{"id":622362,"date":"2024-06-05T00:00:00","date_gmt":"2024-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=622362"},"modified":"2025-12-17T06:52:58","modified_gmt":"2025-12-17T06:52:58","slug":"non-oil-private-sector-nears-growth-levels","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/non-oil-private-sector-nears-growth-levels\/","title":{"rendered":"Non-oil private sector nears growth levels"},"content":{"rendered":"<section id=\"622364\" 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=\"622364\">\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\/05\/egypt-slashes-gas-supplies-to-fertilizer-companies\/\">\r\n                            Egypt slashes gas supplies to fertilizer companies                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/egypt-slashes-gas-supplies-to-fertilizer-companies\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-attachment-id=\"622365\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/egypt-slashes-gas-supplies-to-fertilizer-companies\/417-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/417.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"417.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/417.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/417.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622364\" class=\"content-area-description single-story post-622364 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-fertilizers tag-oil-and-gas 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\/.0b73c9e9-f3d8-4a7f-af4b-48f1735fc90c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, everyone. <\/strong>It\u2019s a busy morning here in Egypt led by the news of activity in the non-oil private sector picking up, the latest on privatization, and Al Ahly\u2019s world-class sports city. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BEFORE WE DIVE IN- <\/strong>Don\u2019t worry, the extended power cuts were just a one-time thing. The Electricity Ministry yesterday extended the duration of the daily power cuts by an hour to \u201callow for preventative maintenance on its regional gas and power networks and because of increased consumption caused by a heatwave,\u201d <a target=\"_blank\" href=\"https:\/\/english.alarabiya.net\/News\/north-africa\/2024\/06\/04\/egypt-adds-an-extra-hour-to-rolling-power-blackouts\" style=\"\" rel=\"noopener\">Reuters<\/a> wrote. <\/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- Home appliances to see another drop in prices?<\/strong> Household appliance manufacturers and retailers are set to start slashing prices no less than 5-10% in response to the goods recently released from customs and from the first post-float import cycle hitting the market, Federation of Egyptian Industries\u2019 household appliances division head Hassan Mabrouk told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/06\/04\/%D9%85%D9%88%D8%AC%D8%A9-%D8%AA%D8%B1%D8%A7%D8%AC%D8%B9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%A8%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D8%A3%D8%AC%D9%87%D8%B2%D8%A9-%D8%A7%D9%84%D9%85%D9%86%D8%B2%D9%84%D9%8A%D8%A9-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D8%AE%D9%84%D8%A7%D9%84-%D8%A3%D9%8A%D8%A7%D9%85\" style=\"\" rel=\"noopener\">Al Arabiya 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\"><a id=\"wwtt2\"><\/a> <strong>#2- Gov\u2019t slashes gas supplies to fertilizer companies: <\/strong>The Oil Ministry has once again reduced the natural gas supplies to energy-intensive fertilizer companies by 20-30%, pushing a number of factories to close their doors until their gas supplies go back to normal levels, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/egypt-economy\/2024\/06\/04\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AE%D9%81%D8%B6-%D8%A7%D9%85%D8%AF%D8%A7%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D8%A7%D9%84%D8%B7%D8%A8%D9%8A%D8%B9%D9%8A-%D8%A7%D9%84%D9%89-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%B3%D9%85%D8%AF%D8%A9-%D9%88%D8%AA%D9%88%D8%AC%D9%87%D9%87-%D9%84%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1\" style=\"\" rel=\"noopener\">Al Arabiya Business<\/a> reports, citing unnamed officials familiar with the matter. The decision has affected all fertilizer companies operating in the local market. The cut supplies will be redirected to feed power generators during a time of heightened demand. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sounds familiar? <\/strong>The government last <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b88824c5-9f39-426c-8a60-5a3bb22b10a6\/gas-supplies-to-energy-intensive-industries-slashed-by-up-to-30%2525\" style=\"\" rel=\"noopener\">cut gas supplies<\/a> to energy-intensive industries by up to 30% in November, targeting fertilizer, iron, and aluminum companies, in response to a dip in gas supplies triggered by the war in Gaza. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Egyptians have been suffering from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36d5ff0c-c1db-44e1-bdff-b5742c358939\/the%253cmark%253e-blackouts%253c%2Fmark%253e-aren%25e2%2580%2599t-going-anywhere-for-a-while\" style=\"\" rel=\"noopener\">rolling blackouts<\/a> since last summer, as the government works to ration the consumption of natural gas production. The power cuts were originally blamed on summer heat waves, but after temperatures have fallen, officials noted that the one-hour cut saves the country some USD 300 mn per month.<\/p><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- <\/strong>It\u2019s another sunny day in Cairo, with a high of 38\u00b0C and a low of 25\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 a little cooler in Alexandria<\/strong>, with a high of 31\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><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\">CIRCLE YOUR CALENDAR-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s less than 30 days to go until the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cccpa-eg.org\/news-details\/1172\" style=\"\" rel=\"noopener\">Aswan Forum for Sustainable Peace and<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cccpa-eg.org\/news-details\/1172\" style=\"\" rel=\"noopener\">Development<\/a><\/strong>, which will be held in Cairo on 2-3 July. This year\u2019s forum will be on the theme of Africa in a Changing World: Re-envisioning Global Governance for Peace and Development.<\/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\"><a id=\"wwtt3\"><\/a> <strong>Egyptian officials in Doha for ceasefire talks:<\/strong> Several Egyptian officials are in Qatar today to meet their US and Qatari counterparts to hold discussions centered around reopening ceasefire negotiations, <a target=\"_blank\" href=\"https:\/\/alqaheranews.net\/news\/82972\/%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-%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9-%D9%85%D8%B5%D8%B1%D9%8A-%D9%82%D8%B7%D8%B1%D9%8A-%D8%A3%D9%85%D8%B1%D9%8A%D9%83%D9%8A-%D8%A8%D8%A7%D9%84%D8%AF%D9%88%D8%AD%D8%A9-%D8%BA%D8%AF%D8%A7-%D9%84%D8%A8%D8%AD%D8%AB-%D8%A7%D9%84%D9%87%D8%AF%D9%86%D8%A9-%D8%A8%D8%BA%D8%B2%D8%A9\" style=\"\" rel=\"noopener\">Al Qahera News<\/a> reports, citing high-level sources. .<\/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>A third term for Modi \u2026 maybe:<\/strong> Indian Prime Minister Narendra Modi is on track to become the country\u2019s first prime minister to secure a third term in over 60 years after his coalition the Bharatiya Janata Party (BJP) won a little more than half of the 543 seats in the country\u2019s lower house. Modi has lost his parliamentary majority \u2014 a surprise to pundits \u2014 and now has to work with allies to form a government. The opposition INDIA alliance holds some 233 seats. The result is seen as a blow to Modi\u2019s dominance, with analysts noting a shift towards \u201calliance politics\u201d and a more negotiated government. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1de49cb9-db2c-446f-8ee4-9bdbb4a7625b\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/397bbe91-ee0e-45fe-855c-37c89c14795d\/shareholders-can-buy-into-qalaa%25e2%2580%2599s-debt-today\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/06\/04\/indias-narendra-modi-declares-victory-despite-election-blow.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>What\u2019s next? <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-04\/india-election-2024-why-modi-bjp-s-lead-was-narrower-than-expected?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> is out with a piece detailing what went wrong for Modi and what we expect next from the Indian government. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO IN ELECTIONS- Sunak vs. Starmer. <\/strong>UK Prime Minister Rishi Sunak went head-to-head with Labour Party leader Keir Starmer in their first debate weeks before the Brits head to the polls. Their debate saw them take digs at each other\u2019s election promises, with Sunak telling viewers that Starmer\u2019s party will \u201craise your taxes. It\u2019s in their DNA. Your work, your car, your pension.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Round two: <\/strong>The two will face off again on 26 June and take part in a seven-way debate on Friday, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-04\/sunak-starmer-clash-on-taxes-in-crunch-uk-election-tv-debate?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg writes<\/a>. (<a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/politics\/article\/2024\/jun\/04\/sunak-and-starmer-scrap-over-tax-and-immigration-in-heated-first-tv-debate\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2024\/06\/04\/keir-starmer-rishi-sunak-debate-uk-election\/\" style=\"\" rel=\"noopener\">The Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/32ffd10b-564d-404c-8744-2d4b869137d3\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cz55pm66lgko\" style=\"\" rel=\"noopener\">BBC<\/a>) <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>OIL WATCH- Oil extends losses:<\/strong> Oil prices fell another USD 1 a barrel yesterday, extending losses that pushed them to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16a75d07-03f7-4861-b1b3-ddb50c96e82e\/\" style=\"\" rel=\"noopener\">four-month lows<\/a>. Brent crude fell to a low of USD 76.76 a barrel yesterday, while US West Texas Intermediate crude fell to USD 73.25. Brent has now fallen 8% over the past week, as \u201crising oil inventories and weak economic data have fuelled concerns that global demand will remain depressed, while stubbornly high inflation will cause central banks to delay interest rate cuts,\u201d writes the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c2bc1958-eb3f-4ffc-8f66-ee78a4ab7350\" style=\"\" rel=\"noopener\">Financial Times<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2503.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at how smart mobility projects in Egypt and across the region are working to create safer, more efficient, and less polluted cities and the hurdles they face.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertilizers\/\">fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"622366 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=\"622366\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/622366\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622366\" class=\"content-area-description single-story post-622366 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\/6\/114.jpg?ssl=1\"><\/a><\/span><\/p>\n<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 El Adha 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. Book your stay now, call 16390.<\/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=\"622367\" 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=\"622367\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/al-ahlys-new-home-to-anchor-world-class-sports-city-in-sheikh-zayed\/\">\r\n                            Al Ahly\u2019s new home to anchor world-class sports city in Sheikh Zayed                        <\/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\/05\/al-ahlys-new-home-to-anchor-world-class-sports-city-in-sheikh-zayed\/\" 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\/05\/al-ahlys-new-home-to-anchor-world-class-sports-city-in-sheikh-zayed\/')\">\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\/05\/al-ahlys-new-home-to-anchor-world-class-sports-city-in-sheikh-zayed\/\">\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=Al Ahly\u2019s new home to anchor world-class sports city in Sheikh Zayed&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/al-ahlys-new-home-to-anchor-world-class-sports-city-in-sheikh-zayed\/\">\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\/05\/al-ahlys-new-home-to-anchor-world-class-sports-city-in-sheikh-zayed\/&title=Al Ahly\u2019s new home to anchor world-class sports city in Sheikh Zayed\">\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=Al+Ahly%E2%80%99s+new+home+to+anchor+world-class+sports+city+in+Sheikh+Zayed+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F05%2Fal-ahlys-new-home-to-anchor-world-class-sports-city-in-sheikh-zayed%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\/05\/al-ahlys-new-home-to-anchor-world-class-sports-city-in-sheikh-zayed\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/444.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"622368\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/al-ahlys-new-home-to-anchor-world-class-sports-city-in-sheikh-zayed\/444-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/444.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"444.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/444.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/444.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622367\" class=\"content-area-description single-story post-622367 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-al-ahly tag-beltone-holding tag-enterpriseam tag-investment-watch tag-sports 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\/.e21f9ef2-608c-4036-9c41-2df5bc7aeda8.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A new <\/strong><strong>44<\/strong><strong>-k seat home stadium for Al Ahly will anchor a world-class city in <\/strong><strong>Sheikh Zayed<\/strong> that is being brought together by a consortium of more than a dozen companies led by Al Qalaa Al Hamra Co. and exclusively advised by our friends at Beltone Investment Banking, according to a <a target=\"_blank\" href=\"https:\/\/alahlyegypt.com\/ar\/news\/article\/%D8%A7%D9%84%D8%A3%D9%87%D9%84%D9%8A-%D9%8A%D9%88%D9%82%D8%B9-%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%A7%D9%84%D9%82%D8%B1%D9%86-665f839a7d082\" style=\"\" rel=\"noopener\">statement<\/a>. Al Qalaa Al Hamra made the announcement at an event last night. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The complex will cost north of EGP 12 bn to build out <\/strong><strong>over the course of four years<\/strong>, we\u2019re told, and will be built across two phases. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advised by Beltone, the Qalaa Al Hamra group has a 25-year agreement that will see it <\/strong><strong>finance, build, develop, operate, and market the new venue<\/strong>, named Al Ahly Club Sports City. In addition to the stadium, the city will include an Ahly Club museum, university, school, and a hotel as well as a hospital with a focus on sports medicine. The aim is to serve a wide range of community needs, Al Qalaa Al Hamra says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A bunch of familiar faces: <\/strong>Al Qalaa Al Hamra\u2019s board is chaired by long-time sports and commercial management expert Mohamed Kamel, and has a number of familiar faces sitting on it like former education minister Tarek Shawki and former planning minister Ashraf El Arabi. Check out the full board <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/463.jpg\" style=\"\" rel=\"noopener\">here (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The players:<\/strong> The 15-company global consortium includes the UAE\u2019s Palm Sports, global hospitality brand Hilton, Alexandria Medical Services Company, engineering firm ACE Moharram-Bakhoum, Hill International, Boogertman + Partners, ECG, Distance Studio Consultants, Abnaa Sinai, and UAE-based Trojan Construction Group.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key message: It\u2019s a more than USD 250 mn vote of confidence in Egypt\u2019s sports <\/strong><strong>industry <\/strong>and the economy\u2019s direction of travel. \u201cThis is case of global and local brands working together to set a new standard for sports, education, and hospitality in Egypt,\u201d a consortium member told us. Al Ahly Club will retain full ownership of the land on which the complex will be built.<\/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\/al-ahly\/\">Al Ahly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beltone-holding\/\">Beltone Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/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=\"622369\" 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=\"622369\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/foreign-reserves-soar-to-all-time-high-following-ras-el-hekma-funds\/\">\r\n                            Egypt\u2019s foreign reserves soar to all-time high following Ras El Hekma funds                        <\/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\/05\/foreign-reserves-soar-to-all-time-high-following-ras-el-hekma-funds\/\" 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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href=\"https:\/\/api.whatsapp.com\/send?text=Foreign+reserves+soar+to+all-time+high+following+Ras+El+Hekma+funds+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F05%2Fforeign-reserves-soar-to-all-time-high-following-ras-el-hekma-funds%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\/05\/foreign-reserves-soar-to-all-time-high-following-ras-el-hekma-funds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/406.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"622370\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/foreign-reserves-soar-to-all-time-high-following-ras-el-hekma-funds\/406-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/406.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"406.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/406.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/406.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622369\" class=\"content-area-description single-story post-622369 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-foreign-reserves tag-ras-el-hekma 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\/.df472269-b43a-4d73-af25-ea32d78e2c53.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>FX reserves blow past pre-pandemic levels:<\/strong> Net foreign reserves increased by a little over USD 5 bn in May, up from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/68ca4c8a-4e37-4ea8-9dd8-4f98cb328540\" style=\"\" rel=\"noopener\">USD 41.1 bn in April<\/a>, and hitting a record USD 46.1 bn, according to <a target=\"_blank\" href=\"https:\/\/cbe.org.eg\/en\/news-publications\/news\/2024\/net-international-reserves-at-the-end-of-may-2024\" style=\"\" rel=\"noopener\">central bank figures<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A fresh high: <\/strong>May\u2019s figures top their <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/237cd5d2-3190-4eaa-add4-2e3f08a432db\" style=\"\" rel=\"noopener\">pre-Covid peak<\/a> of USD 45.5 bn after the final tranche of the Ras el Hekma funds landed in state coffers. That\u2019s their highest level on record, according to data compiled by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-04\/egypt-s-uae-megadeal-sends-foreign-reserves-soaring-to-record\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Abu Dhabi wealth fund ADQ <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4461a6ec-f67a-45d9-b396-b6b1f6533a35\/second-usd-20-bn-tranche-of-ras-el-hekma-funds-land-in-egypt%25e2%2580%2599s-coffers\" style=\"\" rel=\"noopener\">delivered the second tranche<\/a> of the landmark USD 35 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">Ras El Hekma agreement<\/a> in mid-May. The USD 20 bn tranche consisted of USD 14 bn in fresh inflows and USD 6 bn in the form of a previous UAE deposit at the central bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And they\u2019re expected to continue their ascension in the coming months:<\/strong> Credit rating agency Fitch Ratings expects Egypt\u2019s foreign currency reserves to reach USD 49.7 bn in the current fiscal year and USD 53.3 bn in the next, the agency <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70ab4109-b896-4fb8-9620-7d7ca7246084\/fitch-upgrades-egypt%25e2%2580%2599s-sovereign-credit-rating-outlook-to-positive\" style=\"\" rel=\"noopener\">said<\/a> last month.<\/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 USD 15 bn first tranche of the Ras El Hekma agreement gave the central bank the buffer it needed to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\/\" style=\"\" rel=\"noopener\">float the EGP and hike rates by 600 bps<\/a>, a move that helped attract FX liquidity back to the official banking system and paved the way for more foreign funding. Egypt has over the past few months lined up some USD 57 bn worth of foreign support \u2014 including the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0f153a1-4a27-4cda-9c1d-6dfc4681517b\/\" style=\"\" rel=\"noopener\">IMF\u2019s expanded USD 8 bn package<\/a>, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\" style=\"\" rel=\"noopener\">EUR\u2019s 7.4 bn package<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19bac262-1a66-4b6e-af15-3fd23f52c1e2\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19bac262-1a66-4b6e-af15-3fd23f52c1e2\" style=\"\" rel=\"noopener\">USD 6 bn<\/a> in financing from the World Bank.<\/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\/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-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ras-el-hekma\/\">Ras El Hekma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"622371\" 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=\"622371\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/egypts-non-oil-private-sector-inches-closer-to-growth\/\">\r\n                            Contraction in Egypt\u2019s non-oil private sector eases in May as activity picks up to its highest level in over three years                        <\/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\/05\/egypts-non-oil-private-sector-inches-closer-to-growth\/\" 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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Almost there:<\/strong> The index rose to its highest level since August 2021 to 49.6, up from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/506cdc0e-c483-4182-9aaa-be2abcf0a5f8\" style=\"\" rel=\"noopener\">47.4<\/a> in April and just shy of the 50 threshold that separates growth from contraction. Egypt\u2019s PMI has been in contraction for 42 straight months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Leading the improvement: <\/strong>\u201cThe output and new orders metrics closed most of their gaps to the 50.0 growth threshold, with the services and construction sectors even seeing a turnaround in activity as comments suggest that greater price stability fuelled client spending,\u201d S&P\u2019s Senior Economist David Owen noted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still reaping the rewards of the float:<\/strong> Improved foreign currency availability in the wake of hard currency inflows returning to the official banking system following the float of the EGP and FX and inflows from the Ras El Hekma agreement and international partners landing in the state coffers. This has spurred \u201cgreater price stability and stronger confidence\u201d among firms and drove input cost inflation down for a third consecutive month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More staff, better salaries.<\/strong> Improved confidence pushed companies to hire more. Meanwhile, higher cost-of-living pressures pushed businesses to raise salaries at one of the fastest rates in more than three years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Recovery is yet to pick up across other sectors:<\/strong> \u201cOngoing downturns in industries such as manufacturing and wholesale & retail show that the recovery is still lopsided and may take more time to spread across the economy,\u201d said Owen.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story received coverage from: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-04\/egypt-business-gauge-hits-highest-since-2021-as-inflation-cools%5C\" style=\"\" rel=\"noopener\">Bloomberg<\/a> and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/slowdown-egypts-non-oil-sector-eases-may-pmi-shows-2024-06-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp\/\">S&amp;P<\/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=\"622373\" 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=\"622373\">\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\">FINANCIAL SERVICES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/valu-launches-ulter-a-high-end-finance-platform-for-affluent-customers\/\">\r\n                            Valu launches Ulter, a high-end finance platform for affluent customers                        <\/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\/05\/valu-launches-ulter-a-high-end-finance-platform-for-affluent-customers\/\" 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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Ulter will allow repayment periods of up to 60 months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pitch: <\/strong>\u201cToday, we are not only launching the biggest and the most luxurious financing program in the nation, we\u2019re also offering <strong>the fastest approval process: In 10 minutes, qualified clients can receive approval for up to EGP 60 mn in financing<\/strong>,\u201d valu CEO Walid Hassouna said at an exclusive launch event last night set against the backdrop of the Saqqara Pyramid and the Serapeum of Saqqara.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Making a splash: <\/strong>The design-forward event was attended by prominent business figures as well as leading figures in the nation\u2019s art and design community \u2014 it was fantastic to see so many Enterprise readers there. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>International heavyweights were in town for the gathering<\/strong>, where they took to the stage for an evening discussion of Egypt\u2019s art and design scene. Art D\u2019\u00c9gypte\u2019s <strong>Nadine Abdel Ghaffar<\/strong> moderated a fireside chat and two panel discussions on art and luxury fashion, gemology, and the art of creating luxury brands. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Among the speakers: <\/strong>Angela Missoni, president and former creative director of <strong>Missoni<\/strong>; Wafaa Benbrahim, a brand ambassador for <strong>Baccarat<\/strong>; Marcus Jocher from <strong>Christofle<\/strong>; Katiuscia Di Martino and Mehdi Benbrahim from <strong>Tiffany & Co<\/strong>. CulturVator by Art D\u2019Egypte, a curator of art and culture events and experiences in the MENA region, helped produce the event.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian luxury brands were front and center last night<\/strong>, including Mariam & Aynour Zeitoun (the designers and suppliers of natural stone), Nuniz, My Diamond Jewelry House, Villa Magenta, Shosha Kamal design house, Kahhal, R\u2019Kan furniture, and Dima jewelry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The highlight of the night: <\/strong>Not the Ulter-branded Mercedes or the sunset tour of the Saqqara Pyramid complex and the Serapeum, but the operatic singer performing songs in the Ancient Egyptian language during a seated dinner. <\/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\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"622375\" 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=\"622375\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/sfe-to-start-offering-former-ministerial-hqs-to-investors-in-2h-2024\/\">\r\n                            Egypt\u2019s sovereign fund to start offering former ministerial buildings to investors in 2H 2024                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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                   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=SFE+to+start+offering+former+ministerial+HQs+to+investors+in+2H+2024+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F05%2Fsfe-to-start-offering-former-ministerial-hqs-to-investors-in-2h-2024%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/sfe-to-start-offering-former-ministerial-hqs-to-investors-in-2h-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/408.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"622376\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/sfe-to-start-offering-former-ministerial-hqs-to-investors-in-2h-2024\/408-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/408.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"408.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/408.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/408.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622375\" class=\"content-area-description single-story post-622375 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-enterpriseam tag-hala-el-said tag-privatization-watch tag-sovereign-fund-of-egypt tag-state-privatization-program 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\/.1fd2ebab-dd31-4df1-b447-98ac6cdec516.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Former government HQs to be offered to investors in 2H 2024: <\/strong>The Sovereign Fund of Egypt (SFE) will start offering 7-8 former ministerial headquarters in Downtown Cairo to investors during the second half of the year, Planning Minister and Fund chair Hala El Said told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64454\/%D9%88%D8%B2%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D8%AA%D8%AE%D8%B7%D9%8A%D8%B7-%D9%84%D9%80%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B7%D8%B1%D8%AD-8-%D9%85%D9%82%D8%A7%D8%B1-%D9%88%D8%B2%D8%A7%D8%B1%D9%8A%D8%A9-%D8%B9%D9%84%D9%89-%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%8A%D9%86-%D8%AE%D9%84%D8%A7%D9%84-6-%D8%A3%D8%B4%D9%87%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Offers have started rolling in:<\/strong> A number of local and foreign investors have already submitted offers for the headquarters, El Said <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0S7o3hf8F4EAYxzhH2k1jk4JrKeEaAUpdthwVkBxMCseTQSneApahRUkbd3TZb34Rl\" style=\"\" rel=\"noopener\">said earlier this week<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/457a61c7-92d0-4f8b-b17c-436dad90950f\" style=\"\" rel=\"noopener\">transferred its ownership<\/a> of a set of ministerial headquarters to the SFE earlier this year in its efforts to sell off or repurpose the properties. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Among the most memorable <\/strong>are the headquarters of the Foreign Ministry on the Nile Corniche, the headquarters for the ministries of trade, tourism, transport, justice, education, housing, health, supply, social solidarity, and military production. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The ministers have been instructed to evacuate their Downtown Cairo headquarters and make the move to the new capital or another location. After that the Fund will evaluate the buildings and assess how they can be exploited, El Said added. <\/p>\n<p class=\"tag-border-left\">TO WATCH FOR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The development of the Interior Ministry HQ: <\/strong>The government will within weeks sign a contract with a firm to oversee the development of the former Interior Ministry building, she said, adding that the first phase of turning the HQs into a business park and a hotel has been completed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new date for the Mogamma revamp:<\/strong> The redevelopment of the Mogamma Tahrir building into <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6a6594a-17e9-439f-923c-fa00803a7e7f\" style=\"\" rel=\"noopener\">a 450-room, five-star hotel<\/a>, under the brand Cairo House Hotel, is expected to be completed by December 2025, El Said said. That\u2019s a one-year pushback from an earlier estimation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline: <\/strong>Nilus Hotel and Commercial Services and Nilus Residential Services <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a0a192e-8d43-4112-81ec-a17f1ed9dc94\" style=\"\" rel=\"noopener\">received the greenlight<\/a> from the cabinet to build two commercial and residential towers on the National Democratic Party\u2019s (NDP) former headquarters. The two projects, reportedly worth a combined <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">USD 5 bn<\/a>, are due for completion in 2Q 2028.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of a bigger plan to revamp Downtown Cairo: <\/strong>The SFE is close to finalizing its plan to revamp Downtown Cairo, with hopes to start working on the project over the coming months, SFE boss Ayman Soliman said back in January. The SFE\u2019s blueprint for the area is being drawn up alongside the European Bank for Reconstruction and Development and two other international advisers, he added.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-el-said\/\">Hala El Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/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=\"622377\" 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=\"622377\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/egypt-was-among-saudi-arabias-top-investors-last-quarter\/\">\r\n                            Egypt was among Saudi Arabia\u2019s top investors last quarter                        <\/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\/05\/egypt-was-among-saudi-arabias-top-investors-last-quarter\/\" 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\/05\/egypt-was-among-saudi-arabias-top-investors-last-quarter\/')\">\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\/05\/egypt-was-among-saudi-arabias-top-investors-last-quarter\/\">\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=Egypt was among Saudi Arabia\u2019s top investors last quarter&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/egypt-was-among-saudi-arabias-top-investors-last-quarter\/\">\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\/05\/egypt-was-among-saudi-arabias-top-investors-last-quarter\/&title=Egypt was among Saudi Arabia\u2019s top investors last quarter\">\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=Egypt+was+among+Saudi+Arabia%E2%80%99s+top+investors+last+quarter+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F05%2Fegypt-was-among-saudi-arabias-top-investors-last-quarter%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\/05\/egypt-was-among-saudi-arabias-top-investors-last-quarter\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1066.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"622378\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/egypt-was-among-saudi-arabias-top-investors-last-quarter\/1066-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1066.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1066.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1066.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1066.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622377\" class=\"content-area-description single-story post-622377 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-azimut-egypt-asset-management tag-enterpriseam tag-fdi tag-investment-watch tag-saudi-arabia tag-startups 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\/.eb9b904f-eea3-40c9-bc12-dbb3ce49caa4.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A whole lotta investments. <\/strong>Yesterday was busy with investment news from fresh funds from the Gulf to Azimut announcing fresh funds. <\/p>\n<p class=\"tag-border-left\">EGYPT WAS ONE OF KSA\u2019S TOP INVESTORS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt among to<\/strong><strong>p investors in Saudi Arabia in 1Q 2024: <\/strong>Egypt ranked as the joint top third investor in Saudi Arabia by number of transactions in the first quarter of the year, according to Saudi Investment Ministry\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/294.pdf\" style=\"\" rel=\"noopener\">Economic and Investment Monitor (pdf)<\/a>. Egypt along with the UAE and Singapore each closed three agreements in the Kingdom, behind the UK in second place with five, and the US with 11 closed transactions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And there\u2019s signs that Egyptian interest in Saudi investments is growing: <\/strong>Egypt received 950 investment licenses in 1Q 2024 from the Saudi Investment Ministry, way ahead of Yemen in second place with 346 licenses and India in third place with 321 licenses.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bigger picture: <\/strong>Net inflows of foreign direct investment into Saudi grew 32% y-o-y in 4Q 2023 to SAR 19 bn (c. USD 5.07 bn). FDI inflows hit SAR 72 bn in 2023, growing 12.1% y-o-y, not including Aramco\u2019s SAR 58.1 bn agreement with BlackRock Real Assets and Hassana Investment in February 2022, according to the report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want more? <\/strong>EnterpriseAM KSA has the full breakdown of the report. Check it out <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9da9c83b-9f9b-496e-9d64-e5f04b32d783\/fdi-inflows-tick-up-in-4q-2023\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">NEW AZIMUT FUNDS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Three new Azimut funds in 2024?<\/strong> Asset manager Azimut is planning to launch three new investment funds before the end of 2024, one of which will invest in shariah-compliant stocks and go live when the EGX launches its maiden <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6204c6b2-8396-4205-8ded-f8b89aa49748\" style=\"\" rel=\"noopener\">sharia-compliant index<\/a>, Azimut Managing Director. Ahmed Aboul Saad told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/06\/04\/1798711\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The firm is also gearing up to launch a USD fixed-income fund which will invest in Eurobonds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> EGX Head Ahmed El Sheikh <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c27bcd8-d1e2-46da-ba90-7207a18de7c9\/the-egx%25e2%2580%2599s-long-awaited-sharia-compliant-index%253cmark%253e-to%253c%2Fmark%253e-launch-before-the-end-of-june\" style=\"\" rel=\"noopener\">said last month<\/a> that the bourse has put together a committee to launch the index this quarter with 30 to 50 companies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline: <\/strong>The firm is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/490cdbcf-937b-4b6d-9ce9-9eb0ce115145\/contact-to-expand-in-saudi-in-2025.-plus:-news-from-b-investments,-talaat-moustafa-group,-adib,-mashreq,-madinet-masr,-idea-verde,%253cmark%253e-azimut%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">planning to launch<\/a> the country\u2019s first silver-backed investment fund, with initial investments of EGP 150-200 mn. The company launched the country\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/373fda24-6907-4c8b-bb56-623da5e5a367\" style=\"\" rel=\"noopener\">first gold fund<\/a> with Evolve Investment Holding in May 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">FRESH FUNDS FOR ECOMILEZ- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Vhubs invests in Ecomilez:<\/strong> Abu Dhabi-based logistics firm <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/vhubs\/about\/\" style=\"\" rel=\"noopener\">Vhubz<\/a> has invested some EGP 50 mn in local logistics startup <a target=\"_blank\" href=\"https:\/\/www.ecomilez.com\/\" style=\"\" rel=\"noopener\">Ecomilez<\/a>, writes <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/06\/04\/1798684\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. With its 20 years of experience in the field and the fresh funds, Vhubz will help Ecomilez expand their tech logistics solutions, boost efficiency, and bring down freight costs 30-40%, Ecomilez CEO, Mohamed Ismail told the news outlet. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expanding its footprint: <\/strong>The startup wants to step into the UAE and Saudi market by the end of the year, backed by the funding from Chubs. <\/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\/azimut-egypt-asset-management\/\">Azimut Egypt Asset Management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"622379\" 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=\"622379\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/adnoc-distribution-to-manufacture-motor-oil-in-egypt-before-the-end-of-2024\/\">\r\n                            Adnoc Distribution to manufacture motor oil in Egypt before the end of 2024                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        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<\/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\/05\/adnoc-distribution-to-manufacture-motor-oil-in-egypt-before-the-end-of-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/402.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"622380\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/adnoc-distribution-to-manufacture-motor-oil-in-egypt-before-the-end-of-2024\/402-jpg-30\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/402.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"402.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/402.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/402.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622379\" class=\"content-area-description single-story post-622379 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-adnoc tag-energy tag-enterpriseam tag-evs 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\/.778944e2-f7aa-40e9-8ce8-69db10e4b29a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Adnoc Distribution to manufacture motor oil in Egypt:<\/strong> Adnoc Distribution, the distribution arm of UAE\u2019s state oil company Abu Dhabi National Oil Company, is set to begin manufacturing motor oil in Egypt before the end of 2024, the company\u2019s CEO Bader Al Lamki told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64493\/%D8%A3%D8%AF%D9%86%D9%88%D9%83-%D9%84%D9%84%D8%AA%D9%88%D8%B2%D9%8A%D8%B9-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D8%AA%D8%AA%D8%B7%D9%84%D8%B9-%D9%84%D8%A7%D8%B3%D8%AA%D8%AD%D9%88%D8%A7%D8%B0%D8%A7%D8%AA-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D9%88%D8%A7%D9%84%D9%85%D9%86%D8%B7%D9%82%D8%A9\/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=asharqbegy\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fuel retailer has big plans for Egypt: <\/strong>Further expansion and acquisitions in Egypt are also in the cards, with Al Lamki telling the outlet that the company is planning to add 15-20 gas stations in Egypt, Saudi Arabia, and the UAE over the next six months. Adnoc Distribution has earmarked USD 200-300 mn every year for the next five years to fuel the expansion of its operations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it looks like these plans won\u2019t include Wataniya: <\/strong>Adnoc had been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ed0f878-77a6-4d08-8c51-91fc5ff5c0fb\" style=\"\" rel=\"noopener\">rumored<\/a> to have lodged a bid for the military-owned filling station operator Wataniya, but unconfirmed media reports in February <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6917ee5-d671-4da3-8343-001eb83e356f\" style=\"\" rel=\"noopener\">claimed<\/a> that the Emirati oil giant had withdrawn its bid.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EV charging services are also in the works: <\/strong>The company is also looking into obtaining a license to set up EV charging stations in Egypt, Al Lamki added. The head of the company also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a817ddae-7f5f-4385-a8dc-f95f300a40bf\/%253cmark%253eadnoc-distribution%253c%2Fmark%253e-doubles-down-on-egypt,-saudi-arabia-expansions\" style=\"\" rel=\"noopener\">told us<\/a> in February that Adnoc was looking into starting aircraft refueling in Egypt and had been discussing the idea with the Oil Ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Adnoc Distribution has only been in the Egyptian market for over a year now, following its USD 186 mn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75784c1b-8241-45cc-affa-165e236ca996\" style=\"\" rel=\"noopener\">acquisition<\/a> of a 50% stake in TotalEnergies\u2019 Egyptian fuel distribution arm in early 2023.<\/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\/adnoc\/\">ADNOC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/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=\"622381\" 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=\"622381\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/al-gioshy-steel-to-set-up-new-production-line-in-2025-delays-listing-plans\/\">\r\n                            Egyptian Al Gioshy Steel to set up new production line in 2025, delays listing plans                        <\/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 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<\/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\/05\/al-gioshy-steel-to-set-up-new-production-line-in-2025-delays-listing-plans\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/404.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"622382\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/al-gioshy-steel-to-set-up-new-production-line-in-2025-delays-listing-plans\/404-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/404.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"404.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/404.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/404.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622381\" class=\"content-area-description single-story post-622381 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-al-gioshy-steel tag-commodities tag-enterpriseam tag-manufacturing 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\/.0d8d7b72-8174-4aba-b6e7-928cd48b988a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Al Gioshy Steel wants to expand: <\/strong>Al Gioshy Steel is in talks with several Italian suppliers of steelmaking equipment \u2014 including <a target=\"_blank\" href=\"https:\/\/www.danieli.com\/\" style=\"\" rel=\"noopener\">Danieli<\/a> and <a target=\"_blank\" href=\"https:\/\/www.siderengineering.com\/en\/\" style=\"\" rel=\"noopener\">Sider Engineering<\/a> \u2014 to install a production line at its manufacturing facility next year, chairman Tarek Al Gioshy told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/06\/04\/-%D8%A7%D9%84%D8%AC%D9%8A%D9%88%D8%B4%D9%8A-%D9%84%D9%84%D8%B5%D9%84%D8%A8-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%A7%D9%86%D8%B4%D8%A7%D8%A1-%D8%AE%D8%B7-%D8%A7%D9%86%D8%AA%D8%A7%D8%AC-%D8%AC%D8%AF%D9%8A%D8%AF-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who is footing the bill? <\/strong>The new line will come at a cost between EGP 500 mn and EGP 1 bn. The steel manufacturer is hoping to secure payment plans with favorable terms from its suppliers and in case that doesn\u2019t work out it will look at banks to fund the cost of the new line, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Gioshy wants to double its output this year: <\/strong>The company aims to double its output to 200-240k tons this year, up from the 100k tons it produced in 2023, Al Goishy said. It currently has one rebar production line with a maximum capacity of 300k tons.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A billet production line coming up next? <\/strong>Al Gioshy Steel will soon seek a smelting license from the Industrial Development Authority to add a billet production line, Al Gioshy said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Listing plans pushed back again:<\/strong> The company has pushed back its plan to offer a stake on the EGX to 2027, after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0df52b51-7886-45b7-ac21-1998f14c4b5f\/msc-to-build-tenth-of-ramadan-dry-port\" style=\"\" rel=\"noopener\">targeting a 2024 date<\/a>, according to Al Gioshy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The steel manufacturer has been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/352bc0fd-1485-4e6e-ba3c-1eebfb98494f\" style=\"\" rel=\"noopener\">considering an IPO<\/a> since at least 2019, but tough market conditions due to the pandemic prompted it to put the plans on hold.<\/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\/al-gioshy-steel\/\">Al Gioshy Steel<\/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\/manufacturing\/\">Manufacturing<\/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=\"622383 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=\"622383\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/622383\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622383\" class=\"content-area-description single-story post-622383 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/186.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"622384\" 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=\"622384\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/on-power-cuts-and-the-cabinet\/\">\r\n                            Egypt witnessed extended power cuts yesterday                        <\/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\/05\/on-power-cuts-and-the-cabinet\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> 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data-image-meta=\"[]\" data-image-title=\"441.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/441.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/441.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622384\" class=\"content-area-description single-story post-622384 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-electricity tag-enterpriseam tag-last-nights-talk-shows 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\/.878f6de4-d0f8-4d05-8480-1a25a6531936.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was a fairly uneventful night on the airwaves<\/strong>, with only two topics worth noting: The resignation of the cabinet and the longer-than-usual blackouts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t worry: <\/strong>The extended power cut was a one time thing for yesterday and yesterday only, despite what a deleted Facebook post from the Qalyubia governorate claimed, Yahduth Fi Masr\u2019s Sherif Amer said (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=829654675161416\" style=\"\" rel=\"noopener\">watch, runtime: 6:20<\/a>). Ala Masouleety\u2019s Moussa\u2019s also had coverage (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1128189785059542\" style=\"\" rel=\"noopener\">watch, runtime 1:57<\/a>) and we have more on the topic in the news well, above. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong>The nation\u2019s talking heads continued their coverage of <a target=\"_blank\" href=\"http:\/\/enterprise.news\/egypt\/ar\/news\/story\/5ac3348f-fdd8-49d5-8716-0d58a8e874b9\/%d8%a7%d9%84%d8%b3%d9%8a%d8%b3%d9%8a-%d9%8a%d9%83%d9%84%d9%81-%d9%85%d8%af%d8%a8%d9%88%d9%84%d9%8a-%d8%a8%d8%aa%d8%b4%d9%83%d9%8a%d9%84-%d8%ad%d9%83%d9%88%d9%85%d8%a9-%d8%ac%d8%af%d9%8a%d8%af%d8%a9\" style=\"\" rel=\"noopener\">El Sisi\u2019s re-appointment<\/a> of Prime Minister Moustafa Madbouly to form the new government, following the resignation of his former government on Monday. Yahduth Fi Misr (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=V1zhO1VBkDc\" style=\"\" rel=\"noopener\">watch, runtime: 18:50<\/a>) and Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=CbbPwm97Sys\" style=\"\" rel=\"noopener\">watch, runtime: 4:08<\/a>) had the news. <\/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\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"622386\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between 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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=\"622387\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/central-bank-switches-around-rules-for-hiring-auditors-and-accountants-plus-news-from-misr-ins-holding-and-mm-group\/\">\r\n                            Egypt\u2019s central bank switches around rules for hiring auditors and accountants                        <\/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 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The regulations also include a clause that ensures the client can\u2019t retap the same firm except after the passage of a specific period of time. The central bank says this will ensure governance standards and ensure there is no conflict of interest between the client and the firm. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fine print: <\/strong>Firms have 12 months to comply with the new rules.<\/p><p class=\"tag-border-left\">ENERGY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new bank to address a financing gap in the African oil industry:<\/strong> The African Petroleum Producers\u2019 Organization (APPO) and Afreximbank have set up the Africa Energy Bank, a bank that aims \u201cto address the impending funding crisis in the African oil and gas industry, triggered by the global energy transition,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.afreximbank.com\/appo-and-afreximbank-sign-the-establishment-agreement-of-the-aeb-declaring-it-open-for-signature-by-prospective-member-states\/\" style=\"\" rel=\"noopener\">statement<\/a> from Afreximbank. The bank will have an initial capital of USD 5 bn and is set to become operational next month, pending the signature of at least two APPO member countries, the statement read.<\/p><p class=\"tag-border-left\">MICROFINANCE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Misr Ins. Holding\u2019s microfinance arm receives regulatory greenlight:<\/strong> Misr Ins. Holding Company\u2019s microfinance arm \u2014 dubbed Maak \u2014 has received the go-ahead from the Financial Regulatory Authority (FRA), <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64486\/%D8%A7%D9%84%D9%82%D8%A7%D8%A8%D8%B6%D8%A9-%D9%84%D9%84%D8%AA%D8%A3%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B7%D9%84%D9%82-%D8%B4%D8%B1%D9%83%D8%A9-%D9%84%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D9%85%D8%AA%D9%86%D8%A7%D9%87%D9%8A-%D8%A7%D9%84%D8%B5%D8%BA%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reported, citing a company official. Maak, which has an initial capital of EGP 75 mn, aims to grant EGP 1 bn in financing during its first year of operations.<\/p><p class=\"tag-border-left\">RETAIL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More details on MTI\u2019s Saudi expansion:<\/strong> EGX-listed MM Group for Industry and International Trade (MTI) has allocated the equivalent of EGP 200 mn to its Saudi venture \u2014 the company through which MTI plans to enter Saudi home appliances and electronics markets, MTI Investor Relations Head, Ashraf Elghannam told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/06\/04\/1798716\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The company plans to enter the Saudi market next month. <\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/afreximbank\/\">AfreximBank<\/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\/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\/energy\/\">energy<\/a>\n                <!-- <span 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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=\"622389\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"622390\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"622390\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/mashreqs-usd-500-mn-bond-sale-meets-heavy-demand-allows-lender-to-lock-in-the-lowest-coupon-by-a-uae-bank-in-past-three-years\/\">\r\n                            Mashreq\u2019s USD 500 mn bond sale meets heavy demand, allows lender to lock in the lowest coupon by a UAE bank in past three years                        <\/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\/05\/mashreqs-usd-500-mn-bond-sale-meets-heavy-demand-allows-lender-to-lock-in-the-lowest-coupon-by-a-uae-bank-in-past-three-years\/\" 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id=\"post-622390\" class=\"content-area-description single-story post-622390 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-bonds tag-debt tag-enterpriseam tag-mashreq-bank tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.b94e1e1f-80f6-4f46-970b-3d7aa51922bd.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Mashreq\u2019s AT1 bonds were 4.4x oversubscribed: <\/strong>Our friends at Mashreq issued a USD 500 mn additional Tier 1 bond, yesterday, with an annual coupon rate of 7.125%, with a 270.5+ basis point (bps) reset margin, the lender said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/388.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The issuance carries the <strong>lowest coupon for AT1 bonds set by a bank in the UAE in the past three years.<\/strong> <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mashreq booked USD 2.3 bn in orders for the offering, making the sale 4.4x <\/strong><strong>oversubscribed. <\/strong>The transaction saw the largest price tightening by any UAE bank for an AT1 issuance in the past five years, Mashreq said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who bought in? <\/strong>Some 77.5% of the offering was allocated to Middle East-based investors, while Europe (including the UK) snapped up some 19.5%. The balance was divided between Asian markets and offshore US interests.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart: <\/strong>The issuance carries Mashreq\u2019s tightest-ever reset margin (+270.5 bps) for any of its bank capital issuances (AT1 and Tier 2) \u2014 that\u2019s the tightest spread ever achieved on a conventional, USD-denominated AT1 benchmark issuance out of the Middle East. The transaction was Mashreq\u2019s first since it raised USD 300 mn in its <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/mashreq-announces-pricing-of-its-inaugural-u300mln-additional-tier-1-offering-koy91nr3\" style=\"\" rel=\"noopener\">2022 offering<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Use of proceeds: <\/strong>Mashreq will use the funds to \u201ccontinue its growth plans into 2024 and beyond,\u201d our friend Ahmed Abdelal, Mashreq\u2019s Group CEO, said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The marketing plan: <\/strong>Mashreq kicked off with a \u201cwell-attended global investor call\u201d and then pushed through \u201ca couple of days of intensive marketing\u201d that included an in-person roadshow in London. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, Enterprise, what are AT1 bonds?<\/strong> They're a common way for banks to raise core tier-one capital without diluting shareholders by issuing new equity. Additional tier one certificates (or \u201cAT1 certificates\u201d) are a type of subordinated debt, meaning they rank below other types of bank debt in the event of liquidation. This makes them riskier than senior debt, but still gives them priority over equity holders. AT1 certificates are \u201cperpetual,\u201d having no fixed maturity date. They pay interest similarly to bonds, but can often be converted into equity under certain conditions, which is why they are often referred to as CoCos, short for \u201ccontingent convertibles,\u201d in the industry.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- Mashreq hired banks to advise on the issuance <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/209a156c-03e2-4f8f-8fb4-0a10e4155c42\/mashreq-bank-taps-banks-for%253cmark%253e-at1%253c%2Fmark%253e-bond-issuance\" style=\"\" rel=\"noopener\">last week<\/a><\/strong><strong>.<\/strong> The bonds will be perpetual and non-callable for 5.5 years, meaning Mashreq cannot redeem them within this period without incurring a penalty.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Mashreq appointed <strong>Abu Dhabi Commercial Bank<\/strong>, <strong>Al Ahli Bank of Kuwait<\/strong>\u2019s DIFC branch, <strong>BofA Securities<\/strong>, <strong>Citi<\/strong>, <strong>Emirates NBD Capital<\/strong>, <strong>FAB<\/strong>, <strong>Kamco Investment<\/strong> <strong>Company<\/strong>, <strong>Mashreq<\/strong>, and <strong>Mizuho <\/strong>as joint lead managers and joint bookrunners.<\/p><p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mixed this morning<\/strong>, with the Nikkei and Shanghai Composite in the red, while the ASX 200, Kospi, and Hang Seng are all in the green. <strong>US equities futures were comfortably in the green overnight<\/strong> as traders look forward to yet another data dump later today \u2014 this time <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/06\/04\/stock-market-today-live-updates.html\" style=\"\" rel=\"noopener\">May private payroll data<\/a> from ADP. <strong>Futures for major European benchmarks were all up<\/strong> in overnight trading with the exception of France\u2019s CAC 40. <\/p><p><a target=\"_blank\" id=\"t.3ecefeb22af3ea721b45a9eecfea0d1b2354081a\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">26,973<\/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: +8.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 47.37<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.51<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/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 47.37<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.47<\/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\">11,612<\/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: -3.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,919<\/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: -6.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">3,986<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: -1.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,291<\/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: +25.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,232<\/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: +6.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,953<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0% (YTD: +9.6%)<\/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>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 77.52<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2.62<\/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%<\/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>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 2,348<\/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%<\/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 70,399<\/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\">+1.9% (YTD: +66.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.5% at yesterday\u2019s close<\/strong> on turnover of EGP 3.4 bn (29.5% below the 90-day average). Local investors were net buyers. The index is up 8.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Alexandria Containers and Cargo Handling (+4.7%), Palm Hills Development (+4.1%), and Egypt Kuwait Holding -EGP (+3.5%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Qalaa Holdings (-2.0%), Sidi Kerir Petrochemicals (-1.7%), and E-finance (-1.1%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mashreq-bank\/\">Mashreq Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"622392\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">13<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/smart-mobility-could-help-solve-egypts-urbanization-issues-and-promote-sustainability\/\"> \r\n                            Smart mobility could help solve Egypt\u2019s urbanization issues and promote sustainability<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/smart-mobility-could-help-solve-egypts-urbanization-issues-and-promote-sustainability\/\" 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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Smart mobility projects will be key to reducing the country\u2019s chronic urban issues, but there are big hurdles to overcome and Egypt remains behind its Gulf neighbors when it comes to smart mobility investment, writes Tarek Selim from the World Economic Forum\u2019s Global Economic Council in an essay within strategic comms firm <a target=\"_blank\" href=\"https:\/\/bljworldwide.com\/\" style=\"\" rel=\"noopener\">BLJ\u2019s<\/a> recently released <a target=\"_blank\" href=\"https:\/\/online.flippingbook.com\/view\/579379540\/4\/\" style=\"\" rel=\"noopener\">MENA Tech 2024: Mapping the Technology Landscape report (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But first of all, what do we mean when we say smart mobility? <\/strong>Smart mobility is a new way to think about transportation and infrastructure to make it \u201cclean, more safe and more efficient,\u201d writes Selim. Whether for existing cities and regions or new ones under construction, the notion of smart mobility pushes us to put in place and create infrastructure for different modes of transport to reduce our reliance on privately owned cars. Smart mobility is about using modern public transport networks and cities made to be traversable on foot or by bike aided by technology to create a healthier climate and residents.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is especially important for Egypt<\/strong>, the region\u2019s most populous country. Egypt is expected to witness rapid population growth in the next six years \u2014 with 20 mn more Egyptians to be added to the count between 2021-2030. A rising population and increasingly densely populated urban areas are compounding the country\u2019s struggles with pollution, inflation, informality, rising energy demand, poverty, public financing, and congestion, and Egypt should look to investments in smart mobility to help solve these issues, argues Selim. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So far, the Gulf seems to be ahead in creating smart cities: <\/strong>Abu Dhabi and Dubai both made it into the top 20 of the International Institute for Management Development\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/393.pdf\" style=\"\" rel=\"noopener\">Smart City Index 2024 (pdf)<\/a>, while Riyadh came in at 25th place, Doha came 48th and Jeddah came 55th. Towards the end of the list out of the 142 cities ranked, Cairo came in an unenviable 114th place, Amman 128th, and Tunis was ranked 137th, while Beirut and Sana\u2019a came in third and second from the bottom of the list.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Emirates has been leading the way with smart city initiatives that use smart<\/strong><strong> mobility networks:<\/strong> Selim highlights the UAE\u2019s Smart Dubai Initiative to lower traffic congestion by moving 25% of transportation to autonomous modes by 2030 that is expected to free up USD 6 bn a year in consumer spending power based on the expected savings from using less fuel, having fewer accidents, reducing commute times 20-30 minutes on average and bringing down carbon emissions. Over in Abu Dhabi, Selim also points to Mubadala\u2019s Masdar City project to build an eco-friendly, low-carbon development home to some 40k residents.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia has also got some ambitious projects in the works: <\/strong>Saudi Arabia\u2019s under-construction NEOM project will use a mobility model that not only relies completely on renewables, but has no cars or roads \u2014 in the usual sense of the word \u2014 instead, mobility will be based on autonomous electric shuttles and on-demand high-speed underground transit systems. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt also has some projects in the pipeline with the idea of smart mobility at their<\/strong><strong> center:<\/strong> The government\u2019s new administrative capital will be the country\u2019s first mega smart city, according to Selim, and is expected to house some 7 mn people. The city has been designed to run using smart mobility systems to manage traffic and encourage public transport, with traffic congestion sensors that use AI, a smart CCTV system, and a smart traffic operations center, Selim notes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But this isn\u2019t Egypt\u2019s first rodeo with smart mobility systems: <\/strong>The new capital followed the successful implementation of smaller smart mobility networks and cities in Egypt such as New Alamein City, Egypt International City of Olympics, and Borg Al Arab Technology Park. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are also proposed cross-border projects that Selim thinks could transform the<\/strong><strong> region: <\/strong>An Egypt-Saudi causeway \u2014 connecting the Gulf to Egypt and North Africa until the Maghreb region \u2014 would \u201ctransform the sustainability, tourism, trade and logistics of the region to a whole new standard,\u201d suggests Selim. Selim also proposes a pan-Arab smart mobility railway network that \u201cif implemented, is poised to upgrade the sustainable livelihood of the region and the trade outlook of the world at large.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not all countries in the region are keep up though:<\/strong> While Saudi Arabia, the UAE, Qatar, Oman, and Egypt plan to and are already implementing smart cities and smart mobility systems, other areas of the MENA region are left behind, namely Sudan and Palestine, a divide driven by high financing constraints and security instability.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The region as a whole is also lagging behind globally:<\/strong> Over the past several years, the MENA region has invested some USD 2.3 bn in smart mobility projects annually, which makes up only 1.9% of the globally spent USD 122 bn every year on smart mobility, according to Selim. By 2030, the global market potential for smart mobility investments is expected to reach USD 250 bn and in the MENA region only USD 6 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Selim identified six challenges facing the MENA region<\/strong> as it embarks on a smart mobility journey:<\/p>\n<ul>\n<li><strong>Ensure digital access for all:<\/strong> Without data accuracy and strong digital infrastructure, MENA countries will fail to provide an acceptable digital way of life for all citizens.<\/li>\n<li><strong>Achieving buy-in:<\/strong> In order to be adopted by the population, smart mobility systems must be presented as affordable, accessible and efficient services. While younger populations show high levels of acceptance to smart mobility, there is more resistance from older segments of the population.<\/li>\n<li><strong>Track the change:<\/strong> Monitoring frameworks to assess and monitor progress under environmental, societal and governance metrics and standards will provide ongoing and accurate data to better understand and develop smart mobility systems.<\/li>\n<li><strong>Better together: <\/strong>Countries should look for regional collaborative smart mobility projects, like regional airports, driverless trains between nations, and financing frameworks to support smart mobility investments.<\/li>\n<li><strong>Upskilling the labor force:<\/strong> Educate the work forces on production, usage, and monitoring of smart mobility systems with a focus on promoting continuous innovation.<\/li>\n<li><strong>Ensure openness: <\/strong>Update and coordinate legislative frameworks across the region to promote smart mobility projects.<\/li>\n<\/ul>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Egypt could be getting its first shipbreaking yard:<\/strong> The state-run Holding Company for Maritime and Land Transport <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af5ae5da-0dcd-49c9-8008-0f92f14e787d\/visa-unveils-a-number-of-fresh-products,-services.-plus:-news-from-the-eu,-supply-ministry,-egas\" style=\"\" rel=\"noopener\">signed<\/a> an MoU with El Wehda Industrial Development to establish Egypt\u2019s first shipbreaking yard near the Damietta Port.<\/li>\n<li><strong>A storage facility for Russian grain?<\/strong> An Egyptian firm has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16a75d07-03f7-4861-b1b3-ddb50c96e82e\/a-storage-facility-for-russian%253cmark%253e-grain%253c%2Fmark%253e%3F\" style=\"\" rel=\"noopener\">sent<\/a> a feasibility study to the Russian government over potentially establishing a hub to store and process Russian grain in Port Said, Damietta, or Sokhn.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-energy\/\">green energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-administrative-capital\/\">new administrative capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"622394\" 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\/05\/622394\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-622394\" class=\"content-area-description single-story post-622394 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>10 June (Monday): CBE and Capmas to publish inflation data for May<\/span><span>.<\/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;\">July 2-3 (Tuesday-Wednesday): Cairo hosts the Aswan Forum for Sustainable Peace and Development.<\/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;\">16-17 July (Tuesday-Wednesday): The Egypt Mining Forum, Cairo, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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 style=\"font-weight:400;\">13-17 October (Sunday-Thursday): Cairo Water Week, Cairo, Egypt. <\/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>4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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:400;\">26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight: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>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\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>Sports city | Motor oil manufacturing | FX reserves | Smart mobility.<\/p>\n","protected":false},"featured_media":622363,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-622362","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"66e09208-8169-4085-a193-c90fffb00946","teaser":"Sports city | Motor oil manufacturing | FX reserves | Smart mobility.","photo_url":"https:\/\/ent.news\/2024\/6\/452.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>Non-oil private sector nears growth levels - EnterpriseAM Egypt<\/title>\n<meta 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