{"id":629611,"date":"2024-07-04T00:00:00","date_gmt":"2024-07-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=629611"},"modified":"2025-12-17T11:01:04","modified_gmt":"2025-12-17T11:01:04","slug":"el-sisi-swears-in-new-government","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/el-sisi-swears-in-new-government\/","title":{"rendered":"El Sisi swears in new government"},"content":{"rendered":"<section id=\"629613\" 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=\"629613\">\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\/07\/04\/govt-clears-usd-1-3-bn-oil-and-gas-arrears\/\">\r\n                            Gov\u2019t clears USD 1.3 bn oil and gas arrears                        <\/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\/07\/04\/govt-clears-usd-1-3-bn-oil-and-gas-arrears\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n               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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/govt-clears-usd-1-3-bn-oil-and-gas-arrears\/916-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/916.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"916.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/916.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/916.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-629613\" class=\"content-area-description single-story post-629613 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-energy tag-enterpriseam tag-oil-and-gas tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.92b90464-6e51-41f5-85ed-eaf60da9a231.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends<\/strong><strong>. <\/strong>After a hectic start to the week, the local news cycle has calmed down before the weekend. In a small, but still important issue today, we\u2019ve got important updates about the new government that was sworn in yesterday, some big M&amp;A plans in the works courtesy of Act Financial, and much, much more. So without further ado, let\u2019s jump in.<\/p><p class=\"tag-border-left\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Public and private sector workers will be getting a long weekend next week, <\/strong>as Thursday, 11 July, will be off to mark the Islamic New Year, Prime Minister Moustafa Madbouly said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid022p1Pqz4g1X2p5f2cgfhLRL9uufAK6RhswZThHD9XBxi3iigNiiPEBPsJPT9RktKcl\" style=\"\" rel=\"noopener\">statement<\/a> yesterday.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Temperatures are rising in Cairo today,<\/strong> with a high of 41\u00b0C and a low of 27\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s also heating up in Alexandria and the North Coast<\/strong>, with a high of 35\u00b0C and a low of 22\u00b0C.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it\u2019s going to start cooling down a little over the weekend. <\/strong>Expect to see temperatures dropping to a high of 37\u00b0C by Saturday in the capital, while temperatures for our friends on the Mediterranean will reach highs of 33\u00b0C.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Will the country\u2019s non-oil private sector finally return to growth? <\/strong>S&amp;P Global will publish Egypt\u2019s PMI figures for June later today, measuring the country\u2019s non-oil private sector activity. Last month saw business activity in Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00137b19-6fbc-49ee-a1f2-1f5ad0b91e46\/egypt%25e2%2580%2599s-non-oil-private-sector-inches-closer-to-growth\" style=\"\" rel=\"noopener\">inch closer to growth<\/a> after 42 straight months of contraction, giving some hope that this could be the month we see the non-oil private sector return to growth.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">WATCH THIS SPACE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>#1- The government cleared USD 1.3 bn worth of arrears to foreign oil and gas companies<\/strong><strong> operating in the country at the end of June<\/strong> \u2014 accounting for around <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe8be5ef-1808-4344-aa09-d303ff2fe7a2\/gov%25e2%2580%2599t-begins-paying-back-nearly-20%2525-of-overdue%253cmark%253e-arrears%253c%2Fmark%253e-to-international-oil-firms\" style=\"\" rel=\"noopener\">20%<\/a> of its outstanding dues \u2014 unnamed government officials told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/power\/47521\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AF%D8%AF-13-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%85%D9%86-%D9%85%D8%B3%D8%AA%D8%AD%D9%82%D8%A7%D8%AA-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But there\u2019s still a long way to go: <\/strong>\u201cWe are working to finalize the payment of as many dues as possible this year, but paying the full amount before the end of 2024 will be difficult,\u201d one of the sources told the outlet<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Round two: <\/strong>This is the second large chunk of arrears paid to oil companies since the beginning of the year, after the government paid back some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe8be5ef-1808-4344-aa09-d303ff2fe7a2\/gov%25e2%2580%2599t-begins-paying-back-nearly-20%2525-of-overdue%253cmark%253e-arrears%253c%2Fmark%253e-to-international-oil-firms\" style=\"\" rel=\"noopener\">USD 1.5 bn<\/a> in March, shortly after the float of the EGP. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- eSIM services ar<\/strong><strong>e less than two months away:<\/strong> The National Telecom Regulatory Authority is conducting the final technical tests ahead of launching eSIM services in Egypt in the coming 30-45 days, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%aa%d9%86%d8%b8%d9%8a%d9%85-%d8%a7%d9%84%d8%a7%d8%aa%d8%b5%d8%a7%d9%84%d8%a7%d8%aa-%d8%a8%d8%b5%d8%af%d8%af-%d8%aa%d9%81%d8%b9%d9%8a%d9%84-%d8%ae%d8%af%d9%85%d8%a9-e-sim-%d8%ae%d9%84\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing unnamed sources from the sector. The service will go live after a representative from the GSM Association \u2014 a global organization representing the interests of mobile network operators \u2014 visits Cairo and ensures the system is in line with international standards.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Vodafone Egypt earlier this year <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a7352ec-4728-4d25-996c-f388b1e738c9\/egypt-to-start-manufacturing-faw-evs-in-less-than-a-year.-plus:-pharma,-commodities,-telecom-news\" style=\"\" rel=\"noopener\">announced<\/a> its readiness to introduce the local market to eSIMs and said it is only awaiting the greenlight from the NTRA. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>eSIMs?<\/strong> Unlike their physical older brother we\u2019ve been putting in our phones over the years, eSIMs are a digital version of a SIM card that can be put in your phone by scanning a QR code or putting in a code. The newest Apple, Samsung, and Google phones are already eSIM-compatible and many believe it is only a matter of time before physical SIM cards are tossed into the dustbin of history.<\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>Egypt-KSA electricity linkup goes live a year from now:<\/strong> The first phase for the Egypt-Saudi Arabia 1.5k GW electricity interconnection will start operations in July 2025, <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1808529651460899258\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing the <a target=\"_blank\" href=\"https:\/\/www.presidency.eg\/en\/%D9%82%D8%B3%D9%85-%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1-%D8%B1%D8%A6%D8%A7%D8%B3%D9%8A%D8%A9\/news372024\/\" style=\"\" rel=\"noopener\">recently appointed<\/a> Deputy Electricity MInister Sabah Mashaly. The schedule was pushed two months from the initial announcement <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/653bc78e-5d38-4458-975b-249cc9521b61\/\" style=\"\" rel=\"noopener\">in 2022<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Politics is still dominating front pages in the foreign press<\/strong>, as more speculation on the potential outcome of French, British, and US elections swirls amid a fresh batch of polls. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the US: <\/strong>Biden is losing more ground in the presidential race with Donald Trump seeing a 6 percentage point lead in the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/elections\/trump-expands-lead-over-biden-after-debate-as-voters-age-worries-grow-wsj-poll-finds-c3a793ab?mod=hp_lead_pos1&amp;mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Wall Street Journal\u2019s latest opinion poll<\/a>, speculations that Vice President Kamala Harris <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/vp-harris-top-choice-replace-biden-election-race-if-he-steps-aside-sources-say-2024-07-03\/\" style=\"\" rel=\"noopener\">could be taking his place<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/07\/03\/house-democrats-biden-jeffries-withdraw\" style=\"\" rel=\"noopener\">calls for him to step aside<\/a> are growing louder. Biden seems to be growing more aware that his candidacy is at risk, according to a <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/07\/03\/us\/politics\/biden-withdraw-election-debate.html\" style=\"\" rel=\"noopener\">New York Times<\/a> report, though the White House has rejected claims that he is willing to step aside. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Across the pond: <\/strong>The Labour party is set for a landslide victory when voters go to the polls today in the UK, polls suggest, according to the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/986b19e2-3f0a-41b4-8a5a-ff728cb3eb1f\" style=\"\" rel=\"noopener\">Financial Times<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over in France: <\/strong>France\u2019s far-right Resemblement National is unlikely to secure a majority in upcoming snap elections, potentially leaving the country with a political gridlock with no party able to secure enough seats to form a government, the polls show, according to the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a655a424-a91b-4796-a5e4-fd851a54bb40\" style=\"\" rel=\"noopener\">Financial Times<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NON-ELECTIONS NEWS GETTING ATTENTION-<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A potentially \u201ccatastrophic\u201d category 5 hurricane \u2014 Hurricane Beryl \u2014 is heading<\/strong><strong> towards Jamaica<\/strong> after killing at least seven people amid widespread destruction in the southeast Caribbean. (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/07\/03\/hurricane-beryl-breaks-records-as-it-wreaks-havoc-through-caribbean.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/hurricane-beryl-caribbean-jamaica-cayman-islands-774803fc70e187ea96e7df10f84d8a50\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/de03e6fe-cb77-4fe2-b00a-ad2ae790824b\" style=\"\" rel=\"noopener\">FT<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Israel and Hamas are approaching a potential ceasefire and hostage release<\/strong><strong> agreement<\/strong>, with negotiators set to meet in the coming days, an Israeli source said. (<a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/07\/03\/middleeast\/israel-hamas-ceasefire-hostage-talks-intl-latam\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN THE BUSINESS PRESS- A couple of stories are getting ink: <\/strong><\/p><ul>\n<li><strong>Saks Fifth Avenue clinched an agreement to buy rival Neiman Marcus for USD 2.65<\/strong> <strong>bn<\/strong>, with help from Amazon. (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/deals\/saks-owner-to-buy-neiman-marcuswith-help-from-amazon-f71a0fda?mod=hp_lead_pos3\" style=\"\" rel=\"noopener\">WSJ<\/a>)<\/li>\n<li><strong>The US Federal Reserve\u2019s June meeting minutes signal that the Fed is in no rush to begin cutting rates <\/strong>as it awaits more signs that inflation is on a downward trajectory. (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/07\/03\/fed-minutes-fomc-not-ready-to-cut-rates-until-greater-confidence-inflation-is-moving-to-2percent-goal.html\" style=\"\" rel=\"noopener\">CNBC<\/a>) <\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"629615 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=\"629615\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/629615\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-629615\" class=\"content-area-description single-story post-629615 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\/ads\/imgs\/251.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span>Somabay in the Red Sea is thrilled to host the incredible tennis player Mayar Sherif, who is ranked 31st globally, to train on our grass tennis courts in Soma Sports Arena as she gears up for Wimbledon. Best of luck, Mayar.<\/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=\"629616\" 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=\"629616\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/egypts-usd-bonds-top-em-index-as-new-cabinet-sworn-in\/\">\r\n                            Egypt\u2019s USD bonds top EM index as new cabinet 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\/07\/04\/egypts-usd-bonds-top-em-index-as-new-cabinet-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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Find out what each minister brings to the table in their bios published yesterday on the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\" style=\"\" rel=\"noopener\">cabinet\u2019s Facebook page<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.presidency.eg\/en\/%D9%82%D8%B3%D9%85-%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1-%D8%B1%D8%A6%D8%A7%D8%B3%D9%8A%D8%A9\/news372024\/\" style=\"\" rel=\"noopener\">full and final line up<\/a> published by the Ittihadiya.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are some important changes to the cabinet lineup to note: <\/strong>We published a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7dcc84fd-8000-412a-bd00-a38bb8e288e1\/the-rundown-of-egypt%25e2%2580%2599s-new-cabinet\" style=\"\" rel=\"noopener\">rundown<\/a> of who it seemed will be sitting on Madbouly\u2019s new cabinet in yesterday\u2019s issue based on unconfirmed leaks, with close to 20 new faces set to take over ministries, but there were some important changes to the final team. Contrary to what we reported yesterday, General Mohamed Zaki will no longer be the defense minister, with former governor of Suez General Abdel Maguid Sakr instead being chosen to head the Defense Ministry. There were some other major changes in the army, with Lt. Gen. Ahmed Fathy Khalifa appointed as the Armed Forces\u2019 chief of staff, replacing Lt. Gen. Osama Askar.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madbouly is also getting two new deputies: <\/strong>Prime Minister Moustafa Madbouly now has two deputies, with Health Minister Khaled Abdel Ghaffar serving as his deputy for human development and Transport and Industry Minister Kamel El Wazir serving as his deputy for Industrial Development.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Local Development Ministry is also under new management: <\/strong>Former governor of Damietta <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid028NHZ4peVnio7yVJsxT52FxLkLMBunFSJHAufkA1v5thzaC1X3GHXMfQ2DBqnrisAl\" style=\"\" rel=\"noopener\">Manal Awad<\/a> will serve as local development minister, replacing Hisham Amna.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And El Sisi is getting a new bunch of advisors: <\/strong>President El Sisi named five advisors following the reshuffle, according to an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02Ynjx3RZQjzuTMgkT8y7TCwB31dGp1zkg3VhsaWLnwnhBBrMLdDCggFzgtLr57Q2Cl\" style=\"\" rel=\"noopener\">Ittihadiya statement<\/a>. Former Planning Minister Hala El Said has been tapped as the president\u2019s advisor on economic affairs, while former Justice Minister Omar Marwan was appointed the Ittihadiya\u2019s office director. Set to advise the president on defense affairs is Gen. Mohamed Zaki after stepping down as Defense Minister, while the Armed Forces\u2019 former chief of staff Lt. Gen. Osama Askar was named as the advisor for military affairs and Maj. Gen. Mohsen Abdel Nabi was appointed as El Sisi\u2019s media advisor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Only 6 of the country\u2019s 27 governorates have kept the same governors in the new<\/strong><strong> government: <\/strong>Khaled Abdel Aal has been replaced by Ibrahim Saber as the governor of Cairo and Giza will now have Adel Saeed El-Naggar as its governor, replacing Ahmed Rashed. Over in Alexandria, Mohamed Al Sharif has been replaced by Ahmed Khaled Hassan. You can check out the whole list <a target=\"_blank\" href=\"https:\/\/www.presidency.eg\/EN\/%D9%82%D8%B3%D9%85-%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1-%D8%B1%D8%A6%D8%A7%D8%B3%D9%8A%D8%A9\/news372024-1\/\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The new Madbouly government will deliver its policy statement to the House of Representatives next Monday. A parliamentary committee will then review and discuss the statement, before the MPs cast their votes on it within 30 days.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>International debt markets have already welcomed the news: <\/strong>Government USD-denominated bonds soared following news yesterday that Ahmed Kouchouk had been chosen to head the Finance Ministry alongside \u201cbusiness executives and former bankers\u201d in other key ministries, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com.\/news\/articles\/2024-07-03\/egypt-names-cabinet-of-economists-executives-to-boost-economy?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers:<\/strong> The country\u2019s sovereign USD-denominated bonds due to mature in 2049 hit its highest record since the EGP-float in March, while Egypt\u2019s securities represented 14 of the top 20 gainers on the Bloomberg Emerging Markets Sovereign Total Return Index. EGP-denominated 12-month contracts aslo had a good day, posting their biggest gains since late April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The international press kept up its coverage of the new government: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-has-agreed-long-awaited-cabinet-reshuffle-local-media-report-2024-07-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/egypt-new-cabinet-sissi-ad5c1e40b2d5a56ee64e2d0ffe20eec8\" style=\"\" rel=\"noopener\">Associated<\/a><a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/egypt-new-cabinet-sissi-ad5c1e40b2d5a56ee64e2d0ffe20eec8\" style=\"\" rel=\"noopener\">Press<\/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\/cabinet-watch\/\">cabinet watch<\/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\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/sovereign-debt\/\">sovereign debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        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href=\"https:\/\/api.whatsapp.com\/send?text=Act+Financial+to+buy+into+three+EGX-listed+companies+following+IPO+this+month+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F07%2F04%2Fact-financial-to-buy-into-three-egx-listed-companies-following-ipo-this-month%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\/07\/04\/act-financial-to-buy-into-three-egx-listed-companies-following-ipo-this-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/242.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"629619\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/act-financial-to-buy-into-three-egx-listed-companies-following-ipo-this-month\/242-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/242.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"242.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/242.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/242.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-629618\" class=\"content-area-description single-story post-629618 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-act-financial tag-enterpriseam tag-ipo-watch tag-ma-watch tag-zilla-capital 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\/7\/.ef8fa4c6-feac-4af7-b17e-7549277ca68a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Act Financial has a busy few months ahead: <\/strong>With an IPO slated to wrap by end of this month, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de87c4ef-20c4-49be-80ad-a4777bf1455a\/%253cmark%253emostafa-abdel-aziz,-managing-partner-and-co-founder-of-act-financial%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">Managing Partner Mostafa Abdel Aziz<\/a> let Enterprise in on the company\u2019s post-IPO plans during the company's subscription offering ceremony on Tuesday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Refresher: <\/strong><span style=\"background-color: transparent;\">The company is <\/span><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9540e6d-8c1a-453f-9a7d-8ca7f28e78b3\/\" rel=\"noopener\">offering<\/a><span style=\"background-color: transparent;\"> some 32% of its shares in what will be the first IPO the EGX sees in a year. The subscription period for retail investors is set to take place between 9-23 July, while institutional investors will get a chance to subscribe between 9-18 July. Existing shareholders won\u2019t exit any of their existing shares for the IPO, with Act deciding to instead raise the company\u2019s capital by issuing 360 mn new shares. The new shares will be divided into 300 mn shares for institutional investors and 60 mn for retail investors. The company aims to raise around EGP 1.04 bn through the offering.<\/span><\/p>\n<p class=\"tag-border-left\">POST-IPO-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Act Financial eyes stakes in three EGX-listed companies: <\/strong>Act Financial plans use the EGP 1 bn raised from its IPO to invest into three EGX-listed companies this year, Abdel Aziz told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Non-listed companies are also getting some love from Act: <\/strong>The company is also exploring potential investments in six non-listed local companies with the hopes of eventually listing them on the EGX, Abdel Aziz said, adding the company has met with over 100 non-listed companies so far. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>These could be some pretty big-ticket investments: <\/strong>Abdel Aziz explained that the investments will range from 5-30%, depending on the size of the company and Act Financial's plan for it.<\/p>\n<p class=\"tag-border-left\"> THE IPO-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over EGP 3 bn post-IPO market value: <\/strong>The capital increase for the offering will put the company\u2019s market value at some EGP 3.4 bn from EGP 2.2 bn, Abdel Aziz said during the conference. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To help reel investors in: <\/strong>The company will step in and buy back 10% of its shares if shares drop below the offer price of 2.90 EGP, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Off to a good start:<\/strong> Zilla Capital \u2014 IPO manager \u2014 Moustafa El Shenety said that the offering has already received a lot of interest from investors. El Shenety believes that Egypt could soon see the return of IPO activity thanks to exchange rate stability and the political climate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>2023 was a dry year for the IPO market: <\/strong>Last year saw only a single company make its EGX debut, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41d67e8b-4427-475c-b038-6a7b19bbba31\/egx-voids-taqa-arabia-debut-following-83,000%2525-price-surge\" style=\"\" rel=\"noopener\">Taqa Arabia started trading on the EGX in July 2023<\/a> \u2014 in a technical listing, not an IPO \u2014 listing 1.35 bn shares on the exchange. No company has made its EGX debut since. <\/p>\n<p class=\"tag-border-left\">MORE FUNDS IN THE PIPELINE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Act is looking to secure more financing: <\/strong>Act Financial is currently in negotiations to secure EGP 2 bn in loans, Abdel Aziz told Enterprise, without naming the other parties involved.<\/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\/act-financial\/\">Act Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zilla-capital\/\">Zilla Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"629620 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=\"629620\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/629620\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-629620\" class=\"content-area-description single-story post-629620 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=\"629621\" 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=\"629621\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/hitting-our-renewables-target-on-time-could-be-challenging\/\">\r\n                            Egypt hitting its renewables target on time could be challenging                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/hitting-our-renewables-target-on-time-could-be-challenging\/&title=Hitting our renewables target on time could be challenging\">\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=Hitting+our+renewables+target+on+time+could+be+challenging+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F07%2F04%2Fhitting-our-renewables-target-on-time-could-be-challenging%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\/07\/04\/hitting-our-renewables-target-on-time-could-be-challenging\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/346.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"629622\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/hitting-our-renewables-target-on-time-could-be-challenging\/346-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/346.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"346.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/346.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/346.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-629621\" class=\"content-area-description single-story post-629621 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-electricity tag-enterpriseam tag-renewables 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\/7\/.e261fcb1-e8b1-4f57-a260-91126ce16fea.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The road to reach our renewables ambitions is rocky:<\/strong> While the government wants to ramp up the country\u2019s renewables capacity to mitigate electricity shortages and supply green energy to Europe, infrastructure remains underdeveloped, lacking the transmission lines needed to connect potential renewables projects to the national grid, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/egypts-renewable-power-ambitions-face-grid-hurdle-2024-07-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a> writes in a look into the sector following a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b44bf694-9410-4f47-beea-46b32a2a5f11\/egypt-inks-eur-67.7-bn-worth-of-agreements-and-mous-at-egypt-eu-investment-conference\" style=\"\" rel=\"noopener\">deluge of energy investments<\/a> and targets announced at last weekend\u2019s Egypt-EU Investment Conference.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/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=\"629623\" 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=\"629623\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/japans-saraya-mulls-another-two-sczone-projects-plus-yacht-tourism-city-lab-cairo-clinical-labs-afreximbank-instapay-mermec-kima-exits-eagles-fert-sky-abu-dhabi-azimut\/\">\r\n                            Japan\u2019s Saraya mulls another two SCZone projects. PLUS: Yacht tourism, City Lab + Cairo Clinical Labs, Afreximbank, Instapay, Mermec, Kima, Exits, Eagles Fert, Sky Abu Dhabi, Azimut                        <\/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\/07\/04\/japans-saraya-mulls-another-two-sczone-projects-plus-yacht-tourism-city-lab-cairo-clinical-labs-afreximbank-instapay-mermec-kima-exits-eagles-fert-sky-abu-dhabi-azimut\/\" 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\/07\/04\/japans-saraya-mulls-another-two-sczone-projects-plus-yacht-tourism-city-lab-cairo-clinical-labs-afreximbank-instapay-mermec-kima-exits-eagles-fert-sky-abu-dhabi-azimut\/')\">\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\/07\/04\/japans-saraya-mulls-another-two-sczone-projects-plus-yacht-tourism-city-lab-cairo-clinical-labs-afreximbank-instapay-mermec-kima-exits-eagles-fert-sky-abu-dhabi-azimut\/\">\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=Japan\u2019s Saraya mulls another two SCZone projects. PLUS: Yacht tourism, City Lab + Cairo Clinical Labs, Afreximbank, Instapay, Mermec, Kima, Exits, Eagles Fert, Sky Abu Dhabi, Azimut&url=https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/japans-saraya-mulls-another-two-sczone-projects-plus-yacht-tourism-city-lab-cairo-clinical-labs-afreximbank-instapay-mermec-kima-exits-eagles-fert-sky-abu-dhabi-azimut\/\">\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\/07\/04\/japans-saraya-mulls-another-two-sczone-projects-plus-yacht-tourism-city-lab-cairo-clinical-labs-afreximbank-instapay-mermec-kima-exits-eagles-fert-sky-abu-dhabi-azimut\/&title=Japan\u2019s Saraya mulls another two SCZone projects. 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The projects would come as part of the second phase of the company\u2019s USD 25 mn investment plan in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saraya inaugurated three plants in the SCZone <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0dbd8b6a-2edb-437d-b780-8adb3b1b61ec\/cib-halves-fx-markup-fees-to-5%2525-and-eases-card-limits-abroad\" style=\"\" rel=\"noopener\">last week<\/a><\/strong>, including a plant for producing jojoba oil for export to European and Asian cosmetic companies, a factory for manufacturing natural cosmetics, and a factory for producing zero-calorie natural sweeteners.<\/p>\n<p class=\"tag-border-left\">HOSPITALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Transport Ministry inks agreement for Galala Marina management:<\/strong> The Transport Ministry will ink a MoU today with Nile Taxi Group\u2019s owner Magdi Ghali to develop, manage, and operate the Galala Marina, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/03\/1806078\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reported, citing a source it says is close to the matter. The marina, under the Red Sea Ports Authority, is set to be transformed into a premier tourist destination.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details so far<\/strong>: The MoU grants Nile Taxi a 15-year renewable contract for managing the marina, with a USD 10 mn investment planned over the next decade. The Transport Ministry will receive 60% of income after two years, with the contract stipulating the final agreement be signed within a month to begin development.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The initiative is part of Egypt's broader strategy to become a global yacht tourism destination that involves <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35bf8ef8-943f-4fa9-b360-6f5f58d3cae8\/\" style=\"\" rel=\"noopener\">establishing 11 new marinas<\/a> along the Red Sea and Mediterranean coasts.<\/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>#1- <\/strong><strong>The Health Ministry<\/strong><strong> is on the hunt for a private player to help set up a hospital in New<\/strong><strong> Alamein<\/strong>, having offered the project to the private sector to be carried out via a public-private partnership, reports <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%b5%d8%ad%d8%a9-%d8%aa%d8%b7%d8%b1%d8%ad-%d8%a5%d9%86%d8%b4%d8%a7%d8%a1-%d9%85%d8%b3%d8%aa%d8%b4%d9%81%d9%89-%d8%a8%d8%a7%d9%84%d8%b9%d9%84%d9%85%d9%8a%d9%86-%d8%a7%d9%84%d8%ac%d8%af\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The partnership will see the government provide 11 feddans of land for the private sector to set up the hospital on. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A medical tourism hub? <\/strong>The hospital, intended to serve 15k people on the North Coast, is part of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76094143-fed7-428d-a766-ec96a1d0de5f\/government-gears-up-to-launch-online%253cmark%253e-medical-tourism%253c%2Fmark%253e-platform\" style=\"\" rel=\"noopener\">broader plan<\/a> to transform Egypt into a medical tourism hub. The plan will attract FDI and open fresh FX revenue streams from patients from Africa, the Middle East, and Europe coming here for treatment on the back of our talented and well-trained medical staff and the competitive price point Egyptian hospitals can offer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come: <\/strong>The Health Ministry in May <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5646dfc-ac79-434e-85b7-c7c1247807c3\/the-health-ministry-to-work-with-private-sector-to-open-ten-new%253cmark%253e-hospitals%253c%2Fmark%253e-over-the-next-two-years\" style=\"\" rel=\"noopener\">kicked off talks with local and foreign private players<\/a> to build ten hospitals across ten of the country\u2019s governorates within the next two years. This came shortly after the House <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c6dc104-3db3-48c3-9e76-dc380f534c89\" style=\"\" rel=\"noopener\">greenlit a bill allowing<\/a> the private sector to manage and operate public hospitals and healthcare facilities in Egypt.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- City Lab took a steep closer to acquiring Cairo Clinical Labs <\/strong>after its board approved the due diligence conducted and appointed Financial Advice Corporate Transactions (FACT) as an independent financial advisor to provide a second opinion on the company\u2019s value, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/300.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The board stipulated that the fair value study should be completed by the end of July in order so that the transaction happens according to schedule. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong><a target=\"_blank\" href=\"https:\/\/premium-dx.com\/\" style=\"\" rel=\"noopener\">Premium Diagnostics UAE<\/a> upped its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f3cfd5d7-a440-4aeb-8299-c5cba9e17abc\/bajaj%25e2%2580%2599s-qute-microcar-to-be-manufactured-by-gb-auto,-military-production-ministry.-plus:-ppp-education-platform-returns%3F-fabmisr-%2B-cayesh,-premium-diagnositcs-uae-%2B%253cmark%253e-city-lab%253c%2Fmark%253e,-fawry,-sfe-%2B-b-investments\" style=\"\" rel=\"noopener\">ownership<\/a> in City Lab last month to 25.0%.<\/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>Egyptian expats should be able to send back remittances via InstaPay by September:<\/strong> The Central Bank of Egypt is reportedly gearing up to allow Egyptian expats to transfer their remittances using payment platform InstaPay, sources told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/03\/1806081\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The CBE is also working with other fintech companies to activate the service and make it easier for users.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> A source close with the matter told us <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0de16f6-4f11-4511-8f5f-743b1a57da64\/\" style=\"\" rel=\"noopener\">in November<\/a> that the CBE has agreed with UAE, Jordan \u2014and is in advanced talks with Saudi Arabia\u2019s central bank \u2014 to onboard banks in these countries on the CBE-run payments app and roll out the remittance services in 1H 2024<\/p>\n<p class=\"tag-border-left\">DEVELOPMENT FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Afreximbank set to increase authorized capital 400%:<\/strong> The Cairo-headquartered African Export-Import Bank is set to increase its authorized capital to USD 25 bn, up from USD 5 bn, after the lender\u2019s shareholders greenlit the move, according to a <a target=\"_blank\" href=\"https:\/\/www.afreximbank.com\/afreximbank-announces-board-changes-and-increase-in-authorized-capital\/\" style=\"\" rel=\"noopener\">statement<\/a> from the bank. The move comes in response to \u201cchallenges facing the African continent\u201d and to \u201csupport the growth and development envisaged for the African continent.\u201d according to the statement.<\/p>\n<p class=\"tag-border-left\">INFRASTRUCTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Italy\u2019s Mermec scores contract for Egypt railway link: <\/strong>Egyptian National Railways (ENR) has awarded Italy\u2019s <a target=\"_blank\" href=\"https:\/\/www.mermecgroup.com\/\" style=\"\" rel=\"noopener\">Mermec<\/a> a EUR 130 mn contract to supply a European Train Control System (ETCS) for a portion of the railway line linking Sinai to the Suez Canal, according to a <a target=\"_blank\" href=\"https:\/\/www.mermecgroup.com\/press-room\/news\/1591\/ue-egitto-a-mermec-contratto-con-la-egypt-national-railway.php\" style=\"\" rel=\"noopener\">press release<\/a> from Mermec and <a target=\"_blank\" href=\"https:\/\/www.railjournal.com\/africa\/mermec-to-supply-etcs-to-egypt\/\" style=\"\" rel=\"noopener\">report<\/a> from the International Railway Journal. Mermec will work on the project alongside local contractor El Hazek Construction.<\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Kima to restart its fertilizer plants:<\/strong> State-controlled Egyptian Chemical Industries\u2019 (Kima) fertilizer factories will be operational within days, following a partial resumption of gas supplies, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/03\/1805942\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports. The news comes as other factories, including those of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69fde225-bfd3-4582-aa34-f6fbcaf4bdc5\/\" style=\"\" rel=\"noopener\">Abu Qir Fertilizers and Mopco<\/a>, have come back online after gas supplies returned.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM KIMA- Kima sees income, revenues dip in 9M FY 2023-24: <\/strong>Kima saw its net income dip 90.7% y-o-y in the first nine months of the fiscal year 2023-2024 to EGP 102.3 mn, while its topline fell 10.2% y-o-y to EGP 4.6 bn, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/309.pdf\" style=\"\" rel=\"noopener\">the company\u2019s financial statement (pdf)<\/a>.<\/p>\n<p class=\"tag-border-left\">EXPANSION TO THE GCC-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exits announces Saudi JV:<\/strong> Local fintech investment platform <a target=\"_blank\" href=\"https:\/\/exits.me\/\" style=\"\" rel=\"noopener\">Exits<\/a> has established a new joint venture alongside a number of Saudi investors, including Gorath Ventures founder Ammar Shata, who has also been tapped as the JV\u2019s new non-executive chairman, the startup said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/302.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The move will allow Exits to establish an \u201con-ground presence\u201d in the kingdom.<\/p>\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fertilizer producer <\/strong><strong>Eagles Fer<\/strong><strong>t wants to increase its production capacity by over 150% in<\/strong><strong> the next three years <\/strong>through an EGP 200 mn expansion that will see it build a four-factory industrial complex in New Sixth of October City, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/02\/1805590\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing company chairman Yasser Mostafa. The company is also looking to up its exports, aiming to allocate 60% of its output for exports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The company has plans to set up an export-specialized company as part of its efforts to expand into new markets. It is also looking to set up shop in Saudi Arabia and the UAE. <\/p>\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sky Abu Dhabi wants a piece of the North Coast:<\/strong> Emirati real estate developer <a target=\"_blank\" href=\"https:\/\/skyabudhabi.ae\/ar\" style=\"\" rel=\"noopener\">Sky Abu<\/a><a target=\"_blank\" href=\"https:\/\/skyabudhabi.ae\/ar\" style=\"\" rel=\"noopener\">Dhabi<\/a> is in talks with the government over a 200-600 acres plot of land in the North Coast, <a target=\"_blank\" href=\"https:\/\/www.mubasher.info\/news\/4309857\/-%D8%B3%D9%83%D8%A7%D9%8A-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D8%AA%D8%AA%D9%81%D8%A7%D9%88%D8%B6-%D9%84%D9%84%D8%AD%D8%B5%D9%88%D9%84-%D8%B9%D9%84%D9%89-600-%D9%81%D8%AF%D8%A7%D9%86-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%A7%D8%AD%D9%84-%D8%A7%D9%84%D8%B4%D9%85%D8%A7%D9%84%D9%8A-%D8%A8%D9%85%D8%B5%D8%B1\/\" style=\"\" rel=\"noopener\">Mubasher<\/a> reports, citing COO <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mostafa-salah-29011433\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Mostafa Salah<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The developer also broke ground yesterday on construction of its Golden Square project<\/strong> in New Cairo, which comes at an investment cost of EGP 8 bn and will span 50 acres.<\/p>\n<p class=\"tag-border-left\">FINTECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An investment funds e-platform from Azimut is in the works:<\/strong> Asset manager Azimut is gearing up to launch an electronic platform for investment funds in the country \u201cwithin days, if not hours,\u201d CEO CEO Ahmed Abo El Saad told Asharq Business in an interview (<a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1808493005810081855\" style=\"\" rel=\"noopener\">watch, runtime: 2:53<\/a>). Dubbed AZ Invest, the platform will go live once Azimut receives a required license from the Financial Regulatory Authority, with approval just around the corner, El Saad explained, adding that the company has wrapped up all the platform\u2019s infrastructure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A big target for 2024:<\/strong> The investment firm is aiming to bolster its investments in a variety of assets to EGP 20 bn by the end of 2024, up from EGP 17 bn currently, according to Abo El Saad <\/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\/afreximbank\/\">AfreximBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/bnaire-jeff-bezos-offloads-usd-5-bn-worth-of-amazon-shares\/\">\r\n                            B\u2019naire Jeff Bezos offloads USD 5 bn worth of Amazon shares                        <\/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\/07\/04\/bnaire-jeff-bezos-offloads-usd-5-bn-worth-of-amazon-shares\/\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/358.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"629626\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/bnaire-jeff-bezos-offloads-usd-5-bn-worth-of-amazon-shares\/358-jpg-35\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/358.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"358.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/358.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/358.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-629625\" class=\"content-area-description single-story post-629625 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-amazon tag-enterpriseam tag-financial-markets tag-jeff-bezos tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.70f3070a-666d-49e3-944e-27a9008bc33e.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>B\u2019naire Jeff Bezos is planning to offload around USD 5 bn worth of shares in Amazon<\/strong>, according to a Securities and Exchange Commission <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/363.pdf\" style=\"\" rel=\"noopener\">filing (pdf)<\/a>. Bezos \u2014 Amazon\u2019s biggest shareholder holding a 9% stake \u2014 has already sold around USD 8.5 bn in shares earlier this year, bringing the total of his share sales to USD 13.5 bn. This move comes shortly after Amazon's market value exceeded USD 2 tn last month, placing it as the fifth most valuable company, behind fellow tech giants Microsoft, Google's parent company, Alphabet, Apple, and chipmaker Nvidia.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even with the USD 5 bn share sale, Bezos would still rank as the company\u2019s largest<\/strong><strong> shareholder<\/strong>, with the former CEO still holding around 912 mn shares following the share sale \u2014 equivalent to 8.8% of Amazon, according to calculations by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-03\/bezos-to-sell-5-billion-of-amazon-as-shares-hit-record-high\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bezos is realizing gains after a bumper year:<\/strong> Amazon shares have surged 30.0% already this year, driven by investor excitement around AI's potential to boost the retail giant\u2019s cloud division, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f941d98e-5a85-454e-8435-e90a5211d22e\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bezos is not the only b\u2019naire riding the upward trend in tech stocks: <\/strong>Nvidia CEO Jensen Huang cashed in on 1.3 mn shares of the chipmaker for USD 169 mn this month alone as the company\u2019s share price reached record highs, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-03\/huang-cashes-in-on-nvidia-s-rally-with-169-million-share-sale?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. His executives and directors also offloaded USD 700 mn worth of shares in the first six months of 2024. Nvidia's shares are up nearly 160% since January.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM PLANET FINANCE-<\/strong><\/p><ul>\n<li><strong>Some EU nations are getting cold feet about Chinese EV tariffs: <\/strong>Proposed additional EU tariffs on Chinese-made EVs due to be voted on today have been seeing resistance from some members of the bloc. Nations like Germany have opposed the move over fears that retaliatory moves could affect sales in one of the German auto industry\u2019s largest export markets, while other regional auto industry heavyweights, including Italy, Spain, and France, seem to still be firmly behind the move. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/eu-governments-waver-over-chinese-ev-tariffs-trade-spat-escalates-2024-07-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<\/ul><p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are up in early trading, with Japan\u2019s Topix hitting an all-time high<\/strong> as investors celebrate positive data on wages in the country. Hong Kong\u2019s Hang Seng is also up 0.8% despite purchasing managers\u2019 index data pointing to slower growth in business activity, while mainland China\u2019s CSI 300 remained flat. Wall Street markets are closed today for the 4 July holiday, after the S&amp;P 500 and Nasdaq notched record highs at close yesterday. <\/p><p><a target=\"_blank\" id=\"t.7e779fcfb7f6089f0ea5e630fb963b5408abf102\" 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\">28,161<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +13.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 48.09<\/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 48.23<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.09<\/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 48.19<\/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\">11,595<\/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: -3.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,094<\/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: -5.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,079<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,537<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +16.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,171<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,966<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2% (YTD: +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 87.34<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.42<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,365.60<\/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\">+1.4%<\/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>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 59,600.80<\/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\">-3.8% (YTD: +41.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 5.1 bn (19% above the 90-day average). Local investors were net buyers. The index is up 13.1% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Orascom Development (+6.1%), EFG Holding (+3.3%), and Abu Qir Fertilizers (+2.7%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>GB Corp (-3.4%), Ibnsina Pharma (-2.6%), and Edita (-2.3%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Ahly for Development and Investment wants to offload its 17.1% stake in Cairo<\/strong> <strong>Financial Holding<\/strong>, and will soon tap an independent financial advisor to conduct the fair value study of Cairo Financial Holding ahead of receiving offers from investment banks, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/307.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amazon\/\">Amazon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jeff-bezos\/\">Jeff Bezos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"629627\" 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=\"629627\">\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\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/my-morning-routine-abdullah-al-atrash-ceo-of-natrify\/\">\r\n                            My Morning Routine: Abdullah Al Atrash, CEO of Natrify                        <\/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\/07\/04\/my-morning-routine-abdullah-al-atrash-ceo-of-natrify\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking to us this week is Abdullah Al Atrash (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/abdullah-al-atrash-84952216a\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), co-founder and CEO of <a target=\"_blank\" href=\"https:\/\/natrify.github.io\/web\/\" style=\"\" rel=\"noopener\">Natrify<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My name is Abdullah Al Atrash.<\/strong> I\u2019m the founder and CEO of Natrify, an environmental biotech pioneer in the MENA region. We develop technology to help businesses within the plastic value chain industry develop to produce a type of bioplastic that is naturally biodegradable in any environment. I also previously led a project with the United Nations Environment Programme (UNEP) and made it onto <a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/30-under-30-2023\/abdullah-al-atrash\/\" style=\"\" rel=\"noopener\">Forbes\u2019 30 Under 30<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As CEO, I\u2019m in charge of setting the strategic direction for the entire company<\/strong>, focusing on the possible areas of growth that can allow us to scale up. I\u2019m also largely in charge of investor relations and interactions with investors in general, and making sure that our various departments are on track with the goals and targets that we set. I also take care of issues related to the commercialization and the expansion of the company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Durin<\/strong><strong>g my time with the UNEP in Cambodia, I saw the impact of plastic pollution up<\/strong> <strong>close.<\/strong> I realized that plastic is not just an environmental issue, it\u2019s a health issue as well.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian businesses want to go green: <\/strong>Most businesses in Egypt \u2014 especially the major manufacturers using plastic in their operations \u2014 all have very clear agendas to green and have ESG plans and large funds deployed towards environmental sustainability, but it's hard for them to have any solutions that are actually commercially feasible.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I believed that there\u2019s a way to do this efficiently, and that there\u2019s no need to compromise<\/strong> <strong>to go green.<\/strong> I wanted to create something that solves the environmental issue, while also being commercially viable, and that can actually be the new norm for plastics. We want our product \u2014 which we call Adigide \u2014 to be the base. Not a replacement, but something that can be a viable alternative for manufacturers. We wanted to present a solution that is scalable to businesses that are working towards a 2050 net zero agenda. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My morning routine varies by the day<\/strong> as a biotech entrepreneur in this incredibly dynamic industry. I always make sure to go to bed early \u2014 11pm at the latest \u2014 and I try to wake up between 5-7am to give myself some time before heading to work. I am not the most productive right when I wake up \u2014 I\u2019ll usually watch Modern Family or whatever show I\u2019m binge-watching that week. I then make breakfast, meal prep, and try to get some reading done before I head to work. When I get to work, I try to do some meditation and breathing exercises before I start working. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I try to start my day with light work<\/strong> \u2014 responding to and sending out emails, stuff like that. Then by the middle of the day I\u2019m doing meetings, checking in with my team, putting some strategies in place. The end of the day is reserved for whatever work requires the most amount of attention and focus. I try to head home by 6-7pm, go to the gym, eat the meal I prepared earlier in the day, watch some more TV, and head to sleep.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The one constant in my day, aside from my meetings, is checking-in with myself<\/strong> <strong>throughout my day. <\/strong>I\u2019m a person with ADHD, and my days are incredibly hectic and all over the place \u2014 so these little check-ins help me tackle the day more effectively and help me see things a bit more clearly in the middle of all the chaos. These are the moments that help me stay grounded and be in the moment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s easy to get sucked in by the demanding side of running a startup.<\/strong> You can never not be the startup founder. Even when you\u2019re chilling or hanging out with friends, you\u2019re still thinking about the company all the time. I\u2019m still trying to work on that and fix my work-life balance. But what I\u2019ve realized is, at least for me, a work-life balance is mainly about how satisfied you are with your day. Burnout doesn\u2019t come from working too hard, I think it comes from not getting the results you want out of your day. What helped me navigate a work-life balance was figuring out the things that make me feel fulfilled, whether it\u2019s from work, my team\u2019s work, or if it\u2019s in my personal life \u2014 whether or not I managed to see my friends or family, or even watch my show. Ultimately, it\u2019s about how fulfilled I feel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a lot of room for me to grow, both personally and professionally.<\/strong> With Natrify being a growth stage company and heading towards its exponential scalability, I\u2019m still navigating how to prepare for that. Professionally, I\u2019m committed to our goal of making our product the new norm for plastics and scaling up the business to where we want it to be in the next few years. On a personal level, I\u2019m trying to remain fulfilled and comfortable in the middle of all the work and to try to do stuff that I find enjoyable and try out new things all the time, like pottery or random arts and crafts. I recently tried out poi dancing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I enjoy reading books that talk about capitalism and its history.<\/strong> I recommend <a target=\"_blank\" href=\"https:\/\/www.goodreads.com\/book\/show\/59056157-the-price-of-time\" style=\"\" rel=\"noopener\">The Price of<\/a><a target=\"_blank\" href=\"https:\/\/www.goodreads.com\/book\/show\/59056157-the-price-of-time\" style=\"\" rel=\"noopener\">Time: The Real Story of Interest<\/a> and <a target=\"_blank\" href=\"https:\/\/www.goodreads.com\/book\/show\/61111614-the-crisis-of-democratic-capitalism\" style=\"\" rel=\"noopener\">The Crisis of Democratic Capitalism<\/a>. I also read a lot of dramas and novels, and I\u2019d highly suggest reading <a target=\"_blank\" href=\"https:\/\/www.goodreads.com\/book\/show\/7144.Crime_and_Punishment\" style=\"\" rel=\"noopener\">Crime and Punishment<\/a> by Fyodor Dostoevsky \u2014 if you can manage to remember the names. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The best piece of advice I\u2019ve been given is, loosely translated, \u201cyour friend is whomever<\/strong> <strong>is honest to you, not whoever flatters you.\u201d<\/strong> It was given to me by Tarek Roushdy, an angel investor here in Egypt. He was one of my biggest mentors and one of the first investors I spoke to. <\/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\/climate-tech\/\">climate tech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"629629\" 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\/07\/04\/629629\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-629629\" class=\"content-area-description single-story post-629629 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;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4 July (Thursday)  S&P Global to publish Egypt\u2019s PMI figures for 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;\">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> 9-18 July: Act Financial IPO subscription period for institutiona<\/span><span style=\"font-weight:400;\">l investors. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-23 July: <\/span><span>A<\/span><span style=\"font-weight:400;\">ct Financial IPO subscription period for retail investors. <\/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;\">10 July (Wednesday): CBE and Capmas to publish inflation data for June.<\/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 Economic Forum<\/a><\/span><span style=\"font-weight:400;\">, 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>3-5 September (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypt-air-show.com\/\" 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:400;\">30 September (Monday): Ban on sugar exports expiration.<\/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:400;\">July 2025: The first operational trail of Egypt-KSA electricity interconnection line.<\/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>Act\u2019s post-IPO acquisition spree | Gov\u2019t clears energy arrears | Saraya mulls another two SCZone projects | Fertilizer factories back in action<\/p>\n","protected":false},"featured_media":629612,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-629611","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"adf71e4b-b2e5-49a3-83d3-493bd9916231","teaser":"Act\u2019s post-IPO acquisition spree | Gov\u2019t clears energy arrears | Saraya mulls another two SCZone projects | Fertilizer factories back in action","photo_url":"https:\/\/ent.news\/2024\/7\/370.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>El Sisi swears in new government - 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\/el-sisi-swears-in-new-government\/\" \/>\n<meta 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