt5\"><\/a> <strong>#1- <\/strong><strong>IPO activity in Egypt\u2019s stock exchange will recover by 4Q 2024 or early 2025<\/strong> as the market adjusts to the float of the EGP and increased interest rates, EFG Hermes Investment Banking Co-CEO Mohamed Ebeid told <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1785974773035454819\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The writing of the new tax policy document for 2024-2030 is underway<\/strong>, with Prime Minister Mostafa Madbouly instructing for the draft document to be sent to members of the National Dialogue, Chambers of Commerce, and business associations for feedback, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0rZKpY7dyYsK1jMHrQbp8QuiGSLSf9ka6JU535q2nNPwwyfRcDFJeQjAyZZskqYUWl?_rdc=2&amp;_rdr\" style=\"\" rel=\"noopener\">statemen<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0rZKpY7dyYsK1jMHrQbp8QuiGSLSf9ka6JU535q2nNPwwyfRcDFJeQjAyZZskqYUWl?_rdc=2&amp;_rdr\" style=\"\" rel=\"noopener\">t<\/a>. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- An unnamed UK company is looking to invest in the country's green hydrogen<\/strong><strong> sector<\/strong>, British Ambassador Gareth Bayley told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/05\/05\/%D8%A7%D9%84%D8%B3%D9%81%D9%8A%D8%B1-%D8%A7%D9%84%D8%A8%D8%B1%D9%8A%D8%B7%D8%A7%D9%86%D9%8A-%D9%84%D9%80-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A8%D8%B1%D9%8A%D8%B7%D8%A7%D9%86%D9%8A-%D8%AC%D8%AF%D9%8A%D8%AF-%D9%85%D8%B1%D8%AA%D9%82%D8%A8-%D8%A8%D8%A7%D9%84%D9%87%D9%8A%D8%AF%D8%B1%D9%88%D8%AC%D9%8A%D9%86-%D8%A7%D9%84%D8%A3%D8%AE%D8%B6%D8%B1-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> on Sunday. The projects will soon be announced, Bayley said, without providing any further details. British companies are also currently exploring further investments in renewable energy, sustainable infrastructure, sustainable cities, education, and transportation, he added.<\/p><p class=\"tag-border-left\">ATTENTION, EGYPT INVESTORS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/optimism.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/221.jpg?ssl=1\"><\/a> <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: <strong>It\u2019s a massive consumer opportunity and a regional export hub of tomorrow.<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><strong>We\u2019ll be talking with you about the agenda over the coming couple of weeks.\u00a0<\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p><p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><strong>*** Interested in attending? <\/strong><strong><a target=\"_blank\" href=\"https:\/\/optimism.enterprise.news\/\" style=\"\" rel=\"noopener\">Tap or click here<\/a><\/strong><strong> to let us know.<\/strong> Seating is limited.<\/p><p class=\"tag-border-left\">HAPPENING TODAY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>#1- The online platform to sort out building violations goes live today:<\/strong> Owners of unauthorized buildings built until 15 October 2023 looking to legalize their properties in return for paying a reconciliation fee can now file their requests through a freshly launched website (<a target=\"_blank\" href=\"https:\/\/lgs.gov.eg\/#\/home\" style=\"\" rel=\"noopener\">here<\/a>) and Android app (<a target=\"_blank\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.ndm.reconciliation&amp;fbclid=IwZXh0bgNhZW0CMTAAAR1RBCvgK6Q0vn3TYs2m-6tlqrCZy8iRJnfKntHymTY4eif1aUYbOr_Nf4Y_aem_AYHIRy0a7rV0UVog245mdBAJomWZXEQjj9dPAoXGPvcscUwLK70dkgunPDUhE750sR-jSbsJ866HCB1pEsGb6qPz&amp;pli=1\" style=\"\" rel=\"noopener\">here<\/a>), according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0XEPjRw3CmT7bEWHPK8nW1rLfvZEYKEA22t6Qao1xqESiMw3itmaSPyNoyjdYNRCpl\" style=\"\" rel=\"noopener\">Planning Ministry statement<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The cabinet approved the executive regulations for the new Building Reconciliation Act <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50798bc3-5aa9-461f-b49f-4dc35d2bbaeb\/\" style=\"\" rel=\"noopener\">last month<\/a> after the law was ratified <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cdf9897-e462-4efd-a9fb-9e6d728ed36e\" style=\"\" rel=\"noopener\">in December<\/a>, making it easier for owners of authorized buildings to legalize their properties. <strong>We dove into the ins and outs of the new act in a Hardhat <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ebe9948-2151-4e9c-9ec7-0f5f5a44d734\" style=\"\" rel=\"noopener\">last year<\/a><\/strong><strong>.<\/strong><\/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- The House is in session today and tomorrow<\/strong> to look into a report on the state's balance sheets for the previous fiscal year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And it looks like four public authorities will come under fire for incurring losses: <\/strong>Just four public authorities accounted for 95.6% of the EGP 14.4 bn in losses incurred by public authorities in FY 2022-23, an informed source told Enterprise. The National Media Authority incurred 73.3% of the total losses, followed by the National Authority for Tunnels (13.1%), Cairo's Public Transport Authority (5%), and the Nuclear Power Plants Authority (4.2%). The remaining 4.4% of losses came from other public authorities.<\/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- <\/strong><strong>For our fellow iSheep: Apple is expected to unveil new iPads this afternoon <\/strong>at 5pm Cairo time (7am Pacific). The expectation: a revamp of the line that restores some coherence to the offering (and for the Pro to get a FaceTime camera on the long edge). You can stream the announcement from <a target=\"_blank\" href=\"https:\/\/www.apple.com\/apple-events\/\" style=\"\" rel=\"noopener\">Apple\u2019s website<\/a> or its <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/@Apple\/videos\" style=\"\" rel=\"noopener\">Youtube channel<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Apple\u2019s announcement kicks off a series of big tech events<\/strong>, including next week\u2019s <a target=\"_blank\" href=\"https:\/\/io.google\/2024\/\" style=\"\" rel=\"noopener\">Google I\/O<\/a> and the race toward <a target=\"_blank\" href=\"https:\/\/developer.apple.com\/wwdc24\/\" style=\"\" rel=\"noopener\">Apple\u2019s developers conference<\/a> in June.<\/p><p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Private sector health check incoming: <\/strong>S&amp;P Global will publish Egypt\u2019s PMI figures for April tomorrow measuring the country\u2019s non-oil private sector activity, which has been in contraction for the last 40 months. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Policymakers are hoping that we should start to see the EGP float having an effect on<\/strong><strong> private sector activity:<\/strong> 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. Data for April will give us an insight into the private sector during the first full month following the float of the national currency.<\/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\"><a id=\"wwtt3\"><\/a> <strong>FRA extends deadline for submitting financial statements until 30 May:<\/strong> The Financial Regulatory Authority has extended its deadline for EGX-listed firms to submit their financial statements ending in March to 30 May, the authority said in a <a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d9%82%d8%b1%d8%b1-%d9%85%d8%af-%d9%85%d8%af%d8%a9-%d8%aa%d9%82%d8%af%d9%8a%d9%85-%d8%a7%d9%84%d9%82%d9%88-2\/\" style=\"\" rel=\"noopener\">statement<\/a> on Thursday.<\/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>Egypt will host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.propakmena.com\/en\/home.html\" style=\"\" rel=\"noopener\">ProPak MENA<\/a><\/strong><strong> from Sunday, 26 May to Tuesday, 28 May<\/strong> at the Egypt International Exhibition Centre in Cairo. The conference will see F&amp;B manufacturing industry professionals network and discover the latest equipment and logistic solutions for processing and packaging.<\/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><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\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Hamas has accepted a ceasefire proposal \u2014 Israel says it\u2019s not enough and is <\/strong><strong>hammering Rafah. <\/strong>Here\u2019s what you need to know this morning:<\/p><ul>\n<li><strong>Hamas <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/wrapup1-israel-begins-evacuating-part-rafah-ahead-threatened-assault-2024-05-06\/\" style=\"\" rel=\"noopener\">accepted<\/a><\/strong> a proposal from Egyptian and Qatari mediators;<\/li>\n<li><strong>Israel says <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-06\/hamas-says-accepts-proposal-for-cease-fire-with-israel?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">it doesn\u2019t go far enough<\/a><\/strong> and plans to <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/05\/06\/israel-gaza-rafah-invasion-hamas-hostage-deal\" style=\"\" rel=\"noopener\">take over<\/a> the Palestinian side of the Rafah border crossing;<\/li>\n<li><strong>Israeli forces are <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2024\/05\/06\/world\/israel-gaza-war-hamas\/the-israeli-military-tells-civilians-in-eastern-rafah-to-move-to-a-humanitarian-zone?smid=url-share\" style=\"\" rel=\"noopener\">attacking<\/a><\/strong><strong> Rafah<\/strong> by air and on the ground. More than 1 mn people have sought refuge in city on Egypt\u2019s border, and the Israeli army is now telling at least <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/israel-warns-gazans-to-evacuate-rafah-neighborhoods-ahead-of-planned-offensive-8a8b156c?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">100k of them<\/a> in east Rafah to move into a so-called \u201chumanitarian zone;<\/li>\n<li><strong>Shuttle <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/14ff1d0c-23ec-419f-927b-1cfd0601071b\" style=\"\" rel=\"noopener\">diplomacy<\/a><\/strong><strong> continues today in Cairo<\/strong> after both sides said they\u2019d continue indirect talks.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt condemns the move: <\/strong>The Foreign Ministry yesterday <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid02NLbJyWXUeL7ERe36XCPtV6U7mJNedKbsUePaBDuLEfFSfGE7VwjK5vGfsYoBm7vKl\" style=\"\" rel=\"noopener\">issued a warning<\/a> calling on Israel \u201cto exercise the utmost restraint and avoid further escalation at this sensitive time in the ceasefire negotiation process.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s more foreign policy ugliness in the headlines: <\/strong>Russia has rattled Western capitals with an announcement that it\u2019s <a target=\"_blank\" href=\"https:\/\/www.politico.eu\/article\/russia-preparing-non-strategic-nuclear-weapons-drills\/\" style=\"\" rel=\"noopener\">running drills on the use of tactical nuclear weapons<\/a>. Pundits say the Kremlin is putting on pressure in response to French and British statements on Ukraine. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>Tactical nukes are smaller, less-powerful weapons designed for use on the battlefield. Strategic nuclear weapons are the things designed to take-out cities. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN THE BUSINESS PAGES- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/lookout-santa-cruz-wins-pulitzer-prize-breaking-news-2024-05-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong> won a Pulitzer Prize for its long-term investigation <\/strong><strong>into Elon Musk<\/strong>\u2019s business empire, including Tesla and SpaceX. The newswire also won for its <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/pictures\/reuters-wins-pulitzer-prize-breaking-news-photography-coverage-israel-hamas-war-2024-05-06\/\" style=\"\" rel=\"noopener\">photography of the war<\/a> between Hamas and Israel. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/investigates\/section\/musk-inc\/\" style=\"\" rel=\"noopener\">You can read the full series here<\/a>, read the <a target=\"_blank\" href=\"https:\/\/www.pulitzer.org\/news\/2024-pulitzer-prize-announcement-0\" style=\"\" rel=\"noopener\">Pulitzer announcement<\/a>, or check out <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/379.pdf\" style=\"\" rel=\"noopener\">the long list (pdf)<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISE IS LOOKING FOR SMART<\/strong><strong>, 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\/2021\/03\/INFINITY-Top-banner-EN-1600x675-v2-02.png\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at how Egyptian industry is increasingly looking towards solar energy to power its energy needs.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena-ipos\/\">MENA IPOs<\/a>\n                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class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1171.png?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"\">Discover your dream getaway with our signature collection of vacation homes and let our expert<\/span><span> team craft your perfect holiday experience.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619570\" 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=\"619570\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/fitch-upgrades-egypts-sovereign-credit-rating-outlook-to-positive\/\">\r\n                            Fitch upgrades Egypt\u2019s sovereign credit rating outlook to positive                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/fitch-upgrades-egypts-sovereign-credit-rating-outlook-to-positive\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/330.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619571\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/fitch-upgrades-egypts-sovereign-credit-rating-outlook-to-positive\/330-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/330.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"330.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/330.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/330.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619570\" class=\"content-area-description single-story post-619570 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-debt tag-economy tag-enterpriseam tag-fitch 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\/.0fee2094-06e2-4be3-a240-1da3d2824524.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egy<\/strong><strong>pt\u2019s credit outlook is looking a whole lot healthier:<\/strong> Fitch Ratings has revised up its outlook on Egypt\u2019s long-term foreign currency debt to positive from stable, citing a reduction in near-term external financing risks on the back of an influx of foreign capital from the Ras El Hekma agreement, fresh funds from international financial institutions, non-resident holdings of domestic debt doubling since January to USD 35.3 bn in March, the float of the EGP, and interest rate hikes, the credit rating agency said in a <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/fitch-revises-egypt-outlook-to-positive-affirms-at-b-03-05-2024\" 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>Good news for sure, but Fitch isn\u2019t ready just yet to upgrade our rating<\/strong>, affirming its B- rating \u2014 six notches into junk territory.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cNear-term external financing risks have markedly reduced<\/strong>\u201d on the back of the Ras El Hekma agreement, float of the EGP, and the tightening of monetary policy, according to Fitch. The new post-float normal has also helped further bridge these risks as it has attracted back foreign interest in the local debt market and led to other international financial institutions to pledge additional funding. This was also helped by the fact that non-resident holdings of domestic debt (i.e. debt held by foreign investors or institutions) more than doubled to USD 35.3 bn by March, from USD 16.6 bn at the end of last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Currency exchange confidence has also helped:<\/strong> \u201cFitch has somewhat greater confidence that exchange rate flexibility will be more durable than in the past,\u201d the rating agency wrote \u2014 marking a shift away from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21bfbec7-5ecf-48b1-b745-17387affedfc\/\" style=\"\" rel=\"noopener\">skepticism towards the EGP float<\/a> it held in late March. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And there\u2019s some promising movement going forward: <\/strong>The Ras El Hekma agreement \u201cunderscores the strength of GCC financial support for Egypt,\u201d according to the rating agency. Government efforts to start reeling in off-budget spending through the new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/146b3145-ac54-4832-be15-9e2799b474bc\" style=\"\" rel=\"noopener\">Public Government Budget<\/a> and an EGP 1 tn cap for public investment in the next fiscal year will also reduce debt sustainability risks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But we\u2019re not in the all-clear just yet:<\/strong> Loosening fiscal policy, an unmoving current account deficit, weaker commitment to the flexible exchange rate, and\/or an escalation of regional conflict were all listed as potential threats to Egypt\u2019s future credit rating, Fitch wrote. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Finance Ministry reax:<\/strong> \u201cThe Egyptian economy has gradually begun to restore the confidence of international ranking institutions [...] by adopting reformative, advanced, integrated and sustainable economic policies,\u201d said Finance Minister Mohamed Maait in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid036yyzAmQLCQVm8kmrqp9mJcWo7QmEHapsTvDvpyA7RcCECerLExMwXKvSB6pCFLjCl\" style=\"\" rel=\"noopener\">statement<\/a>. \u201cThe positive financial indicators during the past nine months reflect the efforts made to achieve financial discipline in light of global crises,\u201d added Vice Minister of Finance Ahmed Kouchouk.<\/p>\n<p class=\"tag-border-left\">OTHER KEY KEY INDICATORS TO WATCH OUT FOR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Inflation: <\/strong>Fitch projects that inflation will fall from 33.4% y-o-y in March to 12.3% y-o-y by June 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- GDP: <\/strong>Fitch sees growth in the current fiscal year slowing 0.7 percentage points to 3.1% before picking up to 4.7% in the next fiscal year thanks to an uptick in business confidence, FDI remittances, and real incomes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Foreign currency reserves: <\/strong>Fitch expects foreign currency reserves to reach USD 49.7 bn in the current fiscal year and USD 53.3 bn in the next.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Fiscal deficit:<\/strong> The credit ratings agency expects the general government deficit to narrow by 0.3 percentage points to 5.5% of GDP in the current fiscal year, before widening above the government's target of 7.3% to 8.8% of GDP in the next fiscal year owing to high debt servicing costs and no big ticket Ras El Hekma type projects in the pipeline.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Debt interest costs: <\/strong>The debt interest-to-revenue ratio is set to peak at around 68% in the next fiscal year, before falling to a still-high 45% by the fiscal year 2027-28. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The international press also took notice of the upgrade: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-03\/egypt-s-outlook-raised-by-fitch-after-57-billion-global-bailout\" style=\"\" rel=\"noopener\">Bloomberg<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fitch\/\">Fitch<\/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=\"619572\" 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=\"619572\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/govt-locks-in-a-lease-agreement-for-an-lng-regasification-vessel-with-norways-hoegh-lng\/\">\r\n                            Egypt locks in a lease agreement for an LNG regasification vessel with Norway\u2019s H\u00f6egh LNG                        <\/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\/07\/govt-locks-in-a-lease-agreement-for-an-lng-regasification-vessel-with-norways-hoegh-lng\/\" target=\"_blank\">\n                    Open in new tab 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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/govt-locks-in-a-lease-agreement-for-an-lng-regasification-vessel-with-norways-hoegh-lng\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/313.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619573\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/govt-locks-in-a-lease-agreement-for-an-lng-regasification-vessel-with-norways-hoegh-lng\/313-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/313.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"313.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/313.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/313.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619572\" class=\"content-area-description single-story post-619572 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-egas tag-energy tag-energy-security tag-enterpriseam tag-hoegh-lng tag-oil-and-gas 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\/.326bc3b5-b5fc-4a84-b93d-944bf1290cad.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A floating&nbsp;<\/strong><strong>regasification unit w<\/strong><strong>ill be heading our way next month:<\/strong> Norway\u2019s H\u00f6egh LNG will send a floating storage and regasification unit to Ain Sokhna next month, as per an agreement it signed with state-owned Egyptian Natural Gas Holding Company and Australian Industrial Energy (AIE), according to statements from <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid0b7arD4wauHL2Z7VRoTm9AbKdViv66n7zcg6cJbLJ5zg3HeX7Lb676CRDAoBpPy67l\" style=\"\" rel=\"noopener\">the Oil Ministry<\/a> and <a target=\"_blank\" href=\"https:\/\/hoeghlng.com\/investor-relations\/news\/news-details\/2024\/Hegh-LNG-announces-agreement-to-deploy-FSRU-Hoegh-Galleon-to-Egypt\/default.aspx\" style=\"\" rel=\"noopener\">H\u00f6egh<\/a><a target=\"_blank\" href=\"https:\/\/hoeghlng.com\/investor-relations\/news\/news-details\/2024\/Hegh-LNG-announces-agreement-to-deploy-FSRU-Hoegh-Galleon-to-Egypt\/default.aspx\" style=\"\" rel=\"noopener\">LNG<\/a>. The unit is expected to cost the government USD 90 mn a year, <a target=\"_blank\" href=\"https:\/\/cnnbusinessarabic.com\/energy\/59543\/%D9%85%D8%B3%D8%A4%D9%88%D9%84-%D8%A3%D9%83%D8%AB%D8%B1-%D9%85%D9%86-500-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D8%A7%D8%AA%D9%88%D8%B1%D8%A9-%D8%A7%D8%B3%D8%AA%D9%8A%D8%B1%D8%A7%D8%AF-%D9%85%D8%B5%D8%B1-%D9%85%D9%86-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D9%81%D9%8A-4-%D8%A3%D8%B4%D9%87%D8%B1\" style=\"\" rel=\"noopener\">CNN Business Arabic<\/a> reported, citing an unnamed government official.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The regasification unit will remain in Egypt for around 19-20 months<\/strong> through February 2026, the Norwegian company\u2019s statement read. After that, it\u2019ll head to an Australian LNG terminal owned by AIE. The regasification unit will reduce the country\u2019s reliance on Jordan\u2019s terminal in Aqaba, which Egypt was given the right to use in an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a37a7288-8377-4f61-b169-c439aa7ddcbc\/\" style=\"\" rel=\"noopener\">agreement<\/a> inked last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> A dip in domestic production has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/317bf16c-ec16-489f-ac56-05ad40a04693\" style=\"\" rel=\"noopener\">pushed the country<\/a> from being a net exporter to a net importer of LNG in the recent months. The government currently seeks to capitalize on a fall in global gas prices as it looks to bypass the rising cost of mazut imports and stock up on LNG supplies in preparation for an increase in demand during summer months. Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4dee55b2-9d00-4dd3-ac1f-7da2d203a76d\/\" style=\"\" rel=\"noopener\">reportedly<\/a> plans to import three LNG shipments per month between July and October, which could cost Egypt over USD 500 mn this summer, according to CNN Business Arabic\u2019s unnamed government source. That\u2019s more or less consistent with earlier reports that Egypt could spend USD 120 mn per month for the four months between July and October. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Qatar and Algeria are poised to become our two main sources of LNG, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/853ca0a0-26fb-4032-8d31-af48609587d8\/it%25e2%2580%2599s-day-three-of-the-imf-and-world-bank%25e2%2580%2599s-spring-meetup\" style=\"\" rel=\"noopener\">unconfirmed media reports<\/a> last month.<\/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\/egas\/\">EGAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy-security\/\">Energy security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hoegh-lng\/\">H\u00f6egh LNG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619574\" 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=\"619574\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/banque-misrs-mdi-receives-approval-for-digital-banking-license-from-cbe-cbe-issues-new-ownership-regulations\/\">\r\n                            Banque Misr to launch digital bank in 4Q after receiving license from CBE + CBE issues new ownership regulations                        <\/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\/07\/banque-misrs-mdi-receives-approval-for-digital-banking-license-from-cbe-cbe-issues-new-ownership-regulations\/\" 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 new bank will be called Onebank, MDI announced.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>MDI plans to get Onebank off the ground in 4Q 2024 after finalizing the second phase of due diligence and acquiring the operating license.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> MDI applied for a digital banking license in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/608343e2-2810-460d-9b34-fec140a19e76\/banque%253cmark%253e-misr%253c%2Fmark%253e%25e2%2580%2599s-mdi-applies-for%253cmark%253e-digital%253c%2Fmark%253e-banking-license.-plus:-cairo-metro-line-3,-b.tech-%2B-outsourcing\" style=\"\" rel=\"noopener\">August<\/a>, becoming the first local company to do so. The CBE <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ceb3441-e6c5-4f50-b5ac-d2341abbcb32\" style=\"\" rel=\"noopener\">updated regulations<\/a> to the Banking Act governing digital bank licensing the month prior to MDI announcing its intention.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Basata to follow suit? <\/strong>Fintech platform <a target=\"_blank\" href=\"https:\/\/binvestmentsegypt.com\/portfolio\/basata\/\" style=\"\" rel=\"noopener\">Basata Financial Holding<\/a> is also looking into setting up a digital bank, the company\u2019s chairman Aladdin Saba told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/05\/06\/1789479\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The company is reportedly in the process of studying the requirements of acquiring a digital bank license.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More companies in line to establish digital banks?&nbsp;<\/strong>Local firms <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad98faeb-8ab6-46e2-8492-f156522a0e77\" style=\"\" rel=\"noopener\">Ostoul Securities Brokerage<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0cd58af2-675a-444f-b309-dbecca21d0d9\" style=\"\" rel=\"noopener\">OPay<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e5e8e38-c790-4c52-8397-24915e148e0b\/chevron-to-start-nargis-gas-production-in-2025.-plus:-redcon-%2B-compass,-paysky-has-big-plans,-new-administrative-capital-construction\" style=\"\" rel=\"noopener\">PaySky<\/a> have also announced their plans to apply for a digital banking license.<\/p>\n<p class=\"tag-border-left\">CBE ISSUES NEW OWNERSHIP REGULATIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The CBE issued new ownership rules for banks: <\/strong>Buyers who are going to acquire more than a 10% stake in a bank \u2014 or a stake that would otherwise grant the buyer voting rights \u2014 will have to file a request to the CBE at least 60 days ahead of finalizing the agreement, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/295.pdf\" style=\"\" rel=\"noopener\">circular (pdf)<\/a> issued on the CBE\u2019s website. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The submission must include<\/strong> a solvency report of the applicant, future management plans for the bank and the policies they target, and a list of the shares they own in other companies, the statement read. Additionally, the acquisition must be completed within six months of receiving the CBE\u2019s approval.<\/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\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619576\" 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=\"619576\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/\">\r\n                            Speedinvest taps Rana Abdel Latif as new partner                        <\/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\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/\" 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 veteran of the Egyptian VC scene is joining Speedinvest from Cairo-based fintech investment platform <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/ncludefund\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Nclude<\/a>. She has also worked for <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/global-ventures-me\/\" style=\"\" rel=\"noopener\">Global Ventures<\/a>, <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/theacasiagroup\/\" style=\"\" rel=\"noopener\">The Cairo Angels<\/a> (now Acasia), and Qalaa Holdings in her 15+ year career.<\/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\/moves\/\">moves<\/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=\"619578 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=\"619578\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/619578\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619578\" class=\"content-area-description single-story post-619578 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=\"&lt;\/span&gt;&lt;span\" target=\"_blank\"><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=\"619579\" 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=\"619579\">\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\/07\/the-ongoing-tragedy-in-gaza-and-short-lived-hopes-of-a-ceasefire-dominated-the-airwaves-last-night\/\">\r\n                            The ongoing tragedy in Gaza and short-lived hopes of a ceasefire dominated the airwaves last night                        <\/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\/07\/the-ongoing-tragedy-in-gaza-and-short-lived-hopes-of-a-ceasefire-dominated-the-airwaves-last-night\/\" 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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night&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/the-ongoing-tragedy-in-gaza-and-short-lived-hopes-of-a-ceasefire-dominated-the-airwaves-last-night\/\">\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\/07\/the-ongoing-tragedy-in-gaza-and-short-lived-hopes-of-a-ceasefire-dominated-the-airwaves-last-night\/&title=The ongoing tragedy in Gaza and short-lived hopes of a ceasefire dominated the airwaves last night\">\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         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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/375.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619580\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/the-ongoing-tragedy-in-gaza-and-short-lived-hopes-of-a-ceasefire-dominated-the-airwaves-last-night\/375-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/375.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"375.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/375.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/375.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619579\" class=\"content-area-description single-story post-619579 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-gaza tag-last-nights-talk-shows tag-middle-east-politics 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\/.9475d3c7-b444-45cd-807a-9322335ec4c7.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On day 213 of Is<\/strong><strong>rael\u2019s war on Gaza<\/strong>, the nation\u2019s talk show hosts focused in on the short-lived hope for a ceasefire that led to celebrations across the enclave, which abruptly ended as Israel began ratcheting up its strikes in preparation of a long-awaited ground assault.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fleeting celebrations in Gaza: <\/strong>Gazan crowds took to the streets to celebrate the possibility of an end to the war, chanting and cheering after Hamas accepted an Egyptian-Qatari ceasefire proposal. \u201cThis is the first time we\u2019ve seen happiness in the eyes of Gazans since 7 October . . . [following] the martyrdom of 34k women, children, parents, and elders,\u201d Lamis El Hadidi said on her show Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=SQECf7iTuFk\" style=\"\" rel=\"noopener\">watch, runtime: 2:33<\/a>). Al Hayah Al Youm's Lobna Assal also took to the airwaves to convey the optimism (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=M1oAD9bKNMw\" style=\"\" rel=\"noopener\">watch, runtime: 2:57<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Israel has other plans, says Al Habbash: <\/strong>\u201cI fear Israel will continue its attack on Rafah. Its plan goes beyond the boundaries of repatriating Israeli hostages or false claims of eliminating Hamas,\u201d Palestinian presidential advisor Mahmoud Al Habbash told El Hadidi on Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=SXFbP-Nfa9U\" style=\"\" rel=\"noopener\">watch, runtime: 2:42<\/a>). \u201cIts goal is to continue uprooting the Palestinian presence and destroying the Palestinian cause,\" he said, commenting on Israel\u2019s statement that it plans to continue its military operation in Rafah that was issued by the Israeli Prime Minister's office just hours after Hamas announced that it had accepted the ceasefire proposal.<\/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\/gaza\/\">Gaza<\/a>\n                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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/telecom-egypt-eyes-usd-500-mn-loan-from-chinese-lender-plus-credit-agricole-hyundai-rotem-uk-export-finance-ades-haier-islamic-trade-finance-corporation-egyptair-matouk-bassiouny\/\">\r\n                            Telecom Egypt eyes USD 500 mn loan from Chinese lender. PLUS: Credit Agricole, Hyundai Rotem, UK Export Finance, ADES, Haier, Islamic Trade Finance Corporation, EgyptAir, Matouk Bassiouny                        <\/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\/07\/telecom-egypt-eyes-usd-500-mn-loan-from-chinese-lender-plus-credit-agricole-hyundai-rotem-uk-export-finance-ades-haier-islamic-trade-finance-corporation-egyptair-matouk-bassiouny\/\" 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\/07\/telecom-egypt-eyes-usd-500-mn-loan-from-chinese-lender-plus-credit-agricole-hyundai-rotem-uk-export-finance-ades-haier-islamic-trade-finance-corporation-egyptair-matouk-bassiouny\/')\">\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\/07\/telecom-egypt-eyes-usd-500-mn-loan-from-chinese-lender-plus-credit-agricole-hyundai-rotem-uk-export-finance-ades-haier-islamic-trade-finance-corporation-egyptair-matouk-bassiouny\/\">\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=Telecom Egypt eyes USD 500 mn loan from Chinese lender. 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/telecom-egypt-eyes-usd-500-mn-loan-from-chinese-lender-plus-credit-agricole-hyundai-rotem-uk-export-finance-ades-haier-islamic-trade-finance-corporation-egyptair-matouk-bassiouny\/2608-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2608.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2608.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2608.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2608.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619582\" class=\"content-area-description single-story post-619582 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-abdel-fattah-el-sisi tag-ades-holding tag-also-on-our-radar tag-aviation tag-commodities tag-credit-agricole tag-debt tag-ebrd tag-egypt-uk-relations tag-egyptair tag-enterpriseam tag-gafi tag-haier tag-international-islamic-trade-finance-corporation tag-investment-watch tag-manufacturing tag-matouk-bassiouny-hennawy tag-oil-and-gas tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b2c16886-338e-4e44-8dcb-0d00ecd15c59.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">DEBT- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Telecom Egypt eyes USD 500 mn loan from China to restructure debt:<\/strong> Telecom Egypt is looking to secure USD 500 mn in supplier financing from an unnamed Chinese institution to restructure the company\u2019s credit facilities and meet capital requirements this year, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/05\/06\/1789508\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed sources. The company will reportedly pay for the loan in CNY given that a portion of its revenue stream originates from China.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/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- Credit Agricole gets a USD 20 mn boost from the EBRD for green financing:\u00a0<\/strong>The European Bank for Reconstruction and Development (EBRD) has greenlit a senior unsecured loan of up to USD 20 mn to Credit Agricole that will be used to support Egyptian households and private MSMEs to back climate adaptation projects, according to an EBRD <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/54397.html\" style=\"\" rel=\"noopener\">project summary<\/a>. Up to USD 3 mn of the funds will be co-financed by the Green Climate Fund.<\/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>#1- Hyundai Rotem looks to establish new metro rolling stock factory in the<\/strong><strong> SCZone:<\/strong> South Korean locomotive maker Hyundai Rotem plans to build a new factory in the Suez Canal Economic Zone (SCZone) to produce metro rolling stock, a representative from the Hyundai Motor Group subsidiary said during a meeting with Prime Minister Mostafa Madbouly, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid025zeaEMRiPuCsYEfrFAsXPhYjNpdKug2dNLxxinpTNzF8dEsk1gMLSWdc5Yewxc5ul\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- UK Export Finance agrees to fund projects in Egypt: <\/strong>The UK government-backed export credit agency <a target=\"_blank\" href=\"https:\/\/www.ukexportfinance.gov.uk\/\" style=\"\" rel=\"noopener\">UK Export Finance<\/a> has signed an MoU with Egypt\u2019s General Authority for Investment and Freezones (GAFI) that will allow it to fund projects and enhance trade between both countries, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02yPkreaRi6kLRFcmgcp3H7NvpQfnKq9jPkjjL2LUovtBYwNqe5J3BM3ihDyLNmbg8l\" style=\"\" rel=\"noopener\">statement<\/a> from the authority.<\/p><p class=\"tag-border-left\">ENERGY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADES expands Egypt operations with new jack-up rig:<\/strong> Egypt-born regional oil and gas services driller Saudi oil and gas driller ADES Holding was awarded a SAR 161 mn (USD 43 mn) contract by the Suez Oil Company to deploy a jack-up rig in the Suez Canal, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/352.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The drilling is expected to kick off in the coming weeks under the 21-month agreement.<\/p><p class=\"tag-border-left\">SOCIAL PROTECTION-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi raises minimum relief payments for precarious workers:<\/strong> President AbdelFattah El Sisi has ordered the government to raise the minimum relief payments offered to precarious workers from the Emergency Assistance Fund for Workers to EGP 1.5k from EGP 600, according to an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02hFpt1iM9yVwWrPgvipbyWgmJHMS7sV3nWfvCD6JBMWAVLguMLjrp3z1sumecn4Rvl\" style=\"\" rel=\"noopener\">statement<\/a>. El Sisi made the announcement during a speech he gave at an event to celebrate Labor Day.<\/p><p class=\"tag-border-left\">LOGISTICS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt offers up EGP 40 bn worth of investments across eight governorates:<\/strong> Supply Minister Ali El Moselhy announced the offering of 12 new investments for logistic, commercial, administrative, and leisure projects collectively spanning over 405 fedans across eight of Egypt\u2019s governorates, according to a Supply Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid065thWYCAEHTikvpaQi29kE7V4Ph4vmqGCTRyHVxinoJghiTwSBfAnpoKcNGTF5M5l\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><p class=\"tag-border-left\">MANUFACTURING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Haier\u2019s ecological park is here:<\/strong> Chinese appliance manufacturer <a target=\"_blank\" href=\"https:\/\/www.haierappliances.com\/\" style=\"\" rel=\"noopener\">Haier<\/a> has inaugurated its eco-industrial park in Tenth of Ramadan City, the company said on Thursday in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/310.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The first phase of production at the park \u2014 which primarily targets the local market \u2014 kicked off in March, rolling out ACs and TV sets, with washing machines expected to be added this month to boost the overall production to more than 900k units a year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know about the park:<\/strong> We first heard about the park \u2014 which is designed to have a total production capacity of 1.5 million units a year \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7089f22-eb65-4418-81c1-c5fb17e42672\" style=\"\" rel=\"noopener\">in December 2022<\/a>, when Haier was awarded a golden license to set up a USD 135 mn industrial park for its electrical appliances. Haier Egypt General Manager Ahmed El Gendy said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77c48e57-1258-4249-80d2-766b228ef39c\/\" style=\"\" rel=\"noopener\">in October<\/a> that his company has increased its initial investment in the park to USD 160 mn. Construction on the park kicked off <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/865170eb-9afa-421b-877a-537b97e19536\/\" style=\"\" rel=\"noopener\">in March 2023<\/a>, with the first phase wrapping up in November.<\/p><p class=\"tag-border-left\">COMMODITIES- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt wants to secure more funds from the ITFC for essential commodities:<\/strong> The government is seeking to raise its credit limit for essential commodities from the International Islamic Trade Finance Corporation (ITFC) by 150% to USD 500 mn a year, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63349\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B7%D9%84%D8%A8-%D9%85%D9%86-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%A5%D8%B3%D9%84%D8%A7%D9%85%D9%8A-%D8%B1%D9%81%D8%B9-%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%B4%D8%B1%D8%A7%D8%A1-%D8%A7%D9%84%D8%B3%D9%84%D8%B9-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%86%D9%8A%D8%A9-%D8%A5%D9%84%D9%89-500-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing an unnamed government official. The ITFC has approved an immediate release of USD 45 mn to Egypt until the said increase is approved, the official said.<\/p><p class=\"tag-border-left\">AVIATION-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cairo-Fujairah flights to kick off in July: <\/strong>EgyptAir will launch direct flights between the UAE\u2019s Fujairah International Airport and Cairo International Airport at a rate of two flights per week on Sundays and Thursdays, starting July, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b2ytiao-direct-flights-between-fujairah-cairo-launching\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p><p class=\"tag-border-left\">LAW-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Matouk Bassiouny counsels German ceramics firm<\/strong><strong> on manufacturing its products<\/strong><strong> in <\/strong><strong>Egypt:<\/strong> Law firm <a target=\"_blank\" href=\"https:\/\/matoukbassiouny.com\/\" style=\"\" rel=\"noopener\">Matouk Bassiouny &amp; Hennawy (MBH)<\/a> served as counsel for German ceramics manufacturer <a target=\"_blank\" href=\"http:\/\/www.villeroy-boch.com\/\" style=\"\" rel=\"noopener\">Villeroy &amp; Boch<\/a> on drafting an agreement that will see it manufacture its products in Egypt after teaming up with <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/keramika-magenta\/\" style=\"\" rel=\"noopener\">Keramika Magenta<\/a>, MBH said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/311.pdf\" style=\"\" rel=\"noopener\">statement (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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                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              <!-- <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\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/matouk-bassiouny-hennawy\/\">Matouk Bassiouny &amp; Hennawy<\/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\/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=\"619584\" 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=\"619584\">\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 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class=\"content-area-description single-story post-619584 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-china tag-enterpriseam tag-eu tag-france tag-planet-finance tag-trade tag-ursula-von-der-leyen 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\/.1e16934c-3fd9-4188-a290-e17a6455ec83.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The EU is ready to face China head-on over cheap imports: <\/strong>President of the European Commission Ursula von der Leyen called on China to work towards a more balanced trade relationship with the European Union during her meeting with Chinese President Xi Jinping in Paris yesterday. Von der Leyen warned that \u201cEurope will not waver from making tough decisions needed to protect its economy and security,\u201d while China is restricting the bloc\u2019s access to its markets and flooding Europe with heavily-subsidized Chinese products, according to a European Commission <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/statement_24_2464\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But China argues that a clampdown on its imports would harm the global green<\/strong><strong> transition : <\/strong>China\u2019s cheaper green technologies are necessary to further the energy transition, Xi Jinping's Special Envoy for Climate Change Liu Zhenmin told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-01\/xi-jinping-s-climate-change-envoy-says-energy-transition-needs-china\" style=\"\" rel=\"noopener\">Bloomberg<\/a> on Thursday. Backlash from the US and EU would result in a \u201cdelay in the substitution of fossil fuels by renewables globally,\u201d Liu said, adding that energy transition costs would increase by up to USD 6 tn \u2014 equating to a 20% jump \u2014 without cheaper Chinese products and technology.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: Tensions over green technology <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f632262b-ef65-48db-857c-1040385d7956\/today:-green-hydrogen-updates-from-morocco-and-oman-%2B-are-smaller-cop-summits-on-the-horizon%3F\" style=\"\" rel=\"noopener\">have been brewing<\/a><\/strong><strong> for a while between<\/strong><strong> China and the West<\/strong> over the oversupply of cheap solar panels and EVs from China, which has crowded US and European markets and threatened domestic production. The European Commission launched an investigation <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f632262b-ef65-48db-857c-1040385d7956\/today:-green-hydrogen-updates-from-morocco-and-oman-%2B-are-smaller-cop-summits-on-the-horizon%3F\" style=\"\" rel=\"noopener\">in September<\/a> to consider imposing punitive tariffs on Chinese EV imports as a protection measure for local producers.<\/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>Asian markets are in the green this morning <\/strong>as traders in Korea and Japan returned from a long weekend. The sole exception is the Hang Seng. US stock futures were largely unchanged in overnight trading, while European futures are doing a bit better, pointing to a comfortable start to the trading day.<\/p><p><a target=\"_blank\" id=\"t.0e3f107e7ffbdec333c24e62b9f7a2258078c803\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">26,114<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+3.3% (YTD: +4.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 47.89<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.02<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.90<\/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\">Sell 48.00<\/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-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>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\">12,373<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,035<\/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: -5.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;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\">+0.3% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,181<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +8.6%)<\/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>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\">8,213<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,957<\/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\">+0.7% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 83.33<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.19<\/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\">+2.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,331.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 63,476.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: +50.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 3.3% at Thursday\u2019s close <\/strong>on turnover of EGP 2.6 bn (47.1% below the 90-day average). Foreign investors were net buyers. The index is up 4.9% 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 (+10.3%), Eastern Company (+9.1%), and Telecom Egypt (+9.1%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Beltone Holding (-0.7%) and Egypt Kuwait Holding -EGP (-0.4%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/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                            <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\/ursula-von-der-leyen\/\">Ursula von der Leyen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"619586\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">9<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-lowdown-on-solar-energy-use-in-the-industrial-sector\/\">\r\n                            The lowdown on solar energy use in the industrial sector<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-lowdown-on-solar-energy-use-in-the-industrial-sector\/\" 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 government in 2022 drew up a plan to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\" style=\"\" rel=\"noopener\">phase out its involvement<\/a> in 45 sectors, including energy infrastructure and renewable energy projects, in a bid to open up space for the private sector to enter these fields. So what does the solar energy landscape look like for private industrial players? And what challenges does it pose?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest policy moves: <\/strong>The Egyptian Electric Utility and Consumer Protection Regulatory Agency in March <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5fe8f4bb-3a22-40ac-a502-6f18fb3420db\/\" style=\"\" rel=\"noopener\">approved a peer-to-peer (P2P) system<\/a> that will enable private sector energy players to produce and sell renewable energy to other private sector companies through the national grid. The initiative, which will act as a trial phase as part of the country\u2019s plans to transition to a fully open electricity market by 2025, has drawn interest from 20 private sector energy companies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s prompting factories to opt for solar energy?<\/strong> A key driver behind manufacturers shifting to solar energy are efforts to comply with ESG standards and the ability to market their products as green, said Romany Hakeem, the chairman of <a target=\"_blank\" href=\"https:\/\/beneshtysolar.com\/\" style=\"\" rel=\"noopener\">Beneshty Solar<\/a> and vice chairman of <a target=\"_blank\" href=\"https:\/\/sedaegypt.org\/en\/\" style=\"\" rel=\"noopener\">Sustainable Energy Development Association (SEDA)<\/a>. One regulation that is of particular concern for manufacturers is the EU\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63f69456-ee23-4b0d-ab40-cf8156033b69\/\" style=\"\" rel=\"noopener\">Carbon Border Adjustment Mechanism<\/a> \u2014 which imposes a tax on the estimated carbon emissions associated with certain imported goods \u2014 said Hakeem. In the near future, cutting emissions will also help local manufacturers make money through carbon credits and tradable certificates representing verified greenhouse gas reductions, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government is working to launch Africa\u2019s first voluntary carbon market \u2014 a plan which first saw the light <a target=\"_blank\" href=\"https:\/\/enterprise.news\/en\/egypt\/news\/story\/68268b61-5682-45af-a907-019ac3373c6a\" style=\"\" rel=\"noopener\">in 2022<\/a>. The Financial Regulatory Authority in March <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5722d75a-8216-457e-abb8-451f57f8401f\/\" style=\"\" rel=\"noopener\">issued the registration and delisting rules<\/a> for companies looking to sell certified carbon credits on the EGX after authorizing three bodies to verify projects that claim to reduce carbon emissions <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dcf9ca1d-30b8-4476-ba9e-45f254c92e81\" style=\"\" rel=\"noopener\">in February<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Switching to solar power can unlock considerable savings: <\/strong>Each MWh of solar energy currently saves around EGP 2.25 mn per year in electricity costs under the current <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6468a17b-84c3-4eff-be44-5ad1a59c8a21\/\" style=\"\" rel=\"noopener\">electricity tariffs<\/a>, said Hatem Tawfik, the managing director of <a target=\"_blank\" href=\"https:\/\/www.cairo-solar.com\/\" style=\"\" rel=\"noopener\">Cairo Solar<\/a> and secretary general of the Sustainable Energy Division at the Cairo Chamber of Commerce. With successive electricity price hikes expected to take place, the cost saving potential is expected to rise to EGP 3.25 mn over the next five years, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It all boils down to the financial model behind the installation:<\/strong> There are two schools of thought when it comes to the construction of solar power stations, said Tawfik. Some solar energy companies build solar stations at the client\u2019s premises and then sell the electricity produced to the client at around 10% less than what they would pay for public electricity. Under this setup, called a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6469dcfd-dd91-4462-890d-512c7e36b1d2\/\" style=\"\" rel=\"noopener\">purchase power agreement (PPA)<\/a>, the provider owns and operates the station. While this scenario saves the client steep upfront costs, the long-term financial gain is modest, Tawfik explained, adding that this model is best suited for corporations that are more concerned with corporate social responsibility than cost-cutting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The alternative: <\/strong>Engineering, procurement, and construction (EPC) agreements, on the other hand, are turnkey solutions under which the client purchases and owns the solar facility. Although this type of agreement is capital-intensive, the end user ultimately saves up to 100% \u2014 rather than c. 10% \u2014 of their electricity bill, depending on how much of their electricity needs the solar station provides, said Tawfik, who is a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/184ec55b-4cc0-48ba-9ba3-f1fde7cbe70b\/\" style=\"\" rel=\"noopener\">long-time advocate<\/a> of this model.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are effective financing mechanisms for EPC projects:<\/strong> Manufacturers can finance the costs of EPC installations by taking out <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0fbf63f-f196-4ab6-acac-529210bde7e3\" style=\"\" rel=\"noopener\">subsidized loans<\/a> offered to industrial players. They may then apply for grants from the European Bank for Reconstruction and Development amounting to 10% of the loan\u2019s value, Tawfik explained. Investing in solar stations can yield an internal rate of return of around 30% or more with the help of subsidized loans and grants, which together cut back the payback period from 7.35 years to 5 years, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So how much of the energy consumed by factories does solar power cover?<\/strong> Solar energy provides anywhere between 10-100% of manufacturers\u2019 electricity needs, depending on the space they have for installations, their energy consumption, and their financial capacity, Hakeem said. That being said, factories don\u2019t usually meet all of their needs through solar energy because they are major consumers of electricity compared to households, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the ground: <\/strong>Almarai subsidiary <a target=\"_blank\" href=\"https:\/\/www.beytiegypt.com\/\" style=\"\" rel=\"noopener\">Beyti\u2019s<\/a> USD 5 mn, 7.6 MWp solar power plant \u2014 which came online in 2020 \u2014 supplies around 20% of its two factories\u2019 consumption, Corporate Affairs and Communications Director Ghada Fouad said. While for home appliances manufacturer <a target=\"_blank\" href=\"https:\/\/www.passap.com.eg\/\" style=\"\" rel=\"noopener\">Passap\u2019s<\/a> refrigerator factory, 50% of the energy comes from its 257 KW solar power station, said Sherif El Sayad, president of Tredco for Engineering Industries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The challenges of going fully solar:<\/strong> \u201cFull dependence on solar energy is currently not feasible due to the need for extensive battery storage, which significantly impacts costs,\u201d said Yehia Shankir, the director of renewable energy at Elsewedy Electric. Both Fouad and El Sayad believe that it\u2019s theoretically possible to power their operations entirely through solar energy. However, El Sayad cited \u201cthe sharp increase in the prices of solar panels due to the devaluation\u201d as the main obstacle to doing so, while Fouad noted that \u201ctechnological solutions \u2014 mainly in battery technology \u2014 and more flexible regulations\u201d would be needed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the regulatory front, more incentives are needed:<\/strong> To encourage private sector investment in renewables, the government offers incentives like minimizing customs tariffs on renewable equipment imports and VAT on the sale of renewable energy, both Shankir and Fouad said. But more can be done, they suggested. \u201cTo further encourage renewable adoption, introducing <a target=\"_blank\" href=\"https:\/\/www.irena.org\/Energy-Transition\/Policy\/Renewable-Energy-Auctions\" style=\"\" rel=\"noopener\">auction systems<\/a> like those in Europe and the US and expanding energy spot markets could streamline the process and promote renewable energy utilization,\u201d Shankir said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Proposals on the table: <\/strong>SEDA has presented proposals to the Electricity Ministry on ways it can incentivize producers to opt for solar energy, Hakeem said. One suggestion is to exempt components imported for solar panels from VAT \u2014 as is the case with production equipment \u2014 he explained. The Sustainable Energy Division at the Cairo Chamber of Commerce has also proposed that the government roll out a green fund that offers grants and subsidized loans for solar stations, Tawfik said. This fund can be financed through the taxation of energy-intensive products \u2014 such as traditional cars and electric heaters \u2014 and the money that the government saves as the transition to renewables drives down its natural gas bill.<\/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\/beneshty\/\">Beneshty<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beyti\/\">Beyti<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-solar\/\">Cairo Solar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    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<\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"619588\" 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\/07\/619588\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619588\" class=\"content-area-description single-story post-619588 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;\">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    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>LNG regasification unit arriving June | Egypt\u2019s first digital bank is in the works | Telecom Egypt looks to China for funding | Hyundai Rotem eyes new rolling stock factory<\/p>\n","protected":false},"featured_media":619566,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-619565","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"9e9da9dd-e1c7-4cdb-9326-b462e63035d0","teaser":"LNG regasification unit arriving June | Egypt\u2019s first digital bank is in the works | Telecom Egypt looks to China for funding | Hyundai Rotem eyes new rolling stock factory","photo_url":"https:\/\/ent.news\/2024\/1\/1706.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fitch upgrades sovereign credit rating outlook to positive, affirms B- rating - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/fitch-upgrades-sovereign-credit-rating-outlook-to-positive-affirms-b-rating\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch upgrades sovereign credit rating outlook to positive, affirms B- rating\" \/>\n<meta property=\"og:description\" content=\"LNG regasification unit arriving June | 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