{"id":633574,"date":"2024-07-17T00:00:00","date_gmt":"2024-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=633574"},"modified":"2025-12-17T13:20:22","modified_gmt":"2025-12-17T13:20:22","slug":"a-lot-of-gold-talk-at-day-one-of-the-egypt-mining-forum","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/a-lot-of-gold-talk-at-day-one-of-the-egypt-mining-forum\/","title":{"rendered":"A lot of gold talk at day one of the Egypt Mining Forum"},"content":{"rendered":"<section id=\"633576\" 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=\"633576\">\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\/17\/imf-trims-egypts-growth-outlook\/\">\r\n                            IMF trims Egypt\u2019s growth outlook                        <\/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\/17\/imf-trims-egypts-growth-outlook\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/imf-trims-egypts-growth-outlook\/1327-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1327.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1327.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1327.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1327.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633576\" class=\"content-area-description single-story post-633576 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-imf 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\/.034cd424-68b5-436c-9d4b-092930379086.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>It\u2019s another busy morning here in Cairo, led by a fresh IMF growth forecast and lots of gold talk from the first day of the Egypt Mining Forum. <\/p><p class=\"tag-border-left\">WATCH THIS SPACE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- IMF trims Egypt\u2019s growth outlook:<\/strong> The IMF has cut our growth forecast for the current fiscal year to 4.1%, down 0.3 percentage points from its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/292b8067-3a67-43fc-bbef-17c9907521e8\/imf-holds-its-growth-forecast-steady-at-3.0%2525\" style=\"\" rel=\"noopener\">April forecast<\/a> in its updated <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1302.pdf\" style=\"\" rel=\"noopener\">World Economic Outlook (pdf)<\/a>. The Fund also trimmed its growth forecast for the fiscal year 2023-2024 to 2.7%, down 0.3 percent points from the 3.0% penciled in its latest forecast. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Below gov\u2019t projections:<\/strong> The new Madbouly cabinet expects to see the economy growing at a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/150370b7-8811-44e0-8b91-782cfb66541c\/\" style=\"\" rel=\"noopener\">4.2%<\/a> clip during the current fiscal year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We dive into the IMF\u2019s global growth outlook in the news well, below. <\/strong><\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- HoldiPharma gearing up to sell a stake in Misr Pharma:<\/strong> State-owned pharma manufacturer HoldiPharma is reportedly looking to appoint an investment bank to promote and manage the offering of its subsidiary Misr Pharma to a strategic investor, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/16\/1809525\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed sources. Misr Pharma has a valuation of EGP 1 bn, according to the fair value study conducted by Financial Advice Corporate Transactions (FACT). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>P<\/strong><strong>art of the privatization program:<\/strong> Misr Pharma is included in the list of companies and assets <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">earmarked for privatization<\/a>. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> #3- You\u2019re officially banned from cutting or trimming trees in Cairo<\/strong>, under a <a target=\"_blank\" href=\"https:\/\/web.facebook.com\/CairoGovernment1\/posts\/pfbid0B7XH4Xpn49mXgyF5As2g22YniEDCV51rciUt7X1EnvFKSpqdyVAbzGhXaWQex8qMl?_rdc=1&amp;_rdr\" style=\"\" rel=\"noopener\">decision issued<\/a> by Cairo Governor Ibrahim Saber. Under the decision, people need to get the greenlight from a specialized committee ahead of transplanting a tree and the procedure needs to happen under the Environment Ministry's supervision. <\/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>#4- Medical supplies are being released from ports<\/strong> after the central bank made the required FX available for importers allowing them to take out letters of credit and release their goods from ports. This came following repeated calls from the Medical Supplies Division at the Cairo Chamber of Commerce \u2014 the supplies have been held at the ports since May, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1299.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The division will submit a proposal to CBE governor Hassan Abdalla to ensure that this doesn\u2019t happen again.<\/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>#5- Egypt, Jordan are in discussions over doubling the capacity of their electricity <\/strong><strong>line <\/strong>to 1.1 GW and then doubling it again to 2 GW at a later stage, Jordanian Energy Minister Saleh Al Kharabsheh told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1813178203382362423\" 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>Remember:<\/strong> Egypt and Jordan have been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b723d27d-d077-4174-8b5d-9233d65a80dc\" style=\"\" rel=\"noopener\">exploring<\/a> a cost-effective upgrade to their electricity link through a 1.1 GW subsea cable. The cable was expected to support a planned expansion of the line\u2019s electrical capacity to 2 GW.<\/p><p class=\"tag-border-left\">IPO WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have a date for the Canal Company for Mooring and Lights IPO: <\/strong>The Suez Canal Authority is looking to sell a stake in its <a target=\"_blank\" href=\"http:\/\/www.cml-egypt.com\/\" style=\"\" rel=\"noopener\">Canal Company for Mooring and Lights (CCML)<\/a> in an IPO on the EGX early 2025, SCA boss Osama Rabie told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/financial-markets\/48640\/%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3-%D8%AA%D8%A4%D8%AC%D9%84-%D8%B7%D8%B1%D8%AD-%D8%A7%D9%84%D9%82%D9%86%D8%A7%D8%A9-%D9%84%D8%B1%D8%A8%D8%A7%D8%B7-%D8%A7%D9%84%D8%B3%D9%81%D9%86-%D9%81%D9%8A-%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D9%85%D8%B5%D8%B1-%D9%84%D9%85%D8%B7%D9%84%D8%B9-2025\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Rabie first unveiled the IPO plans back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/02986738-c33c-4f19-8c5d-e7eb11a097ba\/\" style=\"\" rel=\"noopener\">June<\/a> of last year, explaining that the company will be transferred to a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c07ca60-f4ed-4c49-bc69-f7f48f1dd3bb\" style=\"\" rel=\"noopener\">holding company<\/a> that will obtain ownership of some of the authority\u2019s assets earmarked for privatization.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cRed Sea tension is still severely impacting the Suez Canal and its revenues<\/strong>,\u201d he said. Suez Canal revenues fell 23% y-o-y during fiscal year 2023-24 to record USD 7.2 bn, he told <a target=\"_blank\" href=\"https:\/\/x.com\/AlArabiyaBN_EG\/status\/1813112492635169084\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF- Houthis attacked two ships passing through the Red Sea<\/strong>, an Israeli-owned vessel and a Greek-operated crude oil tanker, US Centcom confirmed in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/CENTCOM\/status\/1813002644941664268\" style=\"\" rel=\"noopener\">post on X<\/a>. No injuries were reported from either attack. <\/p><p class=\"tag-border-left\">DEBT WATCH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>CBE soaks up additional liquidity from the market:<\/strong> The Central Bank of Egypt yesterday accepted bids from 32 banks for EGP 1.1 tn in fixed-rate deposits at a rate of 27.75% during its weekly fixed-rate auction, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/auctions\/fixed-rate-deposits\" style=\"\" rel=\"noopener\">data<\/a> on its website.<\/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=\"wwtt5\"><\/a> <strong>It\u2019s day two of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.egyptminingforum.com\/\" style=\"\" rel=\"noopener\">Egypt Mining Forum<\/a><\/strong>, which is taking place at the Nile Ritz-Carlton and brings together thousands of industry players and government officials. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What went down on day one? <\/strong>We have everything you need to know about day one of the event in the news well, below. <\/p><p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>The central bank\u2019s Monetary Policy Committee will meet tomorrow to review rates. <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf4e811b-8a9a-4ed3-ae74-ca1cc289aac7\/cbe-to-hold-rates-steady-on-thursday--poll\" style=\"\" rel=\"noopener\">Our<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf4e811b-8a9a-4ed3-ae74-ca1cc289aac7\/cbe-to-hold-rates-steady-on-thursday--poll\" style=\"\" rel=\"noopener\">analyst poll<\/a> sees the CBE holding rates steady for the second meeting in a row. <\/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\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fixed Egypt has a new app for official authentication services:<\/strong> Fixed Egypt for Digital Solutions and Information Security (FEDIS) <a target=\"_blank\" href=\"https:\/\/web.facebook.com\/fedis.com.eg\/posts\/pfbid02Q937qNBV5sN1chKg9XJ41LAbnnY56URjAW2AiwUWXMh8B3ahcMa173X7C7GzerhDl?_rdc=1&amp;_rdr\" style=\"\" rel=\"noopener\">has launched<\/a> a new app \u2014 dubbed Tawkilaty \u2014 that will provide e-notarization services for the government\u2019s <a target=\"_blank\" href=\"https:\/\/digital.gov.eg\/\" style=\"\" rel=\"noopener\">Digital Egypt<\/a> platform. The app provides services related to the Real Estate Registration and Authentication Office and allows people to issue new ration cards. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Download the app <\/strong>from the <a target=\"_blank\" href=\"https:\/\/apps.apple.com\/eg\/app\/%D8%AA%D9%88%D9%83%D9%8A%D9%84%D8%A7%D8%AA%D9%89\/id6478291144\" style=\"\" rel=\"noopener\">App Store<\/a> or <a target=\"_blank\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=gov.mcit.digitalegypt.notarization&amp;hl=as\" style=\"\" rel=\"noopener\">Google Play<\/a>. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s another toasty one in Cairo, with a high of 38\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 a bit cooler in Alexandria<\/strong>, with a high of 32\u00b0C and a low of 24\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 class=\"tag-border-left\">WAR WATCH- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israeli and Egyptian officials have held talks over the potential withdrawal of <\/strong><strong>Israeli forces from Gazan border with Egypt<\/strong>, one of the key sticking points standing in the way of a ceasefire agreement with Hamas, the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/07\/15\/world\/middleeast\/israel-egypt-gaza-border.html\" style=\"\" rel=\"noopener\">New York Times<\/a> reports, citing two Israeli officials and a senior Western diplomat. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The conditions:<\/strong> Israel indicated that it would be willing to withdraw from the border if Egypt agrees to certain measures that would prevent the smuggling of arms across the border, including installing electric sensors and underground barriers, the sources reportedly said.<\/p><p class=\"tag-border-left\">BIG STORY ABROAD-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Surprising absolutely no one, Donald Trump is still plastered across front pages of the <\/strong><strong>global press. <\/strong>The, uhm, highlights:<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Trump would give Jay Powell a second term<\/strong>, telling Bloomberg in a <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/features\/2024-trump-interview\/?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">sweeping interview<\/a> that he would allow the US Federal Reserve boss to serve out his current term, which ends in 2026. He also discussed <strong>tariffs<\/strong> (he loves them), <strong>Tiktok<\/strong> (he doesn\u2019t want to ban it), and <strong>taxes<\/strong> (he wants to slash the corporate tax to 15%), among other things. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- A Trump presidency could spell a rise in global inflation <\/strong>as a result of his US-first policies like tax cuts and high tariffs, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/07\/16\/trump-2point0-could-be-bad-news-for-global-inflation-analysts-say.html\" style=\"\" rel=\"noopener\">CNBC<\/a> reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The US allegedly received intelligence of an Iranian plot to assassinate Trump <\/strong>weeks before the shooting, which is why the Secret Service ramped up security around him, <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/07\/16\/politics\/iran-plot-assassinate-trump-secret-service\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> reported yesterday. Pundits and lawmakers are still asking how the shooter got to within mere meters of Trump.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Trump is lining up new supporters<\/strong>, including <a target=\"_blank\" href=\"https:\/\/abcnews.go.com\/Politics\/after-bashing-trump-primary-haley-desantis-preach-unity\/story?id=111994472\" style=\"\" rel=\"noopener\">former critics from the Republican party<\/a> and <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/elections\/musk-turbocharges-silicon-valley-for-trump-379c3e94?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Big Tech<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE LA IN FRANCE- The government of French Prime Minister Gabriel Attal handed <\/strong><strong>in its resignation yesterday<\/strong> even though left-of-center parties have not yet reached a decision on who will form the next government. The move allows now-former cabinet members who have secured seats as lawmakers in the National Assembly to vote on the next house speaker tomorrow. (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/europe\/macron-government-resigns-as-frances-paralysis-deepens-ahead-of-olympics-9f87bab6?mod=hp_lead_pos6\" style=\"\" rel=\"noopener\">WSJ<\/a>)<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s similarly a mixed bag in the business press<\/strong>, with no dominant them running across front pages: <\/p><ul>\n<li><strong>Chinese businessman Guo Wengui<\/strong> \u2014 a Chinese Communist party critic and Trump ally \u2014<strong> was convicted<\/strong> in a US court of what prosecutors said was a USD 1 bn fraud. (<a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/ce78gkd7pgjo\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/li>\n<li><strong>Elon Musk says he\u2019s moving the Tesla and SpaceX headquarters from California to <\/strong><strong>Texas<\/strong> in response to a new gender identity law he opposes in the Pacific state. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/musk-says-spacex-will-move-headquarters-texas-california-2024-07-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/li>\n<li><strong>Turkey is looking to impose a minimum corporate tax on large multinationals<\/strong> and will hike pensions as part of a corporate tax overhaul. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/adc63fb8-c085-4d51-946d-01d20899f3fe\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.dailysabah.com\/business\/economy\/turkiye-hikes-minimum-pension-to-impose-corporate-tax\" style=\"\" rel=\"noopener\">Daily Sabah<\/a>)<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2503.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a deep dive into the new cabinet\u2019s new transport and logistics infrastructure strategy.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/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=\"633578 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=\"633578\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/633578\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633578\" class=\"content-area-description single-story post-633578 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/423.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">DISCOVER SOMABAY: <\/span><span>Embark on a journey of discovery in the heart of Somabay, where crystal-clear waters meet golden sands and luxury meets serenity. Experience a world of adventure, relaxation, and natural beauty like no other. From thrilling water sports to world-class golf, Somabay offers it all. Explore vibrant coral reefs, unwind in luxurious spas, and savor exquisite cuisine. Your dream destination awaits, where every moment is a discovery.<\/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=\"633579\" 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=\"633579\">\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\">Mining<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/heres-what-you-missed-from-day-one-of-the-egypt-mining-forum\/\">\r\n                            Here\u2019s what you missed from day one of the Egypt Mining Forum                        <\/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\/17\/heres-what-you-missed-from-day-one-of-the-egypt-mining-forum\/\" 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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Enterprise was in attendance and spoke to some of the biggest players in the market \u2014 Here\u2019s everything you need to know about the first day of the forum. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"background-color: transparent;\">SHALATEEN TO ANNOUNCE TENDER WINNER NEXT MONTH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ll finally learn who was awarded the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04f83d9f-475c-4bc6-81fc-9d9b4062fc25\/all-eyes-on-rafah\" style=\"\" rel=\"noopener\">four-time extended<\/a><\/strong><strong> Shalateen gold <\/strong><strong>exploration tender. <\/strong>The company will announce the results of the tender in August and then quickly follow that with a fresh tender also for exploration in the Eastern Desert, Chairman Sherif El Shahawy told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Demand was high: <\/strong>Some 12 companies \u2014 including some that have never worked in the Egyptian market before \u2014 took out the tender\u2019s conditions booklet, he said, explaining that the many delays the tender witnessed caused some of them to withdraw their applications. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shalateen to significantly up gold deliveries to the CBE this year: <\/strong>State-owned Shalateen Mineral Resources Company wants to deliver 1.2 tons of gold \u2014 worth EGP 2.6 bn \u2014 to the Central Bank of Egypt this year, El Shahawy said. The figure would mark a 60% y-o-y increase <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8eba25dd-53e9-4273-bd8e-6e1afb5b2f99\/ekh-wants-in-on-the-state%25e2%2580%2599s-privatization-program.-plus:-sawari-ventures-usd-150-mn-fund,-evolve-gold-investment-fund,-fincart-ksa-hq,-tamar-ups-production,-marakez-loan\" style=\"\" rel=\"noopener\">from the<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8eba25dd-53e9-4273-bd8e-6e1afb5b2f99\/ekh-wants-in-on-the-state%25e2%2580%2599s-privatization-program.-plus:-sawari-ventures-usd-150-mn-fund,-evolve-gold-investment-fund,-fincart-ksa-hq,-tamar-ups-production,-marakez-loan\" style=\"\" rel=\"noopener\">720 kg of gold<\/a> \u2014 worth EGP 1.3 bn \u2014 delivered last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Breaking ground on Aswan mining complex:<\/strong> El Shahawy told us that his company has started construction works on its EGP 350 mn industrial mining complex in Aswan, adding that the complex should be ready for operation next May. <\/p>\n<p class=\"tag-border-left\">ATON PUSHES BACK GOLD PRODUCTION DATE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mark your calendar for 2026: <\/strong>Canadian gold miner Aton Resources now expects to start extracting gold from its Abu Marawat concession in the Eastern Desert by 2026, CEO Tonno Vahk told Enterprise. We were expecting the company to start extraction a year earlier as per <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f33dc20-4e98-4a48-a5d0-fcad4573967e\/%253cmark%253eaton%253c%2Fmark%253e-resources-to-start-producing-gold-in-egypt-in-2025.-plus:-fx-crunch-hits-ezz-steel\" style=\"\" rel=\"noopener\">unconfirmed reports<\/a>. The company will invest some USD 25 mn this year to build the mine, Vahk said, adding that \u201cwe also have to invest about the same amount in the next two, three years into exploration and drilling. Because we are going to be running separate drill programs in parallel.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s paying? <\/strong>The company is in talks with a number of development banks to help it secure the required funds, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KSA expansion next?<\/strong> \u201cWe are planning to start projects in Saudi Arabia \u2026 maybe this year,\u201d Vahk told us, adding that the company is looking to form a partnership to participate in bids for gold exploration licenses. <\/p>\n<p class=\"tag-border-left\">ANOTHER CANADIAN MINER TO START DRILLING SOON-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Red Sea Resources to start drilling soon:<\/strong> Egypt-focused Canadian gold miner <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/red-sea-resources\/about\/\" style=\"\" rel=\"noopener\">Red Sea<\/a><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/red-sea-resources\/about\/\" style=\"\" rel=\"noopener\">Resources<\/a> will start drilling for gold \u2014 in the five blocks it was awarded back in 2020 \u2014 \u201cin the near future,\u201d Chairman Allan Fabbro told Enterprise. The company could invest about USD 2.5 mn during the remainder of 2024 and up to USD 10 mn in 2025 if its drilling tests prove successful. <\/p>\n<p class=\"tag-border-left\">ALSO FROM THE FORUM- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A mining digital investment platform:<\/strong> The Oil Ministry is working on a digital platform for mining investments as part of its efforts to create a more attractive investment platform for the mining sector, Oil Minister Karim Badawi <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid0Qh37uCriNP6vc9tkXMKgS6PBtiN9XHo4PULbDP355mwGdTm12etvsgRGJvZmzfsNl\" style=\"\" rel=\"noopener\">said<\/a> during the forum. The platform kicked off trial operations yesterday at the forum and will go live by the end of the year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Turning the Eastern Desert into a regional gold hub:<\/strong> The government is also looking into building a gold refinery and logistics center in the Eastern Desert, part of the ministry\u2019s broader plan to increase the mining sector\u2019s contribution to the GDP to 5% from less than 1% at the moment, Badawi said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Centamin to launch mining school:<\/strong> LSE- and TSX-listed gold mining company Centamin plans to establish Egypt\u2019s first mining school, Centamin CEO Martin Horgan <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid034K45S3vVvSCpLeHSAok6TAWPgMddb33cav6JPq1xAcExnrftzrTG2Jrm7wALNF1Wl\" style=\"\" rel=\"noopener\">announced<\/a>. The school \u2014 which will be set up in cooperation with Elsewedy Technical Academy \u2014 is expected to kick off operations for the 2025-2026 academic year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3-<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/newmont.com\/\" style=\"\" rel=\"noopener\">Newmont<\/a><\/strong><strong> \u2014 the world\u2019s largest gold miner \u2014 is mulling entry into the Egyptian <\/strong><strong>market<\/strong>, an unnamed government official told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/companies\/48631\/%D9%86%D9%8A%D9%88%D9%85%D9%88%D9%86%D8%AA-%D8%A7%D9%84%D8%A3%D9%85%D9%8A%D8%B1%D9%83%D9%8A%D8%A9-%D8%AA%D8%AF%D8%B1%D8%B3-%D8%A7%D9%84%D8%AA%D9%86%D9%82%D9%8A%D8%A8-%D8%B9%D9%86-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Pending parliamentary approval, Newmont seeks to sign gold exploration contracts akin to those previously inked with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fcd83442-d546-435e-8a46-af2336d4a430\" style=\"\" rel=\"noopener\">Canada\u2019s Barrick Gold and Centamin<\/a> around three years ago.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Saudi-based mining company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.agcest.com\/#:~:text=Al%20Haytham%20Mining%20Company%20has,Arabia%20as%20per%20Vision%202030.\" style=\"\" rel=\"noopener\">AGC<\/a><\/strong><strong> is eyeing a stake in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/smrc.com.eg\/partners\/afaq-mining\/\" style=\"\" rel=\"noopener\">AFAQ Mining<\/a><\/strong>, which owns the rights to a concession in West Gabal Elbah, AGC Chairman Khalid Al Jahdali told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/companies\/48653\/%D8%A7%D9%84%D9%87%D9%8A%D8%AB%D9%85-%D9%84%D9%84%D8%AA%D8%B9%D8%AF%D9%8A%D9%86-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%B3%D8%B9%D9%89-%D9%84%D8%B7%D8%B1%D8%AD-%D8%AD%D8%B5%D8%A9-%D9%85%D9%86-%D8%A3%D8%B3%D9%87%D9%85%D9%87%D8%A7-%D9%86%D9%87%D8%A7%D9%8A%D8%A9-2025\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> on the sidelines of the Egypt Mining Forum, without sharing any details about the exact size of the stake.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF- AFAQ Mining to invest USD 40 mn on gold explorations in Egypt<\/strong> over the coming three years, AFAQ Holding Chairman Amr El Marsafawy told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1813208172787634408\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p class=\"tag-border-left\">A WHOLE LOTTA COOPERATION PROTOCOLS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Four cooperation protocols: <\/strong>Several state-owned and private players in the mining sector <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/792414079740232?ref=embed_post\" style=\"\" rel=\"noopener\">inked cooperation protocols<\/a> on the sidelines of the forum that includes: An agreement between the <a target=\"_blank\" href=\"http:\/\/emra.gov.eg\/\" style=\"\" rel=\"noopener\">Egyptian Mineral Resources Authority<\/a> (EMRA), the <a target=\"_blank\" href=\"http:\/\/www.ncts.com.eg\/#:~:text=The%20National%20Company%20for%20Telecommunication%20Services%20%E2%80%9CNCTS%E2%80%9D%20is%20the%20first,of%20the%20infrastructure%20of%20the\" style=\"\" rel=\"noopener\">National Company for Telecommunications Services<\/a> (NCTS), and the <a target=\"_blank\" href=\"http:\/\/www.emceg.com\/\" style=\"\" rel=\"noopener\">Egyptian Maintenance Company<\/a> to provide communication solutions for the authority and its companies; An agreement between EMRA and EK Mining to invest in value-added mining activities; An agreement between <a target=\"_blank\" href=\"https:\/\/smrc.com.eg\/\" style=\"\" rel=\"noopener\">Shalateen Mineral Resources<\/a> and the <a target=\"_blank\" href=\"https:\/\/drc.gov.eg\/en\/home\/\" style=\"\" rel=\"noopener\">Desert Research Center<\/a> to exchange expertise; An agreement between the New Valley Company for Mineral Resources and <a target=\"_blank\" href=\"https:\/\/diyareng.com\/#:~:text=%D8%AF%D9%8A%D8%A7%D8%B1%20%D8%A7%D9%84%D9%87%D9%86%D8%AF%D8%B3%D8%A9%20DIYAR%20ENGINEERING%20%D9%87%D9%88,%D8%A7%D9%84%D8%AC%D9%8A%D9%88%D8%AA%D9%82%D9%86%D9%8A%D8%A9%20%D9%88%20%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA%20%D8%B0%D8%A7%D8%AA%20%D8%A7%D9%84%D8%B5%D9%84%D8%A9.\" style=\"\" rel=\"noopener\">Diyar Engineering<\/a> to provide project management consultation.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- 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             Egypt to clear USD 3.2 bn worth of oil and gas arrears this FY                        <\/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\/17\/govt-to-clear-usd-3-2-bn-worth-of-oil-and-gas-arrears-this-fy\/\" 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\" 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wp-post-image\" alt=\"\" data-attachment-id=\"633583\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/govt-to-clear-usd-3-2-bn-worth-of-oil-and-gas-arrears-this-fy\/1297-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1297.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1297.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1297.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1297.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633582\" class=\"content-area-description single-story post-633582 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-eni tag-enterpriseam tag-oil-and-gas 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\/.b6e2e1d7-082b-433c-8db5-f62aca07b2af.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gov\u2019t to clear USD 3.2 bn worth of arrears <\/strong>to foreign oil and gas companies operating in the country during the current fiscal year over three installments, an unnamed government official told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/companies\/48609\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AF%D8%AF-%D9%85%D8%AA%D8%A3%D8%AE%D8%B1%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-%D8%B9%D9%84%D9%89-3-%D8%AF%D9%81%D8%B9%D8%A7%D8%AA\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">The timeline:<\/strong><span style=\"background-color: transparent;\"> The first installment \u2014 of around USD 1.2 bn \u2014 is scheduled for October. It will be followed by two USD 1 bn payments scheduled for the months that follow.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government cleared <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a32982d2-a780-4740-9669-17aced583182\/gov%25e2%2580%2599t-clears-usd-1.3-bn%253cmark%253e-oil%253c%2Fmark%253e-and-gas-arrears\" style=\"\" rel=\"noopener\">USD 1.3 bn<\/a> worth of debt owed to foreign oil and gas companies at the end of June, marking the second large chunk of arrears paid to oil companies since the beginning of the year. The government made a <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> payment in March after the float of the EGP.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key to unlocking fresh oil investments:<\/strong> The pileup of unpaid dues likely pushed away foreign energy players from launching new projects or deploying fresh investments in Egypt. <strong>Case in point<\/strong>, Italian energy giant Eni <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97c6012f-bce9-4cd3-a3da-a6e9fd62038e\/eni-to-drill-two-new-wells-in-zohr-in-2025\" style=\"\" rel=\"noopener\">unveiled<\/a> plans to drill two new wells in the Zohr field in 2H 2025 shortly after June\u2019s USD 1.3 bn payment was announced. <\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"633584\" 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=\"633584\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/ebrd-extends-usd-130-mn-loan-to-coca-cola-hbc-egypt\/\">\r\n                            EBRD extends USD 130 mn loan to Coca-Cola HBC Egypt                        <\/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\/17\/ebrd-extends-usd-130-mn-loan-to-coca-cola-hbc-egypt\/\" 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\/17\/ebrd-extends-usd-130-mn-loan-to-coca-cola-hbc-egypt\/')\">\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\/17\/ebrd-extends-usd-130-mn-loan-to-coca-cola-hbc-egypt\/\">\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=EBRD extends USD 130 mn loan to Coca-Cola HBC Egypt&url=https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/ebrd-extends-usd-130-mn-loan-to-coca-cola-hbc-egypt\/\">\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\/17\/ebrd-extends-usd-130-mn-loan-to-coca-cola-hbc-egypt\/&title=EBRD extends USD 130 mn loan to Coca-Cola HBC Egypt\">\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=EBRD+extends+USD+130+mn+loan+to+Coca-Cola+HBC+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F07%2F17%2Febrd-extends-usd-130-mn-loan-to-coca-cola-hbc-egypt%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\/17\/ebrd-extends-usd-130-mn-loan-to-coca-cola-hbc-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1301.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"633585\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/ebrd-extends-usd-130-mn-loan-to-coca-cola-hbc-egypt\/1301-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1301.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1301.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1301.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1301.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633584\" class=\"content-area-description single-story post-633584 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-ebrd tag-enterpriseam 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\/.3ad04888-c8dc-435a-9037-31bd4eaa740e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EBRD funnels some USD 130 mn into the private sector: <\/strong>The European Bank for Reconstruction and Development (EBRD) is extending a USD 130 mn loan to Coca-Cola HBC Egypt \u2014 a major bottling partner of The Coca-Cola Company \u2014 to finance the company\u2019s capex and working capital requirements, according to statements from the two parties <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/news\/2024\/ebrd-provides-us-130-million-loan-to-cocacola-hbc-in-egypt.html#:~:text=EBRD%20provides%20US%20%24130%20million%20loan%20to%20Coca%2DCola%20HBC%20in%20Egypt,-By%20Nibal%20Zgheib&amp;text=With%20the%20EBRD'\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.coca-colahellenic.com\/en\/media\/news\/corporate_news\/2024\/coca-cola-hbc-awarded-ebrd-loan-to-support-investment-in-egypt\" style=\"\" rel=\"noopener\">here<\/a>. The loan comes as part of the EBRD\u2019s efforts to boost \u201cthe competitiveness and growth of Egypt\u2019s private sector.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">In detail: <\/strong><span style=\"background-color: transparent;\">Coca-Cola HBC will use the funds to invest in water and energy efficiency, renewable energy, energy-efficient equipment, sustainable packaging, and digital innovation, the company said. It will also invest in its <\/span><a target=\"_blank\" href=\"https:\/\/eg.coca-colahellenic.com\/en\/a-more-sustainable-future\/youth-empowered\" rel=\"noopener\">YouthEmpowered<\/a><span style=\"background-color: transparent;\"> and She Leads training programs to empower young people and women in the workforce.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A USD 750k grant to boot:<\/strong> The loan will be complemented by a USD 750k grant from multilateral environmental fund <a target=\"_blank\" href=\"https:\/\/www.thegef.org\/who-we-are\" style=\"\" rel=\"noopener\">Global Environment Facility<\/a> (GEF) \u201cto promote the implementation of advanced wastewater treatment technology and water management systems in Egypt as per EU discharge standards.\u201d The grant will be provided under the <a target=\"_blank\" href=\"https:\/\/fintecc.ebrd.com\/ENVITECC\" style=\"\" rel=\"noopener\">Environmental Technology Transfer programme<\/a> \u2014 a joint initiative by the EBRD, GEF, and UNEP that aims to reduce pollution in the Mediterranean Sea. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cThe new financing will also help alleviate water pollution by promoting advanced wastewater treatment technology as well as fostering inclusion by increasing employment and training for Egyptian youth, benefiting the local economy,\u201d the EBRD Managing Director for the Southern and Eastern Mediterranean Heike Harmgart said. <\/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\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/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=\"633586 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=\"633586\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/633586\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633586\" class=\"content-area-description single-story post-633586 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicSignatureCommunities#THEESTATESResidences\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/186.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"633587\" 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=\"633587\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/el-sisi-macron-talk-cooperation-gaza\/\">\r\n                            Egypt\u2019s El Sisi, Macron talk cooperation, Gaza                        <\/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\/17\/el-sisi-macron-talk-cooperation-gaza\/\" target=\"_blank\">\n                    Open in new tab   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href=\"https:\/\/x.com\/intent\/post?text=El Sisi, Macron talk cooperation, Gaza&url=https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/el-sisi-macron-talk-cooperation-gaza\/\">\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\/17\/el-sisi-macron-talk-cooperation-gaza\/&title=El Sisi, Macron talk cooperation, Gaza\">\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 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/el-sisi-macron-talk-cooperation-gaza\/1333-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1333.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1333.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1333.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1333.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633587\" class=\"content-area-description single-story post-633587 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-gaza tag-last-nights-talk-shows tag-middle-east-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.1ce2fa9f-509d-4eca-bcf8-97bd314bfcf6.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was another quiet night on the airwaves<\/strong>, with Ala Masouleety\u2019s Ahmed Moussa bringing us the only news worth noting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi, Macron talk cooperation, Gaza:<\/strong> President Abdel Fattah El Sisi discussed economic cooperation and the latest on Gaza during a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/1042541630567898?ref=embed_post\" style=\"\" rel=\"noopener\">phone call<\/a> with his French counterpart Emmanuel Macron yesterday. Moussa had coverage (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=inH2BQkGuVc\" style=\"\" rel=\"noopener\">watch, runtime: 2:35<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Another heatwave incoming:<\/strong> Egypt will witness a severe heatwave starting today and until the middle of next week, Egyptian Meteorological Authority official Manar Ghanem told Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=31RhHFLVYq8\" style=\"\" rel=\"noopener\">watch, runtime 4:35<\/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\/gaza\/\">Gaza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/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=\"633589\" 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=\"633589\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/thats-a-wrap-on-the-bob-menendez-saga\/\">\r\n                            That\u2019s a wrap on the Bob Menendez saga                        <\/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\/17\/thats-a-wrap-on-the-bob-menendez-saga\/\" 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\/17\/thats-a-wrap-on-the-bob-menendez-saga\/')\">\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\/17\/thats-a-wrap-on-the-bob-menendez-saga\/\">\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=That\u2019s a wrap on the Bob Menendez saga&url=https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/thats-a-wrap-on-the-bob-menendez-saga\/\">\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\/17\/thats-a-wrap-on-the-bob-menendez-saga\/&title=That\u2019s a wrap on the Bob Menendez saga\">\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=That%E2%80%99s+a+wrap+on+the+Bob+Menendez+saga+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F07%2F17%2Fthats-a-wrap-on-the-bob-menendez-saga%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\/17\/thats-a-wrap-on-the-bob-menendez-saga\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1326.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"633590\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/thats-a-wrap-on-the-bob-menendez-saga\/1326-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1326.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1326.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1326.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1326.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633589\" class=\"content-area-description single-story post-633589 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.693390c0-93e1-4677-8846-61a7a0497b0a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s a wrap on the Bob Menendez saga: <\/strong>US Senator Bob Menendez has been found guilty on all counts in a corruption case that includes acting as a foreign agent for the Egyptian government. Menendez <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e4eb661-0038-49b8-9d12-07de8adeb808\/the-trial-of-bob%253cmark%253e-menendez-%253c%2Fmark%253eis-once-again-putting-egypt-in-the-int%25e2%2580%2599l-news-cycle\" style=\"\" rel=\"noopener\">pleaded not guilty<\/a> back in March and continues to claim that he has never been a foreign agent. He will be sentenced on 29 October and could face decades in prison. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/037374cd-bfc0-42be-880d-0c9d2d86de36\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/menendez-bribery-trial-jury-deliberations-bab89b99a77fc6ce95531c88ab26cc4d\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/abcnews.go.com\/US\/sen-bob-menendez-federal-corruption-trial-verdict\/story?id=111295557\" style=\"\" rel=\"noopener\">ABC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-16\/senator-bob-menendez-convicted-by-jury-at-corruption-trial?srnd=middle-east-politics\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cqe6m14drgjo\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/national-security\/2024\/07\/16\/bob-menendez-convicted-trial-bribery\/\" style=\"\" rel=\"noopener\">Washington Post<\/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\/politics\/\">politics<\/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=\"633591\" 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=\"633591\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/automakers-are-already-lining-up-for-the-governments-local-manufacturing-initiative\/\">\r\n                            Automakers are already lining up for Egypt\u2019s local manufacturing initiative                        <\/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\/17\/automakers-are-already-lining-up-for-the-governments-local-manufacturing-initiative\/\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/automakers-are-already-lining-up-for-the-governments-local-manufacturing-initiative\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1305.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"633592\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/automakers-are-already-lining-up-for-the-governments-local-manufacturing-initiative\/1305-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1305.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1305.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1305.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1305.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633591\" class=\"content-area-description single-story post-633591 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-al-ahly-sabbour tag-also-on-our-radar tag-automotive tag-enterpriseam tag-fabmisr tag-manufacturing tag-real-estate 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_408146\"\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\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/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\/.a0716627-4063-4db5-a859-0ef82d034096.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">AUTOMOTIVE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Automakers line up for local manufacturing initiative:<\/strong> General Motors, Nissan, and GB Corp have registered to participate in the upcoming <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a06d4ec-4025-490e-8842-45c8a9fe0d8a\" style=\"\" rel=\"noopener\">Egyptian Automotive Industry Development Program<\/a> (AIDP), which will offer incentives to auto players with the aim of localizing the industry, an unnamed government source told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/3-%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%aa%d8%b3%d8%ac%d9%84-%d8%b1%d8%b3%d9%85%d9%8a%d8%a7%d9%8b-%d9%81%d9%89-%d8%a8%d8%b1%d9%86%d8%a7%d9%85%d8%ac-%d8%a7%d9%84%d8%ad%d9%83%d9%88%d9%85%d8%a9-%d9%84%d9%80\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. Companies will need to produce no less than an annual 5k units per model and 10k units per factory to be eligible for the incentive package. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Other players are interested:<\/strong><span style=\"background-color: transparent;\"> Stellantis has expressed interest in joining the AIDP, alongside the manufacturers of Proton, Geely, Jac, and BYD vehicles, the source added.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More locally-produced cars? <\/strong>Five automotive players are looking to either expand their local production or start assembling their units locally, a government official told us, naming GB Corp, Nissan, Chevrolet, Global Auto, and Kasrawy Group. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In line with our localization push: <\/strong>The government is looking into increasing the required local component percentage in car manufacturing in efforts to boost feeding industries as more global players look to assemble their units locally, the source added.<\/p><p class=\"tag-border-left\">REAL ESTATE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new mixed-use project incoming: <\/strong>The government\u2019s Urban Development Fund and <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/mintrealestateassets\/\" style=\"\" rel=\"noopener\">Mint Real Estate Assets<\/a> \u2014 a joint venture between Al Ahly Sabbour and the National Bank of Egypt \u2014 have opened the reservation door for its EGP 6 bn Fustat View mixed-use project, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/16\/1809423\" style=\"\" rel=\"noopener\">Al Borsa<\/a> writes, citing the fund head Khaled Siddiq. The project is 40% complete and its first phase is slated for delivery next year. The project is expected to generate EGP 12-13 bn in sales, Mint Chairman Tamer Erfan told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1112502406514897&amp;rdid=AST9pzPF0HfAFRMn\" style=\"\" rel=\"noopener\">watch, runtime: 1:11<\/a>). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More Mint projects to come:<\/strong> The company is currently mulling over new projects in New Cairo, the 6th of October City, and Sharm El Sheikh, according to Erfan.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Al Ahly Sabbour wants a piece of Downtown: <\/strong>The local real estate developer is looking into investing in state-owned properties in Downtown Cairo \u2014 namely hotels \u2014 through its partner <a target=\"_blank\" href=\"http:\/\/thisismelee.com\/\" style=\"\" rel=\"noopener\">Melee<\/a><a target=\"_blank\" href=\"http:\/\/thisismelee.com\/\" style=\"\" rel=\"noopener\">Development<\/a>, chairman Ahmed Sabbour told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1813160451804434917\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p><p class=\"tag-border-left\">EXPANSION- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Informa opens new regional hub in Cairo: <\/strong>Global events and digital services firm <a target=\"_blank\" href=\"https:\/\/www.informa.com\/\" style=\"\" rel=\"noopener\">Informa plc<\/a> inaugurated its new regional hub office at Cairo Festival City, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1298.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The new hub \u201creflects the company\u2019s ambitions to further expand its presence and team in Cairo: a significant regional hub for its growing India, Middle East and Africa business.\u201d<\/p><p class=\"tag-border-left\">MANUFACTURING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Euromed to expand capacity: <\/strong>Medical supplies manufacturer Euromed for Medical Industries wants to work with an undisclosed Chinese partner to carry out a USD 10 mn expansion that will see it produce a vital medical product that is only produced in five countries, Chairman Mohamed Ismail told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/16\/1809499\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The two sides are in the negotiations phase and Ismail expects them to reach an agreement by the end of 2024.<\/p><p class=\"tag-border-left\">NBFS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>FAB to launch a consumer finance outfit:<\/strong> First Abu Dhabi Bank is gearing up to launch its consumer finance arms with a capital of around EGP 75 mn once it receives its license from the Financial Regulatory Authority, Consumer Banking Head Mariam El Samny told <a target=\"_blank\" href=\"https:\/\/www.almasdar.com\/144165\" style=\"\" rel=\"noopener\">Al Masdar<\/a>. The bank\u2019s new arm will likely begin operation in 4Q 2024, she added. <\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-sabbour\/\">Al Ahly Sabbour<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fabmisr\/\">FABMisr<\/a>\n                <!-- <span 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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1325.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1325.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633593\" class=\"content-area-description single-story post-633593 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-global-economy tag-imf 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\/.ae75cbbd-72e6-4f53-b05c-e0bcf43261ab.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>IMF holds global growth forecast steady: <\/strong>The International Monetary Fund maintained its 2024 global growth outlook at 3.2% in its updated <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1302.pdf\" style=\"\" rel=\"noopener\">World Economic Outlook (pdf)<\/a> and slightly upgraded its 2025 outlook to 3.3%. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">The regional outlook: <\/strong><span style=\"background-color: transparent;\">The Fund slashed Saudi Arabia\u2019s growth outlook for the year by 0.9 percentage points to 1.7% and next year\u2019s by 1.3 percentage points to 4.7%, mainly due to the extension of oil production cuts. This downgrade dragged the regional outlook for 2024 to 2.4%, down 0.4 percentage points from April\u2019s forecast.<\/span><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where do major economies stand? <\/strong>Both the US and Japan saw their outlook slashed \u2014 the US saw its 2024 forecast trimmed 0.1 percentage points to 2.6% thanks to \u201ca sharper-than-expected slowdown in growth reflected moderating consumption and a negative contribution from net trade.\u201d Meanwhile, the Fund sees the Japanese economy growing at a 0.7% clip this year, down 0.2 percentage points from April\u2019s forecast due to \u201ctemporary supply disruptions linked to the shutdown of a major automobile plant in the first quarter.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a different story for the Eurozone<\/strong>, which saw its 2024 growth revised upwards 0.1 percentage points to 0.9%, mainly driven by a more optimistic growth outlook for France and Spain. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also revised upwards<\/strong>, was growth in India and China \u2014 which accounted for close to half of global growth. The Fund sees the Chinese economy growing 5.0% in 2024 \u2014 a 0.4 percentage points upgrade from its April forecast \u2014 and India growing 7.0% after a 0.2 percentage points upwards revision, <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Words of wisdom for EMs: <\/strong>\u201cIn emerging markets and developing economies, recent policy divergences highlight the need to manage the risks of currency and capital flow volatility. Given that economic fundamentals remain the main factor in USD appreciation, the appropriate response is to allow the exchange rate to adjust, while using monetary policy to keep inflation close to target,\u201d the report read. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The inflation outlook: <\/strong>\u201cWe project global inflation will slow to 5.9% this year from 6.7% last year, broadly on track for a soft landing. But in some advanced economies, especially the United States, progress on disinflation has slowed, and risks are to the upside,\u201d IMF chief economist Pierre-Olivier Gourinchas said in a <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/Blogs\/Articles\/2024\/07\/16\/global-growth-steady-amid-slowing-disinflation-and-rising-policy-uncertainty\" style=\"\" rel=\"noopener\">blogpost<\/a>. <\/p><p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mixed in early trading this morning<\/strong>, with the ASX 200 up, the Nikkei and Hang Seng flat, and both the Kospi and Shanghai Composite in the red. Futures for major US and European equities benchmarks were largely unchanged overnight. <\/p><p><a target=\"_blank\" id=\"t.6828490b32b35bd7edba32d3d4b6ad4cef7e8dd2\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27,829<\/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: +11.8%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.97<\/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 48.10<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><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 47.99<\/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 48.09<\/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-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>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\">12,080<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.1% (YTD: +0.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,156<\/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: -4.4%)<\/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>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\">4,110<\/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: +1.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,667<\/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: +18.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,165<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,948<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% (YTD: +9.4%)<\/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>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 83.73<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.18<\/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 2,473<\/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>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 64,700<\/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% (YTD: +53.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 3.3 bn (20.5% below the 90-day average). Local investors were net buyers. The index is up 11.8% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Palm Hills Development (+4.4%), Alexandria Containers and Cargo Handling (+3.3%), and Orascom Development Egypt (+2.8%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Elsewedy Electric (-6.7%), Beltone Holding (-1.6%), and ADIB (-1.4%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-economy\/\">global economy<\/a>\n                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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1293.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1293.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1293.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1293.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-633595\" class=\"content-area-description post-633595 hardhat type-hardhat status-publish has-post-thumbnail hentry category-hardhat tag-aviation tag-enterprise-hardhat tag-enterpriseam tag-hardhat tag-infrastructure tag-logistics tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>What does the new cabinet have lined up for the transport and logistics sectors? <\/strong>The new Madbouly cabinet has big plans for the country\u2019s ports, airports, and railways to be carried out over the coming three years as laid out in the 276-page document that details its plans for the years to come.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We already dove into the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60fef4bb-7de6-4a00-bf5a-e9ea88661f8e\/egypt%25e2%2580%2599s-new-cabinet%25e2%2580%2599s-goals-for-the-next-three-years-and-how-they-can-be-achieved\" style=\"\" rel=\"noopener\">economic<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c204253-74bf-4487-ae7d-62ae0cb51bb5\/breaking-down-egypt%25e2%2580%2599s-new-cabinet%25e2%2580%2599s-green-goals\" style=\"\" rel=\"noopener\">green<\/a><\/strong><strong>aspects of the new cabinet\u2019s plan. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PORTS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Suez Canal transits and revenues are lined up for increases:<\/strong> The government sees a hike to Suez Canal transits from 13.7k vessels this calendar year to 23k next year, and finally ramping up to 26k by 2026 at which transit numbers are projected to remain into 2030. Meanwhile, canal revenues are forecasted to more than double from USD 4.2 bn in 2024, to USD 9 bn next year. Suez Canal income is then expected to rise sequentially, hitting USD 12.2 bn by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We are assuming a best case scenario:<\/strong> Suez Canal revenues continue to take hits from disruptions on the back of Houthi-led attacks in the Red Sea, falling some 23% y-o-y during FY 2023-2024 to USD 7.2 bn, SCA boss Osama Rabie told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/07\/16\/%D8%A3%D8%B3%D8%A7%D9%85%D8%A9-%D8%B1%D8%A8%D9%8A%D8%B9-%D9%84%D9%80-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-business-%D8%AA%D8%B1%D8%A7%D8%AC%D8%B9-%D8%A7%D9%8A%D8%B1%D8%A7%D8%AF%D8%A7%D8%AA-%D9%82%D9%86%D8%A7%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3-%D8%A7%D9%84%D9%89-7-2%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-#:~:text=%D8%A7%D9%86%D8%AE%D9%81%D8%B6%D8%AA%2023%20%25%20%D8%A8%D9%86%D9%87%D8%A7%D9%8A%D8%A9%20%D8%A7%D9%84%D8%B9%D8%A7%D9%85%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%202023%2D%202024&text=%D9%82%D8%A7%D9%84%20%D8%A7%D9%84%D9%81%D8%B1%D9%8A%D9%82%20%D8%A3%D8%B3%D8%A7%D9%85%D8%A9%D8%8C%20%D8%B1%D8%A8%D9%8A%D8%B9%20%D8%B1%D8%A6%D9%8A%D8%B3,%D8%AF%D9%88%D9%84%D8%A7%D8%B1%20%D9%85%D9%82%D8%A7%D8%B1%D9%86%D8%A9%20%D8%A8%D8%A7%D9%84%D8%B9%D8%A7%D9%85%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%20%D8%A7%D9%84%D8%A3%D8%B3%D8%A8%D9%82.\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A boost for SCZone ports: <\/strong>The new cabinet intends to sequentially increase capacity at Suez Canal Zone ports via improvements to port infrastructure. East Port Said Port is set to see its present capacity of some 3.8 mn export and import containers increased to 4.8 mn containers by the end of the current fiscal year, and reaching a target of 5.3 mn containers by 2030. The port\u2019s capacity for transit containers is also lined up to top 5 mn by 2030. Ain Sokhna Port is slated to see its total capacity of export, import, and transit containers more than doubled from some 900k TEUs at present, to 2.5 mn TEUs in 2030. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And right next door to the ports:<\/strong> The government is looking to continue developing logistics zones adjacent to ports to mediate transport between production hubs and export and import terminals. Alexandria is also scheduled to see a new multipurpose terminal and logistics zone at its port, with integrations to the International Coastal Road. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And to carry (some) of Egypt\u2019s trade:<\/strong> The new cabinet has also outlined plans to boost the national shipping fleet to 31 vessels by FY 26-27, increasing its capacity to some 20 mn tons of various cargo a year. Also on the cards is the establishment of a shipping line linking Egypt to Latin America and to a logistics zone at a Brazilian port.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other maritime logistics and dry port targets highlighted in the report:<\/strong><\/p>\n<ul>\n<li>The establishment of 31 new dry ports and logistics zones;<\/li>\n<li>The development of seven logistics corridors, connecting industrial, agricultural, service, and mining hubs with the country\u2019s ports;<\/li>\n<li>Upgrades to ports with added berths of depths between 18 and 22 meters, while extending total berth lengths at national ports to some 100 km;<\/li>\n<li>More partnerships with the world\u2019s largest shipping lines, and container terminal operators;<\/li>\n<li>More digitalization at the country\u2019s ports.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Supply chains are also set to get a boost via the establishment of logistics zones for <\/strong><strong>strategic goods<\/strong>, the development of futures contracts to hedge against price fluctuations, incentives for electronic B2B commodity trades, as well as promoting the local commodities exchange\u2019s role in price clearing. Also on the agenda are improvements to the e-portal for commodity prices and the launch of a digital portal connecting grain, poultry, and meat importers with buyers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AIRPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The cabinet has outlined boosts to capacity at national airports and national carrier <\/strong><strong>Egypt Air<\/strong>, the report explained. Airport capacity is slated to increase to 72.2 mn passengers by FY 26-27, cranking up to 109.2 mn passengers a year by 2030. Egypt Air\u2019s cargo fleet is slated to see a boost from 4 to 6 freighter aircraft by the end of the current fiscal year, and remain stable until 2030. The national carrier\u2019s passenger fleet on the other hand is set to almost double, from 65 aircraft in the current fiscal year to 97 in FY 26-27 and reaching 125 by 2030. The added passenger aircraft are also expected to increase cargo capacity via belly cargo holds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other aviation goals outlined in the report:<\/strong><\/p>\n<ul>\n<li>Providing international players with concessions to manage and operate national airports in a move to boost revenues;<\/li>\n<li>Structural reforms to Egypt Air and its subsidiaries;<\/li>\n<li>Reeling in FDI in the airport sector;<\/li>\n<li>Promoting the development of the budget air travel sector;<\/li>\n<li>Improvements to weather monitoring and early warning systems, as well as more digitalization.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> ROADS, BRIDGES, AND RAILWAYS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government is looking to continue expansions in road infrastructure, outlining plans <\/strong><strong>to add some 7k km in new roads<\/strong> while upgrading and boosting the capacity of another 10k km, in a bid to ease congestion, boost road freight volumes, improve connectivity with peripheral regions and agricultural hubs, and <strong>save state coffers some USD 8 bn in fuel wasted due to gridlocks.<\/strong> Highways and bridges will also be spotlighted, with plans for <strong>35 new Nile axes as well as 1k new bridges and tunnels.<\/strong> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new cabinet is looking to boost railway capacity to 2 mn passengers a day by 2030<\/strong>, up from some 1.5 mn passengers a day this year, while also hiking freight capacity from 8 mn tons a year to 13 mn tons a year during the same period. In order to implement these changes, the government sees itself overhauling the national inventory of rolling stock through the import of 210 railway locomotives and refurbishment of another 222, as well as the deployment of seven new sleeper trains and refurbishment of 121 sleeper cars, in additional to the deployment of 1,215 cargo cars.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also on the cards for railways: <\/strong><\/p>\n<ul>\n<li>Upgrades to railway infrastructure, including stations. e-booking, and payments,<\/li>\n<li>Improvements to signaling along some 1.8k km of tracks, <\/li>\n<li>New railway lines and upgrades to capacity along existing rail routes,<\/li>\n<li>The addition of 33 new maintenance workshops,<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And there\u2019s something there about metros and electric trains:<\/strong> The government sees itself continuing efforts to establish the 2k km high-speed electric railway, a 111 km light rail transit network, in addition to the Cairo metro\u2019s fourth line and the Alexandria metro and the rehabilitation of Alexandria Raml tram.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Big development plans ahead: <\/strong>The government\u2019s Urban Development Fund plans to invest some EGP 20 bn on the Darah Provincial Capitals Development Project and another EGP 4.2 bn to develop historic Cairo this year, Fund head Khaled Siddiq told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1813155372359627027\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/li>\n<li><strong>Construction firm EDECS has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdb9c3e1-c997-41a9-a841-5e452e086f3d\/a-new-sokhna-terminal-is-underway.-plus:-news-from-uae%25e2%2580%2599s-hala,-elsewedy-electric,-amea-power,-egyptair\" style=\"\" rel=\"noopener\">laid the foundation stone<\/a><\/strong><strong> for the new container <\/strong><strong>terminal <\/strong>at the Ain Sokhna Port, expected to be completed and fully operational within 18 months.<\/li>\n<li><strong>China\u2019s <\/strong><strong>Zhejiang Hengsheng Dyeing and Finishing Company<\/strong><strong> has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/677feca9-1a20-416f-bf02-5c79bfe2d793\/hengsheng-lays-foundation-stone-for-usd-70-mn-textile-factory-in-the-sczone\" style=\"\" rel=\"noopener\">laid the<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/677feca9-1a20-416f-bf02-5c79bfe2d793\/hengsheng-lays-foundation-stone-for-usd-70-mn-textile-factory-in-the-sczone\" style=\"\" rel=\"noopener\">foundation stone<\/a><\/strong> for its dyeing, processing, and textile manufacturing project in the Suez Canal Economic Zone\u2019s West Qantara Industrial Zone.<\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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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\/17\/633597\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-633597\" class=\"content-area-description single-story post-633597 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;\"> 9-18 July: Act Financial IPO subscription period for institutional 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;\">9-23 July: Act 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>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 style=\"font-weight:400;\">25 July (Thursday): National holiday in observance of the 23 July revolution. <\/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>25-28 September (Wednesday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cityscapeegypt.com\/en\/home.html\" style=\"\">Cityscape Egypt<\/a><\/span><span>, Egypt International Exhibition Center, Cairo.<\/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\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>Trimmed outlook | EBRD loan | Ban on cutting trees | Misr Pharma stake sale?<\/p>\n","protected":false},"featured_media":633575,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-633574","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"0b966ff4-0ab1-4613-99bc-2d71cd5546c1","teaser":"Trimmed outlook | EBRD loan | Ban on cutting trees | Misr Pharma stake sale?","photo_url":"https:\/\/ent.news\/2024\/7\/1338.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>A lot of gold talk at day one of the Egypt Mining Forum - 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\/a-lot-of-gold-talk-at-day-one-of-the-egypt-mining-forum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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