{"id":623858,"date":"2024-06-12T00:00:00","date_gmt":"2024-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=623858"},"modified":"2025-12-17T07:42:52","modified_gmt":"2025-12-17T07:42:52","slug":"egxs-long-awaited-shariah-compliant-index-to-go-live-today-report","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egxs-long-awaited-shariah-compliant-index-to-go-live-today-report\/","title":{"rendered":"EGX\u2019s long-awaited shariah-compliant index to go live today -report"},"content":{"rendered":"<section id=\"623860\" 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=\"623860\">\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\/12\/we-may-have-to-wait-until-after-eid-el-adha-before-a-new-government-is-sworn-in\/\">\r\n                            We may have to wait until after Eid El Adha before a new government is sworn in                        <\/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\/12\/we-may-have-to-wait-until-after-eid-el-adha-before-a-new-government-is-sworn-in\/\" 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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We\u2019ve picked up on a report suggesting that the long-awaited shariah-compliant index is set to launch on the EGX today, the latest Qalaa debt buyback updates, and much, much more. So, let's jump right into it.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>We may have to wait until after Eid to see a new government to be formed: <\/strong>The new government will be sworn in following Eid El Adha, an unnamed government source told Extra News (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=mH3uGU08xA8\" style=\"\" rel=\"noopener\">watch, runtime: 0:32<\/a>). We had been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">looking out for news<\/a> of a new government potentially taking the reins yesterday after MP and TV presenter Mostafa Bakry penciled in Tuesday as the date. Talk show host Ahmed Moussa also previously said that the announcement of a new government tomorrow is also a possibility, so we will be keeping our ear firmly to the ground for any developments.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>Public and private sector workers are off for the entirety of next week: <\/strong>The private sector will be joining the public sector in getting Saturday 15 June through Thursday 20 June off in observance of Eid El Adha, the Labor Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02QYwC6Agbcjf6eHgXgGZ4Yumb7cJxp5fKm9UTNnhK79VcBoSeJH1dYDjxphmhJVCzl\" style=\"\" rel=\"noopener\">said<\/a> yesterday. While the entire period will be additional paid leave for the public sector, the private sector will have June 15-18 off as additional paid leave and June 19-20 will be deducted from their vacation balance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banks will be off one day later: <\/strong>Egyptian banks will be off from Sunday 16 June to Thursday 20 June for the Eid Adha break, and will be back to work on Sunday 23 June, according to a statement from the central bank seen by Enterprise.<\/p>\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- The temperature is continuing to creep up in Cairo today,<\/strong> with a high of 39\u00b0C and a low of 25\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s only a little bit cooler in Alexandria<\/strong>, with a high of 34\u00b0C and a low of 23\u00b0C.<\/p>\n<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>\n<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>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>We could be in line for USD 1 bn in funding from the NBD:<\/strong> Egypt is looking to secure a USD 1 bn \u2014 or its equivalent in another currency \u2014 soft loan from the Brics\u2019 <a target=\"_blank\" href=\"https:\/\/www.ndb.int\/\" style=\"\" rel=\"noopener\">New Development Bank<\/a> (NDB) by the end of 2024 or the beginning of 2025, Finance Minister Mohamed Maait told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64706\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%B9%D9%89-%D9%84%D8%A7%D9%82%D8%AA%D8%B1%D8%A7%D8%B6-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%85%D9%86-%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-%D9%87%D8%B0%D8%A7-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=asharqbegy\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Linking up with the private sector should also unlock NBD funding: <\/strong>International Cooperation Minister Rania Al Mashat also said that because lending for government projects is tightening, the state is developing projects with the private sector that will be able to get NDB funding, <a target=\"_blank\" href=\"https:\/\/x.com\/AlArabiya_Bn\/status\/1800475950364389427\" style=\"\" rel=\"noopener\">Al Arabiya Business<\/a> reported.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The NDB \u2014 which Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7b8e96b-ec30-4ce0-9344-4f250f112875\" style=\"\" rel=\"noopener\">joined<\/a> in April 2023 \u2014 plans to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a9fef67-e925-4b8c-b4ba-66ec64f40eea\/\" style=\"\" rel=\"noopener\">ramp up its investments<\/a> in Egypt\u2019s electricity and renewable energy sectors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>AND- Local currency bonds in the works? <\/strong>The government is also in talks with the NDB over the issuance of local currency-denominated bonds, which the multilateral lender would guarantee, Maait said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- The bank could open up its first regional HQs in Egypt? <\/strong>The government is hoping to see the bank open up its first regional office in the new capital to act as its gateway to Africa, Europe, and Asia, Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02J2XDEgtQydE1NKAu9ybtAQZGSHNzsbJBw8senoSUh4vGKqnTV3rkMsejBf4DBkpSl\" style=\"\" rel=\"noopener\">said<\/a> during day one of the bank\u2019s <a target=\"_blank\" href=\"https:\/\/www.ndb.int\/event\/ndb-seminar-in-egypt-2024\/\" style=\"\" rel=\"noopener\">two-day seminar<\/a> in Cairo. <\/p>\n<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<\/p><\/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>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\">CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Gov\u2019t to roll out new export support program next month:<\/strong> The government will reportedly launch its new export subsidies program starting in July, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/06\/11\/1800383\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed sources. The new program will determine the amount of financial support given out with a focus on what percentage of the goods are locally produced in a bid to boost the localization of industry.<\/p>\n<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>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The global press\u2019 attention is squarely focused on the ongoing courtroom<\/strong><strong> drama that is US politics<\/strong>, with news that US President Joe Biden\u2019s son Hunter was <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/hunter-biden-gun-trial-guilty-4dd4263f?mod=hp_lead_pos2\" style=\"\" rel=\"noopener\">convicted<\/a> for obtaining a gun by lying about his drug use dominating the front pages in the states and beyond.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But some think this could be a help and not a hindrance to the Biden campaign<\/strong>, with the New York Times <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/11\/us\/politics\/donald-trump-hunter-biden.html\" style=\"\" rel=\"noopener\">writing<\/a> that the verdict undercuts a key Trump talking point \u2014 and fundraising pitch \u2014 about a rigged justice system.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE IN TECH NEWS- Apple\u2019s AI collab with OpenAI already seems to be paying off<\/strong>, with Apple shares shooting up 7.3% on the Nasdaq by the end of trading yesterday after having fallen nearly 2% the day before. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The expected boost in iPhone sales could see Apple become the world\u2019s largest<\/strong> <strong>company<\/strong><strong> once again<\/strong>, with its market cap now sitting at USD 3.18 tn, just behind the world\u2019s most valuable company Microsoft with USD 3.22 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FROM THE FRONT LINES OF THE TRADE WAR- The US Treasury is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com.\/content\/1ba434bb-e579-4819-977b-cff6b6b98ecc\" style=\"\" rel=\"noopener\">turning up the<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com.\/content\/1ba434bb-e579-4819-977b-cff6b6b98ecc\" style=\"\" rel=\"noopener\">heat<\/a><\/strong><strong> on <\/strong><strong>foreign financial institutions with ties to Russia <\/strong>with plans to expand its secondary sanctions on the country. Any foreign financial institutions involved with sanctioned Russian entities will now be treated as if it's dealing with Russia\u2019s military-industrial complex.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN MARKET NEWS- OPEC is staying by its high demand forecast for the year despite<\/strong><strong> a shaky start<\/strong>, pointing to an expected <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/opec-sticks-2024-oil-demand-growth-forecast-trims-q1-view-2024-06-11\/\" style=\"\" rel=\"noopener\">uptick<\/a> in travel and tourism later in the year driving oil demand to 2.25 mn bbl\/d this year in its latest monthly <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1129.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a>. There remains no consensus on the outlook, with several holding contrarian views, particularly the International Energy Agency, which will release its own oil demand forecast today.<\/p>\n<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>\n<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>\n<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 Egypt is trying to shore up its energy security by planning oil and gas exploration tenders, investing in the development of oilfields, and building oil storage facilities.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/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=\"623862 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=\"623862\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/623862\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623862\" class=\"content-area-description single-story post-623862 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\/945.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Babbo\u2018s Taverna pop-up on Somabay\u2019s Mesca Beach for Eid 2024<\/span><span style=\"\"> is bringing the party<\/span><span> vibes to the south with our favorite DJs spinning tracks that will keep you moving to the beat. Boho-chic relaxed vibes, delicious Mediterranean x Red Sea fusion cuisine, and infamous signature cocktails. Babbo\u2019s Taverna is more than a destination \u2014 it\u2019s a lifestyle.<\/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=\"623863\" 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=\"623863\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/egx-launches-its-maiden-shariah-compliant-index-report\/\">\r\n                            EGX launches its maiden shariah-compliant index -report                        <\/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\/12\/egx-launches-its-maiden-shariah-compliant-index-report\/\" 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\/12\/egx-launches-its-maiden-shariah-compliant-index-report\/')\">\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\/12\/egx-launches-its-maiden-shariah-compliant-index-report\/\">\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=EGX launches its maiden shariah-compliant index -report&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/egx-launches-its-maiden-shariah-compliant-index-report\/\">\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\/12\/egx-launches-its-maiden-shariah-compliant-index-report\/&title=EGX launches its maiden shariah-compliant index -report\">\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=EGX+launches+its+maiden+shariah-compliant+index+-report+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F12%2Fegx-launches-its-maiden-shariah-compliant-index-report%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\/12\/egx-launches-its-maiden-shariah-compliant-index-report\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1115.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"623864\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/egx-launches-its-maiden-shariah-compliant-index-report\/1115-jpg-33\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1115.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1115.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1115.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1115.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623863\" class=\"content-area-description single-story post-623863 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-ahmed-el-sheikh tag-capital-markets tag-ci-capital tag-egx tag-enterpriseam tag-financial-regulatory-authority 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\/.592e8aef-61b7-4e24-9c63-967dc591ba78.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The shariah index goes live:<\/strong> The EGX will today launch Egypt\u2019s maiden shariah-compliant index after getting the approval from the Financial Regulatory Authority's main shariah supervisory committee, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/06\/11\/1800848\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports. The index will be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f287e803-d249-47d6-9e77-9b52699a02b1\/nbe-and-banque-misr-to-exit-alexandria-mineral-oils-company%3F\" style=\"\" rel=\"noopener\">launched<\/a> in collaboration with Standard &amp; Poor\u2019s.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember<\/strong><strong>: <\/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 listed companies. The bourse has been at work hand-picking EGX-listed companies whose activities are sharia compliant, El Sheikh added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Out with the old, in with the new: <\/strong>The new shariah-compliant index is being launched to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9929fbf2-1313-4507-a922-6d8ba8fcea5e\" style=\"\" rel=\"noopener\">replace<\/a> the EGX50, which was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa426561-e2ef-4cf8-8c77-c0e45cb024f7\" style=\"\" rel=\"noopener\">terminated by the bourse<\/a> last year due to inactivity. <\/p>\n<p class=\"tag-border-left\">CI<strong> CAPITAL WANTS<\/strong> IN ON THE NEW FUND-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The race to be the first: <\/strong>State-owned investment bank CI Capital\u2019s asset management arm CI Capital Asset Management wants to launch \u201cthe country\u2019s first\u201d fund investing in shariah-compliant stocks 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>, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1072.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>They already have competition: <\/strong>CI Capital\u2019s announcement comes shortly after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0889fd4b-0756-425f-8e4a-4e58377a17d6\/egypt-was-among-saudi-arabia%25e2%2580%2599s-top-investors-last-quarter\" style=\"\" rel=\"noopener\">asset manager Azimut<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0889fd4b-0756-425f-8e4a-4e58377a17d6\/egypt-was-among-saudi-arabia%25e2%2580%2599s-top-investors-last-quarter\" style=\"\" rel=\"noopener\">also said<\/a> it wants to launch a fund investing in shariah-compliant stock to go live when the EGX launches its index. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This would be CI Capital\u2019s second fund tracking an EGX index: <\/strong>CI Capital Asset Management <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5fd6aac7-20c1-441a-931b-697aee166a1b\/ci-capital-launches%253cmark%253e-equity%253c%2Fmark%253e-fund-tracking-capped-egx-30-index\" style=\"\" rel=\"noopener\">launched an equity fund<\/a> \u2014 dubbed Misr Equity \u2014 tracking the EGX30 Capped index back in 2022.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-el-sheikh\/\">Ahmed El Sheikh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/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=\"623865\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"623865\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/sodic-to-build-egypts-first-tribute-portfolio-hotels-under-an-agreement-with-marriott\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1068.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"623866\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/sodic-to-build-egypts-first-tribute-portfolio-hotels-under-an-agreement-with-marriott\/1068-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1068.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1068.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1068.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1068.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623865\" class=\"content-area-description single-story post-623865 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-enterpriseam tag-hospitality tag-marriott tag-ras-el-hekma tag-sodic 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\/.c08ff8c8-f565-43e8-b71f-0830b4674417.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt is set to welcome its first <\/strong><strong><a target=\"_blank\" href=\"https:\/\/tribute-portfolio.marriott.com\/\" style=\"\" rel=\"noopener\">Tribute Portfolio<\/a><\/strong><strong> hotels, <\/strong>after SODIC signed an agreement with the brand owner Marriott International to build two hotels in Sheikh Zayed and the North Coast, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1057.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hotels:<\/strong> A 170-key hotel, slated for launch in 2027, will be established at <a target=\"_blank\" href=\"https:\/\/www.sodic.com\/SodicProject\/Forty%20West\" style=\"\" rel=\"noopener\">Forty West<\/a>, a residential building complex in SODIC\u2019s mixed-use development SODIC West in Sheikh Zayed. The other hotel will open two years later in 2029 in SODIC\u2019s North Coast development <a target=\"_blank\" href=\"https:\/\/www.sodic.com\/SodicProject\/JUNE\" style=\"\" rel=\"noopener\">June<\/a> and have 180 rooms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government wants to see the private sector build at least 200k new hotel rooms to back its plan of attracting as many as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b252d5fc-e5e3-41f9-a8ca-8c9cf8c17127\" style=\"\" rel=\"noopener\">30 mn tourists a year<\/a> by 2028. To support this, the government has reportedly agreed to launch <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab30ba76-0ab5-4e56-8e3f-6913538a4cb3\/\" style=\"\" rel=\"noopener\">an initiative<\/a> offering subsidized loans to local and foreign hospitality players that are looking to set up more hotel rooms across the country.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/marriott\/\">Marriott<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/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=\"623867\" 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=\"623867\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/\">\r\n                            Phase two of Qalaa\u2019s debt buyback program oversubscribed 808%                        <\/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\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/\" 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\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/')\">\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\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/\">\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=Phase two of Qalaa\u2019s debt buyback program oversubscribed&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/\">\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\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/&title=Phase two of Qalaa\u2019s debt buyback program oversubscribed\">\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=Phase+two+of+Qalaa%E2%80%99s+debt+buyback+program+oversubscribed+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F12%2Fphase-two-of-qalaas-debt-buyback-program-oversubscribed%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\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1113.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"623868\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/1113-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1113.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1113.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1113.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1113.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623867\" class=\"content-area-description single-story post-623867 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets tag-debt tag-enterpriseam tag-qalaa-holdings 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\/.6a007290-9b20-41bb-89ee-fc69ea9f5343.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>That\u2019s a wrap on Qalaa\u2019s debt buyback program:<\/strong> Qalaa Holdings\u2019 USD 28 mn debt buyback program attracted EGP 1.7 bn (USD 35.9 mn) in subscription orders from shareholders in its second and final phase, which took place on 9 June, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1038.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oversubscribed: <\/strong>The subscription rate came in at 808%, so the Arab African International Bank \u2014 the recipient of requests from shareholders \u2014 will give each subscriber the \u201cproportionate amount\u201d between the total raised and the value of the second phase. The surplus will be reimbursed to the brokerage firms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qalaa Holdings\u2019s top team is also getting in on the action: <\/strong>Citadel Capital Partners \u2014 the vehicle through which the company\u2019s founders and top executives own their equity \u2014 subscribed to its full allotted share of the buyback program for USD 6.6 mn, according to an earlier <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/733.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The debt buyback program is part of a wider plan to retire some USD 430 mn in foreign-currency debt. The first phase raised some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/292b44dc-ab61-4d32-b767-347d7cfa3d1a\/%253cmark%253eqalaa%253c%2Fmark%253e-shareholders-have-bought-over-81%2525-of-its-debt-in-first-subscription-round\" style=\"\" rel=\"noopener\">USD 17.5 mn<\/a> from shareholders. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want the full picture?<\/strong> We sat down with Qalaa founder and chairman Ahmed Heikal <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a12cc802-2c68-489e-8114-d91e647ee836\/the-inside-story-of-what%25e2%2580%2599s-really-happening-with-the%253cmark%253e-qalaa%253c%2Fmark%253e-holdings-debt-buyback\" style=\"\" rel=\"noopener\">last<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a12cc802-2c68-489e-8114-d91e647ee836\/the-inside-story-of-what%25e2%2580%2599s-really-happening-with-the%253cmark%253e-qalaa%253c%2Fmark%253e-holdings-debt-buyback\" style=\"\" rel=\"noopener\">month<\/a> to find out more about the debt buyback program.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/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\/qalaa-holdings\/\">Qalaa Holdings<\/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=\"623869\" 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=\"623869\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/usd-250-mn-phosphate-factory-in-the-works\/\">\r\n                            Egyptian Mineral Resources Authority, East Gas Company, IMEX International to build USD 250 mn phosphate factory                        <\/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\/12\/usd-250-mn-phosphate-factory-in-the-works\/\" 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\/12\/usd-250-mn-phosphate-factory-in-the-works\/')\">\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\/12\/usd-250-mn-phosphate-factory-in-the-works\/\">\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=USD 250 mn phosphate factory in the works&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/usd-250-mn-phosphate-factory-in-the-works\/\">\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\/12\/usd-250-mn-phosphate-factory-in-the-works\/&title=USD 250 mn phosphate factory in the works\">\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=USD+250+mn+phosphate+factory+in+the+works+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F12%2Fusd-250-mn-phosphate-factory-in-the-works%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\/12\/usd-250-mn-phosphate-factory-in-the-works\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1128.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"623870\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/usd-250-mn-phosphate-factory-in-the-works\/1128-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1128.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1128.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1128.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1128.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623869\" class=\"content-area-description single-story post-623869 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-egyptian-mineral-resources-authority tag-enterpriseam tag-fertilizers tag-investment-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.3e10e34c-2efc-49e3-953f-3f39bd88c4ce.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fertile ground for investment: <\/strong>The Egyptian Mineral Resources Authority (EMRA), East Gas Company and IMEX International have signed a shareholders agreement to establish a company for upgrading phosphate ores \u2014 one of the key components used to make chemical fertilizers \u2014 according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid0T36MRgCAf3C4nHdbkBiR4Z464D6r8kUqBjKm9rdpWPN2AnZ5svGL7iAvbzFQUYWil\" style=\"\" rel=\"noopener\">statement<\/a> from the Oil Ministry. The company will earmark USD 250 mn to build a facility with an annual processing capacity of 1 mn tons.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s phosphate ore upgrading?<\/strong> Natural phosphate rocks are graded based on the content of phosphorus pentoxide. However, the levels of phosphorus pentoxide in low-grade ores can be artificially increased through various methods to increase its utility \u2014 and by extension price.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>They already have the upgrading recipe in mind:<\/strong> The company will use a patent method for upgrading phosphate ores called <a target=\"_blank\" href=\"https:\/\/www.prayon.com\/en\/processes\/dcp-getmorep\/\" style=\"\" rel=\"noopener\">GetMoreP<\/a>, which was developed and is being licensed by the Belgium-based company Prayon, the statement read, adding that the method can increase phosphorus pentoxide levels in ores to 37%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>D\u00e9j\u00e0 vu? <\/strong>The Public Enterprises Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LTewnYJPJkcB389GtWC7DeBtj9oN6WVuiNiEcbBoG46SY2bhFAEFFWrZBn4T2YMUl\" style=\"\" rel=\"noopener\">oversaw<\/a> a similar agreement in January to set up a company tasked with increasing the concentration of phosphate ore via a new factory, in cooperation with <a target=\"_blank\" href=\"http:\/\/www.elnasrmining.com\/default.aspx\" style=\"\" rel=\"noopener\">Al Nasr Mining<\/a>, <a target=\"_blank\" href=\"https:\/\/alsafygroup.com\/\" style=\"\" rel=\"noopener\">Al Safy Group<\/a>, and India-based <a target=\"_blank\" href=\"https:\/\/www.wilsonuniverse.com\/\" style=\"\" rel=\"noopener\">Wilson<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-mineral-resources-authority\/\">Egyptian Mineral Resources Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"623871\" 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=\"623871\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/isupply-secures-usd-1-mn-in-funding\/\">\r\n                            Egyptian pharma distribution startup iSupply secures USD 1 mn funding                        <\/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\/12\/isupply-secures-usd-1-mn-in-funding\/\" 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\/12\/isupply-secures-usd-1-mn-in-funding\/')\">\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\/12\/isupply-secures-usd-1-mn-in-funding\/\">\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=iSupply secures USD 1 mn in funding&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/isupply-secures-usd-1-mn-in-funding\/\">\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\/12\/isupply-secures-usd-1-mn-in-funding\/&title=iSupply secures USD 1 mn in funding\">\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=iSupply+secures+USD+1+mn+in+funding+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F12%2Fisupply-secures-usd-1-mn-in-funding%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\/12\/isupply-secures-usd-1-mn-in-funding\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1059.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"623872\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/isupply-secures-usd-1-mn-in-funding\/1059-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1059.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1059.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1059.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1059.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623871\" class=\"content-area-description single-story post-623871 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-fintech tag-pharma tag-startup-watch 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\/.999507fe-c05e-4c48-9dcc-1818afe71402.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>iSupply closes USD 1 mn round: <\/strong>Local pharma distribution startup <a target=\"_blank\" href=\"https:\/\/isupply.tech\/\" style=\"\" rel=\"noopener\">iSupply<\/a> has secured around USD 1 mn in a Pre-Series A round, co-founder and CEO Ibrahim Emam (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ibrahimemam80\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) told Enterprise. The round saw participation from local VC Disruptech Ventures, Egypt Ventures, Africa-focused Axian Investment CVC, OneStop Capital, among others, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1036.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About iSupply:<\/strong> Founded in 2021, iSupply is the region\u2019s first tech-enabled pharma distribution marketplace connecting pharmas and small to medium-sized distribution firms. The marketplace currently serves over 10k pharmacies, connecting them with over 200 distributors \u2014 it processes over 1 mn purchases a year. This round brings the startup\u2019s total raised capital to USD 2.5 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next:<\/strong> iSupply is now looking to obtain a license from the Financial Regulatory Authority, which \u2014 coupled with the funding round \u2014 will \u201cbolster iSupply\u2019s expansion plans and enhance its capabilities in financing small and medium-sized pharmacies,\u201d the company said. The license will help the startup \u201cmeet the escalating market demand for funding, address working capital&nbsp;<span style=\"background-color: transparent;\">shortages among pharmas and small distributors.\u201d<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"623873\" 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=\"623873\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/juhayna-names-tarek-elwan-as-cfo\/\">\r\n                            Juhayna names Tarek Elwan as CFO                        <\/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\/12\/juhayna-names-tarek-elwan-as-cfo\/\" 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\/12\/juhayna-names-tarek-elwan-as-cfo\/')\">\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\/12\/juhayna-names-tarek-elwan-as-cfo\/\">\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=Juhayna names Tarek Elwan as CFO&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/juhayna-names-tarek-elwan-as-cfo\/\">\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\/12\/juhayna-names-tarek-elwan-as-cfo\/&title=Juhayna names Tarek Elwan as CFO\">\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=Juhayna+names+Tarek+Elwan+as+CFO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F12%2Fjuhayna-names-tarek-elwan-as-cfo%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\/12\/juhayna-names-tarek-elwan-as-cfo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623873\" class=\"content-area-description single-story post-623873 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-juhayna tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.c9adcb36-ce2a-462d-803d-b53c6415cb75.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Juhayna has a new CFO:<\/strong> Dairy giant Juhayna appointed <strong>Tarek Elwan<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/tarek-elwan-9a1b775b\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as its chief financial officer, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1104.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a> on Monday. Elwan assumes the role following a near six-year stint as head of business analytics at CIB. His 19-year career in the banking industry also saw him assume different roles in the areas of debt capital markets and strategic planning.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/juhayna\/\">Juhayna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"623874 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=\"623874\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/623874\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623874\" class=\"content-area-description single-story post-623874 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/186.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"623875\" 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=\"623875\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/el-sisi-tells-gaza-conference-that-military-solutions-will-only-bring-more-turmoil-and-bloodshed-to-our-region\/\">\r\n                            El Sisi tells Gaza conference that military solutions \u201cwill only bring more turmoil and bloodshed to our region\u201d                        <\/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\/12\/el-sisi-tells-gaza-conference-that-military-solutions-will-only-bring-more-turmoil-and-bloodshed-to-our-region\/\" 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             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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/el-sisi-tells-gaza-conference-that-military-solutions-will-only-bring-more-turmoil-and-bloodshed-to-our-region\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1147.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"623876\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/el-sisi-tells-gaza-conference-that-military-solutions-will-only-bring-more-turmoil-and-bloodshed-to-our-region\/1147-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1147.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1147.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1147.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1147.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623875\" class=\"content-area-description single-story post-623875 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam tag-gaza tag-last-nights-talk-shows tag-middle-east-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.41e41148-e080-48bf-a281-ad1b203a65b7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It was a diplomacy-heavy night on the airwaves yesterday<\/strong>, with President Abdel Fattah El Sisi's address to Jordan\u2019s international conference on Gaza and humanitarian aid yesterday dominating the airwaves.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi takes to the stage:<\/strong> President Abdel Fattah El Sisi stressed the need to \"compel Israel to end the blockade and cease using starvation as a weapon against the people of Gaza. Israel should also remove all obstacles to ensure immediate, sustainable, and sufficient access for humanitarian and relief aid to Gaza through all crossings, and withdraw from the city of Rafah,\" during his <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/1021438099344918?ref=embed_post\" style=\"\" rel=\"noopener\">speech<\/a> at the conference. El Sisi also emphasized \"the immediate, comprehensive, and sustainable cessation of hostilities in Gaza, the immediate release of all hostages and detainees, and the provision of necessary conditions for the immediate return of displaced Palestinians in the sector to their homes from which they were forced to flee due to the Israeli war.\" <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\"Military and security solutions ... will only bring more turmoil and bloodshed to our<\/strong><strong> region,\u201d <\/strong>El Sisi said. The president continued that \u201cthe only way to bring about peace, stability, and coexistence in the region lies in addressing the roots of the conflict through a two-state solution ... and granting the Palestinian people their legitimate right to a viable, independent state ... capable of life.\"<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi\u2019s <\/strong><strong>address received wall-to-wall coverage,<\/strong> including from Ala Masouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VlXSOqh2d_o\" style=\"\" rel=\"noopener\">watch,<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VlXSOqh2d_o\" style=\"\" rel=\"noopener\">runtime: 7:08<\/a>) and Al Hayah Al Youm (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=9GLIeOPsk8o\" style=\"\" rel=\"noopener\">watch, runtime: 27:49<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Hamas <\/strong><strong>delivered its response to President Joe Biden's proposal for a<\/strong><strong> ceasefire<\/strong> to mediators in Egypt and Qatar, as reported by Lamees El Hadidi on Kelma Akhira (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=UqvPUcF0XZI\" style=\"\" rel=\"noopener\">watch, runtime: 3:03<\/a>). Hamas and Islamic Jihad stated that the response \"prioritizes the interests of our Palestinian people and the necessity of a complete cessation of the ongoing aggression against Gaza,\" according to a joint statement covered by <a target=\"_blank\" href=\"https:\/\/amp.skynewsarabia.com\/middle-east\/1721183-%D8%AD%D9%85%D8%A7%D8%B3-%D9%88%D8%A7%D9%84%D8%AC%D9%87%D8%A7%D8%AF-%D8%AA%D8%B1%D8%AF%D8%A7%D9%86-%D8%B1%D8%B3%D9%85%D9%8A%D8%A7-%D9%85%D9%82%D8%AA%D8%B1%D8%AD-%D9%88%D9%82%D9%81-%D8%A7%D9%84%D9%82%D8%AA%D8%A7%D9%84-%D8%BA%D8%B2%D8%A9\" style=\"\" rel=\"noopener\">Sky News Arabia<\/a>. The statement added that \"the Palestinian delegation expressed its readiness to positively engage in reaching an agreement to end this war against our people, stemming from a sense of national responsibility.\"<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>High-level side talks:<\/strong> El Sisi held discussions with officials from several participating countries, including Jordan\u2019s King Abdullah II, Palestinian President Mahmoud Abbas, Spanish PM Pedro Sanchez, and European Council President Charles Michel, according to Masaa DMC (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=I2P4eWk7qRc\" style=\"\" rel=\"noopener\">watch, runtime: 6:21<\/a>) and Ala Masouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=9SW00ka3nRo\" style=\"\" rel=\"noopener\">watch, runtime: 6:32<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div 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PLUS: PPP education platform returns? 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FABMisr + Cayesh, Premium Diagnositcs UAE + City Lab, Fawry, SFE + B Investments&url=https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/bajajs-qute-microcar-to-be-manufactured-by-gb-auto-military-production-ministry-plus-ppp-education-platform-returns-fabmisr-cayesh-premium-diagnositcs-uae-city-lab-fawry-sfe-b-in\/\">\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\/12\/bajajs-qute-microcar-to-be-manufactured-by-gb-auto-military-production-ministry-plus-ppp-education-platform-returns-fabmisr-cayesh-premium-diagnositcs-uae-city-lab-fawry-sfe-b-in\/&title=Bajaj\u2019s Qute microcar to be manufactured by GB Auto, Military Production Ministry. PLUS: PPP education platform returns? FABMisr + Cayesh, Premium Diagnositcs UAE + City Lab, Fawry, SFE + B Investments\">\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=Bajaj%E2%80%99s+Qute+microcar+to+be+manufactured+by+GB+Auto%2C+Military+Production+Ministry.+PLUS%3A+PPP+education+platform+returns%3F+FABMisr+%2B+Cayesh%2C+Premium+Diagnositcs+UAE+%2B+City+Lab%2C+Fawry%2C+SFE+%2B+B+Investments+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F06%2F12%2Fbajajs-qute-microcar-to-be-manufactured-by-gb-auto-military-production-ministry-plus-ppp-education-platform-returns-fabmisr-cayesh-premium-diagnositcs-uae-city-lab-fawry-sfe-b-in%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\/12\/bajajs-qute-microcar-to-be-manufactured-by-gb-auto-military-production-ministry-plus-ppp-education-platform-returns-fabmisr-cayesh-premium-diagnositcs-uae-city-lab-fawry-sfe-b-in\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1145.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"623879\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/bajajs-qute-microcar-to-be-manufactured-by-gb-auto-military-production-ministry-plus-ppp-education-platform-returns-fabmisr-cayesh-premium-diagnositcs-uae-city-lab-fawry-sfe-b-in\/1145-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1145.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1145.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1145.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1145.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623878\" class=\"content-area-description single-story post-623878 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-agriculture tag-also-on-our-radar tag-automotive tag-b-investments tag-cayesh tag-education tag-egypt-greece-relations tag-egyptian-mineral-resources-authority tag-enterpriseam tag-fabmisr tag-fertilizers tag-gb-auto tag-healthcare tag-ma-watch tag-smes tag-sovereign-fund-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.e5e00cd5-e0b6-468b-a7f8-66b615922ee6.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">AUTOMOTIVE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>GB Auto, Military Production Ministry to manufacture Bajaj vehicle locally:<\/strong> GB Auto subsidiary Itamco and the Military Production Ministry\u2019s Helwan Company for Machinery and Equipment will assemble and manufacture the Indian Bajaj\u2019s \u201ceco-friendly, fuel efficient and economically competitive\u201d Qute model, under an agreement inked between GB Corp and the ministry, GB Corp said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1043.pdf\" style=\"\" rel=\"noopener\">press release<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1043.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. <\/p>\n<p class=\"tag-border-left\">EDUCATION-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong>comeback<\/strong><strong> of the PPP education program? <\/strong>The state will offer 24 land plots for private sector players to set up 24 schools, within the coming six weeks, under the public-private partnership (PPP) education program, Atter Hannoura, director of the Finance Ministry\u2019s PPP unit, told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1800490866252906805\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The schools should see combined investments of EGP 1 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PPP education program? <\/strong>The program was <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2016\/09\/28\/230-companies-apply-to-build-ppp-schools\/\" style=\"\" rel=\"noopener\">introduced back in 2016<\/a> to boost private sector involvement in the education sector. Under the framework, the government will provide private sector operators with land and licenses, while the operators will build and operate the schools. The government signed public-private partnership pacts with five consortiums <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/where-things-stand-with-the-ppp-schools-program-7509\/\" style=\"\" rel=\"noopener\">in 2019<\/a> to build and operate 24 schools with a total of 910 classrooms as part of the first phase of the program and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8794a7dd-8d68-421b-885f-08659ac11998\/tender-for%253cmark%253e-phase%253c%2Fmark%253e%253cmark%253e-two%253c%2Fmark%253e%253cmark%253e-of%253c%2Fmark%253e-egypt%25e2%2580%2599s%253cmark%253e-ppp%253c%2Fmark%253e%253cmark%253e-schools%253c%2Fmark%253e%253cmark%253e-program%253c%2Fmark%253e%253cmark%253e-to%253c%2Fmark%253e%253cmark%253e-kick%253c%2Fmark%253e%253cmark%253e-off%253c%2Fmark%253e%253cmark%253e-in%253c%2Fmark%253e%253cmark%253e-march%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">we heard in 2020<\/a> that the state was getting ready for phase two of the program to build 70 new schools.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want more? <\/strong>We followed up with the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88680892-1c4e-4d3f-a7ae-9d71b021416e\/tight-macro-conditions-are-pushing-private-education-players-to-look-more-closely-at%253cmark%253e-ppp%253c%2Fmark%253e-%2B-alternative-financing-options\" style=\"\" rel=\"noopener\">PPP program last summer<\/a>. <\/p>\n<p class=\"tag-border-left\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CBE <\/strong><strong>continues<\/strong><strong> to soak liquidity from the market: <\/strong>The Central Bank of Egypt yesterday accepted bids for EGP 929.8 bn in fixed-rate deposits with 14-day maturities at a rate of 27.75% during its weekly fixed-rate auction, according to data on its website. This is the CBE\u2019s third biggest single withdrawal of surplus liquidity from the domestic banking system. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The CBE earlier this year <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0116dd3-471a-478c-8b9e-b96ec913f106\" style=\"\" rel=\"noopener\">introduced<\/a> a new mechanism for its weekly fixed-rate auctions, switching to a full allotment system that ensures all the bids submitted by commercial banks are accepted. Previously, the CBE only accepted a portion of the bids based on criteria outlined by the bank.<\/p>\n<p class=\"tag-border-left\">LABOR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Greek online platform to hire Egyptians for seasonal agricultural work is live:<\/strong> Greek employers can now submit requests to hire Egyptian farm workers for seasonal work through the <a target=\"_blank\" href=\"https:\/\/migration.gov.gr\/en\/\" style=\"\" rel=\"noopener\">Greek Migration Ministry\u2019s website<\/a>, the Greek newspaper Kathimerini <a target=\"_blank\" href=\"https:\/\/www.ekathimerini.com\/news\/1241041\/platform-for-workers-from-egypt-opens\/\" style=\"\" rel=\"noopener\">reports<\/a>. Greece plans to employ over 5k Egyptian farmers this year and some 2.4k workers are currently listed on the platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> There\u2019s also early-stage plans to roll out the plan to Greece\u2019s construction and tourism sectors, the Greek Migration Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b6ed98c-c907-40ed-8f6e-f65dd0e0b7f4\/egyptian%253cmark%253e-farmers%253c%2Fmark%253e-in-greece.-plus:-fresh-investments-from-prometeon-and-disruptech-and-an-outsourcing-freezone%3F\" style=\"\" rel=\"noopener\">said<\/a> last month.<\/p>\n<p class=\"tag-border-left\">FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FABMisr,<\/strong><strong> Cayesh line up EGP 1 bn for MSME lending: <\/strong>FABMisr and homegrown fintech startup Cayesh will launch an MSME finance program that will see EGP 1 bn allocated to small businesses in the first year and potentially increase the funding to EGP 3-4 bn in the second year, FABMisr said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1070.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n<p class=\"tag-border-left\">M&amp;A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>City Lab\u2019s unnamed buyer comes to light:<\/strong> <a target=\"_blank\" href=\"https:\/\/premium-dx.com\/\" style=\"\" rel=\"noopener\">Premium Diagnostics UAE<\/a> has uppied its ownership in the City Lab to 25.0%, the local medical diagnostic services provider said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1091.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a> yesterday. The transaction comes nearly two weeks after the Emirati company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a25597d-926f-4980-a52e-0e1351c6dd45\" style=\"\" rel=\"noopener\">acquired an initial 9.38%<\/a> stake in City Lab.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>City Lab earlier this week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69551a91-0e16-4932-a8ef-208eefa39a99\/\" style=\"\" rel=\"noopener\">announced<\/a> that it had sold some 88 mn shares to an unnamed buyer in an EGP 51 mn block trade transaction on the EGX.<\/p>\n<p class=\"tag-border-left\">REMITTANCES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fawry looks to offer remittance services for Egyptian expats in the Gulf: <\/strong>Fawry has resumed talks with foreign exchange bureaus in the Gulf to offer remittance services to Egyptian expats there after the fintech giant had shelved initial plans to launch the services due to exchange rate uncertainty, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%81%d9%88%d8%b1%d9%89-%d8%aa%d8%b3%d8%aa%d8%a3%d9%86%d9%81-%d8%a7%d9%84%d9%85%d9%81%d8%a7%d9%88%d8%b6%d8%a7%d8%aa-%d9%85%d8%b9-%d9%85%d8%a4%d8%b3%d8%b3%d8%a7%d8%aa-%d8%b5%d8%b1%d8%a7\/\" style=\"\" rel=\"noopener\">Al<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%81%d9%88%d8%b1%d9%89-%d8%aa%d8%b3%d8%aa%d8%a3%d9%86%d9%81-%d8%a7%d9%84%d9%85%d9%81%d8%a7%d9%88%d8%b6%d8%a7%d8%aa-%d9%85%d8%b9-%d9%85%d8%a4%d8%b3%d8%b3%d8%a7%d8%aa-%d8%b5%d8%b1%d8%a7\/\" style=\"\" rel=\"noopener\">Mal<\/a> reports, citing sources in the telecom sector. Fawry is reportedly in talks with remittance companies in Saudi Arabia, Kuwait, and UAE \u2014 including the Emirati <a target=\"_blank\" href=\"https:\/\/alansariexchange.com\/news\/financial-transfers-to-egypt-experience-notable-surge\/\" style=\"\" rel=\"noopener\">Al Ansari Exchange<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why now? <\/strong>Egyptians abroad have started <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ea59e39-6fc2-4391-a708-7c96349d5908\" style=\"\" rel=\"noopener\">sending more of their remittances<\/a> through official channels after the float of the EGP. Remittances from Egyptians abroad <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91c430c2-4817-498e-aa92-36db7b8466c0\/\" style=\"\" rel=\"noopener\">surged 43.8% y-o-y in April<\/a> to USD 2.2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fawry is likely to start with KSA<\/strong>, seeing as it already has existing partnerships there with payment services provider <a target=\"_blank\" href=\"https:\/\/www.enjaz.com\/en\/Pages\/About-Enjaz.aspx\" style=\"\" rel=\"noopener\">Enjaz<\/a> and <a target=\"_blank\" href=\"https:\/\/www.alrajhibank.com.sa\/EN\" style=\"\" rel=\"noopener\">Al Rajhi Bank<\/a>, the sources suggested.<\/p>\n<p class=\"tag-border-left\">HEALTHCARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SFE to help B Investments boost healthcare subsidiary\u2019s capital: <\/strong>Private equity firm B Investments and the Sovereign Fund of Egypt (SFE) are reportedly planning to attract local institutions to buy into a planned capital increase up to EGP 1 bn for B Investments\u2019 healthcare arm B Healthcare Investments, writes <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/06\/11\/1800839\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, unnamed anonymous sources. Egypt\u2019s sovereign fund and B investments could also buy into the capital increase themselves, the source elaborated, adding that the capital increase could take place \u201cwithin months\u201d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going:<\/strong> The source said that the funds will be used to hop on new acquisitions in the fertility and reproductive healthcare sector, expecting the fund and B Investments to wrap up \u201ctwo [acquisitions] of major centers\u201d before the end of the year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1080.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1080.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1080.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1080.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623880\" class=\"content-area-description single-story post-623880 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-economy tag-enterpriseam tag-financial-markets tag-interest-rates tag-planet-finance tag-us-federal-reserve wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.5f77ea5b-87e6-4b4b-9b5e-4a3ddaa551c4.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The US Federal Reserve is now expected to make one only interest rate cut this <\/strong><strong>year<\/strong>, down from expectations of at least two or three rate cuts this year, amid persistent concerns about the lingering inflationary pressures, according to a new <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/644336f8-4b89-4c2f-8cc2-e1efead03824\" style=\"\" rel=\"noopener\">Financial Times-Chicago Booth<\/a> economist poll. Over half of the 39 polled academic economists forecast a single 25-bps cut in 2024, while a quarter of the analysts anticipate no cuts at all. The forecast comes as the Fed wraps its two-day June meeting today.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With only four meetings left in the year, \u201crapid-fire\u201d cuts in the current climate are unlikely<\/strong>, economists say. \u201cThe Fed\u2019s narrative is going to be very similar to what we\u2019ve been hearing: \u2018We\u2019ve made progress bringing down inflation; we\u2019re not in a hurry to cut rates,\u2019\u201d Nathan Sheets, a former senior economist at the Fed, currently global chief economist at Citi, told the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/federal-reserve-inflation-prices-interest-rates-cuts-bdc7b2c3fd2b8fa736cae737124c8870\" style=\"\" rel=\"noopener\">Associated Press<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key data everyone is waiting for: <\/strong>US inflation figures will be out today, ahead of the Fed\u2019s \u201cdot plot,\u201d which will set expectations for the rate cuts to come. Inflation fell to 3.4% in April. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When will the Fed deliver the cut?<\/strong> A third of the polled economists anticipate the Fed pulling the trigger on the first cut in September, the Fed\u2019s final meeting before the presidential elections. Investors are also banking on the Fed to begin cutting rates in September as well, according to the <a target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" style=\"\" rel=\"noopener\">CME FedWatch Tool<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Traders are already unwinding their positions on a rally following the meeting<\/strong>, as investors price in just one cut this year, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-11\/bond-traders-are-quick-to-abandon-long-wagers-before-fed-meeting-cpi-data?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. Yields on 10-year notes have also climbed near 4.48% earlier this week. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Economists\u2019 optimism for a soft landing for the US economy has also increased<\/strong>, with 52% of FT\u2019s poll respondents now predicting that the US will not fall into a recession until 2026 or beyond, compared to 46% in March. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO ON PLANET FINANCE- Kuwait\u2019s first IPO in two years: <\/strong>Beyout Investment Group has made its debut on the Boursa Kuwait, the bourse\u2019s first in around two years. The company raised some USD 147 mn from taking a 30% stake to market. Our friends at EFG Hermes UAE were joint bookrunners and global coordinators on the offering alongside the National Investments Company. <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1076.pdf\" style=\"\" rel=\"noopener\">(Press release | pdf)<\/a>. <\/p><p><a target=\"_blank\" id=\"t.e43be6a150b260b6f763847ef93d3a731fedce84\" 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\">26,082<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 47.49<\/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 47.63<\/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>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 47.51<\/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 47.61<\/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\">11,775<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,000<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: -6.0%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,009<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,375<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +12.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,148<\/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: +5.4%)<\/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>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\">4,965<\/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: +9.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 81.92<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.11<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,333.00<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 67,298.30<\/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\">-3.4% (YTD: +59.1%)<\/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 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 3.0 bn (35.3% above the 90-day average). Local investors were net buyers. The index is up 4.8% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>GB Corp (+8.8%), E-finance (+5.1%), and Palm Hills Development (+4.3%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Heliopolis Housing (-11.0%), Abu Qir Fertilizers (-4.0%), and Eastern Company (-3.3%).<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n   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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\">10<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/egypt-lining-up-oil-tenders-development-projects-to-bolster-energy-security\/\"> \r\n                            Egypt lining up oil tenders, development projects to bolster energy security<\/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 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1111.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1111.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1111.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1111.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-623882\" class=\"content-area-description post-623882 hardhat type-hardhat status-publish has-post-thumbnail hentry category-hardhat tag-egyptian-general-petroleum-corporation tag-energy tag-enterprise-hardhat tag-enterpriseam tag-hardhat tag-oil-and-gas tag-oil-ministry wpautop entry\">\n\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\"> <strong>Egypt double<\/strong><strong>s down on oil projects to boost energy security:<\/strong> A shortage of petroleum products \u2014 including a steep <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/846ecdd4-0a16-40f5-8c1e-ef52f3265a06\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/846ecdd4-0a16-40f5-8c1e-ef52f3265a06\" style=\"\" rel=\"noopener\">decline in natural gas output<\/a> \u2014 has prompted the government to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/625cba2a-fe2a-4310-abfb-4185dbf0ff2f\/\" style=\"\" rel=\"noopener\">resume imports of LNG<\/a>, seek investments in oil and gas exploration, and accelerate oilfield development projects in a bid to meet local energy needs and boost energy security.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Tap or click the headline above to read this story<\/strong> with all of the links to our background and outside sources.<\/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\">ON THE EXPLORATION AND DEVELOPMENT FRONT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exploration tenders still on the table despite setbacks: <\/strong>The state-run Egyptian General Petroleum Corporation (EGPC) has been working on launching 10-12 international oil and gas exploration tenders, with priority given to areas in the Red Sea, South Valley, and southern Egypt, our source said. However, delayed arrears to international oil companies have forced the EGPC to push back the offerings after they were initially slated to be launched in succession, with the last one offered by the end of June 2024, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government began <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe8be5ef-1808-4344-aa09-d303ff2fe7a2\/\" style=\"\" rel=\"noopener\">paying back nearly 20% of the arrears<\/a> it owes to international oil companies in March, with a structured plan in place to clear the remaining debt in stages.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Several development projects could also be up for grabs:<\/strong> The government could offer a number of oilfield development projects that would reel in EGP 59 bn worth of investments, our source said. These include the southern Gulf of Suez\u2019s Hilal offshore field, a project in West Borollos, the tenth phase of the West Delta Deep Marine, and the third phase of the North Sinai fields.<\/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\">WHAT\u2019S BEEN ACHIEVED IN THE PAST TEN YEARS?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A lay of the land: <\/strong>Egypt allocated around EGP 1.2 tn to investments in the oil and mineral resources sector between July 2014 and June 2023 \u2014 with EGP 844.2 bn going to completed projects and EGP 344 bn to projects underway \u2014 according to a November 2023-dated report that was seen by Enterprise. The government is also mulling projects worth EGP 138 bn, the report .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dozens of storage facilities for fossil fuels were built during the period,<\/strong> according to the report. In Sohag and Cairo, 12 tanks were built with a combined capacity of 32.5k tons, costing EGP 670 mn. While in Alexandria and Assuit, 10 spherical tanks were built with a total storage capacity of 10.9k tons, costing EGP 220 mn. Suez saw 12 new tanks being built with a total storage capacity of 276k tons, costing EGP 7.1 bn. Nearby in Ain Sokhna, 6 tanks were built with a total capacity of 165k tons, costing EGP 4.1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s oil production between July 2014 and December 2022 totaled 635 mn tons<\/strong>, the report stated.<\/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\">WHY ARE STORAGE FACILITIES IMPORTANT?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt expanded its oil storage capacity:<\/strong> The government increased its oil storage capacity by 60% to about 5 mn tons between July 2014 and December 2022, with investments of EGP 23.1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Storage facilities help cut costs by hedging against price volatility:<\/strong> Storage facilities have enabled the government to build strategic reserves before the prices of oil hit multi-year highs of over USD 100 per barrel in 2022, sources in the oil sector told us. Purchased at lower prices, these stockpiles have helped counteract the rising cost of subsidies and put a lid on oil imports, our sources added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t renewed hedging contracts: <\/strong>Surging oil prices have been posing a major headwind for the oil sector, prompting the government to renew hedging contracts for roughly 30% of the country's oil imports, government sources told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The value of Egypt\u2019s oil imports dropped 7.8% y-o-y in 2H 2023 to USD 6.3 bn, according to the central bank <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/804.pdf\" style=\"\" rel=\"noopener\">figures (pdf)<\/a>. Meanwhile, oil exports fell 62.7% y-o-y to USD 3.2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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 jumps 100 places over ten years: <\/strong>Egypt now places 18th in the World Economic Forum\u2019s Road Quality Index, a 100 place improvement from where Egypt stood in the index\u2019s 2015 report, the cabinet said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02ZFV1UKMsVGw79KfD6UYbUsNFKDjV4ZyADXoPDWVum7RJLVfBgg9ZfpZgvoiY96bYl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/li>\n<li><strong>Investment area up for grabs in Sharm El Sheikh International Airport:<\/strong> The Egyptian Airports Company has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45ab2b32-cb14-4469-b2e3-8cc417b2e890\/\" style=\"\" rel=\"noopener\">launched an international closed-envelope tender<\/a> for the development and operation of a 450k sqm investment zone at the Sharm El Sheikh International Airport.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-general-petroleum-corporation\/\">Egyptian General Petroleum Corporation<\/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\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/a>\n                <!-- <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=\"623884\" 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\/12\/623884\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-623884\" class=\"content-area-description single-story post-623884 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-20 June (Saturday-Thursday): Eid El Adha (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29-30 June (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17cb3909-f06f-4dc7-95d4-281f07e6c8dd\/\" style=\"\">EU-Egypt Investment Conference<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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>2-3 July (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cccpa-eg.org\/news-details\/1172\" style=\"\">Aswan Forum for Sustainable Peace and Development<\/a><\/span><span style=\"font-weight:400;\">, 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;\">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>10-11 July (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid0DcrwZTxB6cn64npMMrroZYZmhRyJNHjK3hVrWxuo7DDXXETR8mqBnTAsF21CutYul\" style=\"\">The Japan-Arab Econmic Forum<\/a><\/span><span>, Tokyo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-17 July (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyptminingforum.com\/\" style=\"\">The Egypt Mining Forum<\/a><\/span><span style=\"font-weight:400;\">, 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>13-17 October (Sunday-Thursday): Cairo Water Week, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cairowaterweek.eg\/\" style=\"\">Water and Climate: Building Resilient Communities<\/a><\/span><span style=\"font-weight:400;\">, 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): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/wuf.unhabitat.org\/\" style=\"\">World Urban Forum<\/a><\/span><span>, 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>26-28 November (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\" style=\"\">Egypt Energy Show<\/a><\/span><span style=\"font-weight:400;\">, 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>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>1H 2024: Gov\u2019t expects to finalize sale of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/317bf16c-ec16-489f-ac56-05ad40a04693\/another-usd-820-mn-coming-our-way-from-the-imf\" style=\"\">four water desalination plants<\/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>2H 2024: Gov\u2019t to launch the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f7fd9b9-a159-4b31-b974-f809d55f55d9\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\" style=\"\">Cairo Ring Road BRT buses<\/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>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>End of 2024: The launch of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sis.gov.eg\/Story\/192175\/Trial-Operation-of-the-Sokhna-El-Alamein-Matrouh-High-Speed-Train-Starts-by-the-End-of-this-Year?lang=en-us\" style=\"\">high-speed train<\/a><\/span><span style=\"font-weight:400;\"> 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>End of 2024: Shalateen Mining Company to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/74373364-7f95-4157-9090-67ee1584c341\/nuca-to-hand-out-plots-to-four-industrial-developers-within-days.-plus:-news-from-bluev,-tmg,-and-tabreed\" style=\"\">launch a gold exploration tender<\/a><\/span><span style=\"font-weight:400;\"> 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: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad18b775-3e22-4e6b-b4fc-9dd30f4b85ad\/abu-dhabi-ports-to-build-and-run%253cmark%253e-safaga-terminal%253c%2Fmark%253e,-cruise-ship-infrastructure\" style=\"\">Safaga Terminal 2<\/a><\/span><span> 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>20 January-7 February: Egypt to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f9a5a94-cc1c-4fc1-b8c6-7c02d15cae3b\/ramadan-kareem\" style=\"\">host the African Games<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight: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>End of 2027: Trial operations at the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52aa0e65-5b6f-4c84-aa49-70ac4152bb87\" style=\"\">Dabaa nuclear power plant<\/a><\/span><span style=\"font-weight:400;\"> expected to take place.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>A new gov\u2019t after Eid? Qalaa debt buyback updates. Funding form the NDB in the cards. Bajaj\u2019s Qute auto to be manufactured locally<\/p>\n","protected":false},"featured_media":623859,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-623858","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"939e9330-1e78-4fbd-9082-a0a43e4e731b","teaser":"A new gov\u2019t after Eid? Qalaa debt buyback updates. Funding form the NDB in the cards. Bajaj\u2019s Qute auto to be manufactured locally","photo_url":"https:\/\/ent.news\/2024\/5\/639.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>EGX\u2019s long-awaited shariah-compliant index to go live today -report - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/egxs-long-awaited-shariah-compliant-index-to-go-live-today-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX\u2019s long-awaited shariah-compliant index to go live today -report\" \/>\n<meta property=\"og:description\" content=\"A new gov\u2019t after Eid? Qalaa debt buyback updates. Funding form the NDB in the cards. 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