{"id":620786,"date":"2024-05-27T00:00:00","date_gmt":"2024-05-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=620786"},"modified":"2025-12-17T06:01:58","modified_gmt":"2025-12-17T06:01:58","slug":"algebra-ventures-karim-hussein-on-how-the-vc-and-local-startups-have-been-handling-economic-headwinds","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/algebra-ventures-karim-hussein-on-how-the-vc-and-local-startups-have-been-handling-economic-headwinds\/","title":{"rendered":"Algebra Ventures\u2019 Karim Hussein on how the VC and local startups have been handling economic headwinds"},"content":{"rendered":"<section id=\"620788\" 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=\"620788\">\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\/27\/gobus-wants-to-make-its-market-debut-by-2026\/\">\r\n                            Egypt\u2019s GoBus wants to make its market debut by 2026                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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category-what-were-tracking-today tag-egx tag-enterpriseam 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\/.3f1f4d3a-2cd4-440e-8407-13cd40676805.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>We have a brisk issue for you this morning led by our conversation with Karim Hussein, managing partner of Algebra Ventures on what we can expect next from the VC and the local startup scene.<\/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=\"wwtt3\"><\/a> <strong>#1- <\/strong><strong>ECA<\/strong><strong> to roll <\/strong><strong>out pre-approval<\/strong><strong> system for M&amp;As next week:\u00a0<\/strong>Companies planning mergers and acquisitions will need to secure the Egyptian Competition Authority\u2019s (ECA) approval before proceeding starting 1 June, according to an ECA <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ffLaRru2ajwUpNjuUxzoqbAVDGZArXFQWw6i153WXmC12uejx8ByxnJcYRbs8EbDl\" style=\"\" rel=\"noopener\">statement<\/a>. The new regulations seek to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50798bc3-5aa9-461f-b49f-4dc35d2bbaeb\/\" style=\"\" rel=\"noopener\">crack down on economic concentrations<\/a> in a bid to attract local and foreign investment, facilitate market entry, and bolster competition. The ECA has set up a specialized economic concentration control department to oversee the new system.<\/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=\"wwtt1\"><\/a> <strong>#2-<\/strong><strong>GoBus<\/strong><strong> plans to go public:<\/strong> Local bus service <a target=\"_blank\" href=\"https:\/\/go-bus.com\/\" style=\"\" rel=\"noopener\">GoBus<\/a> plans to list 30% of its shares on the EGX within the next two years, the company\u2019s CEO Fady Nassif was quoted as saying by local news outlets (<a target=\"_blank\" href=\"https:\/\/hapijournal.com\/2024\/05\/26\/%d8%b9%d8%a7%d8%ac%d9%84-%d8%ac%d9%88-%d8%a8%d8%a7%d8%b5-%d8%aa%d8%ae%d8%b7%d8%b7-%d9%84%d8%b7%d8%b1%d8%ad-30-%d9%85%d9%86-%d8%a3%d8%b3%d9%87%d9%85%d9%87%d8%a7-%d9%81%d9%8a-%d8%a7%d9%84%d8%a8%d9%88\/\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.mubasher.info\/news\/4295506\/-%D8%AC%D9%88%D8%A8%D8%A7%D8%B5-%D9%84%D9%84%D9%86%D9%82%D9%84-%D8%AA%D8%AE%D8%B7%D8%B7-%D9%84%D8%B7%D8%B1%D8%AD-30-%D9%85%D9%86-%D8%A3%D8%B3%D9%87%D9%85%D9%87%D8%A7-%D9%81%D9%8A-%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D9%85%D8%B5%D8%B1-%D8%AE%D9%84%D8%A7%D9%84-%D8%B9%D8%A7%D9%85%D9%8A%D9%86\/\" style=\"\" rel=\"noopener\">here<\/a>). The company is currently valued at EGP 5 bn according to preliminary valuations, Nassif said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company also eyes offshore expansion: <\/strong>GoBus is gearing up to launch its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8fb196d-ee56-411f-bf26-065a2418acd0\/bp-has-usd-1.5-bn-of-investments-in-the-pipeline-for-egypt.-plus:-taqa-eyes-offshore-expansion,-usd-1.5-bn-itfc-top-up,-efg-corps-solutions-to-provide-egp-10-bn-financing,%253cmark%253e-gobus%253c%2Fmark%253e-launches-ksa-arm\" style=\"\" rel=\"noopener\">Saudi arm<\/a> by June or July of this year, Nassif said yesterday. The company is also looking to enter the UAE and Greek markets by the end of 2024, he added.<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A big week ahead for Arab diplomacy? <\/strong> The foreign ministers of Egypt, Saudi Arabia, the United Arab Emirates, Jordan and Qatar will <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/arab-eu-ministers-discuss-gaza-war-peace-efforts-2024-05-22\/\" style=\"\" rel=\"noopener\">join their 27 European Union counterparts<\/a> in Brussels today for talks. Look for the war in Gaza and the post-war order there to take center stage. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- It\u2019s the final day of the Techne Summit at the Cairo International Stadium.<\/strong> The three-day investment- and entrepreneurship-focused event is hosting some big name speakers from leading VC firms and companies from the region and across the globe. You can still register for the event <a target=\"_blank\" href=\"https:\/\/cairo.technesummit.com\/2024\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Avior-HC Egypt virtual <\/strong><strong>conference <\/strong><strong>kicks off:<\/strong> HC Brokerage and Avior Capital Markets are kicking off their virtual conference today, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2092.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The four-day event brings representatives from 25 EGX-listed companies together with financial institutions from the US, Canada, Europe, South Africa, and Egypt to discuss potential investment.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a><strong>#4- It\u2019s day two of <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.propakmena.com\/en\/home.html\" style=\"\" rel=\"noopener\">ProPak<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.propakmena.com\/en\/home.html\" style=\"\" rel=\"noopener\">MENA<\/a><\/strong>, an annual event on all things processing and packaging in the F&amp;B manufacturing industry. The event will see over 350 companies from 20 countries gathered at the Egypt International Exhibition Center in New Cairo, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2095.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The exhibition ends tomorrow.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- A weeklong meeting of African Development Bank members kicks off in Kenya<\/strong> and will run through Friday. The relatively unwieldy title for the AfDB\u2019s annual meeting: \u201cAfrica\u2019s transformation, the African Development Bank Group, and the reform of the global financial architecture.\u201d International Cooperation Minister Rania Al Mashat will be speaking. <a target=\"_blank\" href=\"https:\/\/am.afdb.org\/en\/2024-annual-meetings\" style=\"\" rel=\"noopener\">More on the event\u2019s website here<\/a>.<\/p><p class=\"tag-border-left\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s still very hot in Cairo<\/strong>, with a high of 35\u00b0C and a low of 22\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s cooler in Alexandria<\/strong>, with a high of 26\u00b0C and a low of 18\u00b0C.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Want to subscribe?\u00a0<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/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><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>ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at how our freezones perform compared to the UAE and Turkey. Check out the story <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58742617-7637-446a-8933-c91e53d46d84\/comparing-egypt%25e2%2580%2599s-freezones-with-the-uae-and%253cmark%253e-turkey%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">here<\/a>.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a reasonably quiet morning in the global business press<\/strong>, as is often the case on Mondays \u2014 and even more so when it\u2019s a long weekend: Markets are closed today in both the United States (Memorial Day) and the UK (spring bank holiday). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hamas fired rockets at Tel Aviv yesterday for the first time since January<\/strong> in what defense analysts are saying is a demonstration of resilience, the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-palestinians-hamas-war-news-05-26-2024-eb25eb70d2c7b9e6bcd0497060eccbca\" style=\"\" rel=\"noopener\">Associated Press<\/a> reports. Eight rockets were launched from Rafah and several were intercepted, the Israeli military said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel, in turn, killed dozens<\/strong> in <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/more-aid-trucks-expected-roll-into-gaza-2024-05-26\/\" style=\"\" rel=\"noopener\">airstrikes<\/a> on Rafah hours after Hamas\u2019 attacks. At least 35 people were killed and dozens injured. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a> <strong>Negotiations due to resume in Cairo tomorrow: <\/strong>Another round of ceasefire and hostage swap negotiations is due to kick off in Cairo tomorrow, <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/middleeast\/live-news\/israel-hamas-war-gaza-news-05-26-24#h_be67fff0755ea4c2619ceafcaa788a8d\" style=\"\" rel=\"noopener\">CNN<\/a> and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/mediated-israel-hamas-talks-hostage-deal-expected-next-week-source-says-2024-05-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> report, citing unnamed officials. Egyptian and Qatari mediators will lead the talks with US involvement. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aid delivery resumes:<\/strong> Some 200 aid trucks and four fuel trucks departed from Egypt to enter Gaza through the Kerem Shalom crossing yesterday, bypassing the Rafah crossing that has been closed for several weeks, <a target=\"_blank\" href=\"https:\/\/alqaheranews.net\/news\/81632\/-%D8%B4%D8%A7%D8%AD%D9%86%D8%A9-%D8%AA%D9%86%D8%B7%D9%84%D9%82-%D9%85%D9%86-%D9%85%D8%B9%D8%A8%D8%B1-%D8%B1%D9%81%D8%AD-%D8%A5%D9%84%D9%89-%D9%83%D8%B1%D9%85-%D8%A3%D8%A8%D9%88-%D8%B3%D8%A7%D9%84%D9%85-%D8%AA%D9%85%D9%87%D9%8A%D8%AF%D8%A7-%D9%84%D8%AF%D8%AE%D9%88%D9%84-%D8%BA%D8%B2%D8%A9\" style=\"\" rel=\"noopener\">Al Qahera News<\/a> reports. <\/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>A bad morning for nervous flyers: <\/strong>The press is picking up on the idea that significant in-flight turbulence is becoming more common thanks to global warming after a dozen people were injured yesterday on a Qatar Airways flight that ran into turbulence over Turkey. The incident came just days after dozens were hurt in a similar Singapore Airlines incident. <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-26\/qatar-airways-jet-encounters-severe-turbulence-leaving-12-hurt\" style=\"\" rel=\"noopener\">The story<\/a> is on all front pages this morning.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Signs of the times: Hedge fund managers are blaming slow fundraising on the slow pace <\/strong><strong>of exits by their counterparts in private equity.<\/strong> Both rely on pension plans, foundations, and endowments for assets under management, but with PE exits slowing, limited partners have less cash to put into hedge funds and other asset classes, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/62b1db7b-3e78-47ca-865e-02cc404915f0\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Keep an eye on: <\/strong>Closing arguments in <strong>Donald Trump\u2019s hush-money trial<\/strong>, which begin on Tuesday, and <strong>parliamentary elections in South Africa<\/strong>, which start on Wednesday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue:<\/strong> We spoke to industry insiders from the private and public sector to find out what are global university rankings and if they really matter. <\/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\/egx\/\">EGX<\/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=\"620790 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=\"620790\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/620790\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620790\" class=\"content-area-description single-story post-620790 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1791.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">A week packed with joy. Experience the magic of Eid at Somabay:<\/span><span style=\"\"> Celebrate the upcoming<\/span><span> Eid <\/span><span>El Adha<\/span><span> holiday with us at Somabay, from 14-22 June. Get ready for an exciting program packed with activities for families and kids, enchanting beach experiences, vibrant nightlife, revitalizing wellness offerings, and a delectable selection of culinary delights.<\/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=\"620791\" 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=\"620791\">\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\">Coffee With<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/coffee-with-karim-hussein-managing-partner-of-algebra-ventures\/\">\r\n                            Coffee With: Karim Hussein, managing partner of Algebra Ventures                        <\/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\/27\/coffee-with-karim-hussein-managing-partner-of-algebra-ventures\/\" 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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Algebra has invested in and supported many now-household names, including Elmenus, Sakneen, Trella, Yodawy, ShiftEV, Khazna, and MNT Halan.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We sat down with Algebra Ventures managing partner, Karim Hussein (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/karimhussein\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>) to<\/strong><strong> discuss how the VC has been <\/strong><strong>handling <\/strong><strong>economic headwinds<\/strong>, what it looks for in startups, and what Algebra has planned for the coming period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enterprise: It has been one and half years since your second fund\u2019s<\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad572a18-1de9-48e8-9fee-0f6063379974\/%253cmark%253ealgebra%253c%2Fmark%253e-ventures-nets-usd-100-mn-first-close-on-second-fund\" style=\"\" rel=\"noopener\">USD 100 mn close<\/a><\/strong><strong>,<\/strong><strong> what have you been up to?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Karim Hussein: Obviously, last year was a difficult year for many startups around the<\/strong><strong> world<\/strong> and we've been really working hard to fill the funding gap in these challenging times when most international investors were not investing in Egypt. So, we have been working to support our founders, making sure that they have sufficient funds to continue in these difficult times.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We've also been doing a lot more to support our companies in terms of talent<\/strong><strong> acquisit<\/strong><strong>ion<\/strong>. It's always difficult to find the right talent to build up teams, so this is something we work very hard on to help with \u2014 you know, a startup or any technology company is all about the team. We're always looking to make sure that the teams are well-rounded and have all the different capabilities in place to ensure success of the project. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: How much have you invested since then? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: We invested over USD 10 mn in ten companies in 2023<\/strong>, three of them were previously announced: Sylndr, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a2e8f25-43c3-44b4-828b-3250d2588fea\/autostartup%253cmark%253e-mtor%253c%2Fmark%253e-lands-usd-2.8-mn-in-pre-seed-round,-lychee-closes-series-a\" style=\"\" rel=\"noopener\">Mtor<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4c573f1-2056-41ff-8361-d049443adf2a\/%253cmark%253edxwand%253c%2Fmark%253e-secures-usd-4-mn-to-step-up-ai-research-and-regional-expansion\" style=\"\" rel=\"noopener\">DXWand<\/a>. Our fund is focused on Egypt, but we are also looking at Morocco, Kenya, and Nigeria, where we see untapped potential and possible cross-market synergies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And we plan to invest another USD 20 mn this year. <\/strong>We have a very strong pipeline of interesting businesses.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: How have you handled recent challenges facing the startup scene?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: Last year, we were sort of the only ones investing in startups.<\/strong> We had a view on what the true value of the businesses were because we operate in Egypt and we understand the market. For an international investor, that\u2019s too much risk. We are hopeful that there will be more investment this year from both ourselves and from other regional and international funds \u2014 and we're already starting to see those transactions coming through.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I think it's taking a while for many startup founders to understand that the valuations are<\/strong><strong> different now than they were before<\/strong>. Interest rates have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\">gone up<\/a>, which means there's no more low-cost financing. So, the valuations of companies across the globe, particularly in the technology sector, have gone down significantly.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: Do you still see us in a down round era for sometime? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: It\u2019s not a down round era, it\u2019s a revaluation based on the macroeconomic environment<\/strong>, whether it\u2019s interest rates across the globe, whether it\u2019s the valuation of EGP and inflation in the market. Prices go up and down, and it doesn\u2019t have to be because of issues within the company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Many had to take flat rounds or down rounds.<\/strong> Taking it down is actually a good thing. It's not an indication of failure. It's an indication of a new environment. It\u2019s a refined expectation with more transparency and a more realistic valuation. Companies don't have to feel the pressure to grow exceedingly fast. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It's an important process to reset expectations<\/strong> and bring in new investors that can carry startups forward. It\u2019s important to really be focused on the fundamentals of the business, make sure that every USD spent is spent towards improving profitability, improving the customer base, and that there is no waste in the process.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: How has the float of the EGP affected the local startup scene?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: One of the reasons that there were so few international investors here <\/strong><strong>last<\/strong><strong> year was<\/strong><strong> because they had a very difficult time valuing a business<\/strong>, there was no real price for the EGP. In the past, there was very little FDI in any field, but now the gates are open for international and regional investors to start looking more seriously at Egyptian businesses. It\u2019s still slow, but it\u2019s starting to pick up.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: I think we have all learned a lot of lessons in the past few years. What do you now look<\/strong><strong> for in startups? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: Operating in Egypt needs resilience no matter what.<\/strong> All of our businesses did survive that very unusual time and that\u2019s really because of the resilience of these entrepreneurs and their ability to shift focus and continue to build their businesses \u2014 even in very uncertain times.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The important lesson is that the days of focussing only on high growth at any cost are<\/strong><strong> gone.<\/strong> We never really invested in companies that are just talking about growing their revenues, we invest in potentially profitable business models. The most important thing is not to just run and run as fast as you can, but to build a solid business first.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: What do you think will be the most interesting sectors in the next few years? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: There are a lot of interesting sectors here in Egypt. <\/strong>We will continue to look at agriculture and agritech, healthtech, and we\u2019re of course always interested in fintech and logistics.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re also looking at intelligent uses of AI<\/strong>, but only when these offer practical solutions to problems needed by the market. We\u2019ve been very selective with our AI investments and we\u2019ve done only two investments in this field.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: Successful exits are always good news for VCs and founders, but where do you see<\/strong><strong> these funds being reinvested?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: The amount of funds invested in Egypt and in the region as a whole is very very low<\/strong> as a percentage of GDP compared to the rest of the world. We are very far behind. I think once we start seeing more exits, we will start to see even additional inflows of funds, and more capital being raised, both locally and internationally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another important part of exits is that they create new entrepreneurs<\/strong>, and not necessarily the founders, maybe the senior managers. Many of the founders who made good returns from the exits become angel investors and the cycle continues. This is what built Silicon Valley and many of the startup centers of the world.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Many of the alumni from these companies are the ones who are leading the new startups.<\/strong> We\u2019ve already seen it with alumni from Fawry, or Careem, and other successful exits in the market. We, in Algebra, always look for exceptional talents that have been through the process of building the company from zero to a hundred.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: Why do you think so many startups are expanding overseas?<\/strong><strong> Is it pure growth or more of a brain drain?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: Egypt is a big market, but it\u2019s not the only market in the region.<\/strong> It\u2019s natural for any business to diversify its risk across geographies and across products. It\u2019s a great opportunity and something we hope many of our businesses will do. Any significant business globally is a multinational, so one market is not enough. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Having said that, there are some markets that are easier for traditional startups to enter.&nbsp;<\/strong>These markets are the ones that are more similar to Egypt from a consumer perspective. They might be in Africa like Nigeria, Kenya, or Morocco. Maybe the more natural markets will be countries in the Gulf, where they have a similar business culture and you're able to sell right to them.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: On the regulation front, what do you think can be a game changer for Egyptian<\/strong><strong> startups?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: Reducing red tape across the board will always make things easier for any<\/strong><strong> business<\/strong> to start and for any business to close as well. The ability to close a business quickly is important. Many startups fail and this is not the problem. If failure means the bankruptcy of the founders and that they cannot do anything again, then that is a problem.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Startups' access to debt is also important<\/strong>, and it\u2019s important for the government to provide a level of guarantee so banks will be willing to lend to startups. Just simple working capital loans, we are not talking about anything more complicated than that.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And it\u2019s not easy for startups to hold an IPO in Egypt.<\/strong> The Egyptian Stock Exchange requires years of profitability for a startup to be listed. A company like Amazon wouldn't have been eligible to be listed in Egypt until maybe five years ago. These kinds of rules need to be adjusted and changed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: What\u2019s next for Algebra?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KH: We will continue to do what we do<\/strong>, find great teams that we believe are changing the economy and the market around them and creating new solutions that solve many of the problems we have. And we\u2019ll continue to engage with our startups and support them \u2014 not only financially, but through any means we can.<\/p>\n\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\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karim-hussein\/\">Karim Hussein<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620793\" 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=\"620793\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/beltone-holding-continues-its-sharp-growth-path-in-1q\/\">\r\n                            Beltone Holding continues its sharp growth path in 1Q                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1854.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620794\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/beltone-holding-continues-its-sharp-growth-path-in-1q\/1854-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1854.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1854.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1854.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1854.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620793\" class=\"content-area-description single-story post-620793 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-beltone-holding tag-earnings-watch tag-enterpriseam tag-financial-services tag-non-banking-financial-services 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\/.26ece087-2b76-4429-ac12-73019ecdb8ce.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Beltone Holding continued its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/144ac888-326d-49ec-b9f7-1598214cbdcd\/%253cmark%253ebeltone%253c%2Fmark%253e-turns-profitable-in-2023\" style=\"\" rel=\"noopener\">profitable streak<\/a><\/strong><strong> in 1Q 2024<\/strong>, recording net income of EGP 514 mn compared to a net loss of EGP 52 mn in 1Q 2023, which the company attributed to the \u201cgrowth driven by the restructuring and turnaround strategy,\u201d in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2098.pdf\" style=\"\" rel=\"noopener\">earnings release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2098.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2098.pdf\" style=\"\" rel=\"noopener\">)<\/a> and accompanying <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2136.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Beltone brought in EGP 1.33 bn in operating revenue over the same quarter, up 812% y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NBFI, investment bank drove the topline: <\/strong>Beltone\u2019s non-banking financial institution arm saw \u201cremarkable growth, capturing impressive market shares across the platform,\u201d the statement said. The platform\u2019s operating revenues surged 1,297% y-o-y to EGP 1.04 bn, due to strong portfolio growth from the leasing and factoring, consumer finance, microfinance and mortgage finance business lines. The company\u2019s investment bank unit saw its operating revenues rise 355% y-o-y to EGP 236 mn as brokerage operations rose \u201con the back of higher commissions as well as successfully augmenting margin lending portfolio to EGP 1.24 bn,\u201d the statement added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investing in itself: <\/strong>The company\u2019s operating expenses more than tripled in the quarter to EGP 463 mn. Some EGP 113 mn of the operating expenses went to the investment bank \u201cdue to the restructuring costs including new systems and strategic hires entailed by the company\u2019s growth strategy,\u201d the statement said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters:<\/strong> Last year was a turning point for Beltone after Abu Dhabi-based investment firm Chimera acquired a majority stake in the company in October 2022 and brought in CEO Dalia Khorshid. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/144ac888-326d-49ec-b9f7-1598214cbdcd\/%253cmark%253ebeltone%253c%2Fmark%253e-turns-profitable-in-2023\" style=\"\" rel=\"noopener\">The turnaround<\/a> has included a full new management team, a full book of new policies and procedures, a record rights issue to recapitalize the business, and its transformation into a data-driven organization.<\/p>\n\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\/beltone-holding\/\">Beltone Holding<\/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\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/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=\"620795\" 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=\"620795\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/madinet-masr-nearly-tripled-its-income-in-1q\/\">\r\n                            Madinet Masr nearly tripled its income in 1Q                        <\/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\/27\/madinet-masr-nearly-tripled-its-income-in-1q\/\" 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\/27\/madinet-masr-nearly-tripled-its-income-in-1q\/')\">\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\/27\/madinet-masr-nearly-tripled-its-income-in-1q\/\">\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=Madinet Masr nearly tripled its income in 1Q&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/madinet-masr-nearly-tripled-its-income-in-1q\/\">\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\/27\/madinet-masr-nearly-tripled-its-income-in-1q\/&title=Madinet Masr nearly tripled its income in 1Q\">\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=Madinet+Masr+nearly+tripled+its+income+in+1Q+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F27%2Fmadinet-masr-nearly-tripled-its-income-in-1q%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\/27\/madinet-masr-nearly-tripled-its-income-in-1q\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620796\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/madinet-masr-nearly-tripled-its-income-in-1q\/2070-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2070.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620795\" class=\"content-area-description single-story post-620795 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-construction tag-earnings-watch tag-enterpriseam tag-madinet-masr tag-real-estate 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\/.10bc955a-9343-4ea2-8bb1-cb18c26b8c47.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr nearly tripled its income in 1Q:&nbsp;<\/strong>EGX-listed real estate developer Madinet Masr saw its net income surge 286.7% y-o-y in 1Q 2024 to EGP 1.18 bn, the company said in its standalone <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2022.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company\u2019s revenues saw a 194.6% y-o-y increase during the quarter to EGP 2.99 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A record quarter for gross contracted sales: <\/strong>The developer saw its gross contracted sales grow more than 8x in the quarter to a record EGP 14.9 bn \u2014 31.9% of the sales came from <a target=\"_blank\" href=\"https:\/\/madinetmasr.com\/taj-city\" style=\"\" rel=\"noopener\">Taj City<\/a> and 68.0% came from <a target=\"_blank\" href=\"https:\/\/madinetmasr.com\/sarai\" style=\"\" rel=\"noopener\">Sarai<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More units sold, less delivered:<\/strong> The developer sold around 2.3k units during the quarter, that\u2019s 603.9% more than the 333 units sold in 1Q 2023. However, the company\u2019s deliveries dropped 49.3% y-o-y during the quarter to 140 units, which it attributed to a \u201cfocus on mass construction in the public areas of Taj City and Sarai.\u201d The company expects deliveries to pick up towards the end of the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- In real estate, sales \u2260 revenues: <\/strong>Most real estate companies book a sale when you sign a contract to buy a home, but only record (some or all) of the value of the unit they sold when they (a) deliver the unit to you or (b) hit a percentage of completion of the overall project. Therefore, in most cases, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.<\/p>\n<p class=\"tag-border-left\">ALSO FROM MADINET MASR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr and Heliopolis Housing and Development (HHD) will launch their <\/strong><strong>490-feddan joint residential project in HHD\u2019s New Heliopolis before the end of 2024<\/strong>, Madinet Masr CEO Abdallah Salam told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64196\/%D8%B1%D8%A6%D9%8A%D8%B3-%D9%85%D8%AF%D9%8A%D9%86%D8%A9-%D9%85%D8%B5%D8%B1-%D8%B3%D9%86%D8%B7%D9%84%D9%82-%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D9%86%D8%A7-%D9%85%D8%B9-%D9%85%D8%B5%D8%B1-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%87%D8%B0%D8%A7-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=asharqbegy\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The project is expected to generate revenues of EGP 194.4 bn, an unnamed source with knowledge of the matter told Asharq Business. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There may be more:<\/strong> In March, Madinet Masr <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/490cdbcf-937b-4b6d-9ce9-9eb0ce115145\" style=\"\" rel=\"noopener\">submitted an offer<\/a> to develop three land plots with a total area of 580 feddans in New Heliopolis, which HHD said at the time it was looking into.<\/p>\n\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\/construction\/\">construction<\/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\/madinet-masr\/\">Madinet Masr<\/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=\"620797\" 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=\"620797\">\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\">REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/fra-issues-controls-for-licensing-robo-advisors\/\">\r\n                            Egypt\u2019s FRA issues controls for licensing robo-advisors                        <\/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\/27\/fra-issues-controls-for-licensing-robo-advisors\/\" 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\/27\/fra-issues-controls-for-licensing-robo-advisors\/')\">\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\/27\/fra-issues-controls-for-licensing-robo-advisors\/\">\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=FRA issues controls for licensing robo-advisors&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/fra-issues-controls-for-licensing-robo-advisors\/\">\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\/27\/fra-issues-controls-for-licensing-robo-advisors\/&title=FRA issues controls for licensing robo-advisors\">\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=FRA+issues+controls+for+licensing+robo-advisors+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F27%2Ffra-issues-controls-for-licensing-robo-advisors%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\/27\/fra-issues-controls-for-licensing-robo-advisors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2104.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620798\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/fra-issues-controls-for-licensing-robo-advisors\/2104-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2104.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2104.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2104.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2104.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620797\" class=\"content-area-description single-story post-620797 post type-post status-publish format-standard has-post-thumbnail hentry category-regulation-watch tag-enterpriseam tag-financial-regulatory-authority tag-regulation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.cd969e4a-ed31-4f8b-b0b5-2c9d15551df5.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>FRA issues controls for licensing robo-advisors:<\/strong> Asset management companies seeking to utilize robo-advisors will need to have a minimum capital of EGP 15 mn to obtain the required license, under a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2032.pdf\" style=\"\" rel=\"noopener\">regulatory framework (pdf)<\/a> set by the Financial Regulatory Authority (FRA). Companies will also have to submit quarterly reports detailing the robo-advisors\u2019 performance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Robo-advisors?<\/strong> They are AI-powered virtual financial advisors that manage investment portfolios by assessing customers' risk appetite and making stock recommendations accordingly. The FRA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da29b8a9-ef4c-43b6-a54a-7cea90542129\" style=\"\" rel=\"noopener\">last month<\/a> announced its intent to introduce the service as part of its digitalization strategy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubasher wants in: <\/strong>Mubasher Capital will work on meeting the requirements and apply for a robo-advisor license \u201cas soon as possible\u201d vice chair Ehab Rashad told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/05\/26\/1795755\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. He said that robo-advisors are \u201ca mechanism that will radically change asset management in Egypt,\u201d adding that he anticipates all companies operating in asset management will look to incorporate robo-advisors.<\/p>\n\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\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"620799\" 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=\"620799\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/apache-egypt-appoints-greg-mcdaniel-as-country-manager-plus-gem-has-a-ceo\/\">\r\n                            Apache Egypt appoints Greg McDaniel as country manager                        <\/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\/27\/apache-egypt-appoints-greg-mcdaniel-as-country-manager-plus-gem-has-a-ceo\/\" 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\/27\/apache-egypt-appoints-greg-mcdaniel-as-country-manager-plus-gem-has-a-ceo\/')\">\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\/27\/apache-egypt-appoints-greg-mcdaniel-as-country-manager-plus-gem-has-a-ceo\/\">\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=Apache Egypt appoints Greg McDaniel as country manager. PLUS: GEM has a CEO&url=https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/apache-egypt-appoints-greg-mcdaniel-as-country-manager-plus-gem-has-a-ceo\/\">\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\/27\/apache-egypt-appoints-greg-mcdaniel-as-country-manager-plus-gem-has-a-ceo\/&title=Apache Egypt appoints Greg McDaniel as country manager. PLUS: GEM has a CEO\">\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=Apache+Egypt+appoints+Greg+McDaniel+as+country+manager.+PLUS%3A+GEM+has+a+CEO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F05%2F27%2Fapache-egypt-appoints-greg-mcdaniel-as-country-manager-plus-gem-has-a-ceo%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\/27\/apache-egypt-appoints-greg-mcdaniel-as-country-manager-plus-gem-has-a-ceo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2113.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"620800\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/apache-egypt-appoints-greg-mcdaniel-as-country-manager-plus-gem-has-a-ceo\/2113-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2113.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2113.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2113.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2113.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620799\" class=\"content-area-description single-story post-620799 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-apache tag-enterpriseam tag-gihane-zaki tag-grand-egyptian-museum tag-moves 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\/.2a78412f-05ff-42a1-b11a-38de9a4f9219.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Apache Egypt<\/strong>, the country\u2019s largest oil producer, has appointed <strong>Greg McDaniel <\/strong>(<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/greg-mcdaniel-565a27ab\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as vice president of Egypt assets and country manager, according to an Oil Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02bFZpzkmb4ywPPKBHGrpLWYNeb5NPm6ThDzYnUHsVM58YcLDQagdWSHsP3SGnvcgWl\" style=\"\" rel=\"noopener\">statement<\/a>. He enters the role following a four-year stint as the company\u2019s vice president of production operations. He has served in a number of leadership roles in Egypt, Canada, and Texas over his 22 years with Apache. McDaniel is taking over from <strong>David Chi <\/strong>(<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/david-chi-5545a12\/details\/experience\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), who held the position for nearly two years.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New GEM head? <\/strong>MP and Egyptologist Gihane Zaki has reportedly been named the CEO of the Grand Egyptian Museum, writes <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/NewsContent\/9\/44\/524281\/Antiquities\/Museums\/Gihane-Zaki-appointed-as-head-of-the-Grand-Egyptia.aspx\" style=\"\" rel=\"noopener\">Ahram Online<\/a>, citing unnamed sources. Zaki has been a member of the House of Representatives since 2021 and sits on the Foreign Relations Committee. She is also a professor of Egyptology and researcher at the French National Center CNRS-Sorbonne University. No official announcement has been made regarding Zaki\u2019s appointment. <\/p>\n\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\/apache\/\">Apache<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gihane-zaki\/\">Gihane Zaki<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/grand-egyptian-museum\/\">Grand Egyptian Museum<\/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=\"620801 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=\"620801\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/620801\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620801\" class=\"content-area-description single-story post-620801 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\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=\"620802\" 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=\"620802\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/more-blackouts-chatter-on-the-airwaves\/\">\r\n                            Could Egypt bid farewell to rolling blackouts by the end 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\/27\/more-blackouts-chatter-on-the-airwaves\/\" 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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Shaker\u2019s comments came a day after President Abdel Fattah El Sisi said that ceasing power outages completely would <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/493a33bb-0e21-4cd1-82e8-35e23329e139\/24%2F7-electricity-would-double,-triple-household-electricity-bills--egypt%25e2%2580%2599s-el-sisi\" style=\"\" rel=\"noopener\">double or triple electricity bills<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Egyptians have been suffering from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36d5ff0c-c1db-44e1-bdff-b5742c358939\/the%253cmark%253e-blackouts%253c%2Fmark%253e-aren%25e2%2580%2599t-going-anywhere-for-a-while\" style=\"\" rel=\"noopener\">rolling blackouts<\/a> since last summer, as the government works to ration the consumption of natural gas production. The power cuts were originally blamed on summer heat waves, but after temperatures have fallen, officials noted that the one-hour cut saves the country some USD 300 mn per month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO ON THE AIRWAVES- Oil Ministry refutes rumors: <\/strong>Oil Ministry spokesperson Hamdi Abdel Aziz denied media claims that Eni has withdrawn its operations from the Zohr field after the government failed to pay overdue arrears during a phone-in with Kelma Akhira\u2019s Lamees El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=M50DMdw7lBk\" style=\"\" rel=\"noopener\">watch, runtime: 12:09<\/a>).\u201dThere are no drilling rigs inside Zohr at the moment, but Eni will start drilling work in the last quarter of the year,\u201d he added.<\/p>\n\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\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity-ministry\/\">Electricity Ministry<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/a>\n                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         class=\"\r\n                story-section            \"\r\n            id=\"620805\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/hassan-allam-takes-on-saudi-coral-preservation-project-plus-news-from-petrojet-post-for-investment-edita\/\">\r\n                            Hassan Allam takes on Saudi coral preservation project                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/hassan-allam-takes-on-saudi-coral-preservation-project-plus-news-from-petrojet-post-for-investment-edita\/2133-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2133.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2133.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2133.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2133.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620805\" class=\"content-area-description single-story post-620805 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-debt tag-egypt-post tag-enterpriseam tag-hassan-allam-construction tag-infrastructure tag-italy tag-oil-and-gas tag-post-for-investment tag-saudi-arabia 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\/.96c87ec6-9687-44ab-b2ed-227f2723595a.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">INFRASTRUCTURE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hassan Allam takes on coral preservation project: <\/strong>Our friends at Hassan Allam Construction Saudi are set to build the primary coral nursery of the world\u2019s largest coral reef restoration project in Saudi Arabia\u2019s Neom under a freshly-inked agreement with the King Abdullah University of Science and Technology (Kaust), according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2017.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The agreement sees Hassan Allam in charge of carrying out external and internal infrastructure works of the nursery. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The project is part of the Coral Restoration Initiative<\/strong>, which KAUST and Neom launched to preserve and restore 100 hectares of corals in the Red Sea.<\/p>\n<p class=\"tag-border-left\">INVESTMENT WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Egypt Post\u2019s investment arm Post for Investment (PFI) launched <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8b0866c-babb-4bf4-98db-de2461de0411\" style=\"\" rel=\"noopener\">its asset<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8b0866c-babb-4bf4-98db-de2461de0411\" style=\"\" rel=\"noopener\">management company<\/a><\/strong>, dubbed PFI Asset Management, yesterday, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2132.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The company aims to manage EGP 5 bn-worth of assets in its first year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Turkish tourism investments ahead? <\/strong>A number of Turkish companies operating in the hospitality sector \u2014 hotel supplies provider, hotel operator, and hotel furniture manufacturer \u2014 have expressed interest in working with Egyptian hotels. This came during meetings between company representatives and officials from the General Authority for Freezones and Investment (GAFI), according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/GAFIEG\/posts\/pfbid02gRtqi6Hp5ymXsjAMSoPiYV9sZFrzxwW9gh3hWyy8m8XKmkcE2ZdNgRkanh9C4KGcl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p class=\"tag-border-left\">M&A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kingsway Capital reduces stake in Edita: <\/strong>UK-based fundKingsway Capital sold a 3.87% stake \u2014 representative in 22.8 mn shares \u2014 in local snackmaker Edita in an EGP 672.6 mn transaction, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2074.pdf\" style=\"\" rel=\"noopener\">regulatory filing (pdf)<\/a>. The sale brought the UK investment fund\u2019s total holdings in Edita to 8.65% from 12.52%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEVELOPMENT FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt and Italy agreed yesterday to kick off negotiations for the fourth phase of <\/strong><strong>their <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ilcairo.aics.gov.it\/home\/country\/debt-swap\/\" style=\"\" rel=\"noopener\">debt swap arrangement<\/a><\/strong>, with Italy saying it wants this phase to focus on the agro-food sector, supporting communities that are most affected by climate change and food shortages, and investing in human capital, according to a <a target=\"_blank\" href=\"https:\/\/moic.gov.eg\/news\/1486\" style=\"\" rel=\"noopener\">statement<\/a> from the International Cooperation Ministry. The phase could also see the establishment of technical schools for agriculture. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Debt swap?<\/strong> The agreement allows Egypt to channel debts owed to the Italian government into development projects instead of paying them back. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/443e7ee0-50c6-444e-8ae4-6c25e98a3a98\/\" style=\"\" rel=\"noopener\">USD 100 mn third phase<\/a> of the program wraps up in December.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A pipeline for petroleum products: <\/strong>State-owned oil and gas contractor Petrojet has completed more than half of the construction of a new EGP 1.7 bn fuel transport line that will connect the Middle East Oil Refining Company (Midor) to Al Hamra terminal \u2014 the sole oil trading port on Egypt\u2019s Mediterranean coast \u2014 writes <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/05\/23\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%AA%D8%B4%D8%BA%D9%8A%D9%84-%D8%AE%D8%B7-%D8%AC%D8%AF%D9%8A%D8%AF-%D9%84%D9%86%D9%82%D9%84-%D8%A7%D9%84%D9%88%D9%82%D9%88%D8%AF-%D8%B9%D9%84%D9%89-%D8%B3%D8%A7%D8%AD%D9%84-%D8%A7%D9%84%D9%85%D8%AA%D9%88%D8%B3%D8%B7-%D9%81%D9%89-%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%B1%D8%A7%D8%A8%D8%B9#:~:text=%D8%AA%D8%B9%D8%AA%D8%B2%D9%85%20%D9%88%D8%B2%D8%A7%D8%B1%D8%A9%20%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84%20%D9%88%D8%A7%D9%84%D8%AB%D8%B1%D9%88%D8%A9%20%D8%A7%D9%84%D9%85%D8%B9%D8%AF%D9%86%D9%8A%D8%A9,%D8%AE%D9%84%D8%A7%D9%84%20%D8%A7%D9%84%D8%B1%D8%A8%D8%B9%20%D8%A7%D9%84%D8%B1%D8%A7%D8%A8%D8%B9%20%D9%85%D9%86%202024.\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>, citing unnamed sources. The construction of the project will be fully completed by the end of 3Q 2024, with operations due to begin in 4Q, the source said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Feeding the Mediterranean coast: <\/strong>The 140-km pipeline will supply the city of El Alamein and its surrounding areas with refined fuel. Some of the products transported by the pipeline will also be allocated for exports starting 2025, the source said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">RENEWABLES- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>N<\/strong><strong>REA<\/strong><strong> earmarks land for green projects: <\/strong>The New and Renewable Energy Authority (NREA) started the process of allocating around 6 mn sqm of land for seven renewable energy companies looking to set up solar and wind projects, an unnamed government official told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/amp\/article\/64031\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The projects will have a combined capacity of 27 GW and with an investment ticket of USD 40 bn over the next ten years.<\/p>\n\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\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-post\/\">Egypt Post<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-construction\/\">Hassan Allam Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/italy\/\">Italy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/post-for-investment\/\">Post for Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/softbank-to-sink-usd-9-bn-a-year-into-ai\/\">\r\n                            SoftBank to sink USD 9 bn a year into AI                        <\/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\/27\/softbank-to-sink-usd-9-bn-a-year-into-ai\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/softbank-to-sink-usd-9-bn-a-year-into-ai\/2064-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2064.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2064.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2064.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2064.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620808\" class=\"content-area-description single-story post-620808 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-ai tag-enterpriseam tag-financial-markets tag-planet-finance tag-softbank tag-technology 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\/.4ba277c1-ff6c-46dc-9cfe-0768d8958fea.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>SoftBank has lots of appetite for AI:\u00a0<\/strong>Japan\u2019s <a target=\"_blank\" href=\"https:\/\/www.softbank.jp\/en\/\/\" style=\"\" rel=\"noopener\">SoftBank<\/a> plans to earmark around USD 9 bn a year to AI investments as it looks to fuel the expansion of its chip-design subsidiary Arm, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/2245e6f1-c8fa-49a4-af8a-2871dd1161ec\" style=\"\" rel=\"noopener\">Financial Times<\/a> wrote.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All for the group\u2019s \u201ccrown jewel:\u201d<\/strong> The group\u2019s founder and CEO Masayoshi Son has been pushing to transform it into an AI powerhouse, in hopes of securing acquisitions that can feed into its Arm. Much of the company\u2019s USD 180 bn net asset value has been driven by the UK-based Arm, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26cbb58e-2d70-4f3b-83c8-77a3dff8f3f9\/oil-prices-are-creeping-closer-to-usd-100\" style=\"\" rel=\"noopener\">saw its share price jump nearly 25%<\/a> after its blockbuster September 2023 market debut. Arm\u2019s valuation has soared since then to exceed USD 100 bn currently.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> SoftBank has shifted its investment strategy to AI and semiconductors after backtracking on venture capital investments and selling assets owned by its startup fund <a target=\"_blank\" href=\"https:\/\/visionfund.com\/\" style=\"\" rel=\"noopener\">Vision Fund<\/a>, which included a USD 14 bn stake in defunct coworking startup WeWork.<\/p><p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are up slightly in early trading this morning <\/strong>as investors look forward to a week packed with macro data in the run-up to Friday\u2019s release of US core personal consumption expenditures \u2014 a report that Reuters says \u201ccould set the stage for a cut in interest rates there, albeit not for a few months yet.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>European futures were down slightly overnight<\/strong>, and both Wall Street and the City are off today for holidays. <\/p><p><a target=\"_blank\" id=\"t.329aab88c6a8d355484e7fcff3d5e6778ce33769\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27,539<\/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: +10.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 46.88<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.02<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 46.90<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.00<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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\">11,851<\/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: -1.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,834<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: -7.8%)<\/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\">4,013<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: -1.2%)<\/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>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\">5,305<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +11.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,318<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,035<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +11.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 82.12<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex) <\/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 2.52<\/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\">-5.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,357<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 68,625<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% (YTD: +62.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 1.2% at yesterday\u2019s close<\/strong> on turnover of EGP 3.3 bn (32.6% below the 90-day average). Regional investors were net sellers. The index is up 10.6% 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 (+7.8%), AMOC (+7.6%), \u0650and Palm Hills Development (+5.6%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Elsewedy Electric (-2.0%), Edita (-1.9%), and Mopco (-1.6%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong><strong>EFG Holding has repurchased 25 mn treasury shares from the open market<\/strong>, it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2065.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ac04414-8ec0-49fe-a00c-6632f5943bd6\/\" style=\"\" rel=\"noopener\">buyback is part of a wider program<\/a> that will see EFG Holding return an additional EGP 400 mn to shareholders within 18 months \u2014 either through the distribution of dividends or more share buybacks.<\/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- EBank has secured the Financial Regulatory Authority\u2019s approval to raise its <\/strong><strong>issued and paid-up capital by EGP 2.5 bn<\/strong> to EGP 9.9 bn and double its authorized capital to EGP 20 bn, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2056.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The proposed increase of the bank\u2019s issued capital will be distributed as free shares with a nominal value of EGP 10 each, which would be financed through the bank\u2019s 2023 income and retained earnings. <\/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- Heliopolis Housing and Development is paying out a dividend of EGP 1.3415 <\/strong><strong>per share<\/strong> on its 2023 earnings within a month, it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2062.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/softbank\/\">SoftBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"620810\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/what-are-global-university-rankings-and-do-they-really-matter\/\">\r\n                            What are global university rankings and do they really matter?<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/what-are-global-university-rankings-and-do-they-really-matter\/\" 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 country\u2019s three leading universities \u2014 Cairo University, Ain Shams University, and Mansoura University \u2014 and many of the other Egyptian universities on the list all inched up in the tables from last year, which the Higher Education Minister Ayman Ashour took as a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0TbJ9RwNTfHxon5JVGRPThA5P4RTawDtSNxZGoKqAqnJ44ZT5FjjbXfZkCTBBBge9l\" style=\"\" rel=\"noopener\">promising sign<\/a> that universities\u2019 policies and compliance with international standards is putting them in \u201ca prominent position to complete with major international universities.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s good to see Egyptian universi<\/strong><strong>ties doing well, but what are global university rankings?<\/strong><strong> What do they measure? And do they really matter? <\/strong>Enterprise spoke to industry insiders from the private sector and the government to find out why Egyptian universities\u2019 movement up or down global rankings seem to gain such attention. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART: <\/strong>There are plenty of global university rankings <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/771e1b00-b7ce-4d32-84a7-0249d60d490b\" style=\"\" rel=\"noopener\">out there<\/a> and more by the year, but the big three are the <a target=\"_blank\" href=\"https:\/\/www.timeshighereducation.com\/world-university-rankings\" style=\"\" rel=\"noopener\">Times Higher Education (THE) World University Rankings<\/a> <strong>, <\/strong><a target=\"_blank\" href=\"https:\/\/www.topuniversities.com\/qs-world-university-rankings\/methodology\" style=\"\" rel=\"noopener\">QS World University Rankings<\/a>, and the <a target=\"_blank\" href=\"http:\/\/www.shanghairanking.com\/\" style=\"\" rel=\"noopener\">Academic Ranking of World Universities<\/a> (ARWU) \u2014 also known as the Shanghai Ranking.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Does a better ranked university mean a better education? Not necessarily: <\/strong>Every global ranking system measures different factors and gives each factor different weights \u2014 with research and not teaching often being the main factor. Rankings from THE place citations and research as the <a target=\"_blank\" href=\"https:\/\/www.timeshighereducation.com\/world-university-rankings\/world-university-rankings-2023-methodology#:~:text=The%20performance%20indicators%20are%20grouped,Industry%20income%20(knowledge%20transfer).\" style=\"\" rel=\"noopener\">most important factor<\/a> in their rating, together making up 60% of the final ranking. While for ARWU, 90% of the ranking is based upon the number of alumni receiving prestigious awards like Nobel Prizes and the research and citations attributed to the university. Research output, citations, and faculty awards make up 50% of CWUR\u2019s rankings. The outlier is QS, who give a 20% importance to citations and research.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This leaves some universities \u2014 particularly privately owned ones \u2014 way down the list:&nbsp;<\/strong>In some international rankings, private Egyptian universities tend to lag behind their state-run counterparts because public universities tend to have a larger research output. Factors like teaching quality and student experience \u2014 especially for undergraduates \u2014 in which private Egyptian institutions pride themselves in, often have very little effect on their place in a ranking.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>In the recently released ranking for 2024 from CWUR, only two privately owned institutions were part of the 20 Egyptian universities that made it onto the list of the world\u2019s top 2k universities. Despite their reputation locally, the British University in Egypt came in fifteenth and the American University in Cairo came in nineteenth out of the Egyptian entries to the list.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rankings may not be everything, but they\u2019re something we can\u2019t ignore: <\/strong>Rankings can help give universities prestige, boost their reputation, and help them get further accreditation, which improves their standing among international counterparts, CIRA Education CCO Alyaa Said told Enterprise. In terms of staffing and management, this prestige can help universities recruit better faculty members, secure funding from local and international partners, and attract research grants. While for current and former students, going to a better ranked university can open up more and better jobs. Rankings are also an important way to appeal to prospective students, particularly for those coming from abroad.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pushing up local universities in global rankings is also an important part of the state\u2019s<\/strong><strong> education plans: <\/strong>The government is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06438f39-0351-4f4d-8d74-79c429d2f7ab\" style=\"\" rel=\"noopener\">working towards<\/a> having at least 28 Egyptian universities on the QS World University Rankings, up from a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/771e1b00-b7ce-4d32-84a7-0249d60d490b\" style=\"\" rel=\"noopener\">current<\/a> 15 in the ranking\u2019s 2024 list, by the end El Sisi\u2019s third term in 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It seems so far to be working: <\/strong>THE\u2019s 2024 ranking <a target=\"_blank\" href=\"https:\/\/www.timeshighereducation.com\/world-university-rankings\/2024\/world-ranking#!\/length\/50\/locations\/EGY\/sort_by\/rank\/sort_order\/asc\/cols\/scores\" style=\"\" rel=\"noopener\">added<\/a> 12 new Egyptian universities to the list, bringing the number of local universities up to 38. Cairo University \u2014 which often leads as the country\u2019s top university in global rankings \u2014 <a target=\"_blank\" href=\"https:\/\/www.topuniversities.com\/world-university-rankings?tab=indicators\" style=\"\" rel=\"noopener\">rose<\/a> to 371st place in QS\u2019 rankings for 2024, up from the 551-560 range. Zooming out, Egyptian universities are much more well represented now than they were a decade ago, with CWUR\u2019s most recent ranking showing a 400% increase in the amount of ranked universities over only ten years and those on the list usually steadily climbing year-on-year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Efforts to further improve ratings are underway: <\/strong>Ashour <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/pfbid0jhGNxjuBK9CE7b3zi4wn2MVGquynUEoAjQo9CwQdBbG7sZxvYzhWQNh2GoLVfHmkl?locale=ar_AR\" style=\"\" rel=\"noopener\">met with THE Regional Director Tristan Horlick last week<\/a> to talk about how to improve Egyptian universities\u2019 positions on global education rankings. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But there\u2019s still a lot left to do:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cdefd8a0-29d1-4e04-8dc6-d73c04012aab\/an-overview-of-the-government%25e2%2580%2599s-spending-and-investment-plans-for-education-in-the-coming-fiscal-year\" style=\"\" rel=\"noopener\">Education spending<\/a> in general and scientific research spending in specific \u2014 though having seen increases over the past few years \u2014 is still below the required level to push Egyptian universities\u2019 ranking on global education indices, another source from the Higher Education Ministry told us. \u201cSpending on education, involving the private sector, attracting international universities, and linking curriculums with scientific research and job market needs will guarantee better performance in the coming years,\u201d the source added.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top education story for the week: <\/strong><strong>A new education council:<\/strong> The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7073f2f-9d72-4461-bd95-59e77a8dd19e\/the-details-of-philip-morris%25e2%2580%2599-eastern-company-stake-acquisition.-plus:-news-from-azza-fahmy,-cabinet,-ina\" style=\"\" rel=\"noopener\">cabinet has greenlit<\/a> a draft law to form the National Council for Education, Research, and Innovation that will outline and develop education policies.<\/p>\n\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\/blackboard\/\">Blackboard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"620812\" 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\/27\/620812\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-620812\" class=\"content-area-description single-story post-620812 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;\">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>26-28 May (Sunday - Tuesday): ProPak MENA, Egypt International Exhibition Center, New Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27-30 May (Monday - Thursday): Avior-HC Egypt virtual conference.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29 May (Wednesday): Virtual launch of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.chicagobooth.edu\/executiveeducation\/programs\/management\/executive-program-el-gouna\" style=\"\">Chicago Booth Executive Program<\/a><\/span><span style=\"font-weight:400;\">.<\/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;\">29-31 May (Wednesday-Friday): The second edition of GITEX AFRICA Morocco 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;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-19 June (Saturday-Wednesday): Eid El Adha (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29-30 June (Saturday-Sunday): EU-Egypt Investment Conference.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 June (Sunday): June 30 Revolution Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 July (Sunday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">18 July (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 July (Tuesday): Revolution Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4-5 August (Monday-Tuesday): Egypt Expat Forum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 September (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.airport-technology.com\/sponsored\/dates-announced-for-egypt-international-airshow-2024\/\" style=\"\">Egypt International Airshow<\/a><\/span><span style=\"font-weight:400;\">, 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>25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank\u2019s (AIIB) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aiib.org\/en\/news-events\/events\/annual-meetings\/2024\/index.html\" style=\"\">2024 annual meeting<\/a><\/span><span style=\"font-weight:400;\">, 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>21-27 October (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imfconnect.org\/content\/imf\/en\/annual-meetings\/FutureMeetings.html\" style=\"\">The World Bank and IMF annual meetings<\/a><\/span><span style=\"font-weight:400;\">.<\/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>February-May: The Grand Egyptian Museum could officially <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/news\/story\/737b1347-f02b-4ee0-87c1-032c0c858611\" style=\"\">open to visitors<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>March 2024: The USD 2.7 bn MIDOR Refinery is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02dRebZwURzVR2tNZ8WZppCHRp2dTiHnNbi9RGkkfpdvfPGHaZpkgmCVCtXiL6bAV3l\" style=\"\">set to begin<\/a><\/span><span style=\"font-weight:400;\"> 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>June 2024: Gov\u2019t expects to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/news\/story\/cfdc99d8-291f-4b7c-8af8-8e1cccc74de5\" style=\"\">finalize sale<\/a><\/span><span style=\"font-weight:400;\"> 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>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> 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\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>Robo-advisors | Beltone remains in the green | New Apache Egypt head | AI investments | Uni rankings | GoBus IPO?<\/p>\n","protected":false},"featured_media":620787,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-620786","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"07f2c5ad-a01a-45db-b7c5-39f006c495dd","teaser":"Robo-advisors | Beltone remains in the green | New Apache Egypt head | AI investments | Uni rankings | GoBus IPO?","photo_url":"https:\/\/ent.news\/2024\/5\/2131.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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