{"id":621144,"date":"2024-06-02T00:00:00","date_gmt":"2024-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=621144"},"modified":"2025-12-17T06:10:10","modified_gmt":"2025-12-17T06:10:10","slug":"madbouly-virtually-sits-down-with-over-200-investors-in-a-bid-to-attract-more-investments","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/madbouly-virtually-sits-down-with-over-200-investors-in-a-bid-to-attract-more-investments\/","title":{"rendered":"Madbouly virtually sits down with over 200 investors in a bid to attract more investments"},"content":{"rendered":"<section id=\"621146\" 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=\"621146\">\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\/06\/02\/shareholders-can-buy-into-qalaas-debt-today\/\">\r\n                            Shareholders can buy into EGX-listed Qalaa\u2019s debt today                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/shareholders-can-buy-into-qalaas-debt-today\/\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/shareholders-can-buy-into-qalaas-debt-today\/1517-jpg-21\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1517.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1517.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1517.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1517.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-621146\" class=\"content-area-description single-story post-621146 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-qalaa-holdings tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.d8f15744-257f-4c3e-b862-e8c8a3d81734.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>We have already started the countdown to the Eid Al Adha break, but until then we have plenty of business news to catch up on. <\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a>  <strong>#1- Egypt hosts three-way talks to reopen Rafah crossing:<\/strong> Egyptian, US, and Israeli officials will convene today in Cairo to discuss reopening the Rafah crossing, a high level source told <a target=\"_blank\" href=\"https:\/\/alqaheranews.net\/news\/82460\/%D9%85%D8%B5%D8%AF%D8%B1-%D8%B1%D9%81%D9%8A%D8%B9-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%88%D9%89-%D9%85%D8%B5%D8%B1-%D8%AA%D8%AD%D9%85%D9%84-%D8%A5%D8%B3%D8%B1%D8%A7%D8%A6%D9%8A%D9%84-%D9%86%D8%AA%D8%A7%D8%A6%D8%AC-%D8%A5%D8%BA%D9%84%D8%A7%D9%82-%D9%85%D8%B9%D8%A8%D8%B1-%D8%B1%D9%81%D8%AD-%D9%88%D8%AA%D9%81%D8%A7%D9%82%D9%85-%D8%A7%D9%84%D8%A3%D9%88%D8%B6%D8%A7%D8%B9-%D8%A8%D8%BA%D8%B2%D8%A9\" style=\"\" rel=\"noopener\">Al Qahera News<\/a>. Egypt is demanding Israeli forces give up control of the Palestinian side of the crossing before it agrees to reopen it. The crossing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b41e569-e631-4956-a7a4-af5f3aed00b5\" style=\"\" rel=\"noopener\">has been closed for weeks<\/a> now following Israel\u2019s occupation. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- Qalaa Holdings shareholders <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/06\/01\/1797720\" style=\"\" rel=\"noopener\">can buy<\/a><\/strong><strong> into its debt today <\/strong>after its ordinary general assembly approved the debt payback plan. Shareholders can buy into the debt purchase transactions \u2014 a series of transactions that will see Qalaa retire some USD 430 mn in foreign-currency debt \u2014 in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13b15866-b6e1-4e27-97cd-61f38cacc5ed\/we%25e2%2580%2599ll-have-more-on%253cmark%253e-qalaa%253c%2Fmark%253e%25e2%2580%2599s-debt-buyback-soon\" style=\"\" rel=\"noopener\">EGP or USD<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>If the company doesn\u2019t raise the full debt amount tomorrow, it will open a second round of subscription on 9 June. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Read more: <\/strong>We spoke with Qalaa founder and chairman Ahmed Heikal <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a12cc802-2c68-489e-8114-d91e647ee836\/\" style=\"\" rel=\"noopener\">last month<\/a> to get the full picture. <\/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=\"wwtt3\"><\/a> <strong>#3- House gears up to vote on the state budget: <\/strong>The House is back in session today and tomorrow to discuss and vote on the proposed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fd60d61-8953-483c-a09b-8bce0f612e9e\/egypt%25e2%2580%2599s-fy-2024-2025-draft%253cmark%253e-budget%253c%2Fmark%253e-delivered-to-the-house\" style=\"\" rel=\"noopener\">state budget<\/a> and socioeconomic development plan for the next fiscal year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil exploration in the Western Desert is also on the House\u2019s agenda: <\/strong>The House will also discuss four draft bills allowing the Oil Minister to contract foreign and local companies to explore for oil in Siwa, El Alamein, and to the east of the Ghazalat area.<\/p><p class=\"tag-border-left\">WATCH THIS SPACE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- Another IPO to stay on the lookout for? <\/strong>Cairo-focused <a target=\"_blank\" href=\"https:\/\/al-ismaelia.com\/?lang=ar\" style=\"\" rel=\"noopener\">Al Ismaelia for Real Estate<\/a><a target=\"_blank\" href=\"https:\/\/al-ismaelia.com\/?lang=ar\" style=\"\" rel=\"noopener\">Investment<\/a> is currently looking into a capital increase ahead of making its market debut in two years time, CEO Karim Shafie told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1796886394331099327\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong> <strong>Land-for-FX initiative put on ice for expats:<\/strong> The New Urban Communities Authority (NUCA) has suspended land-for-FX sales for Egyptians abroad until it assesses the compatibility of the initiative with the central bank\u2019s policies, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianMinistyOfHousing\/posts\/pfbid0fEmZLuZSaWn5CD8eFF3wDVa2RTZTLtkiBhKpsvLsqMDhN8VWAhu2FECc57BNed9sl\" style=\"\" rel=\"noopener\">statement<\/a>. Foreign investors and companies are excluded from this decision.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> Introduced in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6877e9b-11cc-4db7-bd39-53bfb157854a\" style=\"\" rel=\"noopener\">December 2022<\/a>, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af53a522-5ee3-4e42-84ee-2b022ca4a457\/nuca-to-offer-cut-price-land-to%253cmark%253e-investors%253c%2Fmark%253e-paying-up-front-in-fx\" style=\"\" rel=\"noopener\">land-for-FX initiative<\/a> offers land for local and foreign investors and companies for FX, provided that it is sourced from outside Egypt. The initiative was part of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d46b1f72-d632-41ab-bab8-364dacf0db4a\" style=\"\" rel=\"noopener\">government programs<\/a> set in motion to shore up the country\u2019s FX reserves and attract more foreign currency investments.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">THE CRYSTAL BALL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>Bread subsidy cuts forecasted to push up monthly inflation: <\/strong>The Madbouly government\u2019s decision to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e811dd85-332f-42a1-98ce-3d1b24f98627\/gov%25e2%2580%2599t-raises-price-of-subsidized%253cmark%253e-bread%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">hike the price<\/a> of subsidized bread 300% \u2014 the first time bread subsidies have been touched in 30 years \u2014 could see m-o-m inflation rise by up to 3.5% in June, analysts say.<\/p><ul>\n<li>The largest forecasted jump came from <strong>CI Capital<\/strong>, which predicts that the subsidy cut will increase m-o-m inflation 2.5-3.5% in June, the firm said in a note seen by Enterprise. However, their average forecast for 2024 is more optimistic, seeing inflation averaging between 26-29%, down from 34% the year before.<\/li>\n<li><strong>Naeem Brokerage <\/strong>anticipates a m-o-m 2.2% rise on the back of the price hikes, the firm said in notes seen by Enterprise<\/li>\n<li><strong>Fitch Solutions\u2019 MENA country risk chief <\/strong><strong>Ramona Moubarak <\/strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7202235108655796225\/\" style=\"\" rel=\"noopener\">sees<\/a> m-o-m inflation rising an additional 1.0 percentage points on the back of the price rise. Fitch now sees inflation averaging around 30% for the year and 18% in 2025.<\/li>\n<\/ul><p class=\"tag-border-left\">NEWS TRIGGERS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s the first week of June<\/strong> \u2014 here are the key news triggers to keep your eyes on in this month:<\/p><ul>\n<li><strong>Checking up on the nation\u2019s non-oil private sector:<\/strong> S&amp;P Global will publish Egypt\u2019s PMI figures for May on Tuesday, 4 June, measuring the country\u2019s non-oil private sector activity, which has been in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/506cdc0e-c483-4182-9aaa-be2abcf0a5f8\/non-oil-private-sector-activity-drops-further-in-april-as-it-enters-41st-straight-month-of-contraction\" style=\"\" rel=\"noopener\">contraction for the last 41 months<\/a>. We\u2019re still yet to see the hoped for uptick in business activity following the float of the EGP in March, recent policy shifts, the expanded IMF package, Gulf investments and funds from international lenders, and focus on clearing backlogs.<\/li>\n<li><strong>Inflation nation: <\/strong>Capmas and the CBE are expected to publish the inflation data for May on Tuesday 10 June. Policy makers and the business community will be hoping that headline inflation cools for a third <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54c385de-e76b-441d-9edf-fd578c68735a\/%253cmark%253einflation%253c%2Fmark%253e-cools-for-the-second-consecutive-month-in-april\" style=\"\" rel=\"noopener\">consecutive<\/a> month in May, after having eased on the back of slower food price increases as traders continued to price in a lower exchange rate than in the now-defunct parallel market. <\/li>\n<li><strong>Egypt and the EU will host a joint investment conference<\/strong> on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea6c1f19-efbe-4bcd-b2d4-5721c0c14979\/el-sisi-reiterates-economic-promises-for-his-third-term\" style=\"\" rel=\"noopener\">29-30 June<\/a> with President Abdel Fattah El Sisi and European Commission President Ursula von der Leyen in attendance. The conference is expected to bring together some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17cb3909-f06f-4dc7-95d4-281f07e6c8dd\/el-sisi-begins-his-third-term-today\" style=\"\" rel=\"noopener\">450 European companies<\/a> and is being hyped up as something for the business community inside and outside of Egypt to get excited about. Watch this space.<\/li>\n<\/ul><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- The heatwave returns. <\/strong>The capital is in for another hot week with highs reaching 40\u00b0C. Today we are looking at highs of 37\u00b0C and lows of 24\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 33\u00b0C and a low of 22\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?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Opening the door for the private sector: <\/strong>Companies looking to go green and leverage privately produced renewable energy have until the end of August to send their requests to the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera), according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0CcKXA1jmR8jBnL6Hnjpce5XNwdXR6b14CKjvAd7XArmPYwY9vhB54vuoXhXW8iJal\" style=\"\" rel=\"noopener\">statement<\/a>. This comes under the first phase of an Egyptera initiative which will allow the private sector to use the state\u2019s electricity grid to transmit electricity to their end clients. <\/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\/4278776a-0cae-4593-86f5-b392cf4a0637\" style=\"\" rel=\"noopener\">EBRD has been working with<\/a> Egyptera on improving its regulatory framework to promote a more competitive market and increase the private sector\u2019s role in producing, distributing, and selling power. Private-sector players have long been asking for the ability to use the state\u2019s electricity grid to transmit electricity to their end clients. Currently, clients operating solar and wind facilities generate electricity and sell it to the state under a long-term offtake agreement.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"tag-border-left\">WAR WATCH- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fresh hopes for a ceasefire agreement? <\/strong>Israel has proposed a three-part plan that would end with a permanent ceasefire in Gaza and the release of all hostages, US President Joe Biden <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2024\/05\/31\/remarks-by-president-biden-on-the-middle-east-2\/\" style=\"\" rel=\"noopener\">said on Friday<\/a>. <strong>Ha<\/strong><strong>mas reportedly \u201c<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hamas-says-it-positively-views-gaza-ceasefire-proposal-set-out-by-biden-2024-05-31\/\" style=\"\" rel=\"noopener\">had a positive view<\/a><\/strong><strong>\u201d of the plan.<\/strong> <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: The first phase will include a full six-week ceasefire<\/strong>, the withdrawal of Israeli forces from all populated areas of Gaza, the release of some Israeli hostages in exchange of hundreds of Palestinians, and the entrance of 600 trucks of humanitarian aid into Gaza every day. During the first six weeks, Hamas and Israel would negotiate \u201cthe necessary arrangements to get to phase two.\u201d A final phase would see the start of reconstruction in Gaza.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Netanyahu is dead-set on destroying Hamas first: <\/strong>Israeli Prime Minister Benjamin Netanyahu said that the Israeli side will not agree to a permanent ceasefire before the destruction of Hamas' military and governing capabilities. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A joint call from the three mediators: <\/strong>Egypt, the US, and Qatar are \u201c <a target=\"_blank\" href=\"https:\/\/www.state.gov\/joint-statement-of-the-united-states-egypt-and-qatar\/\" style=\"\" rel=\"noopener\">jointly calling<\/a> on both Hamas and Israel to finalize the agreement.\u201d <strong>The news got on ink from:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/biden-unveils-new-gaza-truce-proposal-hamas-responds-positively-2024-05-31\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5716d8d3-241c-4f8b-abf0-7be8fc335a0e\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-news-01-06-2024-8c06dda3a8e20491b5a34377c60bb827\" style=\"\" rel=\"noopener\">Associated Press<\/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>MEANWHILE, IN INDIA- Another term for Modi? <\/strong>The ruling Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, will likely lead the world\u2019s fastest-growing economy for another five years, according to exit polls. Pundits see the BJP winning up to 401 seats in India\u2019s 543-seat lower house \u2014 aka Lok Sabha. Election results will be announced on Tuesday. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/41f48391-ce38-49ed-bd89-c5744f9985c3\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cgllg541xmxo\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/06\/01\/india-election-modis-bjp-alliance-set-to-win-parliamentary-majority.html\" style=\"\" rel=\"noopener\">CNBC<\/a>) <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dive deeper: <\/strong>Bloomberg senior editor Menaka Doshi has deep dive on <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2024-06-01\/india-election-exit-polls-show-major-win-for-modi-bjp\" style=\"\" rel=\"noopener\">what Modi\u2019s exit poll<\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2024-06-01\/india-election-exit-polls-show-major-win-for-modi-bjp\" style=\"\" rel=\"noopener\">victory<\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2024-06-01\/india-election-exit-polls-show-major-win-for-modi-bjp\" style=\"\" rel=\"noopener\">tells us about his dominance across India<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TO THE SOUTH: There\u2019s nothing but uncertainty in South Africa <\/strong>after the ruling African National Congress lost its 30-year parliamentary majority, putting the country on a \u201cnew political path for the first time since the end of the apartheid system of white minority rule 30 years ago,\u201d the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/south-africa-election-vote-anc-d9da7582ca98a4e00fec2da6a5fe1e91\" style=\"\" rel=\"noopener\">AP<\/a> writes. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why does this matter? <\/strong>This change in parliamentary leadership puts the presidency of Cyril Ramaphosa in question. It now needs to form a coalition with partners it has spent months badmouthing, and at least one of them wants Ramaphosa out before it will consider talks. (<a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cyeek2xlgzzo\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/51ff4e3c-7ff9-48b8-b2ee-8252533cf0bc\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/south-africas-ramaphosa-badly-weakened-by-anc-election-slump-2024-05-31\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business will be watching closely: <\/strong>The ANC\u2019s potential coalition partners include a right-leaning group popular with Afrikaaners that wants to end black-ownership and -employee quotas \u2014 and a left-leaning party that wants to nationalize key industries. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN BUSINESS NEWS- KSA HQs for all.<\/strong> The Saudi government is ramping up efforts to lure Wall Street firms to the Kingdom, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-01\/saudi-arabia-puts-wall-street-on-notice-to-set-up-shop-in-riyadh\" style=\"\" rel=\"noopener\">Bloomberg reports<\/a>, citing people it says are familiar with the matter. The Kingdom\u2019s sovereign wealth fund has reportedly amended the documents it sends out to bankers who are looking to secure business contracts in Saudi to include inquiries into whether or not they\u2019ve secured a regional headquarters license. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China has become the first nation to land on the far side of the moon: <\/strong>A Chinese spacecraft touched down on the far side of the moon a few hours ago, helping China gain points in the \u201c <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/space\/china-lands-uncrewed-spacecraft-far-side-moon-2024-06-01\/\" style=\"\" rel=\"noopener\">global rush to the moon<\/a>.\u201d The far side of the moon has remained unexplored by humans until now, seeing as it is more challenging when it comes to communications because it never faces Earth. With its robotic lunar exploration mission Chang\u2019e-6, the nation will try to collect lunar material and bring it back to earth \u2014 another first for humankind.  <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND ON THE CLIMATE FRONT- <\/strong>Up to <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/panama-island-guna-climate-change-f368711649ff6986ea25a79534405a84\" style=\"\" rel=\"noopener\">300 families are preparing<\/a> to permanently leave behind their homes on a small Panamanian island due to rising sea levels. They are expected to be the first of 63 communities living on Panama\u2019s Caribbean and Pacific coasts to evacuate their homes due to rising sea levels. <\/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\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"621148 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=\"621148\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/621148\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-621148\" class=\"content-area-description single-story post-621148 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=\"621149\" 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=\"621149\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/uaes-electra-bid-for-elsewedy-receives-the-regulatory-greenlight\/\">\r\n                            UAE\u2019s Electra bid for Elsewedy receives the regulatory greenlight                        <\/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\/06\/02\/uaes-electra-bid-for-elsewedy-receives-the-regulatory-greenlight\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n            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wp-post-image\" alt=\"\" data-attachment-id=\"621150\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/uaes-electra-bid-for-elsewedy-receives-the-regulatory-greenlight\/36-jpg-34\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/36.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"36.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/36.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/36.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-621149\" class=\"content-area-description single-story post-621149 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-elsewedy-electric tag-enterpriseam tag-ma-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\/6\/.4e3e717c-bd4d-4889-b334-239c8106b33c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Emirati Electra\u2019s bid for Elsewedy Electric <\/strong><strong>moves forward:<\/strong> The Financial Regulatory Authority (FRA) approved Abu Dhabi-based electrical equipment manufacturer Electra Investment Holding\u2019s bid to acquire a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a5eebed8-d7b1-4f48-ba71-51575a76f4b0\/uae%25e2%2580%2599s-electra-eyes-up-to-24.5%2525-of-elsewedy-electric\" style=\"\" rel=\"noopener\">24.5% stake<\/a> in Elsewedy Electric, according to an FRA <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/50.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> out Thursday.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>The pricing:<\/strong> Electra will pay USD 1.05 a pop \u2014 marking an 11.37% premium to Elsewedy Electric\u2019s share price of EGP 44.51 (USD 0.94) at the end of trading before the weekend. If Electra succeeds in getting the whole 24.5% of the company it\u2019s after, the transaction would be valued at USD 558.4 mn, by our math.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>What\u2019s next? <\/strong>Elsewedy Electric\u2019s board will meet on Wednesday to discuss the offer and appoint an independent financial advisor to gauge the fair value of the company\u2019s shares, two unnamed sources told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1796202157571448923\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. According to the FRA, Elsewedy Electric will need to tap a financial advisor and clarify the board\u2019s decision within the next 15 days. The share sale will be conducted via the special operations market (OPR) within the next 20 days.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Remember:<\/strong> Elsewedy Electric had a good 2023 with the company\u2019s net income <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2190f6e5-334d-4412-be1b-0602e638e1b5\" style=\"\" rel=\"noopener\">jumping<\/a> 87% y-o-y to EGP 10.1 bn and revenues rising 65% y-o-y to EGP 152.2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>EFG Hermes is Electra\u2019s sole financial advisor for the transaction, an informed source told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax: <\/strong>Elsewedy Electric\u2019s shares rose 0.47% to EGP 44.51 a share after the news broke on Thursday.<\/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\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"621151\" 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=\"621151\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/el-sisi-xi-agree-to-balance-out-trade-relationship\/\">\r\n                            El Sisi, Xi agree to balance out trade relationship                        <\/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\/06\/02\/el-sisi-xi-agree-to-balance-out-trade-relationship\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The two agreed to allow more high-quality Egyptian products into the Chinese market and to explore local currency-denominated local trade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What trade imbalance?<\/strong> Despite consistent <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abe47b52-09b4-4c54-a774-0d77cac51293\/china-looks-to-establish-industrial-zone-on-the-mediterranean\" style=\"\" rel=\"noopener\">talk of balancing out<\/a> our trade relationship with the country, Egyptian exports to China halved from 2022 to 2023, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2458.pdf\" style=\"\" rel=\"noopener\">data (pdf)<\/a> released by state statistics agency Capmas. While China imported only USD 909 mn worth of Egyptian goods in 2023, Egypt imported USD 12.9 bn from China.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chinese investments look set to keep up the momentum: <\/strong>The two countries agreed to prioritize localizing industry and transferring technology by expanding Egypt-bound industrial investments<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Industries to keep an eye on: <\/strong>The statement namechecked manufacturing EVs and solar panels \u2014 two products that China is leading the way in terms of affordability and the tech behind them. Chinese companies may also have a new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/68b63357-ce86-4091-b3a0-f41976536ae0\/saudi-and-egyptian-assemblers-take-note:-there%25e2%2580%2599s-opportunity-in-a-looming-global-ev-shakeout\" style=\"\" rel=\"noopener\">incentive<\/a> to expand their production outside the country after the US <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/896e98dd-3f94-4b11-88a5-03d68b0d3b45\/us-quadruples-tariffs-on-chinese%253cmark%253e-evs%253c%2Fmark%253e-to-100%2525\" style=\"\" rel=\"noopener\">slapped Chinese<\/a> imports of the two products with massive tariffs. Chemical industries, building materials, agritech, and hotels were also named as targets for investment. The two sides also agreed to strengthen cooperation in AI, science, culture, and media.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-china-relations\/\">Egypt-China relations<\/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=\"621153\" 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=\"621153\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/madbouly-holds-a-virtual-meeting-with-investors-from-across-the-globe\/\">\r\n                            Egypt\u2019s Madbouly holds a virtual meeting with investors from across the globe                        <\/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\/06\/02\/madbouly-holds-a-virtual-meeting-with-investors-from-across-the-globe\/\" 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\/06\/02\/madbouly-holds-a-virtual-meeting-with-investors-from-across-the-globe\/')\">\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\/06\/02\/madbouly-holds-a-virtual-meeting-with-investors-from-across-the-globe\/\">\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=Madbouly holds a virtual meeting with investors from across the globe&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/madbouly-holds-a-virtual-meeting-with-investors-from-across-the-globe\/\">\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\/06\/02\/madbouly-holds-a-virtual-meeting-with-investors-from-across-the-globe\/&title=Madbouly holds a virtual meeting with investors from across the globe\">\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=Madbouly+holds+a+virtual+meeting+with+investors+from+across+the+globe+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F02%2Fmadbouly-holds-a-virtual-meeting-with-investors-from-across-the-globe%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\/06\/02\/madbouly-holds-a-virtual-meeting-with-investors-from-across-the-globe\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/38.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"621154\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/madbouly-holds-a-virtual-meeting-with-investors-from-across-the-globe\/38-jpg-28\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/38.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"38.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/38.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/38.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-621153\" class=\"content-area-description single-story post-621153 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-investment-watch tag-moustafa-madbouly 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\/6\/.88e5911f-d224-4df2-9ed6-3f34a9f36411.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A virtual sit down with international investors:<\/strong> Prime Minister Moustafa Madbouly and several high-level government officials on Thursday held a virtual meeting with over 200 international investors, representing 110 companies, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/story.php?story_fbid=945285240975230&amp;id=100064812882317&amp;mibextid=WC7FNe&amp;rdid=c0GoLZtMmM8HfPUM\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. The conversation centered around the local investment environment and gave investors the chance to ask questions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>International representation: <\/strong>While the meeting saw investors of various nationalities, Gulf investors dominated the meeting. Some 59 Emirati investors and 37 Saudi investors were in attendance. Investors from the US, UK, and South Africa were also present. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in attendance:<\/strong> Led by Madbouly, the meeting was attended by Vice Minister of Finance Ahmed Kouchouk, CBE Deputy Governor Rami Aboul Naga, and EFG Holding Group CEO Karim Awad.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Smart policy:<\/strong> The government is working to attract more investors into the local market by being more transparent, adopting clear economic policies, and building a stable legislative framework, Madbouly told the investors. This includes providing fresh investments for investors, backed by smart tax and financial policies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What kind of investments?<\/strong> Madbouly points to industry, agriculture, ICT, and tourism as the main sectors under the government\u2019s radar over the coming period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come: <\/strong>The state will promote a list of \u201cattractive investments\u201d to Arab and foreign investors during the upcoming <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17cb3909-f06f-4dc7-95d4-281f07e6c8dd\/\" style=\"\" rel=\"noopener\">EU-Egypt Investment Conference<\/a>, kicking off on 29 June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM <\/strong><strong>MADBOULY-<\/strong> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When can we see the entirety of Ras El Hekma\u2019s investments? <\/strong>The USD 150 bn of investments <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\/%3cmark%3e%3c\/mark%3eadq%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3eacquires%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3edevelopment%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3erights%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3eto%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3eras%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3eel%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3ehekma%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3efor%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3e%3cmark%3e-usd%3c\/mark%3e%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3e24%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3e%3cmark%3e-bn%3c\/mark%3e%3cmark%3e%3c\/mark%3e,%3cmark%3e%3c\/mark%3e%3cmark%3e%3c\/mark%3ewill%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3einvest%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3ea%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3efurther%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3e%3cmark%3e-usd%3c\/mark%3e%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3e11%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3e%3cmark%3e-bn%3c\/mark%3e%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3ein%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3ereal%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3eestate%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3eand%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3eother%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3eprime%3cmark%3e%3c\/mark%3e-%3cmark%3e%3c\/mark%3eprojects%3cmark%3e%3c\/mark%3e\" style=\"\" rel=\"noopener\">expected<\/a> to be attracted as Ras El Hekma is built out will come at a rate of USD 3-4 bn per year, Madbouly said. By our math, this means we should see the total amount come in after 37 to 50 years.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"621155 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"621155\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/621155\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-621155\" class=\"content-area-description single-story post-621155 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"621156\" 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=\"621156\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/egypts-net-foreign-asset-deficit-continues-to-narrow-in-april-for-third-consecutive-month\/\">\r\n                            Egypt\u2019s net foreign asset deficit continues to narrow in April for third consecutive month                        <\/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\/06\/02\/egypts-net-foreign-asset-deficit-continues-to-narrow-in-april-for-third-consecutive-month\/\" 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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Net foreign asset deficit fell to USD 3.7 bn in the Egyptian banking system, down from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09127c02-f5cf-4f8c-9cad-afa0dcf7ad5b\/egypt%25e2%2580%2599s-net%253cmark%253e-foreign%253c%2Fmark%253e-asset-deficit-narrows-in-march-following-rise-in-fx-reserves\" style=\"\" rel=\"noopener\">USD 4.2 bn<\/a> in March, according to Enterprise calculations based on <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1.jpg\" style=\"\" rel=\"noopener\">Central Bank of Egypt figures<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Data point: <\/strong>The country\u2019s external position has improved for three consecutive months with the net foreign asset deficit narrowing 87% since <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/428b4720-c846-42b6-8058-e26c9aaff040\/net-foreign-liabilities-hit-record-high-in-january-for-second-consecutive-month\" style=\"\" rel=\"noopener\">reaching<\/a> an all-time high of USD 29.0 bn in January. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You can thank the central bank\u2019s net foreign asset position:<\/strong> The Central Bank of Egypt\u2019s net foreign asset deficit nearly halved to USD 763 mn, down from USD 1.4 bn in the previous month. Foreign assets rose over USD 2 bn, while foreign liabilities at the CBE rose nearly USD 1.4 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But commercial banks saw their net foreign asset deficit widen \u2014 albeit very slightly:<\/strong> The net foreign assets deficit in commercial banks recorded just under USD 2.9 bn, up from USD 2.8 bn in March. Commercial banks saw their foreign assets rise USD 1.3 bn, while liabilities rose USD 1.4 bn during the same period.<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/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=\"621158\" 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=\"621158\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/idh-tmg-eastern-company-report-1q-earnings\/\">\r\n                            IDH, TMG, Eastern Company report 1Q earnings                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/idh-tmg-eastern-company-report-1q-earnings\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Revenues saw a 28% y-o-y increase during the quarter to EGP 1.2 bn \u201con the back of strategic price hikes implemented across several of the company\u2019s geographies.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt drove the growth:<\/strong> Revenues from Egypt operations accounted for some 84.5% of the company\u2019s topline during the quarter, recording a 35% y-o-y increase to record EGP 989 mn. This came \u201cdespite the anticipated slowdown in patient traffic associated with the holy month of Ramadan which this year began in the second week of March,\u201d IDH\u2019s CEO Hend El Sherbini said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A look at the other markets: <\/strong>Jordan came in second accounting for 14.1% of the company\u2019s revenues, followed by Nigeria, Saudi Arabia, and Sudan.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>\u201cIn Egypt, we are beginning to see the early signs of a sustained economic recovery \u2026 As such, we expect volumes to continue growing steadily as inflation declines and patients\u2019 purchasing power improves,\u201d El Sherbini said. \u201cElsewhere across our footprint, we are particularly excited to continue ramping up operations in Saudi Arabia and begin to realize our new market\u2019s full potential.\u201d<\/p>\n<p class=\"tag-border-left\">TMG\u2019S BOTTOMLINE UP ALMOST 6X-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TMG\u2018s bottomline logs sixfold increase:<\/strong> Talaat Moustafa Group Holding\u2019s (TMG) net income surged 491% y-o-y in 1Q 2024 to over EGP 4.1 bn on the back of a landmark <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e88b903-fd4f-448e-b331-314accc55de9\" style=\"\" rel=\"noopener\">agreement<\/a> that saw TMG <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bebf4249-f687-4e82-9c1e-e0e920fe361a\" style=\"\" rel=\"noopener\">acquire<\/a> a majority stake in a group of seven historic hotels, the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/10.pdf\" style=\"\" rel=\"noopener\">earnings release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/10.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/10.pdf\" style=\"\" rel=\"noopener\">)<\/a> showed. The acquisition spurred TMG\u2019s hotel division to amass EGP 3.7 bn in revenue during the quarter, a 360% y-o-y increase,<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Contractual sales drove growth:<\/strong> TMG\u2019s topline rose 53% y-o-y during the quarter to EGP 6.8 bn. The company recorded EGP 115.3 bn in contractual real estate sales, a nearly 2.7-fold increase. The surge in sales was driven by EGP 32 bn in reservations for the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8da2ce3-4b0e-4c39-a6e7-8e9d8246e761\/seic-to-conduct-due-diligence-on-cira-ahead-of-acquisition-plans.-plus:-news-from-tmg,-cleopatra,-and-bokra\" style=\"\" rel=\"noopener\">Banan city project<\/a>, which is being developed by the company\u2019s Saudi arm in Riyadh. <\/p>\n<p class=\"tag-border-left\">EASTERN COMPANY\u2019S NET INCOME UP <strong>26% IN 1Q<\/strong>-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tobacco giant Eastern Company saw its net income increase 26% y-o-y<\/strong> to nearly EGP 2.3 bn in the third quarter of the fiscal year 2023-2024, according to the company\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/42.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Meanwhile, revenues rose 25% y-o-y to EGP 5.8 bn thanks to an increase in local cigarette sales.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bigger picture: <\/strong>Eastern Company saw its net income dip 2% y-o-y during the first nine months of the fiscal year to EGP 5.2 bn. Meanwhile, revenues fell 5% y-o-y during the period to EGP 13.7 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>US-based tobacco behemoth Phillip Morris <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab73b9e2-68ca-40d4-a968-98b5513b3243\/philip-morris-snaps-up-14.7%2525-stake-in%253cmark%253e-eastern-company%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">acquired an indirect 14.7% stake<\/a> in Eastern Company in May. Eastern Company and Phillip Morris\u2019 subsidiary United Tobacco are the only companies licensed to manufacture cigarettes in Egypt.<\/p>\n<p class=\"tag-border-left\">MTI\u2019S NET INCOME ROSE 62% IN 1Q 2024<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MM Group for Industry and International Trade (MTI) recorded a net income of <\/strong><strong>EGP 248 mn in Q1 2024<\/strong>, up 61.8% y-o-y, according to the company\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/12.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company\u2019s topline was up 11.8% y-o-y to EGP 2.8 bn, driven by strong growth in its consumer electronics segment, which accounted for three quarters of revenues.<\/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\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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                       <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/el-moselhy-continued-to-make-the-rounds-to-weigh-in-on-bread-price-hikes\/\">\r\n                            Egypt\u2019s Supply Minister weighs in on bread price hikes                        <\/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\/06\/02\/el-moselhy-continued-to-make-the-rounds-to-weigh-in-on-bread-price-hikes\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/70.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"621162\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/el-moselhy-continued-to-make-the-rounds-to-weigh-in-on-bread-price-hikes\/70-jpg-28\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/70.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"70.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/70.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/70.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-621161\" class=\"content-area-description single-story post-621161 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-ali-el-moselhy tag-commodities tag-enterpriseam tag-last-nights-talk-shows 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\/6\/.703496e1-91c7-4817-8242-495a4f83eb2c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another carb-heavy night on the airwaves: <\/strong>The nation\u2019s talking heads didn\u2019t shift their attention from bread prices, following the Madbouly government\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e811dd85-332f-42a1-98ce-3d1b24f98627\/\" style=\"\" rel=\"noopener\">decision to slash bread subsidies<\/a>, hiking the price of subsidized bread by 300%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t point the finger at the IMF: <\/strong>The IMF had nothing to do with the government\u2019s decision to cut down bread subsidies, Supply Minister Ali El Moselhy told Kelma Akhira\u2019s Lamees El Hadidi (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ewKFojzkwJw\" style=\"\" rel=\"noopener\">watch, runtime: 1:03:08<\/a>), adding that there was a proposal to cut down on the daily bread allocation for citizens but the government rejected it. The decision aims to help the state reduce its budget deficit before the start of the new fiscal year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No more hikes \u2026 unless. <\/strong>There won\u2019t be further price hikes to subsidized bread, unless we see major price fluctuations, El Moselhy assured. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pricier bread also means less waste: <\/strong>\u201cSome 25-30% of the EGP 125 bn allocations for bread subsidies goes to waste,\u201d House Planning and Budget Committee head Fakhri El Fiqi told Ala Masouleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=H6pm67p4rn0\" style=\"\" rel=\"noopener\">watch, runtime: 4:01<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=9zMVtNpS7oM\" style=\"\" rel=\"noopener\">4:03<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VtoVNgE3Nr4\" style=\"\" rel=\"noopener\">3:25<\/a>). \u201cAround EGP 35 bn of the allocations go to undeserving beneficiaries,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Change is coming: <\/strong>The Supply Ministry will soon roll out prepaid cards for non-ration card holders, who will be able to purchase bread at EGP 1.25 a loaf. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government cares about the public response:<\/strong> \u201cWe are monitoring the public opinion on [bread price hike]. We understand concerns about shifting from in-kind to cash subsidies,\u201d cabinet spokesperson Mohamed El Homsani spoke to El Hekaya\u2019s Amr Adib (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=E0z-O5Bj5OM\" style=\"\" rel=\"noopener\">watch, runtime: 46:45<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FACT CHECK-<\/strong> <strong>You\u2019re not getting less bread on your ration cards:<\/strong> The <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0sTKkypHDqmsD1VRpKgRogp7VS8GyFimP1xwbi83vGorXKjAWghNEPDoTXC2eZZJ3l\" style=\"\" rel=\"noopener\">cabinet<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0sTKkypHDqmsD1VRpKgRogp7VS8GyFimP1xwbi83vGorXKjAWghNEPDoTXC2eZZJ3l\" style=\"\" rel=\"noopener\">denied<\/a> rumors about reducing ration card holders\u2019 monthly bread allocation.<\/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\/ali-el-moselhy\/\">Ali El Moselhy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"621163\" class=\"issue-section \">\n<div 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   <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\/06\/02\/algebra-ventures-backs-moroccan-agritech-startup-plus-news-from-taqa-and-acdima\/\">\r\n                            Egypt\u2019s Algebra Ventures backs Moroccan agritech startup                        <\/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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PLUS: News from Taqa and ACDIMA&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/algebra-ventures-backs-moroccan-agritech-startup-plus-news-from-taqa-and-acdima\/\">\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\/06\/02\/algebra-ventures-backs-moroccan-agritech-startup-plus-news-from-taqa-and-acdima\/&title=Algebra Ventures backs Moroccan agritech startup. PLUS: News from Taqa and ACDIMA\">\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=Algebra+Ventures+backs+Moroccan+agritech+startup.+PLUS%3A+News+from+Taqa+and+ACDIMA+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F02%2Falgebra-ventures-backs-moroccan-agritech-startup-plus-news-from-taqa-and-acdima%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\/06\/02\/algebra-ventures-backs-moroccan-agritech-startup-plus-news-from-taqa-and-acdima\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/72.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"621165\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/algebra-ventures-backs-moroccan-agritech-startup-plus-news-from-taqa-and-acdima\/72-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/72.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"72.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/72.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/72.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-621164\" class=\"content-area-description single-story post-621164 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-agritech tag-algebra-ventures tag-also-on-our-radar tag-energy tag-enterpriseam tag-morocco tag-taqa-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\/6\/.409e9caf-e9e9-4df9-b3e3-83919ec0b663.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">STARTUPS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Homegrown Algebra Ventures invests in Morocco's YoLa Fresh:<\/strong> Cairo-based VC firm Algebra Ventures participated in a pre-Series A funding round for <strong><a target=\"_blank\" href=\"https:\/\/www.yolafresh.com\/\" style=\"\" rel=\"noopener\">YoLa Fresh<\/a><\/strong>, helping the Moroccan agritech startup raise USD 7 mn, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/2.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The round was led by <a target=\"_blank\" href=\"https:\/\/www.almada.ma\/en\/\" style=\"\" rel=\"noopener\">Al Mada Ventures<\/a> and with participation from E3 Capital, Janngo Capital, and the Dutch entrepreneurial development bank FMO. YoLa will use the funding to expand its logistics network and introduce more farmers to its platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The VC has been doing a lot of investing: <\/strong>Algebra Ventures invested over 10 mn in ten companies in 2023 and plans to invest another USD 20 mn this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want more about what\u2019s in the pipeline for Algebra? <\/strong>We <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a8c6e16a-939c-439d-b827-17d32a4f9d4b\/coffee-with:-karim-hussein,-managing-partner-of%253cmark%253e-algebra-ventures%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">had coffee<\/a> with Karim Hussein, managing partner of Algebra Ventures to discuss how the VC has been handling economic headwinds, what it looks for in startups, and what Algebra has planned for the coming period.<\/p>\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>Taqa Arabia subsidiary to supply Elsewedy Industrial City with LNG in Tanzania:<\/strong> Taqa Arabia subsidiary and Egypt-based <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a5bcab6-a4f7-471b-a2c7-aa8e91b71f82\/taqa-arabia-expands-natural-gas-footprint-by-acquiring%253cmark%253e-rosetta%253c%2Fmark%253e%25e2%2580%2599s-lng-arm\" style=\"\" rel=\"noopener\">LNG-focused energy company<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a5bcab6-a4f7-471b-a2c7-aa8e91b71f82\/taqa-arabia-expands-natural-gas-footprint-by-acquiring%253cmark%253e-rosetta%253c%2Fmark%253e%25e2%2580%2599s-lng-arm\" style=\"\" rel=\"noopener\">Rosetta for Energy Solutions<\/a> will provide Elsewedy Industrial Development\u2019s Elsewedy Industrial City in Tanzania with LNG under a recently inked MoU, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/21.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The agreement will see Rosetta send LNG by truck in specialized containers from a small-scale liquefaction facility in Dar es Salaam to the industrial park some 100 km away, where it will be regasified for use.<\/p>\n<p class=\"tag-border-left\">PHARMA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pharma cooperation with Cuba:<\/strong> Egypt and Cuba will work to strengthen cooperation in the fields of pharma and biotechnology under an MoU inked between the Arab Company for Drug Industries and Medical Appliances (ACDIMA) and Cuba-based pharma company <a target=\"_blank\" href=\"https:\/\/www.biocubafarma.cu\/en\" style=\"\" rel=\"noopener\">BioCubaFarma<\/a>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02sjVAAb5hooqdXu2cRqNk2iDDsqchawmdQashngttdpdYYdo4RFiji6SuGfLdeYvQl\" style=\"\" rel=\"noopener\">statement<\/a>. <\/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\/agritech\/\">Agritech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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<h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/aramcos-secondary-share-sale-kicks-off-today\/\">\r\n                            Aramco\u2019s secondary share sale kicks off today                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/aramcos-secondary-share-sale-kicks-off-today\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n               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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/aramcos-secondary-share-sale-kicks-off-today\/52-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/52.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"52.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/52.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/52.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-621166\" class=\"content-area-description single-story post-621166 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-aramco tag-capital-markets tag-enterpriseam tag-oil-gas tag-planet-finance tag-tadawul 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\/6\/.8e81b43d-c5ae-477d-8746-558c2b331bf9.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Aramco is pulling the trigger on a secondary sale of a 0.64% stake that could raise up to <\/strong><strong>USD 11.6 bn <\/strong>today, it confirmed in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2592.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> on Thursday. The oil giant set the price range between SAR 26.70-29 (USD 7.12-7.73) per share. Institutional book-building gets underway in just a couple of hours, and will run until Thursday, 6 June, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/11.pdf\" style=\"\" rel=\"noopener\">a separate statement (pdf)<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The value of the sale could go up to USD 13.1 bn<\/strong> at the top end of the range under a \u201cgreenshoe option\u201d which could see the size of the offering go up to a 0.7% stake if fully exercised, according to the statement. The option would allow bankers to buy some of the shares to stabilize the price of the offering.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A way to boost liquidity\u2026:<\/strong> \u201cThe offering provides us with an opportunity to broaden the shareholder base amongst both Saudi and international investors,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/saudi-arabia-may-announce-secondary-share-offering-aramco-thurs-sources-2024-05-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> quotes Aramco CEO Amin Nasser as telling reporters on a call after the announcement. \u201cIt also offers us an opportunity to increase liquidity and to increase our global index weighting.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026and plug the budget deficit: <\/strong>The Kingdom is \u201cresorting to the sale of equity in Aramco and to debt issuances,\u201d Nasser is quoted as saying.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM ARAMCO- <\/strong><strong>Aramco\u2019s Prosperity7 fund backs Chinese AI startup Zhipu AI <\/strong>by taking part in a USD 400 mn investment round and becoming the first major foreign investor to back China\u2019s attempts to challenge OpenAI and other Western tech companies . \u201cThe Saudis don\u2019t want Silicon Valley dominating this industry,\u201d a source close to the fund said. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/87a40ffe-c791-4c90-8123-3f75aa0ed26b\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p><p><a target=\"_blank\" id=\"t.b0610f40f0a66ea3e375c88cfccc81eced052fcf\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">26,923<\/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: +8.2%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.21<\/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 47.35<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.22<\/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 47.32<\/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\">11,503<\/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\">-1.7% (YTD: -3.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,863<\/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\">+1.3% (YTD: -7.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">3,978<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: -2.0%)<\/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\">5,278<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,275<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,984<\/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: +10.2%)<\/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>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 81.11<\/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-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (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 2.59<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,346<\/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-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 67,790<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +60.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.6% at Thursday\u2019s close<\/strong> on turnover of EGP 8.8 bn (81.4% above the 90-day average). Local investors were net buyers. The index is up 8.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Eastern Company (+7.4%), CIB (+2.2%), and Sidi Kerir Petrochemicals (+2.0%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Mopco (-8.3%), TMG Holding (-4.7%), and Fawry (-4.6%). <\/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\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-gas\/\">oil &amp; gas<\/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\/tadawul\/\">Tadawul<\/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=\"621168\" 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\/06\/02\/621168\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-621168\" class=\"content-area-description single-story post-621168 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;\">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>Trade relationship | Deficit narrows | Elsewedy acquisition | Secondary sale | Budget vote.<\/p>\n","protected":false},"featured_media":621145,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-621144","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"0c0bd366-882b-4afd-9182-2c2b3e929dee","teaser":"Trade relationship | Deficit narrows | Elsewedy acquisition | Secondary sale | Budget vote.","photo_url":"https:\/\/ent.news\/2024\/6\/67.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Madbouly 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