{"id":620136,"date":"2024-05-16T00:00:00","date_gmt":"2024-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=620136"},"modified":"2025-12-17T05:46:55","modified_gmt":"2025-12-17T05:46:55","slug":"ebrd-once-again-slashes-our-growth-forecast-for-2024","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/ebrd-once-again-slashes-our-growth-forecast-for-2024\/","title":{"rendered":"EBRD once again slashes our growth forecast for 2024"},"content":{"rendered":"<section id=\"620138\" 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=\"620138\">\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\/16\/the-egyptian-uber\/\">\r\n                            The Egyptian government is looking to launch its own version of Uber                        <\/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\/16\/the-egyptian-uber\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1297.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1297.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620138\" class=\"content-area-description single-story post-620138 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-uber wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, everyone. <\/strong>It\u2019s another busy morning here in Egypt with a number of stories fighting for our attention \u2014 the EBRD has slashed our growth outlook once again, another Gulf acquisition, and a whole lotta earnings. But before we get started. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Keep your sunscreen on hand and make sure you stay hydrated <\/strong>as we welcome a severe heatwave that\u2019s due to last till Tuesday. In the capital we\u2019re in for a high of 32\u00b0C and a low of 19\u00b0C, according to our favorite weather app.<\/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>The second USD 20 bn tranche from the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">Ras El Hekma agreement<\/a><\/strong><strong> has landed in the <\/strong><strong>state\u2019s<\/strong><strong> coffers<\/strong>, Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid033r9s29SnYAB7qD2b3ZmXvmEcBkzmTAqq917DiMAn3VLxVxZDJrCxSw8Wj84LZzwPl\" style=\"\" rel=\"noopener\">announced<\/a> at the weekly cabinet meeting, confirming what Enterprise <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4461a6ec-f67a-45d9-b396-b6b1f6533a35\/second-usd-20-bn-tranche-of%253cmark%253e-ras-el-hekma%253c%2Fmark%253e-funds-land-in-state-coffers\" style=\"\" rel=\"noopener\">reported<\/a> earlier this week. The tranche consists of USD 14 bn fresh inflows and USD 6 bn from a previous deposit from the UAE already sitting at the Central Bank of Egypt.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGP has been slowly strengthening against the greenback throughout this week<\/strong>, having gained some EGP 0.56. The USD was trading at EGP 46.79 yesterday, down from EGP 47.35 on Sunday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>But is a weak EGP such a bad thing?<\/strong> An EGP that is down over 40% against the USD since March has improved Egypt\u2019s external competitiveness and could \u2014 despite short-term economic pain \u2014 open the door for \u201cfaster economic growth over a longer horizon,\u201d <a target=\"_blank\" href=\"https:\/\/www.capitaleconomics.com\/publications\/middle-east-north-africa-economics-update\/can-egypt-take-advantage-weak-pound\" style=\"\" rel=\"noopener\">argues<\/a> Capital Economics\u2019 James Swanston.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An uptick in exports and downturn in imports should help improve our current <\/strong><strong>account position<\/strong>, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53c565b2-0090-4b6c-a572-1262e302b3aa\/%253cmark%253ecurrent%253c%2Fmark%253e%253cmark%253e-account%253c%2Fmark%253e-deficit-widens-over-440%2525-y-o-y-in-1h-fy-2023-24\" style=\"\" rel=\"noopener\">weakened<\/a> over 440% y-o-y to a deficit of USD 9.6 bn in the first half of the fiscal year. The increased prices of imported goods and services will shift consumer demand towards local goods. Meanwhile, Egyptian goods are going to be considerably cheaper in foreign markets, which should bolster stronger demand for our exports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The tourism sector should also benefit from a weaker EGP<\/strong>, with Swanston arguing that the resurgence in tourism following the 2016 devaluation could be repeated as more tourists look to \u201ctake advantage of Egypt as a cheaper destination.\u201d<\/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-<\/strong><strong>A state-run ride-hailing app?<\/strong> The government is reportedly thinking about launching its own ride-hailing application in partnership with the private sector, <a target=\"_blank\" href=\"https:\/\/www.cairo24.com\/2007573#goog_rewarded\" style=\"\" rel=\"noopener\">Cairo 24<\/a> reports, citing unnamed sources it says have knowledge of the matter. The proposed platform would begin operations in Greater Cairo during its pilot phase, before expanding to the rest of the country.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Negotiations are underway: <\/strong>The Transport Ministry\u2014 via its passenger busses carrier <a target=\"_blank\" href=\"https:\/\/www.superjet.com.eg\/\" style=\"\" rel=\"noopener\">Superjet Lines<\/a> \u2014 is currently in talks with a \u201cmajor\u201d undisclosed investment company about setting up a company to run the app and will announce the official launch after a final agreement is reached.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Safety is a top priority for the proposed app: <\/strong>The news comes following news of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa505420-3350-4686-a88d-d212eac041a2\/\" style=\"\" rel=\"noopener\">most<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa505420-3350-4686-a88d-d212eac041a2\/\" style=\"\" rel=\"noopener\">recent case<\/a> of a female passenger being attacked while using a ride hailing service. Drivers on the proposed platform will undergo an extensive hiring process and all the cars will be in constant contact with a central control room run by the soon-to-be-formed company. There are also plans to install cameras inside and outside the cars and for GPS monitors to monitor speed and location.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a><strong> #2- One of the region\u2019s largest wind projects just got one step closer to <\/strong><strong>construction:<\/strong> The government inked a land access agreement with Infinity Power, Hassan Allam Utilities, and the UAE\u2019s Masdar for their planned 10-GW wind farm in Sohag that will cost over USD 10 bn, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1216.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> released yesterday. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/189cc88e-5bd1-40a3-9fd7-aed956392111\" style=\"\" rel=\"noopener\">consortium inked the land allocation agreement<\/a> with the government back in June. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The consortium will now be able conduct the surveys and studies needed before beginning construction.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>We <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/952ee209-52e7-435e-860b-caf16ba6251b\" style=\"\" rel=\"noopener\">first heard about<\/a> the multi-bn wind farm during COP27 in 2022 when the companies signed an agreement for the project. The windfarm is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/189cc88e-5bd1-40a3-9fd7-aed956392111\" style=\"\" rel=\"noopener\">expected<\/a> to produce 47.7k GWh of clean energy every year, saving the country about USD 5 bn annually by reducing natural gas consumption. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- No more under the table real estate sales:<\/strong> The Real Estate Registration and Notarization Authority has enforced a new rule requiring foreign property buyers to submit evidence of a bank transfer that matches the price on their property, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0nCHooMbNbHdh3wCJkdbxnXGS23Cshxjj63YU3CwVyLzLsUVLMZXqUBBvtfzajTJHl\" style=\"\" rel=\"noopener\">statement<\/a>. The regulation applies to property applications submitted from 26 March onwards. Under the rules, transactions denominated in foreign currency require prior approval from the Central Bank of Egypt.<\/p><p class=\"tag-border-left\">HAPPENING TODAY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#1- El Sisi to attend Arab Summit: <\/strong>President Abdel Fattah El Sisi is in Bahrain to participate in the Arab Summit happening today, according to an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02kQ6xa2KKLVfFD1RqZTRgbRHLpAiHfLEVams8fjRGd4R2X6Jkayp7NbZ1tcqNC5oYl\" style=\"\" rel=\"noopener\">statement<\/a>. Upon his arrival in the Bahraini capital, El Sisi met with King of Bahrain Hamad bin Isa Al Khalifa, according to a separate <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0CK49fan4RQtVx8Fp4DbN4b7nhVeeeJmNUSXqVjMk8ve61cF8AQqoThsjXwTvxVPsl\" style=\"\" rel=\"noopener\">statement<\/a> that didn\u2019t disclose what the two leaders discussed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shoukry <\/strong><strong>will also be in attendance: <\/strong>Foreign Minister Sameh Shoukry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa505420-3350-4686-a88d-d212eac041a2\/shoukry-denounces-israeli-claims-that-egypt-is-standing-in-the-way-of-the-opening-of-the-rafah-crossing\" style=\"\" rel=\"noopener\">has been in Bahrain<\/a> for the past couple of days as he took part in the Arab League ministerial meetings that took place ahead of the summit. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We have more on what can be expected from the summit in the news well, below. <\/strong><\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- It\u2019s all about investment at BEBA\u2019s seminar: <\/strong>Egyptian Tax Authority head Rasha Abdel Aal will be giving the keynote address at the British Egyptian Business Association\u2019s (BEBA) seminar on investment at the Conrad Hotel in Cairo today. Check out the details <a target=\"_blank\" href=\"https:\/\/beba.org.eg\/events\/a-keynote-address-by-rasha-abdel-aal-head-of-the-egyptian-tax-authority-tbc-on-challenges-opportunities-facing-investors-follow-by-a-panel\/\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The House Budget Committee will wrap up its five-day marathon of budget talks<\/strong>, with the last of its 21 meetings this week to come to a close today. Up for discussion today are the budgets of the Consumer Protection Agency, the National Telecom Regulation Authority, and two other public authorities.<\/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 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\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Federation of Egyptian Chambers of Commerce\u2019s pharma division will meet <\/strong><strong>with the Egyptian Drug Authority next week<\/strong> to look into the division\u2019s requests to raise the price of meds, division head Ali Auf told <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1790648110953161045\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. \u201cWe are demanding a 50% price hike, but we expect the hike to be around 25%,\u201d Auf added. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What do pharma players want? <\/strong>Local pharma companies have put forward a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5df1cdae-0223-4453-8acf-85c87954c762\/drug-authority-mulls-proposals-for-new-price-controls-on-pharma-products\" style=\"\" rel=\"noopener\">number of<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5df1cdae-0223-4453-8acf-85c87954c762\/drug-authority-mulls-proposals-for-new-price-controls-on-pharma-products\" style=\"\" rel=\"noopener\">requests and proposals<\/a> for new med pricing schemes before the authority in a way that reflects the new USD \/ EGP exchange rate post float. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the conversation in the global business press this morning: Major Wall Street <\/strong><strong>benchmarks hit a fresh high <\/strong>yesterday as traders welcomed promising US inflation data. We have the story in this morning\u2019s Planet Finance, below. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>MEANWHILE, IN GAZA- <\/strong>Israel has started sending troops into Rafah in what <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-15\/israel-s-slow-walk-into-rafah-opens-door-to-full-scale-offensive?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> believes is the beginning of a \u201cfull-blow invasion.\u201d The Israeli military has given advance warnings to Rafah citizens as tanks and infantry make their way into the eastern part of the city bordering Egypt. The move is visibly ramping up tensions with Egypt, the European Union, and the United States. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AN ARAB ROLE IN POST-WAR GAZA? <\/strong>The Biden administration is in talks with Egypt, the UAE, and Morocco about their potential participation in a \u201cpeacekeeping force\u201d that would deploy in Gaza following the war, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/063e4b92-753a-4c9a-bbd4-e1ed40d20c62\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes. The three Arab nations are considering the initiative but \u201cthey would want the US to recognise a Palestinian state first,\u201d a western official told the salmon-colored paper. Saudi Arabia has straight up rejected the idea all together. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ELSEWHERE IN GLOBAL POLITICS- You\u2019re going to be hearing a lot about Russia-China <\/strong><strong>ties in the next couple of days. <\/strong>Vladimir Putin is in Beijing today and tomorrow to meet Xi Jinping. The Financial Times worries in its Big Read that Moscow and Beijing represent \u201c<strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/19eb54ba-f6f7-48ba-a586-b8a113396955\" style=\"\" rel=\"noopener\">an economic \u2018friendship\u2019 that could rattle the world<\/a><\/strong>.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- A handful of stories in global politics about which you should know: <\/strong><\/p><ul>\n<li><strong>US presidential debate: <\/strong>Donald Trump and Joe Biden will <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/elections\/biden-proposes-presidential-debates-with-trump-but-without-debate-commission-ccb58515\" style=\"\" rel=\"noopener\">debate in June and September<\/a> ;<\/li>\n<li><strong>Slovak PM shot: <\/strong>An assassin shot the Russia-friendly prime minister of Slovakia, who is now <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/shooting-after-slovak-government-meeting-tasr-agency-reports-2024-05-15\/\" style=\"\" rel=\"noopener\">\u201cfighting for his life\u201d<\/a> after a three-hour surgery;<\/li>\n<li>Another <a target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/jan-leike-ilya-sutskever-resignations-superalignment-openai-superintelligence-safe-humanity-2024-5\" style=\"\" rel=\"noopener\">top OpenAI official has quit<\/a>.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OIL WATCH<\/strong><strong>- <\/strong>The International Energy Agency <a target=\"_blank\" href=\"https:\/\/www.iea.org\/reports\/oil-market-report-may-2024\" style=\"\" rel=\"noopener\">lowered its forecast<\/a> for oil demand. It now sees global demand rising by 1.1 mn bpd in 2024 \u2014 140k bpd less than last month\u2019s projections \u2014 pointing to weaker demand particularly in Europe. This stands in stark contrast to OPEC\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1255.pdf\" style=\"\" rel=\"noopener\">forecast (pdf)<\/a> that oil demand will rise by 2.25 mn bpd in 2024.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uber\/\">Uber<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620140 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            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holiday experience.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620141\" 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=\"620141\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/ebrd-once-again-slashes-our-growth-forecast-for-2024\/\">\r\n                            EBRD once again slashes Egypt\u2019s growth forecast for 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\/16\/ebrd-once-again-slashes-our-growth-forecast-for-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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data-image-meta=\"[]\" data-image-title=\"1271.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1271.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1271.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620141\" class=\"content-area-description single-story post-620141 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-ebrd tag-economy tag-enterpriseam tag-gdp 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\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Eu<\/strong><strong>ropean Bank for Reconstruction and Development (EBRD) has cut our <\/strong><strong>growth forecast for 2024 <\/strong><strong>to 3.9%<\/strong>, down 0.6 percentage points from its September <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0bc5d8a-a535-4a8f-9a9f-567ba6f522b0\/ebrd-cuts-egypt-growth-outlook-for-2024\" style=\"\" rel=\"noopener\">forecast<\/a>, it said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1183.pdf\" style=\"\" rel=\"noopener\">Regional Economic Prospects report (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Projections for the current fiscal year took a big hit: <\/strong>The EBRD cut its growth forecast for the current fiscal year by 1.8 percentage points to 3.0%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not all bad news: <\/strong>The bank also published its first forecast for 2025, anticipating growth to pick up to 4.4% for the calendar year. Likewise, the bank expects growth to pick up to 4.0% in its first forecast for the coming fiscal year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale: <\/strong>The bank highlighted FX shortages and \u201creform uncertainty\u201d as factors weighing on the economic outlook. \u201cHigh interest rates and persistently high inflation\u201d as well as \u201cfurther escalation of tensions in the Middle East endangering investor confidence, tourism and trade flows\u201d were also singled out as factors dampening growth expectations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank\u2019s projections for the current fiscal year are still more optimistic than most<\/strong><strong>: <\/strong>The EBRD\u2019s new forecast for the current fiscal year is above the World Bank\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b9e5252-4c7e-4b34-808c-fb4aa5ef7989\/%253cmark%253eworld-bank%253c%2Fmark%253e-cuts-egypt%25e2%2580%2599s-gdp-growth-for-fy-2023%2F24-to-2.8%2525\" style=\"\" rel=\"noopener\">forecast<\/a> of 2.8% and is even more optimistic than the Madbouly government\u2019s most recent forecast of the economy growing at a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fd60d61-8953-483c-a09b-8bce0f612e9e\/egypt%25e2%2580%2599s-fy-2024-2025-draft-budget-delivered-to-the-house\" style=\"\" rel=\"noopener\">2.9% clip<\/a>. The IMF is in agreement with the EBRD, with both projecting <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/292b8067-3a67-43fc-bbef-17c9907521e8\/imf-holds-its-growth-forecast-steady-at-3.0%2525\" style=\"\" rel=\"noopener\">3.0%<\/a> growth throughout the year ending June 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, the EBRD is more pessimistic about the coming fiscal year: <\/strong>Despite being more optimistic than the government and other international lenders about the current fiscal year, the bank\u2019s 4.0% projection for the coming fiscal year is below the government and World Bank\u2019s forecasts of 4.2% and the IMF\u2019s growth projection of 4.4%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE REGIONAL OUTLOOK- <\/strong> The SEMED region \u2014 which spans developing countries in the southern and eastern Mediterranean, emerging Europe, and central Asia \u2014 is now looking at 3.4% growth for 2024, down 0.5 percentage points from previous forecasts. This was triggered by the slowdown in Egypt as well as that in Lebanon and Tunisia, which saw their growth forecasts slashed 2.8 percentage points and 0.6 percentage points, respectively. <\/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\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/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=\"620143\" 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=\"620143\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/mumtalakats-beyon-solutions-to-acquire-controlling-stake-in-link-development\/\">\r\n                            Bahraini wealth fund-owned Beyon Solutions to acquire controlling stake in Egypt\u2019s Link Development                        <\/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\/16\/mumtalakats-beyon-solutions-to-acquire-controlling-stake-in-link-development\/\" 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 transaction \u201ccreates one of the largest hubs of digital transformation services in the region,\u201d the company said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who's selling?<\/strong> VC firm A15, a major shareholder in Link Development, will be making a full exit from the firm following the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The agreement, which was signed on 14 May, is still subject to regulatory approval in Egypt and Saudi Arabia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cLink Development and Beyon Solutions hold strategic partnerships with key vendors such as Microsoft, AWS, and Outsystems, and the synergy created through the acquisition will augment the scope of the Beyon Solutions portfolio and enable the seamless delivery of cutting-edge digital solutions to our growing regional customer base,\u201d Beyon Solutions CEO Nicholas Toon said. <\/p>\n<p class=\"tag-border-left\">EMAAR MISR\u2019S BUYING SPREE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emaar Misr has heard back from Albro, Skytower: <\/strong>The shareholders of Albro North Coast for Developments and Skytower for Real Estate Development have approved Emaar Misr\u2019s non-binding preliminary offers to snag up stakes in each of the companies, Emaar said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1166.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>Emaar Misr submitted the two offers <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b663d78c-581d-42e4-9b24-882c98dba3e8\/\" style=\"\" rel=\"noopener\">earlier this week<\/a> after its board greenlit the move. Emaar Misr wants to acquire up to an additional 75% of Albro \u2014 which would give it full ownership of the company \u2014 from shareholders via a share swap. Emaar Misr is also looking to purchase a 25% stake in Skytower in an all-cash transaction and could potentially acquire the remaining 75% through a share swap.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next:<\/strong> Emaar Misr\u2019s board will meet to \u201cexamine the necessary legal procedures that should be undertaken to proceed with the acquisition.\u201d<\/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\/a15\/\">A15<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bahrain\/\">Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emaar-misr\/\">Emaar Misr<\/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\/mumtalakat\/\">Mumtalakat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620145\" 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=\"620145\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/\">\r\n                            Egypt\u2019s cabinet to set up a unit dedicated to state-owned companies                        <\/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\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Cabinet to set up a unit dedicated to state-owned companies&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/&title=Cabinet to set up a unit dedicated to state-owned companies\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Cabinet+to+set+up+a+unit+dedicated+to+state-owned+companies+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F16%2Fcabinet-to-set-up-a-unit-dedicated-to-state-owned-companies%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1273.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620146\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/1273-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1273.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1273.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1273.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1273.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620145\" class=\"content-area-description single-story post-620145 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-cabinet-watch tag-enterpriseam tag-state-privatization-program tag-water wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Ministers had a busy Wednesday: <\/strong>The Madbouly cabinet greenlit a raft of decisions during its weekly meeting yesterday, including one that would see the cabinet set up a unit whose sole focus is state-owned companies, according to statements <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0jui8WYz5PkCSsScZTVArjjCpHZ7Qb3diNma6KJ2nQmofFi4QAoAu1j7JgkrwSzs8l\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0MVEe5BbpNM9kuDRsLu3CUz7peEuWhRgWeKRcRRJ53ihmVw2mDsZuVYbsNf5URENWl\" style=\"\" rel=\"noopener\">here<\/a>. Among the most decisions notable are:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Follow-up unit for state-owned companies: <\/strong>Cabinet greenlit a draft law to set up a central unit dedicated to state-owned companies \u2014 dubbed the State-Owned Companies Inventory and Follow-Up Unit \u2014 with the aim of regulating state ownership in companies that the government wholly owns or holds stakes in. The unit will be tasked with a broad range of responsibilities, including: <\/p>\n<ul>\n<li>Implementing the state ownership policy with clear timelines and targets.<\/li>\n<li>Identifying companies that the government should exit or partially divest from.<\/li>\n<li>Determining exit strategies.<\/li>\n<li>Proposing strategies to encourage private sector participation in specific sectors.<\/li>\n<li>Developing legal frameworks to enhance the performance of state-owned companies.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At the helm:<\/strong> The unit will be led by a CEO with expertise in investment, project management, and other areas, supported by a team of specialists.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The cabinet is moving quickly: <\/strong>It was earlier this week that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aaaa6238-b564-4e33-9daf-0260d54bba79\/budget-discussions-continue-at-the-house\" style=\"\" rel=\"noopener\">Planning Minister Hala El Said said<\/a> that the government is looking into a World Bank recommendation for the creation of a new entity to which the ownership of all state-owned companies would be gradually transferred in an effort to streamline the implementation of state asset sales. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Reduced building reconciliation fees:<\/strong> Ministers also approved a draft decision introducing a 25% reduction on building reconciliation fees for building owners who pay the full fees upfront. The decision seeks to incentivize the swift resolution of building violations and restore a more aesthetically pleasing cityscape.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> The cabinet approved the executive regulations for the new Building Reconciliation Act <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50798bc3-5aa9-461f-b49f-4dc35d2bbaeb\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50798bc3-5aa9-461f-b49f-4dc35d2bbaeb\/\" style=\"\" rel=\"noopener\">last month<\/a> after the law was ratified <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cdf9897-e462-4efd-a9fb-9e6d728ed36e\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cdf9897-e462-4efd-a9fb-9e6d728ed36e\" style=\"\" rel=\"noopener\">in December<\/a>. The long-awaited law is set to make it easier for owners of unauthorized buildings built until 15 October 2023 to legalize their properties in return for paying a reconciliation fee, and to set a clear procedure for the process.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- A grace period for informal businesses: <\/strong>Cabinet approved a draft decision giving informal businesses a three-year period to submit requests to legalize their projects. This extension aims to encourage informal project owners to integrate their businesses into the formal economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Land for desalination plants: <\/strong>The cabinet greenlit a draft decision to allocate 1.5 feddans in North Sinai\u2019s Rafah for the establishment of seawater desalination plants. The move is part of a wider plan to ramp up the construction of green desalination plants in partnership with the private sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government back in 2020 said it is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64f6386d-108e-41cd-872e-ace09bcbf196\/\" style=\"\" rel=\"noopener\">investing some EGP 134.2 bn through<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64f6386d-108e-41cd-872e-ace09bcbf196\/\" style=\"\" rel=\"noopener\">2050<\/a> to build seawater desalination plants. Egypt has some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1f5e2330-5989-433e-a29a-1e4f3d64d7ff\/\" style=\"\" rel=\"noopener\">99 operational desalination plants<\/a> with a total capacity of 1.21 mn cbm \/ d, and has a target to increase its potable water conversion volume to 10 mn cbm \/ d by 2050.<\/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\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620147 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=\"620147\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/620147\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620147\" class=\"content-area-description single-story post-620147 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=\"620148\" 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=\"620148\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/unemployment-rate-falls-to-6-7-in-1q-2024\/\">\r\n                            Egypt\u2019s unemployment rate falls to 6.7% in the first quarter of the year                        <\/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\/16\/unemployment-rate-falls-to-6-7-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(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/unemployment-rate-falls-to-6-7-in-1q-2024\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/unemployment-rate-falls-to-6-7-in-1q-2024\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Unemployment rate falls to 6.7% in 1Q 2024&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/unemployment-rate-falls-to-6-7-in-1q-2024\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/unemployment-rate-falls-to-6-7-in-1q-2024\/&title=Unemployment rate falls to 6.7% in 1Q 2024\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Unemployment+rate+falls+to+6.7%25+in+1Q+2024+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F16%2Funemployment-rate-falls-to-6-7-in-1q-2024%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/unemployment-rate-falls-to-6-7-in-1q-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1229.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620149\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/unemployment-rate-falls-to-6-7-in-1q-2024\/1229-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1229.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1229.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1229.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1229.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620148\" class=\"content-area-description single-story post-620148 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-capmas tag-economy tag-employment tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Unemploym<\/strong><strong>ent inches down for the second quarter in a row:<\/strong> Egypt\u2019s unemployment rate fell to 6.7% of the total workforce in the first quarter of this year, inching down 0.2 percentage points from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6917ee5-d671-4da3-8343-001eb83e356f\/%253cmark%253e%253c%2Fmark%253ewataniya%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ecloses%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ein%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eon%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ethree%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253efinal%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eoffers%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">previous quarter<\/a>, according to data released yesterday by state statistics agency Capmas. Unemployment was down 0.4 percentage points compared to the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8edc621-58b9-430d-8622-390fe02b8187\/%253cmark%253eunemployment-%253c%2Fmark%253esteady-in-1q-2023\" style=\"\" rel=\"noopener\">same period last year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A gender breakdown: <\/strong>Unemployment among men decreased to 4.4% in 1Q 2024, marking a 0.2 percentage point decline from the previous quarter and 0.1 percentage point drop y-o-y. For women, unemployment fell to 16.5% in the quarter, down from 17.7% in the previous quarter and down 2.7 percentage points from the same period last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Youth unemployment crept up slightly: <\/strong>Folks aged 15-29 accounted for 64.5% of all jobless people in 1Q 2024, marginally up from 62.4% in the previous quarter. Capmas doesn\u2019t provide an official rate of youth unemployment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- By definition, the official unemployment rate only includes people who are <\/strong><strong>looking for work. <\/strong>The labor force participation rate \u2014 which counts everyone aged 15-64 either in work or actively looking for work \u2014 came in at 43.5%, up from 43.1% in the previous quarter and 43.0% in 1Q 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT:<\/strong> Egypt\u2019s labor force now stands at 31.4 mn, up 1.0% on the previous quarter. Men make up 81% of the workforce and women make up 19%. <\/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\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/employment\/\">employment<\/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=\"620150\" 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=\"620150\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/\">\r\n                            Concrete, EKH, ODE, Alexbank report earnings                        <\/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\/16\/concrete-ekh-ode-alexbank-report-earnings\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Concrete, EKH, ODE, Alexbank report earnings&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/&title=Concrete, EKH, ODE, Alexbank report earnings\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Concrete%2C+EKH%2C+ODE%2C+Alexbank+report+earnings+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F16%2Fconcrete-ekh-ode-alexbank-report-earnings%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1192.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620151\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/1192-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1192.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1192.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1192.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1192.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620150\" class=\"content-area-description single-story post-620150 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-alexbank tag-concrete-fashion-group tag-earnings-watch tag-egypt-kuwait-holding tag-enterpriseam tag-orascom-development-egypt 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\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Concrete ends FY 2023 on a \u201cstrong note\u201d: <\/strong>Concrete Fashion Group (CFG) saw its net income increase 3.2% y-o-y during its fiscal year 2023 \u2014 ended 31 January 2024 \u2014 to USD 12.8 mn, the company said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1175.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company was able to remain profitable despite an increase in financing costs \u2014 which crept up 151.4% y-o-y to USD 17.6 mn \u2014 on the back of rising interest rates, especially on FX-denominated debt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company\u2019s net sales also increased 3.4% y-o-y during the fiscal year<\/strong>, reaching USD 150.8 mn. CFG\u2019s sales for the year were largely driven by a strong performance from its manufacturing segment, which contributed 81% of the group\u2019s sales.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead:<\/strong> \u201cOn the local front, we are aiming to leverage the scale and brand equity of Concrete to capitalize on the vast growth offered by Egypt\u2019s large and rapidly expanding domestic market. Meanwhile, on the global front, we are doubling down our efforts to increase our reach and export volumes supported by Egypt\u2019s new cost competitiveness as an international manufacturing hub after the float of the EGP in March 2024,\u201d CEO Alaa Arafa said.<\/p>\n<p class=\"tag-border-left\">EKH\u2019S BOTTOM LINE UP IN 1Q-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our friends at Egypt Kuwait Holding (EKH) saw its attributable net income rise 4.3% y-o-y in <\/strong><strong>1Q 2024<\/strong> to USD 62.6 mn, according to the company\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1171.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. EKH\u2019s top line, however, dropped 14.2% y-o-y during the period to USD 193 mn, which the company attributed to a weakening in global urea prices after hitting their peak in 2022, and the float of the EGP late in the quarter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead:<\/strong> \u201cIn 2024, we will focus on directing our main efforts towards exploring expansion in regional markets and venturing into new and diverse sectors,\u201d said chairman Loay Jassim Al Kharafi. \u201cOur goal remains to foster sustainable growth and optimize revenue streams in foreign currencies.\u201d<\/p>\n<p class=\"tag-border-left\">ODE\u2019S REVENUES INCREASE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ODE top line rises: <\/strong>EGX-listed Orascom Development Egypt (ODE) saw its revenues rise 41.4% y-o-y to EGP 4.2 bn during the first quarter of the year, driven by \u201crobust business execution across all business segments,\u201d the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1182.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FX losses put the company\u2019s bottom line in the red: <\/strong>The company reported an EGP 984.5 mn loss during the quarter, in comparison to a net profit of EGP 384.0 mn during the same period last year. This came on the back of FX losses attributed to the devaluation and its finance costs more than doubling due to the increase in interest rates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new record for the real estate segment:<\/strong> ODE logged EGP 8.8 bn in new sales in 1Q 2024, its highest-ever for a 1Q figure and up 218.3% from 1Q 2023. Hospitality revenues were also up, rising 21.9% y-o-y to EGP 698.8 mn. <\/p>\n<p class=\"tag-border-left\">ALEXBANK\u2019S SOLID QUARTER- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A \u201csolid performance\u201d from Alexbank:<\/strong> Alexbank\u2019s net income rose 78.2% y-o-y in 1Q 2024 to EGP 2.1 bn, the bank said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1184.pdf\" style=\"\" rel=\"noopener\">press release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1184.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1184.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The lender\u2019s total assets jumped 8.3% y-o-y to EGP 175.3 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\/alexbank\/\">Alexbank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/concrete-fashion-group\/\">Concrete Fashion Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-kuwait-holding\/\">Egypt Kuwait Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-development-egypt\/\">Orascom Development Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620152\" 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=\"620152\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/pg-egypt-taps-kareem-yassin-as-new-vp-gm\/\">\r\n                            P&amp;G Egypt taps Kareem Yassin as new VP, GM                        <\/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\/16\/pg-egypt-taps-kareem-yassin-as-new-vp-gm\/\" 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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Yassin is a P&G veteran, having spent 18 years with the company serving many roles, most recently as the country\u2019s head of sales.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kareem-yassin\/\">Kareem Yassin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620154 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"620154\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/620154\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620154\" class=\"content-area-description single-story post-620154 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/186.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620155\" 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=\"620155\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/all-about-todays-arab-summit\/\">\r\n                            Egyptian talk shows fixate on the Arab Summit taking place in Bahrain today                        <\/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\/16\/all-about-todays-arab-summit\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/all-about-todays-arab-summit\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/all-about-todays-arab-summit\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=All about today\u2019s Arab Summit&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/all-about-todays-arab-summit\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/all-about-todays-arab-summit\/&title=All about today\u2019s Arab Summit\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=All+about+today%E2%80%99s+Arab+Summit+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F16%2Fall-about-todays-arab-summit%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/all-about-todays-arab-summit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1308.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620156\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/all-about-todays-arab-summit\/1308-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1308.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1308.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1308.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1308.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620155\" class=\"content-area-description single-story post-620155 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-diplomacy tag-enterpriseam tag-last-nights-talk-shows tag-sameh-shoukry 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\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Arab Summit taking place in Bahrain later today dominated the airwaves<\/strong>, with the nation\u2019s talking heads focusing on the arrival of President Abdel Fattah El Sisi to Manama ahead of the event. Al Hayah Al Youm had coverage (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=8_eEKj-Uy4k\" style=\"\" rel=\"noopener\">watch, runtime: 1:57<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another peace summit ahead? <\/strong>Arab leaders are expected to pass a draft resolution calling for an international peace conference to address the war on Gaza during the Arab Summit, former assistant foreign minister Rakha Ahmed Hassan told Masa\u2019a DMC (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=zAO-18UQzw4\" style=\"\" rel=\"noopener\">watch, runtime: 9:13<\/a>). Hassan added that Israel\u2019s war on Gaza will dominate the summit\u2019s discussions. The summit will also address a number of other regional issues, most notably the Sudanese crisis.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A second bite of the apple:<\/strong> Arab leaders held a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/facf909e-998b-49cb-981a-0e53bc3aa4b9\/\" style=\"\" rel=\"noopener\">Cairo Peace Summit<\/a> back in October that ended without a joint communique due to EU leaders\u2019 insistence to condemn Hamas for the escalation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shoukry takes his critiques of Israel\u2019s policies to the airwaves:<\/strong> Foreign Minister Sameh Shoukry once again denounced Israeli statements saying that it is up to Egypt to open the Rafah crossing, calling them \u201cincorrect\u201d during an interview with Sky News Arabia (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=0zM_JxgOAtE\" style=\"\" rel=\"noopener\">watch, runtime: 22:20<\/a>). \u201cWhy would Israel close the crossings if not to practice a policy of starvation\u2026as a means of war?\u201d he questioned, adding that Israel should \u201cshoulder its responsibility as an occupying state and allow aid into Gaza.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What does this mean for Egyptian-Israeli relations?&nbsp;<\/strong>\u201cEgypt\u2019s position on the peace treaty with Israel is tied to how events develop and Egyptian interests,\u201d Shoukry said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO ON THE AIRWAVES- Pricier metro tickets? <\/strong>The Transport Ministry will look into raising the prices of metro tickets this summer, following the official launch of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/571d6cf7-d827-49c1-aa05-a97d8726d6af\/egypt%25e2%2580%2599s-central-banks-pulls-a-record-egp-1.1-tn-in-liquidity-from-the-banking-sector\" style=\"\" rel=\"noopener\">phase 3C of Cairo Metro Line 3<\/a> on 1 July, Transport Minister Kamel El Wazir told Ala Masouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Ag7QfHFCtzE\" style=\"\" rel=\"noopener\">watch, runtime: 4:29<\/a>). Prices are expected to increase 10-15%, he added. The Transport Ministry in January <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4048193-6df2-4911-84e8-a7f6409b8263\" style=\"\" rel=\"noopener\">raised ticket prices<\/a> by up to 20%.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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=\"620157\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 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with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-9isl4ya\" data-v=\"4\" data-block-id=\"9isl4ya\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-9isl4ya-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-9isl4ya-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1233.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620159\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/our-hidden-gems-may-not-stay-hidden-for-long\/1233-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1233.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1233.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1233.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1233.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620158\" class=\"content-area-description single-story post-620158 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s upscale tourism once again catches the attention of the int\u2019l press<\/strong>, with the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/7703dbea-f36e-4ae1-88a7-bad45240330e\" style=\"\" rel=\"noopener\">Financial Times<\/a> out with a piece on <a target=\"_blank\" href=\"https:\/\/moudira.com\/en\" style=\"\" rel=\"noopener\">Al Moudira<\/a>, a luxury holiday retreat on the west bank of the Nile in Luxor. The Olivier Sednaoui-designed hotel\u2019s \u201cmost striking quality, and still its ultimate selling point, is its pervasive and somehow totally credible atmosphere of bygone era glamor and the early 20th century.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And if upscale tourism isn\u2019t your thing, try Hurghada<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.tripadvisor.com\/TravelersChoice-Destinations-cNature-g1\" style=\"\" rel=\"noopener\">Tripadvisor<\/a> \u2019s third best nature destination in the world. The Travelers\u2019 Choice Awards Best of the Best title is awarded to destinations that receive glowing reviews over a 12-month period. Fewer than 1% of TripAdvisor\u2019s 8 mn listings make the cut.<\/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\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620160\" 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=\"620160\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/nuca-to-hand-out-plots-to-four-industrial-developers-within-days-plus-news-from-bluev-tmg-and-tabreed\/\">\r\n                            NUCA to hand out plots to four industrial developers within days                        <\/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\/16\/nuca-to-hand-out-plots-to-four-industrial-developers-within-days-plus-news-from-bluev-tmg-and-tabreed\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/nuca-to-hand-out-plots-to-four-industrial-developers-within-days-plus-news-from-bluev-tmg-and-tabreed\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/nuca-to-hand-out-plots-to-four-industrial-developers-within-days-plus-news-from-bluev-tmg-and-tabreed\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=NUCA to hand out plots to four industrial developers within days. PLUS: News from BluEV, TMG, and Tabreed&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/nuca-to-hand-out-plots-to-four-industrial-developers-within-days-plus-news-from-bluev-tmg-and-tabreed\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/nuca-to-hand-out-plots-to-four-industrial-developers-within-days-plus-news-from-bluev-tmg-and-tabreed\/&title=NUCA to hand out plots to four industrial developers within days. PLUS: News from BluEV, TMG, and Tabreed\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=NUCA+to+hand+out+plots+to+four+industrial+developers+within+days.+PLUS%3A+News+from+BluEV%2C+TMG%2C+and+Tabreed+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F16%2Fnuca-to-hand-out-plots-to-four-industrial-developers-within-days-plus-news-from-bluev-tmg-and-tabreed%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/nuca-to-hand-out-plots-to-four-industrial-developers-within-days-plus-news-from-bluev-tmg-and-tabreed\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1275.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620161\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/nuca-to-hand-out-plots-to-four-industrial-developers-within-days-plus-news-from-bluev-tmg-and-tabreed\/1275-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1275.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1275.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1275.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1275.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620160\" class=\"content-area-description single-story post-620160 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-bluev tag-elsewedy-industrial-development tag-enterpriseam tag-manufacturing tag-mining tag-real-estate tag-tabreed tag-talaat-moustafa-group wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3\"><\/audio><\/figure><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>Four industrial developers are getting their hands on land in New 6 October City: <\/strong>The New Urban Communities Authority will within days hand out a total of 4.6 mn-sqm plots in New 6 October City to Elsewedy Industrial Development, Polaris Parks, Arabia Holding, and Samcrete to set up four industrial parks, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/05\/15\/-%D8%A7%D9%84%D9%85%D8%AC%D8%AA%D9%85%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%B9%D9%85%D8%B1%D8%A7%D9%86%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B3%D9%84%D9%91%D9%85-4-%D9%85%D8%B7%D9%88%D8%B1%D9%8A%D9%86-%D8%B5%D9%86%D8%A7%D8%B9%D9%8A%D9%8A%D9%86-4-5-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D9%85%D8%AA%D8%B1-%D8%A3%D8%B1%D8%A7%D8%B6-%D8%AE%D9%84%D8%A7%D9%84-%D8%A3%D9%8A%D8%A7%D9%85\" style=\"\" rel=\"noopener\">Al Arabiya Business<\/a> reported, citing sources from the four companies. A second phase will see the four companies double each of their land allocation. Polaris Parks\u2019 General Manager, Bassel Shoirah told the news outlet that the industrial zones are expected to draw USD 9-10 bn worth of investments over the next 6-10 years.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>We first heard about Elsewedy\u2019s plan to set up its EGP 20 bn industrial park in New 6 October City in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69e5b6a4-8f74-49e1-9b9f-082047c9d771\" style=\"\" rel=\"noopener\">January 2023<\/a>. The company said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00133e96-15ed-410f-ae04-7ad9a63f212b\" style=\"\" rel=\"noopener\">last month<\/a> it expects to break ground on the project upon receiving its plot. <\/p><p class=\"tag-border-left\">MINING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A fresh gold exploration tender? <\/strong>State-owned Shalateen Mineral Resources Company will launch a gold exploration tender for 5 blocks in Wadi Al Allaqi \u2014 located around 180 km south of Aswan \u2014 for local and international companies in 4Q 2024, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63745\/%D8%B4%D9%84%D8%A7%D8%AA%D9%8A%D9%86-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B7%D8%B1%D8%AD-%D9%85%D8%B2%D8%A7%D9%8A%D8%AF%D8%A9-%D9%84%D9%84%D8%AA%D9%86%D9%82%D9%8A%D8%A8-%D8%B9%D9%86-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D8%A8%D8%A7%D9%84%D8%B5%D8%AD%D8%B1%D8%A7%D8%A1-%D8%A7%D9%84%D8%B4%D8%B1%D9%82%D9%8A%D8%A9-%D9%86%D9%87%D8%A7%D9%8A%D8%A9-2024\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing an unnamed government official. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shalateen\u2019s finalists to be revealed next week: <\/strong>Shalateen will next week announce the chosen bidders in its international gold exploration tender for brownfield sites in the Eastern Desert, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/05\/15\/1792660\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed sources. The tender has been live for over a year now \u2014 it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949808ec-6766-4180-9d42-6c14825eba76\" style=\"\" rel=\"noopener\">launched on 10 April, 2023<\/a> \u2014 after its deadline was extended time and time again due to lack of bidders.<\/p><p class=\"tag-border-left\">EVS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E-mobility company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/blu-ev.com\/\" style=\"\" rel=\"noopener\">BluEV<\/a><\/strong><strong> is gearing up to launch its services by the end of the <\/strong><strong>year<\/strong>, starting with areas of Greater Cairo, VP of Corporate Affairs at Orascom Investment Holding (OIH) Manal Abdel Hamid told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%b4%d8%b1%d9%83%d8%a9-blu-ev-%d8%aa%d8%b3%d8%aa%d9%87%d8%af%d9%81-%d8%a5%d8%aa%d8%a7%d8%ad%d8%a9-%d8%b4%d8%a8%d9%83%d8%a9-%d9%85%d8%ad%d8%b7%d8%a7%d8%aa-%d8%aa%d8%a8%d8%af\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The company operates a network of lithium-ion battery swapping stations for two- and three-wheeled electric vehicles, allowing users to replace drained batteries with fully-charged ones. Through the company, users can purchase new light electric vehicles or swap out their petrol engines for batteries.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> OIH became a strategic investor in BluEV <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ae4af31-221c-478f-8f30-d41f42bfd18f\" style=\"\" rel=\"noopener\">a year ago<\/a>, after making an undisclosed investment in the startup.<\/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>TMG sales more than double YTD:<\/strong> Talaat Moustafa Group (TMG) saw its contractual sales and reservations in the year-to-date surge 153% y-o-y to EGP 86 bn, the real estate giant said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1189.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. A large chunk of the sales came from the company\u2019s debut project in Saudi Arabia, Benban City, which attracted some EGP 11.5 bn since its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8da2ce3-4b0e-4c39-a6e7-8e9d8246e761\" style=\"\" rel=\"noopener\">soft launch<\/a> days ago.<\/p><p class=\"tag-border-left\">INVESTMENT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt remains a promising market for the Tabreed <\/strong>\u201cif the local currency continues to stabilize,\u201d the Emirati company\u2019s CFO Adel Salem Al Wahedi told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63786\/%D8%AA%D8%A8%D8%B1%D9%8A%D8%AF-%D8%AA%D8%AA%D8%AC%D9%87-%D9%84%D8%B7%D8%B1%D8%AD-%D8%B5%D9%83%D9%88%D9%83-%D8%AE%D8%B6%D8%B1%D8%A7%D8%A1-%D9%84%D8%A5%D8%B9%D8%A7%D8%AF%D8%A9-%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%AF%D9%8A%D9%88%D9%86-%D8%A8%D9%8012-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-2025\/\" style=\"\" rel=\"noopener\">watch, runtime: 6:40<\/a>). The district cooling firm terminated its MoU with Egyptians for Healthcare Services (EHCS) for the latter\u2019s CapitalMed medical complex in Badr City <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7d0aa0a4-a8bb-44bf-af9b-b204c94a7641\" style=\"\" rel=\"noopener\">in January<\/a> due to a lack of a \u201cbusiness case\u201d amid the FX instability before the float, Al Wahedi explained.<\/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\/bluev\/\">BluEV<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-industrial-development\/\">Elsewedy Industrial Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tabreed\/\">Tabreed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talaat-moustafa-group\/\">Talaat Moustafa Group<\/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=\"620162\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"620162\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/traders-send-us-stocks-to-record-high-after-promising-inflation-data\/\">\r\n                            Traders send US stocks to record high after promising inflation data                        <\/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\/16\/traders-send-us-stocks-to-record-high-after-promising-inflation-data\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n      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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620163\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/traders-send-us-stocks-to-record-high-after-promising-inflation-data\/1305-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1305.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620162\" class=\"content-area-description single-story post-620162 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-inflation tag-planet-finance tag-us-federal-reserve 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\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>One story is driving the conversation in the global business press this morning: US <\/strong><strong>stocks are at an all-time high. <\/strong>Wall Street\u2019s benchmark indexes \u2014 the S&amp;P 500, Nasdaq, and Dow \u2014 all hit record highs last night as traders cheered data showing US consumer prices rising at a slower rate in April. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The numbers: <\/strong>US inflation cooled to 3.4% in April, coming in below analyst expectations and 0.1 percentage points below the 3.5% recorded in March, according to Bureau of Labor Statistics <a target=\"_blank\" href=\"https:\/\/www.bls.gov\/cpi\/latest-numbers.htm\" style=\"\" rel=\"noopener\">figures<\/a> released yesterday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Traders react: <\/strong>The figure reignited trader optimism that the Federal Reserve could start cutting interest rates this year. Fed chair Jay Powell has said time and time again that the central bank will not cut rates before it ensures that the country is on a sustainable path to 2% inflation \u2014 its core target. \u201cThe news on core inflation was better than expected. Retail sales also showed some deceleration from the previously hot consumer sector. Taken together, this supports a Fed rate-cut in the fall,\u201d one analyst told <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/14\/stock-market-today-live-updates.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>Where the markets settled: <\/strong>The S&amp;P 500was up 1.2%, hitting a record 5,308. Dow Jones was up 0.9% and the tech-heavy Nasdaq jumped 1.4%. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Stocks rise, treasuries fall. <\/strong>Yields on <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ef0028e6-ec29-4521-80fa-2cb6531adb39\" style=\"\" rel=\"noopener\">two-year US treasuries fell<\/a> to their lowest level since early April. <\/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>Major Asian benchmarks are all comfortably in the green this morning<\/strong>, following Wall Street\u2019s lead. Futures suggest both European and US markets are on track to open in positive territory at the opening bell today.<\/p><p><a target=\"_blank\" id=\"t.43235cc332e9cd0d1d51932fb3047ca01768f385\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">25,316<\/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: +1.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 46.79<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 46.92<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 46.83<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 46.93<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,103<\/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: +1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,021<\/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: -5.8%)<\/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>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\">4,093<\/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\">-1.1% (YTD: +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>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\">5,308<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2% (YTD: +11.3%)<\/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>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\">8,446<\/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: +9.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,101<\/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: +12.8%)<\/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>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 82.94<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7%<\/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 2.42<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,395<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 65,831<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+6.9% (YTD: +55.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 2.6 bn (46.1% below the 90-day average). Foreign investors were net buyers. The index is up 1.7% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Qalaa Holdings (+10.3%), Eastern Company (+3.8%) and Juhayna (+2.7%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Orascom Construction (-2.9%), Sidi Kerir Petrochemicals (-1.8%), and Mopco (-1.8%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/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=\"620164\" 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=\"620164\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/my-morning-routine-mohamed-elnawawy-engineer-and-lawyer\/\">\r\n                            My Morning Routine: Mohamed Elnawawy, engineer and lawyer                        <\/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\/16\/my-morning-routine-mohamed-elnawawy-engineer-and-lawyer\/\" 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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Speaking to us this week is Mohamed Elnawawy (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mohamed-elnawawy-68704a2\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), engineer and lawyer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My name is Mohamed Elnawawy. <\/strong>I\u2019m a lawyer and engineer, centered around the intersection of tech-based innovation and supporting companies that want to break barriers in the gig economy and fintech sector as well as customer companies. I also reside on numerous boards, a role that sees me support governance and healthy board functions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I have a history of being in the right place at the right time:<\/strong> I co-founded Egypt\u2019s first internet service provider (ISP) InTouch back in 1992, which gave me the chance to work with new technology that was nascent and important. It was a time when the internet was just green text on the screen and the most important application was email. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We sold the company eight years later <\/strong>and for nearly a decade I oversaw the glorious submarine cable business of Telecom Egypt connecting Asia and Africa to Europe. I eventually became CEO of Telecom Egypt, where I had the privilege to work with 50k people across nearly 2k localities in Egypt, as we underwent the important task of modernizing network access by advancing optical communications and pursuing total telecom ambitions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Now, in my day-to-day I support telecom-based litigation, public policy work:<\/strong> I have my own firm in Garden City that supports tech-related litigation, so I sometimes write reports or get cross examined by parties or tribunals. I also work on public policy issues pertaining to tech or business model needs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My wife calls me a professional student: <\/strong>I graduated from law school in 2016 when I was 50 years old. I decided to pursue law as I wanted to help customers and to understand the regulation for telecoms and fintech \u2014 the next thing I knew I was graduating from law school. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Disruptive investing: <\/strong>I\u2019m also an investor and I seek disruptors that fall into my four pillars \u2014 modern medicine, such as genomics and human DNA; the new business model, from regulation, to social media and blockchain; clean energy production and storage; and autonomous everything, what many people might refer to as robotics like self-driving cars or AI assistants like Siri and Alexa. Of course, in common with each of these pillars is the compounded disruption of AI and customer data serving as the fundamental source of perpetual value. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>People are the source of wealth: <\/strong>The population of the African continent is expected to triple within the next 75 years, while other continents will see flat growth, meaning this is an area where there will be a lot of young people creating space for investment. The question will be whether the investors that take these chances from inside the continent or outside. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Law follows disruption:<\/strong> In our part of the world, we follow civil codified jurisdictions, meaning bill writing is very important. When disruptions appear that are important and reflect big societal issues, the law needs to change and adapt. This isn\u2019t unique to Egypt, very few countries in the world have the law come in and the business and society follow. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Institutionalized investing could be my next step<\/strong>, as I\u2019m beginning to think about moving away from being an ad hoc investor. I want to build a glorious team that I can learn from and develop with and find an energetic co-founder to do this with. It would mean being able to invest more than just my little money and make a bigger impact. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My day starts relatively early and I often read EnterpriseAM in the morning or during my<\/strong><strong> commute into work. <\/strong>I embrace the idea of staring at screens. I don\u2019t think it\u2019s a problem, it just depends on what you are doing when you stare at a screen. If you\u2019re being idle, that\u2019s a problem, if you\u2019re being somewhat productive and happy, that\u2019s cool. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The office is about meeting people <\/strong>and nowadays even the layout of the office has changed to accommodate that, with more meeting rooms and common working areas. I love talking to my team and learning from them. I can also look out onto Cairo and try to find some of the hidden, but beautiful architecture.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019m always walking around with a university-style notebook writing things down. <\/strong>I encourage my team to do the same to stay focused.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My daughter is one constant in my day<\/strong> as well as starting the morning with a cup of coffee. Work never ends these days, it comes home with us and is inside our phones. I\u2019ve learnt that you can bring life with you to work, but family comes first. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When the work day is over I like to row <\/strong>and I also play with my daughter \u2014 having a child is a great workout. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two pieces of advice from my parents have stayed with me: <\/strong>My father taught me to live with dignity and my mother taught me to be kind in the way that I live and act.<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/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=\"620166\" 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\/16\/620166\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620166\" class=\"content-area-description single-story post-620166 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>3Q 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid04Z7JWbGbYGqFTr8kF2XNgc5Dq2cUR3hn25JDryhDjLnPJkYgaKaqbwzQr6A4QgB2l\" style=\"\">Egyptian-Armenian Joint Committee.<\/a><\/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:400;\">End of 2024: Shalateen Mining Company to launch a gold exploration bid in the Eastern Desert.<\/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>Dip in unemployment | Lots of earnings | El Sisi in Bahrain | Troops in 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