{"id":619977,"date":"2024-05-14T00:00:00","date_gmt":"2024-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=619977"},"modified":"2025-12-17T05:43:03","modified_gmt":"2025-12-17T05:43:03","slug":"the-rest-of-the-ras-el-hekma-funds-roll-in","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-rest-of-the-ras-el-hekma-funds-roll-in\/","title":{"rendered":"The rest of the Ras El Hekma funds roll in"},"content":{"rendered":"<section id=\"619979\" 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=\"619979\">\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\/14\/the-sovereign-fund-of-egypt-is-heading-to-the-gulf\/\">\r\n                            The Sovereign Fund of Egypt is heading to the Gulf                        <\/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\/14\/the-sovereign-fund-of-egypt-is-heading-to-the-gulf\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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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\/.99ce8a17-0154-40f6-9aad-af0f6495c65f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>It\u2019s another quiet morning with the news lull extending into the middle of the week. <\/p><p class=\"tag-border-left\">WATCH THIS SPACE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- The Sovereign Fund of Egypt heads to the Gulf: <\/strong>The Sovereign Fund of Egypt will be touring the Gulf next month to drum up investment, Fund chair and Planning Minister Hala El Said told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63658\/%D9%88%D8%B2%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D8%AA%D8%AE%D8%B7%D9%8A%D8%B7-%D9%84%D9%80%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AF%D9%8A-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D8%B3%D9%8A%D8%AC%D8%B1%D9%8A-%D8%AC%D9%88%D9%84%D8%A9-%D8%AA%D8%B1%D9%88%D9%8A%D8%AC%D9%8A%D8%A9-%D8%AE%D9%84%D9%8A%D8%AC%D9%8A%D8%A9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The fund will meet with investors, financial institutions, and other sovereign funds to discuss potential investments on offer.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An industry sub-fund from the SFE? <\/strong>The Planning Ministry is looking into launching an industry-focused sub-fund under the SFE, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Li2BFaxkujjhF7sDKAemiQEu2tS5jW2A62xM91LRUhLtgfKvoUzRWoqt5GxHq5Zbl\" style=\"\" rel=\"noopener\">El<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Li2BFaxkujjhF7sDKAemiQEu2tS5jW2A62xM91LRUhLtgfKvoUzRWoqt5GxHq5Zbl\" style=\"\" rel=\"noopener\">Said<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Li2BFaxkujjhF7sDKAemiQEu2tS5jW2A62xM91LRUhLtgfKvoUzRWoqt5GxHq5Zbl\" style=\"\" rel=\"noopener\">said<\/a>. The ministry is working with the private sector to identify a number of potential industries for the fund, she said, highlighting the industrial sector\u2019s importance for job creation and exports.<\/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- Issuance of <\/strong><strong>the one-year <\/strong><strong>27% yield CDs could be stopped soon: <\/strong>Banque Misr and the National Bank of Egypt (NBE) are considering stopping the issuance of one-year high-yield certificates of deposit (CDs) that were issued at the start of the year and replacing them with CDs with a lower return, Banque Misr President Mohamed El Etreby and an unnamed source from the NBE told <a target=\"_blank\" href=\"https:\/\/twitter.com\/AlArabiyaBN_EG\/status\/1789911265717985351\" style=\"\" rel=\"noopener\">Al Arabiya Business<\/a>. Enterprise verified the news with El Etreby. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Banque Misr and the National Bank of Egypt introduced one-year CDs with yields up to 27% <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca07962e-49c3-4cb5-ab1d-89a6443c7602\" style=\"\" rel=\"noopener\">back in January<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>Speaking of CDs:<\/strong> Banque Du Caire yesterday rolled out a new high yield three-year CD that pays a monthly variable return of 27%, the lender <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/BDCEgypt\/posts\/pfbid0fj9rRxSRoektx25zSXa7GJ8gnKy9vpwLjZJW6gEUb86AWWkeWy4BeZxP5NYknpKZl\" style=\"\" rel=\"noopener\">said<\/a>.<\/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\/227.jpg?ssl=1\"><\/a> <\/p><p style=\"padding:0;margin:0;line-height:1.0;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\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another spring day in Cairo<\/strong>, with a high of 29\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 16\u00b0C.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Want to subscribe?\u00a0<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/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\">HAPPENING TODAY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a><strong>#1- Foreign Minister Sameh Shoukry is in Bahrain<\/strong> for the Arab League ministerial meetings ahead of the 33rd Arab Summit \u2014 which will be <a target=\"_blank\" href=\"https:\/\/www.bna.bh\/en\/news?cms=q8FmFJgiscL2fwIzON1%2BDr0Fe3zXeCb63NTSijSNmyA%3D\" style=\"\" rel=\"noopener\">held on<\/a><a target=\"_blank\" href=\"https:\/\/www.bna.bh\/en\/news?cms=q8FmFJgiscL2fwIzON1%2BDr0Fe3zXeCb63NTSijSNmyA%3D\" style=\"\" rel=\"noopener\">Thursday<\/a> \u2014 according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid0Pj5uvT4YgMG5MW6ah8YGv4vwGoGhTzqX3THJHZSgpvbBDVKrV2XYNDkY9rFRWDtol\" style=\"\" rel=\"noopener\">ministry statement<\/a>. The meeting will focus on draft resolutions to be submitted during the summit and several key issues, including developments in Gaza, Libya, and a number of other Arab countries. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- Get ready for the Green Growth Summit:<\/strong> Private sector players, financial institutions, investors, donors, and policymakers will gather today for the <a target=\"_blank\" href=\"https:\/\/www.ggsummit.me\/\" style=\"\" rel=\"noopener\">Green Growth Summit<\/a> hosted by global development organization <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/hivos\/?originalSubdomain=nl\" style=\"\" rel=\"noopener\">Hivos<\/a> at Cairo\u2019s Conrad Hotel. The summit will focus on green exports, de-risking green investments, green jobs, green ambassadors, and green impact investing. Registration for the event has already closed.<\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt will host the<\/strong><strong> joint annual meetings of Arab financial authorities<\/strong><strong> for the first time on <\/strong><strong>Wednesday, 22 May. <\/strong>The gathering will see finance ministers, central bank heads, and officials from regional and international bodies meet up in the new capital to discuss financial, economic, and development issues, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0scABg7nMCzrcjFDqVH5QzujBN1QqpCi4DTFMkVGBnk5TU7m1fmk8jVEJdjrjZFvhl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"tag-border-left\">INFLATION WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a><strong>Goldman Sachs adjusts inflation forecast: <\/strong>Goldman Sachs now sees inflation falling to 22% by the end of the year \u2014 up from its previous forecast of 20% \u2014 <a target=\"_blank\" href=\"https:\/\/awp.net\/ar\/stories\/ghwldman-saks-ytwqe-an-yblgh-medl-altdkhm-fy-msr-22-bnhayt-2024\/\" style=\"\" rel=\"noopener\">Arab World Press<\/a> reports, citing a note from the bank. The lender pointed to the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98061d01-2567-4fa0-ae15-7bbd9ca9b5ba\" style=\"\" rel=\"noopener\">unexpected spike<\/a> in the rate of inflation in February as the reason behind the upward revision. <\/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>The UAE has investments totalling USD 65 bn in Egypt<\/strong>, UAE International Investors Council secretary general Jamal Aljarwan told <a target=\"_blank\" href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid087jV36fnf1TTjLNFihjHgHNpZ6EoMyBs6Vr18PV11iNNZ1MYzPhU7wi1NpUG9WpCl&amp;id=100083367761426\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Egypt is the UAE\u2019s second-largest investment market after the US, Aljarwan added. <\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a really, really tech-heavy morning in the business press: <\/strong>Reviews are out for the <strong>iPad Air and iPad Pro<\/strong> models that Apple announced last week, <strong>ChatGPT<\/strong> maker OpenAI released a voice-assistant-like product that will chat with you in the (unauthorized, dystopian) <a target=\"_blank\" href=\"https:\/\/www.theverge.com\/2024\/5\/13\/24155652\/chatgpt-voice-mode-gpt4o-upgrades\" style=\"\" rel=\"noopener\">voice of Scarlett Johansson in Her<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Up first: the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/io.google\/2024\/\" style=\"\" rel=\"noopener\">Google I\/O<\/a><\/strong><strong> developer conference starts this morning.<\/strong> The Mountain View company is expected to announce (you guessed it) a new AI-powered voice assistant and a bunch of other Android goodies. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Consider it the prelude to a few very tech-heavy weeks: <\/strong>Microsoft\u2019s <a target=\"_blank\" href=\"https:\/\/build.microsoft.com\/en-US\/home\" style=\"\" rel=\"noopener\">Build conference<\/a> runs next week (21-23 May) and could see Redmond announce an AI-powered search app based on ChatGPT, and then all eyes turn to Cupertino for <a target=\"_blank\" href=\"https:\/\/developer.apple.com\/wwdc24\/\" style=\"\" rel=\"noopener\">Apple\u2019s WWDC<\/a>, at which the tech giant will unveil new versions of its various operating systems with plenty of AI baked in. Pundits will be watching to see how much of the AI goop Apple layers onto its OSes is homegrown and how much is licensed from ChatGPT or Google \u2014 it\u2019s in talks with both. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meet Her: <\/strong>OpenAI is actually calling it Chat-GPT4o (the letter \u2018o\u2019 at the end, not a zero) and it lit our X and Threads on fire for sounding exactly like Scarlett Johansson in Her, a movie in which a character falls in love with an AI voice assistant. You chat with GPT4o using your voice \u2014 and it can turn on your device\u2019s camera to have a look around if it\u2019s relevant to your \u2018conversation.\u2019 And unlike the current incarnation of Siri, it appears pretty seamless. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You can try it now for yourself: <\/strong><a target=\"_blank\" href=\"https:\/\/openai.com\/index\/hello-gpt-4o\/\" style=\"\" rel=\"noopener\">Head here to learn more or listen to a demo<\/a>. If you already have a subscription to ChatGPT and have it running in a browser, do a hard refresh and then hit the dropdown menu on the top left to choose ChatGPT-4o.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story is everywhere: <\/strong><a target=\"_blank\" href=\"https:\/\/www.theverge.com\/2024\/5\/13\/24155493\/openai-gpt-4o-launching-free-for-all-chatgpt-users\" style=\"\" rel=\"noopener\">The Verge<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/90a1fa9e-8c59-4563-b528-1039851ba5ba\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/ai\/openai-voice-assistant-chatgpt-app-376ef6a2?mod=hp_lead_pos11\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/openai-announce-chatgpt-product-improvements-monday-2024-05-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/13\/openai-launches-new-ai-model-and-desktop-version-of-chatgpt.html\" style=\"\" rel=\"noopener\">CNBC<\/a> <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You can already feel the ennui <\/strong>in this CNBC headline: <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/13\/ai-skill-you-must-learn-to-stay-competitive-in-the-jobs-market.html\" style=\"\" rel=\"noopener\">AI may not replace you, but someone who uses it can \u2014 here\u2019s the No. 1 skill you need to stay relevant<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO IN AI- A UAE research institute has rolled out a new, open-source GenAI model named Falcon 2<\/strong>, it <a target=\"_blank\" href=\"https:\/\/www.tii.ae\/news\/falcon-2-uaes-technology-innovation-institute-releases-new-ai-model-series-outperforming-metas\" style=\"\" rel=\"noopener\">said in a statement<\/a> yesterday. The institute says the model outperforms both Llama 3 from Meta as well as Google\u2019s Gemma, which underpins the Gemini products. \u201cWe were able to achieve way higher performance than a lot of the bigger guys, and at a fraction of their compute and a fraction of their team size,\u201d a top UAE tech official told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-13\/uae-releases-new-falcon-ai-model-11b-to-rival-meta-s-llama-openai-and-google\" style=\"\" rel=\"noopener\">Bloomberg<\/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>REVIEWS- So, should you buy a new iPad? <\/strong>Will the device be transformed in a few weeks\u2019 time by the unveiling of a new iPadOS that makes it as Mac-like as the new keyboard case now on sale for the Pro model? In search of answers, we bring you:<\/p><ul>\n<li><a target=\"_blank\" href=\"https:\/\/www.theverge.com\/24155440\/apple-ipad-pro-2024-review\" style=\"\" rel=\"noopener\">Apple iPad Pro (2024) review: the best kind of overkill<\/a>. (The Verge)<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.theverge.com\/24155407\/apple-ipad-air-review-2024\" style=\"\" rel=\"noopener\">The new Apple iPad Air is great \u2014 but it\u2019s not the one to get<\/a>. (The Verge)<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/personal-tech\/ipad-pro-vs-macbook-the-great-apple-laptop-tradeoff-3304323d?mod=hp_lead_pos10\" style=\"\" rel=\"noopener\">iPad Pro vs. MacBook: The Great Apple Laptop Trade-Off<\/a>. (WSJ)<\/li>\n<\/ul><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>CLOSER TO HOME- <\/strong>Israeli troops have been <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-forces-step-up-attacks-jabalia-camp-rafah-gaza-2024-05-13\/\" style=\"\" rel=\"noopener\">let loose in both the north and south of Gaza<\/a> and Israel has proposed that <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/05\/13\/israel-palestinian-authority-rafah-crossing\" style=\"\" rel=\"noopener\">the Palestinian Authority should run the Rafah border crossing<\/a>, which Israeli troops took over last week.<\/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 what\u2019s being done to make Egypt a hub for green data centers. <\/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\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619981 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=\"619981\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/619981\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619981\" class=\"content-area-description single-story post-619981 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/704.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Discover. Connect. Flourish.<\/span><span style=\"\"> Join us for the first of many celebrations in honor of the<\/span><span> tremendous achievements of Somabay, where you will get a glimpse of luxury living in the Red Sea. In collaboration with Cairo Food Week, we will transport you to a world that is both tasteful and tasty. Create new bonds, while enjoying unforgettable meals crafted by top-notch chefs. Become a part of our booming collective by mingling and getting a taste of our impeccable hospitality and a world-class culinary 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=\"619982\" 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=\"619982\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/second-usd-20-bn-tranche-of-ras-el-hekma-funds-land-in-state-coffers\/\">\r\n                            Second USD 20 bn tranche of Ras El Hekma funds land in Egypt\u2019s coffers                        <\/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\/14\/second-usd-20-bn-tranche-of-ras-el-hekma-funds-land-in-state-coffers\/\" 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 tranche consists of USD 14 bn fresh inflows and USD 6 bn in the form of a previous UAE deposit at the Central Bank of Egypt (CBE). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More or less <\/strong><strong>according to plan: <\/strong>We were expecting the funds to land in the state\u2019s coffers between late April and early May. We received the first USD 15 bn tranche of the payment <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c56ceb8-55ac-4055-b827-61334472f26c\/\" style=\"\" rel=\"noopener\">late February<\/a>, split between USD 10 bn in fresh inflows and USD 5 bn in the form of a previous UAE deposit at the CBE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The game plan for the funds:<\/strong> Some USD 11 bn of Egypt\u2019s external debt is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08635509-14e7-47aa-a1f3-0c9d54bc0dd0\/egypt%25e2%2580%2599s-foreign-debt-rose-usd-3.3%253cmark%253e-bn%253c%2Fmark%253e-in-1h-fy-2023-24\" style=\"\" rel=\"noopener\">expected<\/a> to be written off using funds from the Ras El Hekma agreement. Egypt\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08635509-14e7-47aa-a1f3-0c9d54bc0dd0\/egypt%25e2%2580%2599s%253cmark%253e-foreign-debt%253c%2Fmark%253e-rose-usd-3.3-bn-in-1h-fy-2023-24\" style=\"\" rel=\"noopener\">foreign debt hit USD 168 bn<\/a> during the first half of the current fiscal year, rising USD 3.3 bn compared to the USD 164.7 bn recorded at the end of fiscal year 2022-2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Backlogs are also a priority: <\/strong>The CBE is expected to pour USD 6 bn of the Ras El Hekma proceeds into the banking sector, providing sufficient hard cash in the system for banks to help clear arrears and start opening up their FX allocations outside of those importing essential goods.<\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-el-hekma\/\">Ras El Hekma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619984\" 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                            \"\r\n            id=\"619984\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/two-new-hotels-in-the-making-with-investments-of-usd-85-mn\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/952.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619985\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/two-new-hotels-in-the-making-with-investments-of-usd-85-mn\/952-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/952.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"952.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/952.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/952.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619984\" class=\"content-area-description single-story post-619984 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-enterpriseam tag-hospitality tag-intercontinental-hotels-group tag-investment-watch 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\/.f7dc20bf-0bdb-46f6-ba6c-89c414a54e2b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two new Crowne Plaza hotels in the works: <\/strong>Kuwaiti real estate player <a target=\"_blank\" href=\"https:\/\/urbnlanes.com\/\" style=\"\" rel=\"noopener\">Urbnlanes Developments<\/a> and the British <a target=\"_blank\" href=\"https:\/\/www.ihg.com\/\" style=\"\" rel=\"noopener\">IHG Hotels & Resorts<\/a> will set up two new hotels in Egypt with combined investments of USD 85 mn, the companies said in a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/931.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/931.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a> yesterday. The two hotels, which will operate under IHG\u2019s <a target=\"_blank\" href=\"https:\/\/www.ihg.com\/crowneplaza\/hotels\/us\/en\/reservation\" style=\"\" rel=\"noopener\">Crowne Plaza<\/a> brand, are set to open their doors in 2028.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hotels:<\/strong> The Crowne Plaza New Cairo \u2014 which will be set up in Urbnlanes\u2019 mixed-use development <a target=\"_blank\" href=\"https:\/\/urbnlanes.com\/project\/yellow-residence\/\" style=\"\" rel=\"noopener\">Yellow Residence<\/a> \u2014 will house 180 rooms, a restaurant, club lounge, and five meeting rooms along with an events hall and banquet facilities. Meanwhile, the Crowne Plaza Levels Tower will be located in the new capital, housing 110 rooms tailored for business travelers. It will also offer three upscale restaurants and five meeting rooms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In line with <\/strong><strong>our ambitious tourism goals: <\/strong>The government wants to see the private sector build at least 200k new hotel rooms as part of its plan to attract as many as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b252d5fc-e5e3-41f9-a8ca-8c9cf8c17127\" style=\"\" rel=\"noopener\">30 mn tourists a year<\/a> by 2028. To help reach its goal, the government is looking into <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab30ba76-0ab5-4e56-8e3f-6913538a4cb3\/\" style=\"\" rel=\"noopener\">an initiative<\/a> offering subsidized loans to local and foreign hospitality players looking to set up more hotel rooms across the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IHG is no stranger to the Egyptian market: <\/strong>IHG currently operates <a target=\"_blank\" href=\"https:\/\/www.ihg.com\/egypt\" style=\"\" rel=\"noopener\">seven hotels<\/a> in Egypt under four brands: InterContinental, Crowne Plaza, Holiday Inn, and Staybridge Suites. IHG is also working with <a target=\"_blank\" href=\"https:\/\/www.arabella-plaza.com\/\" style=\"\" rel=\"noopener\">Arabella Group<\/a> to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/770cc89d-1886-402e-81e0-f51ff3769ded\/\" style=\"\" rel=\"noopener\">set up<\/a> three new hotels in Cairo and the North Coast that are slated to open by 2026 and has plans to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e43f6dc8-f379-4241-8a3e-e7e27d3ac60c\/sodic-to-acquire-180-acres-to-expand-north-coast-caesar-project.-plus:-scatec-meets-sisi,-apache-wants-more-blocks,%253cmark%253e-ihg%253c%2Fmark%253e-to-open-2-hotels-in-sheikh-zayed\" style=\"\" rel=\"noopener\">open up two new hotels<\/a> in Sheikh Zayed by 2028. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Neither is Urbnlanes: <\/strong>Founded in 2021, Urbnlanes Developments is a subsidiary of Kuwaiti <a target=\"_blank\" href=\"https:\/\/urbnlanes.com\/testimonial\/emeel-abdalla\/\" style=\"\" rel=\"noopener\">Emeel<\/a><a target=\"_blank\" href=\"https:\/\/urbnlanes.com\/testimonial\/emeel-abdalla\/\" style=\"\" rel=\"noopener\">Abdallah Investments<\/a>. It has completed over five administrative, residential, and commercial projects in New Cairo and the new capital with investments of c. EGP 46 bn.<\/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\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/intercontinental-hotels-group\/\">Intercontinental Hotels Group<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619986 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=\"619986\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/619986\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619986\" class=\"content-area-description single-story post-619986 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619987\" 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=\"619987\">\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\">Healthcare<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/local-players-are-setting-up-a-usd-100-mn-healthcare-venture\/\">\r\n                            Egyptian players are setting up a USD 100 mn healthcare venture                        <\/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\/14\/local-players-are-setting-up-a-usd-100-mn-healthcare-venture\/\" 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 two are yet to name the new company, Khalil added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Grand plans:<\/strong> The company \u2014 of which each partner will own a 50% stake \u2014 will be responsible for establishing 1k clinics targeting lower to middle income patients, diagnostic laboratories, and pharmacies over the next three years, according to Khalil.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The local healthcare sector has had considerable interest from investors this year: <\/strong>In the first few months of 2024, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7b8dea0-fa0d-4a5e-abf6-e1f535afc240\/china%25e2%2580%2599s-construction-behemoth-eyes-building-a-medical-city-near-the-new-capital\" style=\"\" rel=\"noopener\">news broke<\/a> that China State Construction Engineering Corporation \u2014 the largest construction company in the world by revenue \u2014 is in talks with the government to build a medical city project on the outskirts of the new capital. The local arm of UK conglomerate NHMC Group was also awarded a plot of land to set up a USD 300 mn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccbf8a05-3c13-409b-a48c-5289edccee55\/uae%25e2%2580%2599s-udc-to-invest-egp-60-bn-in-a-mixed-use-development-project.-plus:-nhmc-is-building-a-usd-300-mn-medical-and-educational-complex\" style=\"\" rel=\"noopener\">medical and educational complex<\/a> in Shorouk City. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>These are welcome developments for the state:<\/strong> President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09687dab-6dcb-4840-817f-4b82bb097006\" style=\"\" rel=\"noopener\">insisted<\/a> that legislative steps be taken to increase the role of the private sector in Egypt\u2019s healthcare in late March after the Madbouly government shared its target to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bd53619-0a0c-4348-81f9-766539179c3c\/gov%25e2%2580%2599t-unveils-new-economic-and-social-development-targets-for-the-next-fiscal-year\" style=\"\" rel=\"noopener\">raise<\/a> the private sector\u2019s share in healthcare to 50% by 2027 \u2014 up from a current 30% \u2014 in the next fiscal year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian-Emirati healthcare cooperation? <\/strong>Health Minister Khaled Abdel Ghaffar discussed health cooperation with the Abu Dhabi Health Department head Mansour Al Mansouri on the sidelines of Abu Dhabi\u2019s Global Healthcare Week, a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0XP8jqjTHGk7X1YLXA1SwXz9JERSsk1yjVTns7tT35qpznjVc65DeB2a67e6pZMMAl\" style=\"\" rel=\"noopener\">statement<\/a> said. The two discussed collaborating to help establish a virtual hospital \u2014 an online platform that offers patients the option of attending checkups and talking to doctors online.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cooperation with Greece is also on the agenda:<\/strong> Abdel Ghaffar also discussed healthcare cooperation with his Greek counterpart Adonis Georgiadis on the sidelines of the event, according to a separate ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/pfbid02ndQZWH1B1QwY5bi6ywGDqQYvXejbEzXmJ7ekSrmcynFNaYfjB1FENV3k12PPU8jDl\" style=\"\" rel=\"noopener\">statement<\/a>. The pair explored cooperation in building and upgrading healthcare facilities, exchanging knowledge, and enhancing medical tourism between the two countries.<\/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\/healthcare\/\">healthcare<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619989\" 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=\"619989\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/fawrys-net-income-rose-150-y-o-y-in-1q-2024\/\">\r\n                            Egyptian fintech giant Fawry\u2019s net income rose 150% y-o-y in 1Q 2024                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/fawrys-net-income-rose-150-y-o-y-in-1q-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The company\u2019s top line grew 60.9% to EGP 1.1 bn during the period, driven by \u201cthe expansion and diversification of the company\u2019s business offerings,\u201d according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/978.pdf\" style=\"\" rel=\"noopener\">latest earnings release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growth across the board: <\/strong>Fawry\u2019s banking services segment \u2014 which contributed more than 40% of the firm\u2019s revenue for the quarter \u2014 saw its revenues jump 80.2% y-o-y to EGP 456.9 mn. It was followed by the alternative digital payments segment, which added EGP 354.8 mn to the company\u2019s top line \u2014 a 27.8% increase from a year before. The financial services segment saw the highest annual growth, jumping 101.3% to EGP 174.2 mn, while revenues from supply chain solutions surged 70.4% y-o-y to EGP 75.6 mn during the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moving forward: <\/strong>\u201cIn February 2024, we acquired the SME financing license\u2026 This strategic move aligns seamlessly with our commitment to delivering cutting-edge technology and adaptable solutions, addressing the financial needs of SMEs in Egypt and supporting the government\u2019s initiative to empower this vital sector,\u201d said CEO Ashraf Sabry. Fawry also aims to introduce medical ins. for myFawry prepaid cardholders, as well as payout and payroll solutions customized for SMEs, and corporate cards for SMEs, he added.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> 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href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/186.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"619992\" 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=\"619992\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/the-nations-talking-heads-zeroed-in-on-the-inauguration-of-mostaqbal-misrs-industrial-zone\/\">\r\n                            The nation\u2019s talking heads zeroed in on the inauguration of Mostaqbal Misr\u2019s industrial zone                        <\/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\/14\/the-nations-talking-heads-zeroed-in-on-the-inauguration-of-mostaqbal-misrs-industrial-zone\/\" target=\"_blank\">\n                    Open in new tab                    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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/the-nations-talking-heads-zeroed-in-on-the-inauguration-of-mostaqbal-misrs-industrial-zone\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/973.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619993\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/the-nations-talking-heads-zeroed-in-on-the-inauguration-of-mostaqbal-misrs-industrial-zone\/973-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/973.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"973.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/973.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/973.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619992\" class=\"content-area-description single-story post-619992 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam 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\/.7ffc2e40-4094-432e-bf40-c4c9d3f6578c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One story dominated the airwaves last night: <\/strong>The nation\u2019s talking heads were fixated on a single story last night,President Abdel Fattah El Sisi\u2019s inauguration of the first phase of the industrial zone and the beginning of the harvest season at the Mostaqbal Misr project (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=g34nlK6OOLk&ab_channel=eXtranews\" style=\"\" rel=\"noopener\">watch<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=g34nlK6OOLk&ab_channel=eXtranews\" style=\"\" rel=\"noopener\">, runtime: 41:37<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The first phase of the project \u2014 the first part of the EGP 300 bn New Delta reclamation project \u2014 lies along the Rod Al Farag-Dabaa highway and reclaims over 1 mn feddans. The project aims to provide over 10k direct jobs and over 350k indirect jobs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What more? <\/strong>We have everything you need to know about the New Delta reclamation project in a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/81838c08-0b75-49e0-8946-5bf350aac4f0\/step-aside,-1.5-mn-feddan-project.-there%25e2%2580%2599s-a-new-reclamation-megaproject-in-town\" style=\"\" rel=\"noopener\">Hardhat published last year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi emphasized the importance of the project<\/strong>, saying that \u2014 despite the heavy investment costs \u2014 Egypt has \u201cno other choice,\u201d and that \u201cwe wouldn\u2019t be able to farm\u201d otherwise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adib sounds a cautionary note: <\/strong>\u201cThe important question is how do we ensure the sustainability of the project? How will it be maintained and expanded?\u201d El Hekaya\u2019s Amr Adib questioned, referencing the downfall of the Toshka project during the late President Hosni Mubarak\u2019s time (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=P9AJ_1esY2M\" style=\"\" rel=\"noopener\">watch, runtime: 29:46<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO ON THE AIRWAVES- Egypt hasn\u2019t buried the hatchet over the crisis in Rafah: <\/strong>Egyptian officials yesterday denied media reports claiming that intelligence chief Abbas Kamel held phone discussions with Shin Bet head Ronen Bar about the Rafah crossing, Kelma Akhira\u2019sLamees El Hadidi said (watch, runtime: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=v9FqP3HRqPM\" style=\"\" rel=\"noopener\">0:53<\/a> and <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=P7NOSen3lKg\" style=\"\" rel=\"noopener\">1:32<\/a>), citing a report by <a target=\"_blank\" href=\"https:\/\/alqaheranews.net\/news\/80040\/%D9%85%D8%B5%D8%A7%D8%AF%D8%B1-%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D9%86%D9%81%D9%8A-%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1-%D9%85%D8%AD%D8%A7%D8%AF%D8%AB%D8%A7%D8%AA-%D9%87%D8%A7%D8%AA%D9%81%D9%8A%D8%A9-%D8%AD%D9%88%D9%84-%D8%A3%D8%B2%D9%85%D8%A9-%D9%85%D8%B9%D8%A8%D8%B1-%D8%B1%D9%81%D8%AD-%D8%A8%D9%8A%D9%86-%D8%B1%D8%A6%D9%8A%D8%B3%D8%A7-%D8%A7%D9%84%D9%85%D8%AE%D8%A7%D8%A8%D8%B1%D8%A7%D8%AA-%D9%88%D8%A7%D9%84%D8%B4%D8%A7%D8%A8%D8%A7%D9%83\" style=\"\" rel=\"noopener\">Al Qahera News<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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       <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/seic-to-conduct-due-diligence-on-cira-ahead-of-acquisition-plans-plus-news-from-tmg-cleopatra-and-bokra\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/948.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"619996\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/seic-to-conduct-due-diligence-on-cira-ahead-of-acquisition-plans-plus-news-from-tmg-cleopatra-and-bokra\/948-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/948.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"948.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/948.jpg?fit=300%2C300&amp;ssl=1\" 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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\/.4fdc4c96-bc8e-47e0-a100-ce03e48a700c.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">M&amp;A-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>SEIC to conduct due diligence on CIRA: <\/strong>CIRA Education\u2019s board approved the proposal submitted by the Saudi Egyptian Investment Company (SEIC) \u2014 a wholly-owned subsidiary of the Public Investment Fund \u2014 to acquire 75-100% of the company through CIRA\u2019s majority shareholder Social Impact Capital (SIC), allowing them to conduct due diligence, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/879.pdf\" style=\"\" rel=\"noopener\">EGX<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/879.pdf\" style=\"\" rel=\"noopener\">disclosure<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/879.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> SEIC said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a82c702-10eb-4631-b5ba-77ad9f1a1781\/\" style=\"\" rel=\"noopener\">last week<\/a> that it will buy into SIC, the vehicle through which the founding El Kalla family holds a controlling stake in EGX-listed CIRA Education. SIC will use the cash injection to launch a mandatory tender offer to buy CIRA shares at a price of EGP 14 each to up its stake in the company to 75-100%.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Baker Tilly will act as the transition's financial advisor and prepare a fair value study for CIRA\u2019s shares. Rothschild &amp; Co is advising PIF, with Allen &amp; Overy and our friends at Matouk Bassiouny doing legal duties. Our friends at EFG Hermes are advising El Kalla family, while White &amp; Case is legal counsel.<\/p><p class=\"tag-border-left\">REAL ESTATE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Units at TMG\u2019s debut project in Saudi Arabia are going for sale tomorrow: <\/strong>The Saudi arm of Talaat Moustafa Group will start selling off units in its mixed-use Benan City project tomorrow, TMG said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/882.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The project\u2019s soft launch, targeting a select clientele, kicked off on Saturday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Benan City?<\/strong> The smart city is being developed in eastern Riyadh\u2019s Al Fursan in partnership with the Saudi National Housing Company. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1863d30d-e2c5-4721-8879-3f85b05ac31b\" style=\"\" rel=\"noopener\">SAR 65 bn<\/a> city will house nearly 27k residential units and it marks the Egyptian real estate giant\u2019s first overseas project.<\/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>Cleopatra Group plans to kick off operations at its new USD 50 mn ceramics <\/strong><strong>factory in June<\/strong>, founder and board chairman Mohamed Abou El Enein told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63694\/%D9%85%D8%B5%D9%86%D8%B9-%D9%83%D9%84%D9%8A%D9%88%D8%A8%D8%A7%D8%AA%D8%B1%D8%A7-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-%D8%A8%D9%83%D9%84%D9%81%D8%A9-50-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%8A%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1-%D9%86%D8%B5%D9%81-%D8%A5%D9%86%D8%AA%D8%A7%D8%AC%D9%87\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The factory will operate six ceramic production lines and aims to export 50% of its output, Abou El Enein added. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And in tourism: <\/strong>Cleopatra has invested USD 25 mn in a 450-room hotel in the North Coast\u2019s Sidi Heneish that will open \u201cwithin ten days,\u201d Abou El Enein said, adding that the company is \u201ccurrently working to expand [its] investments in the media sector.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:\u00a0<\/strong>In November last year, Abou El Enein said that Cleopatra Group was looking to invest some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01c1d323-33d2-4a22-a2c8-003fb5759698\/egyptair-places-big-airbus-order.-plus:-news-from-sodic,-afreximbank,-hayat,%253cmark%253e-cleopatra%253c%2Fmark%253e-group\" style=\"\" rel=\"noopener\">EGP 120 bn<\/a> into its tourism, real estate, and ceramics subsidiaries.<\/p><p class=\"tag-border-left\">STARTUPS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A precious metals investment platform:<\/strong> Local fintech startup <a target=\"_blank\" href=\"https:\/\/www.bokra.com\/\" style=\"\" rel=\"noopener\">Bokra<\/a> has partnered with gold investment firm <a target=\"_blank\" href=\"https:\/\/dahabmasr.com\/\" style=\"\" rel=\"noopener\">Dahab Masr<\/a> to launch the platform Bokra Dahab, which will allow users in Egypt, UAE, and KSA to invest in precious metals, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/887.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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cleopatra\/\">Cleopatra<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A 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\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/roaring-kitty-is-back\/976-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/976.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"976.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/976.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/976.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-619997\" class=\"content-area-description single-story post-619997 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.22a41def-7698-44d4-81a0-66a9b8fa57d7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It\u2019s a mixed morning on Planet Finance<\/strong>, where the big story of the day has analysts and investors alike wondering what\u2019s next with AI as Google, OpenAI, Microsoft, and Apple all jockey for position. (See this morning\u2019s Big Story Abroad, above.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not Groundhog Day, and you\u2019ve not stumbled into a real world Hot Tub Time <\/strong><strong>Machine: GameStop really is back in the headlines. <\/strong>Short-selling hedge funds lost USD 1 bn yesterday after Roaring Kitty re-entered the chat: The meme lord <a target=\"_blank\" href=\"https:\/\/x.com\/TheRoaringKitty\/status\/1789807772542067105\" style=\"\" rel=\"noopener\">posted on X yesterday<\/a> for the first time since 2021, triggering a frenzy that saw GameStop shares soar 74% and put the squeeze on the shorts. <strong>Kitty\u2019s memes have <\/strong><strong><a target=\"_blank\" href=\"https:\/\/x.com\/TheRoaringKitty\/status\/1790170162265460831\" style=\"\" rel=\"noopener\">flown fast and furious<\/a><\/strong><strong> in the hours since. <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Does it have legs? <\/strong>Bloomberg\u2019s <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2024-05-13\/gamestop-is-back?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">amazing Money Stuff columnist Matt Levine<\/a> is back on the trail and even the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-jones-05-13-2024\/card\/gamestop-stock-jumps-in-premarket-trading-jqab95Dbm1aoGiyExvAt?mod=hp_lead_pos4\" style=\"\" rel=\"noopener\">WSJ<\/a> is taking note. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND, for those of you who may have forgotten (or were otherwise blissfully <\/strong><strong>unaware<\/strong> of what a \u201cmeme stock\u201d is), courtesy <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/13\/gamestop-short-sellers-have-already-lost-1-billion-from-mondays-monster-rally.html\" style=\"\" rel=\"noopener\">CNBC<\/a>: The 2021 \u201cmeme stock frenzy involved individual investors taking aim at short sellers and hedge funds who were pessimistic about the outlook for GameStop and other companies, forcing them to cover their short positions and drive up the price of the target stocks.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO worth knowing about this morning: Melinda French Gates is hitting the eject <\/strong><strong>button. <\/strong>She\u2019s resigning as the co-chair of the Gates Foundation and will take with her some USD 12.5 bn to continue doing philanthropy. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/fc9e3da3-c54d-40ab-9d49-87ed3a051ba3\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/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 mixed this morning<\/strong> with no real catalyst appearing to drive early trading and both European and US stock futures are little changed as we prepare to hit \u201csend\u201d on this morning\u2019s issue. <\/p><p><a target=\"_blank\" id=\"t.58c36582ef6892678c8d24b46bb3092a48671bf2\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">25,381<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: +2.0%)<\/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>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 46.99<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.12<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/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 47.02<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.12<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,260<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,093<\/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: -5.1%)<\/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>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\">4,173<\/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: +2.8%)<\/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>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\">5,221<\/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: +9.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,415<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,079<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +12.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 83.44<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.37<\/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\">+5.0%<\/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>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 2,343<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 63,046<\/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\">+2.9% (YTD: +49.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 2.3 bn (52.7% below the 90-day average). Foreign investors were net buyers. The index is up 2.0% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Madinet Masr (+3.4%), Ezz Steel (+3.4%), and Orascom Construction (+3.3%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Eastern Company (-3.6%), Oriental Weavers (-2.8%), and Telecom Egypt (-2.4%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talaat Moustafa Group will pay out a dividend of EGP 0.22 per share for its 2023 <\/strong><strong>earnings<\/strong>, to be distributed over two installments, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/877.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The first installment will be disbursed on 30 May and the second will be paid out on 31 July. <\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"619999\">\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\">8<\/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\/how-has-egypt-become-a-hub-for-green-data-centers-and-what-could-be-done-to-draw-more-investments-to-the-sector\/\">\r\n                            How has Egypt become a hub for green data centers and what could be done to draw more investments to the 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\/how-has-egypt-become-a-hub-for-green-data-centers-and-what-could-be-done-to-draw-more-investments-to-the-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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Nonetheless, there is more to be done to attract more investments to the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt is already a growth engine for the sector<\/strong><strong> across the region: <\/strong>Egypt was among the countries that helped push expectations that Africa\u2019s data center market size <a target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2020\/08\/04\/2072600\/0\/en\/The-Africa-data-center-market-by-revenue-is-expected-to-grow-at-a-CAGR-of-over-12-during-the-period-2019-2025.html\" style=\"\" rel=\"noopener\">will grow<\/a> at a compound annual growth rate of 12% between 2019 and 2025 to surpass USD 3 bn by 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the Mideast and Africa still have much catching up to do:<\/strong> The Middle East has <a target=\"_blank\" href=\"https:\/\/www.datacentermap.com\/middle-east\/\" style=\"\" rel=\"noopener\">175<\/a><a target=\"_blank\" href=\"https:\/\/www.datacentermap.com\/middle-east\/\" style=\"\" rel=\"noopener\">data centers<\/a> and Africa has <a target=\"_blank\" href=\"https:\/\/www.datacentermap.com\/africa\/\" style=\"\" rel=\"noopener\">102 data centers<\/a>, both are way behind Western Europe which hosts <a target=\"_blank\" href=\"https:\/\/www.datacentermap.com\/western-europe\/\" style=\"\" rel=\"noopener\">1,694 centers<\/a> and North America which hosts <a target=\"_blank\" href=\"https:\/\/www.datacentermap.com\/north-america\/\" style=\"\" rel=\"noopener\">2,793<\/a>, according to the Data Center Map. Egypt alone has <a target=\"_blank\" href=\"https:\/\/www.datacentermap.com\/egypt\/\" style=\"\" rel=\"noopener\">14 data centers<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> A consortium including <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/swicorp-infra-capital\/\" style=\"\" rel=\"noopener\">Swicorp Infra Capital (SIC)<\/a>, <a target=\"_blank\" href=\"http:\/\/www.incomeegypt.com\/\" style=\"\" rel=\"noopener\">Income Egypt<\/a>, and <a target=\"_blank\" href=\"https:\/\/recordfg.com\/\" style=\"\" rel=\"noopener\">Record<\/a><a target=\"_blank\" href=\"https:\/\/recordfg.com\/\" style=\"\" rel=\"noopener\">Digital Asset Venture<\/a> announced <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c667137-11a1-49ae-9442-7fb5bb683dc4\" style=\"\" rel=\"noopener\">in January<\/a> that it will build, own, and operate a green data center in Egypt, under an MoU inked with the CIT Ministry. The data center will be powered by some 200 MWs of solar and wind energy and will export digital services to customers abroad.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What are green data centers?<\/strong> Green data centers are facilities that use energy-efficient technologies to host servers for data storage, management, and dissemination. They have a lower carbon footprint than traditional data centers, as they rely on renewable energy sources and green tech.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Energy-intensive operations:<\/strong> Global data centers' electricity usage is expected to exceed 1k TWh by 2026, that\u2019s more than double 2022\u2019s consumption, according to the International Energy Agency (IEA) <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/925.pdf\" style=\"\" rel=\"noopener\">estimates (pdf)<\/a> in January. An ICT Ministry source told us that data centers gobble up lots of energy to operate servers and cooling equipment, relying on robust power sources in addition to emergency electricity sources to avoid technical problems. The shift towards using renewables is expected to boost the efficiency of data centers, given the large number of renewable energy projects taking place in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where we stand:<\/strong> The Madbouly government wants renewables to make up 42% of the country\u2019s energy mix by 2030. TC Energy Corp \u2014 the largest natural gas pipeline operator in North America \u2014 <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-03\/data-centers-will-drive-demand-for-natural-gas-tc-energy-says\" style=\"\" rel=\"noopener\">said<\/a> in a recent earnings call that the increase in energy-hungry data centers will lead to a rise in demand for natural gas. Egypt has been facing shortage in natural gas production, which is driving a shift towards sustainability in several investment areas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt boasts a large number of renewable energy projects<\/strong>, totaling some 6.2k as of 2022, according to official data. Moreover, 14 submarine cables are currently passing through the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How does Egypt strive to be a hub for data centers? <\/strong>The government is providing fiber optic cable paths across borders to serve the secure passage of international data through Egypt, in addition to offering advanced services such as cloud computing and other communication services. Egypt is processing a huge amount of government and banking data and electronic payment systems, and a large segment of smartphone users, according to our sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A lot of room for wind projects:<\/strong> Egypt is home to some 173k sqm areas that are suitable for potential wind farm projects with a total capacity of up to 350k MW, equivalent to 10 times the current maximum load of the national power grid, Romany Hakeem, chairman of Beneshty Solar and vice chairman of Sustainable Energy Development Association (SEDA) told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What are the obstacles standing in the way of data center investments? <\/strong>While Egypt\u2019s ICT sector has remained attractive to foreign investors, the lack of executive regulations to the Personal Data Protection Act poses an obstacle to further investments in the sector, Deputy Head of the IT division at the Federation of Egyptian Industries and CEO of Linatel Telecommunications Hamdy El Leithy told Enterprise. The act, which regulates and protects personal data, was issued three years ago. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But that should be solved soon<\/strong>, as a government source told us that the law\u2019s executive regulations will be issued soon, as it is one of the requirements for investment in the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The transition to renewable energy would lead to a significant reduction in the subsidies <\/strong><strong>bill<\/strong>, as electricity is supplied using subsidized natural gas. Therefore, increasing projects that rely on renewable energy will lower the energy bill and enhance Egypt's export capacity for natural gas, Hekeem told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGP float = cheaper solar panels + more investments:<\/strong> Hakeem said that the stability of the EGP exchange rate and the availability of the greenback have reduced the cost of solar power, whereby it would cost EGP 20k to produce a KW, down from EGP 35k. This has led to a decrease in the payback periods, Hakeem said. On the other hand, there is an increase in the cost of electricity, especially for energy-intensive sectors, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sector needs more incentives:<\/strong> The sector is lacking sufficient incentives, Hakeem said. He believes that renewable energy investors should be included in the new hydrogen incentives, as green hydrogen projects rely mainly on renewable energy. Additionally, direct support for the industry is needed to support the localization of solar panels manufacturing, which are mainly imported from abroad. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.danone.com\/egypt.html\" style=\"\" rel=\"noopener\">Danone Egypt<\/a><\/strong><strong> is partnering with <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.shift-ev.com\/\" style=\"\" rel=\"noopener\">Shift EV<\/a><\/strong><strong> to transform half of its distribution fleet&nbsp;<\/strong><strong>to run on electric power <\/strong>using electrofitting technology, the dairy company\u2019s general manager Hesham Radwan <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/hesham-radwan-a84564b_bcorpcertified-danoneegypt-decarbonization-ugcPost-7193915998624743427-D1Nx\/?utm_source=share&amp;utm_medium=member_desktop\" style=\"\" rel=\"noopener\">announced<\/a>. Danone aims to slash carbon emissions by some 6k metric tons and push down operating costs by 70% by 2030, Radwan said.<\/li>\n<li><strong>An unnamed UK company is looking to invest in the country's green hydrogen<\/strong><strong> sector<\/strong>, with projects soon to be announced, British Ambassador Gareth Bayley <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f42121b-c048-4c9a-90e1-245ca990450b\/ipos-on-the-egx-to-pick-in-4q-2024-or-early-2025\" style=\"\" rel=\"noopener\">said la<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f42121b-c048-4c9a-90e1-245ca990450b\/ipos-on-the-egx-to-pick-in-4q-2024-or-early-2025\" style=\"\" rel=\"noopener\">st week<\/a>.<\/li>\n<li><strong>A trial run of ten electric taxis will kick off in the new capital tomorrow,<\/strong> to be followed by the project\u2019s first phase that will see 145 electric taxis take to the streets. (<a target=\"_blank\" href=\"https:\/\/www.masrawy.com\/news\/masrawytv\/details\/2024\/5\/12\/2581188\/%D8%AA%D8%AC%D8%B1%D8%A8%D8%A9-%D9%86%D9%82%D9%84-%D8%B0%D9%83%D9%8A%D8%A9-%D8%A5%D8%B7%D9%84%D8%A7%D9%82-%D8%B3%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A6%D9%8A%D8%A9-%D9%84%D8%AE%D8%AF%D9%85%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D8%B5%D9%85%D8%A9-%D8%A7%D9%84%D8%A5%D8%AF%D8%A7%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9#google_vignette\" style=\"\" rel=\"noopener\">Masrawy<\/a>)<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/data-centers\/\">Data Centers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-energy\/\">green energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"620001\" 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\/14\/620001\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620001\" class=\"content-area-description single-story post-620001 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;\">22 May (Wednesday): Egypt will host the annual meetings of Arab financial authorities, at the New 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;\">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;\">25-27 May (Saturday - Monday): Techne Summit, Cairo International Stadium.<\/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>5 June (Wednesday): The Optimism Forum, Cairo, Egypt.<\/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 style=\"font-weight:400;\">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>New hotels | New healthcare venture | CIRA acquisition | Fresh CDs.<\/p>\n","protected":false},"featured_media":619978,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-619977","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6ad291cc-8726-4cd7-9a0b-eb17e71c3c99","teaser":"New hotels | New healthcare venture | CIRA acquisition | Fresh CDs.","photo_url":"https:\/\/ent.news\/2024\/5\/974.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>The rest of the Ras El Hekma funds roll in - 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\/the-rest-of-the-ras-el-hekma-funds-roll-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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