{"id":636323,"date":"2024-07-30T00:00:00","date_gmt":"2024-07-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=636323"},"modified":"2025-12-17T14:52:50","modified_gmt":"2025-12-17T14:52:50","slug":"were-in-line-for-another-usd-820-mn-from-the-imf-following-the-completion-of-our-third-loan-review","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/were-in-line-for-another-usd-820-mn-from-the-imf-following-the-completion-of-our-third-loan-review\/","title":{"rendered":"We\u2019re in line for another USD 820 mn from the IMF following the completion of our third loan review"},"content":{"rendered":"<section id=\"636325\" 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=\"636325\">\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\/30\/emirati-president-lands-in-egypt-to-talk-investments-regional-stability\/\">\r\n                            Emirati president lands in Egypt to talk investments, regional stability                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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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\/.fc7ebcec-36ce-4f82-afa4-7bca629b5a11.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people. <\/strong>The news flow is showing no sign of slowing down with the Emirati president in town and Act Financial\u2019s shares expected to hit the EGX any day now. We are also sitting tight waiting for the third USD 820 mn tranche of our IMF loan to land in the state coffers after the IMF Executive Board completed its third review of our loan program during the early hours of today. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN CASE YOU HAVEN\u2019T HEARD<\/strong><strong>-<\/strong><strong> Do you want to attend our 2024 Enterprise Finance<\/strong><strong> Forum on 24 September? <\/strong>Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why attend? <\/strong>We\u2019re in the early days of a generational realignment of power in our industry \u2014 in our region and beyond \u2014 and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in our country and the wider region. Among the questions we\u2019ll be asking:<\/p><ul>\n<li>What\u2019s Egypt\u2019s role in the regional industry? <\/li>\n<li>What are foreign investors looking for right now? <\/li>\n<li>Is real estate the only asset class in Egypt?<\/li>\n<li>What does the next generation of leaders think as they take over established family businesses?<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Do you want to request an invitation? <\/strong>Tap or click the image below. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"http:\/\/finance2024.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/272.jpg?ssl=1\"><\/a> <\/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=\"wwtt1\"><\/a> <strong>UAE President Sheikh Mohamed bin Zayed Al Nahyan is in Egypt<\/strong> for a multi-day visit, where he is set to hold discussions with President Abdel Fattah El Sisi and other officials, Extra News reported (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-OJFInI2amk\" style=\"\" rel=\"noopener\">watch, runtime: 1:32<\/a>). Discussions will likely cover \u201ceconomic investments, regional stability, and security concerns, as well as exploring new avenues for cooperation,\u201d according to the <a target=\"_blank\" href=\"https:\/\/www.sis.gov.eg\/Story\/193942\/UAE-President-arrives-to-Egypt?lang=en-us\" style=\"\" rel=\"noopener\">State Information Service<\/a>.<\/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=\"wwtt2\"><\/a> <strong>#1- Act Financial\u2019s shares to hit the EGX this week<\/strong>, a source from the company told Enterprise. The subscription <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d5c99b6-2d0a-4923-9bbc-6dc4ef74f1cc\/the-retail-tranche-of%253cmark%253e-act-financial%253c%2Fmark%253e%25e2%2580%2599s-ipo-was-54.8x-oversubscribed\" style=\"\" rel=\"noopener\">period wrapped up last Tuesday<\/a> \u2014 the retail tranche of the IPO was 54.8x covered, while the institutional tranche was 20.2x oversubscribed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Act Financial <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90a188ae-46ce-489e-8d80-a7aeb264bc28\/remittances-surge-73.8%2525-y-o-y-in-may\" style=\"\" rel=\"noopener\">offered some 32% of the company<\/a> \u2014 360 mn shares \u2014 at EGP 2.90 a pop in the first IPO the EGX has seen in a year. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- The pharma industry wants to hike med prices another 1% in light of rising fuel costs: <\/strong>Several pharma companies have asked the Egyptian Drug Authority to approve another 1% increase in med prices to compensate for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45d2052e-4c8d-4dde-b93c-8965df87dd03\/egypt-hikes-car%253cmark%253e-fuel%253c%2Fmark%253e-prices-by-up-to-15%2525\" style=\"\" rel=\"noopener\">rising fuel prices<\/a>, head of the Federation of Egyptian Chambers of Commerce\u2019s pharma division Ali Auf told <a target=\"_blank\" href=\"https:\/\/hapijournal.com\/2024\/07\/29\/%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%a3%d8%af%d9%88%d9%8a%d8%a9-%d8%aa%d8%b7%d9%84%d8%a8-%d8%b1%d9%81%d8%b9-%d8%a3%d8%b3%d8%b9%d8%a7%d8%b1%d9%87%d8%a7-1-%d8%a8%d8%b3%d8%a8%d8%a8-%d8%a7%d9%84%d9%85%d8%ad\/\" style=\"\" rel=\"noopener\">Hapi Journal<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meds just got pricier: <\/strong>Some med prices were hiked an average of 25% earlier this month as per <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b514c8d2-44d3-41f8-9eac-ef500d9b464c\/pharma-products-will-see-hikes-of-up-to-50%2525\" style=\"\" rel=\"noopener\">requests from local pharma companies<\/a> in response to the USD \/ EGP exchange rate moving from 31 pre float to close to 50 post float.<\/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>#3- Gov\u2019t to double down on industrial development this fiscal year:<\/strong> The government is planning to devote 37% of its investments to industrial development and infrastructure this fiscal year, Planning and Economic Development Minister Rania Al Mashat said at the second meeting of the cabinet\u2019s Industrial Development Group, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0PyYXPxHy2EwuinTRxBvjpEd2Yknm1WyvLLoaniXYP3uiwu73GQ78y6HXkTqquaRSl\" style=\"\" rel=\"noopener\">statement<\/a>. The group also discussed plans to launch a digital investment platform and ways to cut down on red tape that hamper industrial development.<\/p><p class=\"tag-border-left\">SOUND SMART- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>Foreign investors are exiting the local debt market<\/strong>, but it\u2019s a \u201ccommon and healthy\u201d practice as they usually cash out their t-bills at the end of every quarter to take advantage of the high returns on debt instruments, two government sources told Enterprise. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign investments in Egypt\u2019s debt currently <\/strong><strong>stands at USD 32-33 bn <\/strong>after the exit of some USD 4 bn in June, one of the sources told us. Foreign investments in Egypt\u2019s t-bills <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a4e2053-1456-4ed4-a15a-afc1361e5df4\/foreign-investments-in-egypt%25e2%2580%2599s-t-bills-were-up-in-april\" style=\"\" rel=\"noopener\">stood at USD 35.2 bn<\/a> by the end of April, up from USD 32.0 bn in March, according to central bank data. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why would investors exit our local debt market?<\/strong> Foreign investors are concerned about an impending cycle of rate cuts both in Egypt and the US, one source said. Another source pointed to the weakening of the EGP against the greenback in June. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Appetite for our local debt persists<\/strong>, our sources said, adding that \u201cEgypt is among the top countries where foreign investors make huge returns on their investments due to its high interest rate.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO IN DEBT NEWS- Don\u2019t expect Egypt to tap the international debt market this year<\/strong>, one of the sources said, adding that the state is focusing on the local market to meet its financing needs for the time being. The government had jotted down <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91c430c2-4817-498e-aa92-36db7b8466c0\/is-egypt-looking-to-make-its-return-to-the-international-debt-market%3F\" style=\"\" rel=\"noopener\">USD 1.5 bn<\/a> in foreign bond issuance for the fiscal year 2024-2025.<\/p><p class=\"tag-border-left\">DATA POINTS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Our exports of medical supplies hit USD 320 mn in 2023<\/strong>, up 15% y-o-y, Mohamed Ismail Abdo, head of the Medical Supplies Division at the Cairo Chamber of Commerce told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/07\/29\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%B5%D8%A7%D8%AF%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%84%D8%B2%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D8%B7%D8%A8%D9%8A%D8%A9-%D8%A7%D9%84%D9%89-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%B3%D9%86%D9%88%D9%8A%D8%A7%D9%8B\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The division wants to ramp up medical supply exports to USD 1 bn annually, Abdo said.<\/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- Value of M&amp;As in the region on the rise: <\/strong>The total value of M&amp;A transactions throughout the MENA region reached USD 46.6 bn during the first half of the year, up 48% y-o-y, according to LSEG data cited by <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/markets\/equities\/mena-m-and-a-deals-in-h1-value-of-transactions-jumped-48-to-466bln-k37lqrb0\" style=\"\" rel=\"noopener\">Zawya<\/a>. The number of transactions saw a 5% decrease compared to the same period last year. <\/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\">SIGN OF THE TIMES-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>McDonald\u2019s global sales see first decline in over three years:<\/strong> McDonald\u2019s reported its first decline in global sales since 2020, with the company\u2019s sales falling 1% y-o-y in 2Q 2024 after having expected growth of 0.5%, the company said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2391.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The decline comes as lower-income consumers become more cost conscious amid rising inflation, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/mcdonalds-posts-surprise-drop-quarterly-global-sales-spending-slows-2024-07-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. The fast food giant also attributed the decline to \u201cthe continued impact of the war in the Middle East,\u201d as well as low comparable sales in China offsetting positive sales in Latin America and Japan.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong>McDonald\u2019s is one of several Western goods and brands that have been subject to boycotts in the Middle East due to its perceived support for Israel.<\/p><p class=\"tag-border-left\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another summery day in Cairo today<\/strong>, with a high of 36\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 only a little cooler over in Alexandria and the North Coast<\/strong>, with a high of 33\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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s another day dominated by politics<\/strong>, with little business news of which to take note. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Venezuela is getting prominent play on front pages this morning<\/strong> after longtime president Nicol\u00e1s Maduro claimed victory despite the opposition candidate Edmundo Gonz\u00e1lez having had <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/americas\/government-opposition-both-claim-venezuela-election-win-official-results-2024-07-29\/\" style=\"\" rel=\"noopener\">the lead<\/a> in most polls and exit surveys. Venezuelans took to the streets in protest and a number of countries are expressing concern, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/9c016af1-3194-42f3-894b-6e1b1a8e6997\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US is cautioning Israel against striking Lebanon\u2019s capital<\/strong> or any major infrastructure following the strike on Golan Heights, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/dont-bomb-beirut-us-leads-push-rein-israels-response-2024-07-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Airlines including Lufthansa, Aegean, and Air France have stopped flights to Lebanon, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-29\/airlines-cancel-flights-to-lebanon-as-mideast-tensions-escalate\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In business news, a single AI story and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f79bbcd4-856e-49ea-8659-e067c67e0109\" style=\"\" rel=\"noopener\">first slump in Mcdonald\u2019s sales<\/a><\/strong> since 2020 are getting attention. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The AI story in question? Apple revealed in a research paper that it has been using <\/strong><strong>Google\u2019s chips to build and train its new AI software infrastructure<\/strong>, the first real dent in the armor of Nvidia, which has an 80% share of the AI chip market, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/apple-says-it-uses-no-nvidia-gpus-train-its-ai-models-2024-07-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. <\/p><p class=\"tag-border-left\">OLYMPICS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a relatively quiet day in the Olympics<\/strong>, with the highlight being rowing, tennis, and lots of rugby sevens. The men\u2019s triathlon is also scheduled to take place today. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In tennis yesterday: <\/strong>Spain\u2019s Rafael Nadal exited the tournament, losing to Serbia\u2019s Novak Djokovic. The Olympics\u2019 website <a target=\"_blank\" href=\"https:\/\/olympics.com\/en\/news\/paris-2024-tennis-nadal-eliminated-other-stars-advance\" style=\"\" rel=\"noopener\">has the rundown on the big names<\/a> that have made it through to the third round of the men\u2019s and women\u2019s singles. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Surfing <\/strong><strong><a target=\"_blank\" href=\"https:\/\/olympics.com\/en\/news\/paris-2024-surfing-medina-scores-wave-of-day-teahupoo\" style=\"\" rel=\"noopener\">also made headlines<\/a><\/strong><strong> in Tahiti\u2019s Teahupo\u2019o<\/strong> \u2014 also known as the End of the Road, as it is seen as one of the most deadly surfing spots in the world due to the size of its waves and the large, shallow reef at its bottom. The third round of surfing saw favorites exit the competition after a brutal set of eight heats in which two riders went head-to-head, with only one advancing from each run. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The medal standings now at the Paris Olympics:<\/strong><\/p><ul>\n<li>Japan (6 gold, 12 overall)<\/li>\n<li>France (5 gold, 16 overall)<\/li>\n<li>China (5 gold, 12 overall)<\/li>\n<li>Australia (5 gold, 9 overall)<\/li>\n<li>South Korea (5 gold, 9 overall)<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Enterprise, US media says Amreeka is at the top of the table\u2026 <\/strong>US athletes have so far taken home more hardware (20 medals overall vs 16 for France), but the Olympics themselves ranks countries by the number of golds a country has picked up \u2014 not by total medal count.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>T<\/strong><strong>EAM EGYPT <\/strong>has a number of matches scheduled for today including: <\/p><ul>\n<li>Volleyball: Egypt vs. Italy (10:00 am)<\/li>\n<li>Shooting: Maggie Ashmawy, Trap Women\u2019s qualifiers (10:55 am)<\/li>\n<li>Judo: Abdelrahman Abdelghany, Men\u2019s 81 kg Table of 64 (11:00 am)<\/li>\n<li>Beach Volleyball: Doaa El Ghobashy and Marwa Magdy vs. Italy\u2019s duo (12:00 pm)<\/li>\n<li>Football: Egypt vs. Spain. (4:00 pm)<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You can follow Team Egypt <\/strong>through <a target=\"_blank\" href=\"https:\/\/olympics.com\/en\/paris-2024\/schedule\/egypt?day=29-july\" style=\"\" rel=\"noopener\">this schedule<\/a> or by heading over to our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9fed306a-c343-4b65-89ea-8009bb653841\/everything-you-need-to-know-about-paris-olympics-2024\" style=\"\" rel=\"noopener\">Paris 2024 Guide<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to see when your favorite sport is on?<\/strong> <a target=\"_blank\" href=\"https:\/\/olympics.com\/en\/paris-2024\/schedule\/29-july\" style=\"\" rel=\"noopener\">Check out the official schedule here<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/239.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/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 dive into Egypt\u2019s green hydrogen storage infrastructure, which is set to play a vital role in our green transition. <\/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\/mohammed-bin-zayed-al-nahyan\/\">Mohammed bin Zayed Al Nahyan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636327 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=\"636327\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/636327\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636327\" class=\"content-area-description single-story post-636327 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.aquaman.co\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1504.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700;\">Dive into the Aquaman Experience: A Premier Open Water Swimming Event at Somabay<\/span><\/p>\n<p><span>Aquaman is an exhilarating open water swimming competition set in the breathtaking surroundings of Somabay, Egypt, from 24 to 26 October. With six diverse races catering to various skill levels, it presents a thrilling challenge for swimmers of all ages. International participants can benefit from exclusive promo codes, while Egyptian swimmers can conveniently register in EGP. Join us for a world-class event that celebrates the spirit of competition and aquatic excellence. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aquaman.co\/\" style=\"\">Register now<\/a><\/span><span>.<\/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=\"636328\" 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=\"636328\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/imf-completes-third-review-of-our-loan-program-enabling-the-disbursal-of-usd-820-mn\/\">\r\n                            IMF completes third review of Egypt\u2019s loan program, enabling the disbursal of USD 820 mn                        <\/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\/30\/imf-completes-third-review-of-our-loan-program-enabling-the-disbursal-of-usd-820-mn\/\" target=\"_blank\">\n                    Open in new tab               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        <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2418.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636329\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/imf-completes-third-review-of-our-loan-program-enabling-the-disbursal-of-usd-820-mn\/2418-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2418.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2418.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2418.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2418.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636328\" class=\"content-area-description single-story post-636328 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-debt tag-economy tag-enterpriseam tag-imf 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\/.e1f6523d-790e-49b1-8ce8-e9a7fd088e54.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Third review complete:<\/strong> The IMF Executive Board has completed the third review of our USD 8 bn loan program, enabling the Madbouly government to \u201cimmediately draw\u201d the USD 820 mn third tranche, the multilateral lender <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2024\/07\/29\/pr24293-egypt-imf-exec-board-completes-3rd-rev-extended-arr-eff\" style=\"\" rel=\"noopener\">said<\/a> during the early hours of today. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt and the IMF reached a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfbd78c7-f717-4c87-b12e-7c5cdec4e021\/%253cmark%253eimf%253c%2Fmark%253e-reaches-staff-level-agreement-on-third-loan-review\" style=\"\" rel=\"noopener\">staff-level agreement<\/a><\/strong><strong> on the third review early last month <\/strong>and we have been waiting for the Fund\u2019s executive board to sign off on it since. The board was originally scheduled to discuss the third review on 10 July but the discussion was pushed back to \u201cfinalize some details\u201d and it is thought that the it was pushed back for the board to see how the newly sworn-in government would <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b2b49d12-a242-44d3-94d0-487ba56472d8\/the-status-quo-on-our-pending-imf%253cmark%253e-review%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">approach trimming fuel subsidies<\/a> \u2014 the government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45d2052e-4c8d-4dde-b93c-8965df87dd03\/egypt-hikes-car-fuel-prices-by-up-to-15%2525\" style=\"\" rel=\"noopener\">raised fuel prices<\/a> for the second time this year on Thursday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re on the right track: <\/strong>\u201cInflationary pressures are gradually abating, foreign exchange shortages have been eliminated, and fiscal targets were met\u201d since the board approved the combined first and second reviews of the program in March, the statement read. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But there\u2019s still one key area that needs to be targeted: <\/strong>While there has been considerable progress on key structural reforms, \u201cgreater efforts are needed to implement the State Ownership Policy,\u201d the Fund said. This includes accelerating the state\u2019s privatization program, as well as \u201cpursuing reforms to streamline business regulations to set up new firms, expediting trade facilitation practices, and creating a \u201clevel playing field\u201d that avoids unfair competitive practices by state-owned companies.\u201d Such steps will put Egypt on the track towards private-sector-led growth. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The IMF in February seemed to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70fc592b-2ad2-47f2-a847-6db6539e47c3\/egypt-inching-closer-to-new-large-imf-loan,-says-fund-chief\" style=\"\" rel=\"noopener\">calm its tone<\/a> on the urgency of Egypt\u2019s need to progress its sales of state-owned assets prior to its announcement of our expanded USD 8 bn loan program, representing a shift from the IMF's earlier position on Egypt's need to pick up the pace of privatizing state-owned companies. The government proceeded to slash its 2024 privatization program targets in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c12b982d-ae32-4501-8d5a-7a06f325ab5c\/madbouly-government-cuts%253cmark%253e-privatization-program%253c%2Fmark%253e-targets-for-the-year\" style=\"\" rel=\"noopener\">April<\/a>, with plans to raise around USD 1 bn through the privatization of state-owned companies and assets this year \u2014 a significant drop from previous estimates of USD 6.5 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No slowing down on cutting fuel subsidies: <\/strong>The IMF expects Egypt to restore energy prices back to their \u201ccost recovery levels\u201d by December 2025, which it says will be essential in \u201csupporting the smooth provision of energy to the population and reducing imbalances in the sector.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Already part of the plan: <\/strong>Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/144e0e2f-276a-429d-a414-0b2427177e53\" style=\"\" rel=\"noopener\">had previously said<\/a> that we could see more fuel price hikes as the state looks to \u201crestore balance\u201d between cost of production and end price by the end of 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The prescription: <\/strong>Implementing the structural reform agenda \u2014 one that boosts tax revenues and better manages debt \u2014 is \u201ckey to achieving more inclusive and sustainable growth.\u201d And to boost private investment, the state should focus on \u201cenhancing the governance of state-owned banks, advancing the state-ownership policy, increasing fiscal transparency, and leveling the economic playing field.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Regional unrest necessitates the continued implementation of program commitments:<\/strong> Implementing the \u201cappropriate macroeconomic policies, including a flexible exchange rate regime, would help ensure economic stability\u201d despite regional conflicts And advancing with the structural reform program will improve growth prospects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When will the next tranches be disbursed?<\/strong> Egypt is set to have access to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a4d40c7-270d-4f17-b677-f24738922550\/egypt-could-receive-another-usd-820-mn-tranche-in-june\" style=\"\" rel=\"noopener\">five tranches of<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a4d40c7-270d-4f17-b677-f24738922550\/egypt-could-receive-another-usd-820-mn-tranche-in-june\" style=\"\" rel=\"noopener\">around USD 1.2 bn each<\/a> if it passes reviews in September 2024, March 2025, September 2025, March 2026, and September 2026, according to the original schedule of reviews the IMF had shared back in April. It remains unclear if the September 2024 review is still happening according to schedule. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even more funds to come: <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76a0a985-9e76-4ce5-a155-8bfa25b6f658\" style=\"\" rel=\"noopener\">Negotiations are underway<\/a> for Egypt to access an additional; USD 1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility. The completion of the third review allows Egypt to apply for the additional climate financing from the Fund.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news received coverage from <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/imf-approves-release-820-mln-egypt-calls-more-reforms-2024-07-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-29\/egypt-unlocks-820-million-in-imf-funding-after-program-review\" style=\"\" rel=\"noopener\">Bloomberg<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n    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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636331\" 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=\"636331\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Tourism<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/the-details-of-the-egp-50-bn-subsidized-loan-program-for-hospitality-players\/\">\r\n                            The details of Egypt\u2019s EGP 50 bn subsidized loan program for hospitality players                        <\/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\/30\/the-details-of-the-egp-50-bn-subsidized-loan-program-for-hospitality-players\/\" 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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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636332\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/the-details-of-the-egp-50-bn-subsidized-loan-program-for-hospitality-players\/2381-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2381.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2381.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2381.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2381.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636331\" class=\"content-area-description single-story post-636331 post type-post status-publish format-standard has-post-thumbnail hentry category-tourism tag-debt tag-enterpriseam tag-hospitality tag-tourism 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\/.a2e2a843-56b0-474e-84e7-8eb8ab938353.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The cabinet greenlit the ins and outs of the subsidized loan program for hospitality companies<\/strong> worth up to EGP 50 bn, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Yak6CMBnbfabYdtt9Tc6XMYCQzMdfaFo8JkoRGybZXcENQThKJYA9B5mG9yjJq79l\" style=\"\" rel=\"noopener\">statement<\/a>. The funds will go into helping companies build and operate new hotels, expand existing properties, and repurpose buildings into hotels.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>The tourism and finance ministries had agreed to launch the initiative back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab30ba76-0ab5-4e56-8e3f-6913538a4cb3\" style=\"\" rel=\"noopener\">April<\/a> offering subsidized loans to local and foreign hospitality players looking to set up more hotel rooms across the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The new program will offer financing at a reducing interest rate of 12%. Individual companies can access up to EGP 1 bn, while those with affiliates may receive up to EGP 2 bn, provided by a maximum of two banks. The exact amount of credit extended to each company will depend on its size and banking regulations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The program will only finance projects in the following <\/strong><strong>areas<\/strong>, listed in order of priority: Luxor, Aswan, Greater Cairo, the Red Sea governorate, and parts of South Sinai \u2014 namely Sharm El Sheikh, Taba, Nuweiba, and Dahab.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of a wider support program:<\/strong> Subsidized by the Finance Ministry, the initiative is part of a broader support program. The government in April approved an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0fbf63f-f196-4ab6-acac-529210bde7e3\" style=\"\" rel=\"noopener\">EGP 120 bn program<\/a> that offers loans to industrial and agricultural players at a subsidized 15% interest rate, well below the CBE\u2019s 28.25% lending rate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline:<\/strong> Companies can apply for financing one month after the launch of the initiative, which has a 12-month application window and they will have 16 months from the initial disbursement to access the funds, with the final deadline for the program set for 30 June 2026. Companies will need to secure a hotel operating license within six months of the end of the fund withdrawal period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The end goal: <\/strong>The government aims to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60fef4bb-7de6-4a00-bf5a-e9ea88661f8e\" style=\"\" rel=\"noopener\">attract some<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60fef4bb-7de6-4a00-bf5a-e9ea88661f8e\" style=\"\" rel=\"noopener\">25 mn tourists<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60fef4bb-7de6-4a00-bf5a-e9ea88661f8e\" style=\"\" rel=\"noopener\">annually<\/a> by 2028. To that end, it plans to add some 240-250k rooms to existing hotel room capacity, the statement reads. That\u2019s at least 20% more than the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab30ba76-0ab5-4e56-8e3f-6913538a4cb3\" style=\"\" rel=\"noopener\">200k hotel rooms<\/a> that were initially planned.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The payoff could be substantial: <\/strong>Every 15k hotel rooms can generate USD 1-2 bn in annual revenues, alongside EGP 1.5-2 bn in value-added tax and other taxes, and create around 45k new direct and indirect jobs, the cabinet statement reads.<\/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\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"636333\" 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=\"636333\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/agricultural-exports-marred-by-inefficient-export-system\/\">\r\n                            Egypt\u2019s agricultural exports marred by inefficient export system                        <\/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\/30\/agricultural-exports-marred-by-inefficient-export-system\/\" 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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However, a significant portion of Egypt\u2019s exports are traded through a commission-based system also known as consignment \u2014 a system that has long been criticized for lowering the sector\u2019s returns.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where we currently stand: <\/strong>Egypt\u2019s agriculture exports reached 7.4 mn tons last year, up from 6.5 mn tons in 2022, with the exports including 406 different products shipped to 160 countries, a source from the Agriculture Ministry told Enterprise. \u201cRevenues have gone up, but the rate of growth doesn\u2019t reflect the fair value of the vast quantities of goods exported annually from Egypt \u2014 and the current commissions-based system is among the biggest reasons for this,\u201d the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How the system works:<\/strong> The commission-based export system involves local exporters selling their goods in foreign markets through locally-based traders who earn a percentage of total sales revenues. Importantly, the agreements between the exporter and the trader do not stipulate the price of the traded good at the point of sale to consumers, leaving that to be decided by the importer selling in their local market. The system is used for 50% of Egypt\u2019s agriculture exports, according to the Agriculture Ministry, and applies to all agricultural products \u2014 though it affects some products more negatively than others, our source said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The problem:<\/strong> The commission-based system pushes both exporters and importers to sell as much product as possible, even if they do so at lower prices than the fair value. For exporters, the differences in exchange rates between Egypt and importing markets \u2014 alongside government subsidies that range from 6-12% of the total export revenues \u2014 mean that the transaction can still be profitable for exporters, even when selling below fair value. For the importer, selling as much as possible increases the commission they earn from the exporter on total revenues.<\/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\">EXPERTS WEIGH IN-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The commission-based system is very flawed.<\/strong> \u201cYou\u2019re sending more goods to a market than it needs, without agreeing on a set price, and then these goods are either sold or not at varying price points based on supply and demand,\u201d former head of the Agriculture Export Council Sherif El Beltagy tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We need more market coordination: <\/strong>Any export system that increases the supply of a commodity in a foreign market will negatively affect the prices of that commodity, be it the current commission-based system or direct sales, Egyptian Businessmen\u2019s Association chairman and former Agricultural Export Council head Ali Eissa told Enterprise. Egypt should conduct market studies that look at different markets\u2019 seasonal needs to avoid harming export revenues, Eissa said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The system can still function well<\/strong> \u2014 however, it can\u2019t be done without the necessary coordination between exporters and proper studies of the needs of international markets, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other potential drawbacks: <\/strong>The lower prices that result from commission-based sales also negatively impact local companies that rely on direct sales, as they become pressured to lower their prices amid higher production costs in Egypt, with the gap in prices reaching up to 50%, El Beltagy said. Moreover, exporting more products than needed causes shortages in the local market, which can contribute to rising prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This doesn\u2019t mean we should reverse plans of increasing agricultural export volumes <\/strong>\u2014 but it does mean that the Egyptian market is currently competing with itself and missing out on potentially higher USD revenues, one of Egypt\u2019s leading agricultural exporters tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The solution? <\/strong>Exporters have proposed a number of solutions that could help resolve the issues, that includes:<\/p>\n<ul>\n<li><strong>Reviewing exporters\u2019 records and revenues<\/strong> with the General Organization for Export and Import Control, ensuring that they aren\u2019t selling at too low of a price point;<\/li>\n<\/ul>\n<ul>\n<li><strong>Establishing a pricing committee<\/strong> to evaluate products and set pricing limits;<\/li>\n<li><strong>Favoring direct sales<\/strong>, which are conducted through officially documented contracts between both parties.<\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"636335\" 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=\"636335\">\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\">A MESSAGE FROM AUC SCHOOL OF BUSINESS EXECUTIVE EDUCATION<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/strategic-partnership-between-execed-and-ezz-steel-celebrates-two-decades-of-success\/\">\r\n                            Strategic partnership between ExecEd and Ezz Steel celebrates two decades of success                        <\/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\/30\/strategic-partnership-between-execed-and-ezz-steel-celebrates-two-decades-of-success\/\" 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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Since its start in July 2003, the partnership has continually evolved to meet the dynamic needs of Ezz Steel\u2019s leadership team across its four subsidiaries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Originally launched as a Talent Advancement Program geared towards middle and senior management<\/strong>, this initiative has significantly broadened its scope. The program initially focused on developing a wide range of managerial skills, from organizational, financial, and economic to strategy and digital marketing. In December 2023, a new customized Senior Executive Diploma program was launched at the AUC New Cairo Campus followed by a second round in April 2024 at the Ezz Dekheila Factory site in Alexandria. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The redesigned program spans 223 hours of training<\/strong>, integrating new modules centered on supply chains and project management. These additions are particularly crucial, tackling current challenges such as the global supply chain crisis and ensuring efficient project execution globally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Each round accommodates 28 participants<\/strong>, ensuring tailored assistance and an immersive learning experience. The AUC School of Business\u2019s seasoned instructors integrate theoretical knowledge with practical application. Participants are involved in diverse projects that directly address real-world scenarios experienced by Ezz Steel, ensuring a practical, hands-on approach to learning.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>According to Dr. Karim Hamdy, Corporate HR Director at Ezz Steel, the program\u2019s impact is profound. <\/strong>\u201cThe investment in this program has significantly enhanced employee performance and boosted their productivity, efficiency which ultimately leads to cost savings through the implementation of some of the employees\u2019 graduation projects.\u201d Many graduates have leveraged this foundational experience to pursue further education, such as an MBA at AUC.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The program\u2019s flexibility and continual adaptation to meet evolving needs have consistently earned ExecEd high praise and recognition as a true partner in fueling success.<\/strong> Training teams across each of Ezz Steel's factories, including those in Alexandria, Suez, Sadat City, and the 10th of Ramadan City, underscores the program\u2019s pivotal role in fast-tracking the development of new managers. This is particularly beneficial for individuals transitioning from technical engineering roles to managerial positions. The localized training teams tailor their approach to address the unique challenges and opportunities present at each site, ensuring that the learning experience is highly pertinent and readily applicable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This ongoing partnership between Ezz Steel and AUC School of Business ExecEd goes beyond mere education<\/strong>; it is a strategic alignment that enhances leadership capabilities and equips managers with the skills necessary to navigate complex business landscapes. It serves as a powerful testament to the benefits of targeted executive education and its ability to cultivate a culture of ongoing improvement and strategic foresight.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Learn more<\/strong> about Business Solutions at AUC School of Business Executive Education: <a target=\"_blank\" href=\"https:\/\/business.aucegypt.edu\/execed\/business-solutions\" style=\"\" rel=\"noopener\">https:\/\/business.aucegypt.edu\/execed\/business-solutions<\/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\/a-message-from-auc-school-of-business-executive-education\/\">A MESSAGE FROM AUC SCHOOL OF BUSINESS EXECUTIVE EDUCATION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/auc\/\">AUC<\/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=\"636337\" 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=\"636337\">\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\">Fintech<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/mnt-halan-wants-to-go-global\/\">\r\n                            MNT-Halan has another acquisition in the pipeline as it eyes global expansion                        <\/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\/30\/mnt-halan-wants-to-go-global\/\" 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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It has an expansion plan that will see it acquire entities across a number of markets, including Saudi Arabia, as well as east Africa and South Africa, founder and CEO Mounir Nakhla said during an event that Enterprise attended. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Already underway:<\/strong> The company, last week, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0228f70f-fbc6-4ddc-8ffb-6e46a1f347e4\/fintech-leader%253cmark%253e-mnt%253c%2Fmark%253e-halan-expands-into-turkey-with-acquisition-of-tam-finans\" style=\"\" rel=\"noopener\">announced<\/a> that it fully acquired Turkish commercial finance company Tam Finans and will likely announce another acquisition within the coming 12-18 months, Nakhla added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details of the transaction:<\/strong> The firm financed the acquisition through its recently-raised funds.&nbsp;<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The acquisition boosted MNT-Halan\u2019s portfolio:<\/strong> The company\u2019s loan book is estimated to be at around USD 900 mn following the acquisition, with Tam Finans accounting for a third of the amount. MNT-Halan\u2019s monthly lending volume stands at around EGP 2.5 bn, and is expected to rise to EGP 3-3.5 bn by the end of the year, Nakhla added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>MNT-Halan recently raised <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4a054fb-6f5c-42cd-9a16-5181c0003446\/egypt%25e2%2580%2599s-mnt-halan-raises-usd-157.7-mn-from-international-investors\" style=\"\" rel=\"noopener\">USD 157.7 mn<\/a> in a funding round expected to bankroll the country\u2019s international expansion plans. \u201cWhile Egypt remains our primary market, we are committed to revolutionizing access to financial services through technology beyond Egypt\u2019s borders,\u201d Nakhla said at the time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> MNT-Halan is considering a number of different avenues to expand its operations in the coming period, including going public and transforming into a digital bank that operates locally, Nakhla said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company has ambitious growth targets:<\/strong> It wants to achieve an annual growth rate of up to 50% in the local market and 70% in the medium-term. The company plans to have SME lending make up almost half of its portfolio by the end of 2025, up from its current 20%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline: More securitization and cybersecurity. <\/strong>The fintech leader wants to raise EGP 24 bn from securitized bonds issuances this year \u2014 it has already raised half that amount during the first half of the year, Nakhla said. The company is focused on investing in cybersecurity due to the recent wave of cyberattacks.<\/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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mnt-halan\/\">MNT-Halan<\/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=\"636339\" 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=\"636339\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/cira-educations-topline-climbs-35-in-9m-2023-24\/\">\r\n                            CIRA Education\u2019s topline climbs 35% in 9M 2023-24                        <\/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\/30\/cira-educations-topline-climbs-35-in-9m-2023-24\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The company attributed this jump in revenues to higher enrollment across all three of its segments \u2014 nursery, K-12, and higher education.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the growth: <\/strong>Revenues from tuition, which accounted for 93% of total revenues, climbed 34% y-o-y to EGP 2.3 bn during 9M 2023-2024. This growth came on the back of higher enrollment rates following the inauguration of new faculties and the opening of two new schools \u2014 Regent British School and Futures Tech \u2014 at the beginning of the current academic year. Total revenues generated by the higher education sector rose 44% y-o-y to EGP 1.5 bn, while the K-12 segment reeled in EGP 894.2 mn in revenues, up 22% y-o-y.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company saw its adjusted net income increase by 11.1% y-o-y<\/strong> to EGP 392.3 mn during the nine-month period. It blamed a \u201csignificant increase\u201d in finance costs, which rose 62% y-o-y, for its lower profit margin of 16.2% \u2014 it was down 3.4 percentage points compared to the same period last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cAs we continue to navigate the macroeconomic environment, our unwavering commitment to our growth trajectory remains steadfast. We maintain our focus on developing cutting-edge programs and forging strategic partnerships that enrich the educational experience for our students,\u201d CEO Mohamed El Kalla said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- CIRA will extend an EGP 77.5 mn loan to Al Ahly CIRA<\/strong> to help it finish the construction of the Saxony Egypt University of Applied Sciences and Technology (SEU) after CIRA\u2019s board approved the decision, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2364.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Al Ahly CIRA \u2014 an education investment company set up by CIRA Education and Al Ahly Capital Holding in 2021 \u2014 last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf750051-eae1-4fe4-9af7-3171c7c1d73a\" style=\"\" rel=\"noopener\">received the greenlight<\/a> from President Abdel Fattah El Sisi to commence operations at SEU. The company last month <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45ab2b32-cb14-4469-b2e3-8cc417b2e890\/\" style=\"\" rel=\"noopener\">opened talks with the National Bank of Egypt<\/a> to secure loans worth EGP 500-600 mn to partially fund the c. EGP 1 bn first phase of SEU.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When does SEU kick off operations? <\/strong>The company aims to launch SEU this fall, with a spring semester start date, according to the earnings release. The company had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf750051-eae1-4fe4-9af7-3171c7c1d73a\" style=\"\" rel=\"noopener\">said last week<\/a> that the launch date will \u201cdepend on the completion of the required operational approvals and the completion of the first phase of construction.\u201d<\/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\">ACT FINANCIAL\u2019S TOPLINE DOUBLES IN 1H 2024-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Act Financial\u2019s net income rose <\/strong><strong>79.3%<\/strong><strong> y-o-y to EGP 109.4 mn in 1H 2024<\/strong>, while its revenues came in at EGP 261.2 mn during the half, jumping 104.5% compared to the same period last year, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2350.pdf\" style=\"\" rel=\"noopener\">financial statement (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> It has been a busy few months for Act Financial, as it gears up to make its EGX debut after wrapping up its heavily-oversubscribed IPO last week. <\/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\/act-financial\/\">Act Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636341 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=\"636341\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/636341\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636341\" class=\"content-area-description single-story post-636341 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\/SodicContactUs\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1877.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=\"636342\" 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=\"636342\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/egypt-has-big-olympic-ambitions\/\">\r\n                            Egypt has big Olympic ambitions                        <\/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\/30\/egypt-has-big-olympic-ambitions\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n   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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2419.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2419.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636342\" class=\"content-area-description single-story post-636342 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-sports wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.391ace8f-036b-47b7-ba45-1234dda09e3c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Big Olympic ambitions: <\/strong>In another less than eventful night on the airwaves, Ala Masouleety\u2019s Ahmed Moussa spoke to Egyptian Olympic Committee President Yasser Idris (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=xCZBRgFMKjQ\" style=\"\" rel=\"noopener\">watch, runtime: 8:12<\/a>) about Egypt\u2019s first medal at the Paris Olympics, courtesy of Mohamed El Sayed picked up a bronze in the men's \u00e9p\u00e9e individual. Idrees said he expects Egypt to secure between 7-11 medals by the end of the competition. <\/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\/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\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636344\" 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=\"636344\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/govt-wants-to-set-up-a-pharma-raw-material-hub-plus-news-from-opay-telecom-egypt-madinet-masr\/\">\r\n                            Egypt wants to set up a pharma raw material hub                        <\/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\/30\/govt-wants-to-set-up-a-pharma-raw-material-hub-plus-news-from-opay-telecom-egypt-madinet-masr\/\" 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\/30\/govt-wants-to-set-up-a-pharma-raw-material-hub-plus-news-from-opay-telecom-egypt-madinet-masr\/')\">\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\/30\/govt-wants-to-set-up-a-pharma-raw-material-hub-plus-news-from-opay-telecom-egypt-madinet-masr\/\">\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=Gov\u2019t wants to set up a pharma raw material hub. PLUS: News from OPay, Telecom Egypt, Madinet Masr&url=https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/govt-wants-to-set-up-a-pharma-raw-material-hub-plus-news-from-opay-telecom-egypt-madinet-masr\/\">\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\/30\/govt-wants-to-set-up-a-pharma-raw-material-hub-plus-news-from-opay-telecom-egypt-madinet-masr\/&title=Gov\u2019t wants to set up a pharma raw material hub. 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The Arab Company for Drug Industries and Medical Appliances (ACDIMA) and Eipico will break ground on the project, with plans to add more private investors at a later stage.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p><p class=\"tag-border-left\">FINTECH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abdul Latif Jameel Finance + OPay:<\/strong> Abdul Latif Jameel subsidiary <a target=\"_blank\" href=\"https:\/\/www.aljfinance.com.eg\/\" style=\"\" rel=\"noopener\">Abdul Latif Jameel<\/a><a target=\"_blank\" href=\"https:\/\/www.aljfinance.com.eg\/\" style=\"\" rel=\"noopener\">Finance -Egypt<\/a> has partnered with China-backed fintech player OPay to expand the company\u2019s existing suite of customer payment options, according to a company <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2337.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The agreement will also see Abdul Latif Jameel Finance gain access to OPay\u2019s over 90k points of sale and payment kiosks in Egypt.<\/p><p class=\"tag-border-left\">AVIATION-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t increases targets for sizing up our airports\u2019 passenger capacity: <\/strong>The Aviation Ministry is aiming to increase the total capacity of Egypt\u2019s airports to 72.2 mn passengers annually by the end of 2025, up from 66.3 mn recorded in 2023, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0MXnmx8HbqRzqfJj7enkmrm6Vpc6RUKGEamRGag59Be32oS5TKjbLz4F7hz77XbYTl?rdid=IQJszVCvnf2a7oCS\" style=\"\" rel=\"noopener\">statement<\/a>. The government is also aiming to boost the airports\u2019 total capacity to around 109.2 mn passengers by 2030 \u2014 up from its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e94bb97-4820-4349-bc3a-d65afa8cdcb1\/egypt-looks-towards-airport-expansion,-smart-policy,-and-the-private-sector-to-support-its-ambitious-aviation-goals\" style=\"\" rel=\"noopener\">previous target of 97.4 mn<\/a> passengers a year.<\/p><p class=\"tag-border-left\">INVESTMENT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- More investments from Enara:<\/strong> Africa-focused renewables player Enara Group is looking to invest some USD 100 mn in the local renewable energy sector through 2027, CEO Sherif El Gabaly told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/29\/1813189\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The company is looking to increase its investments in existing organic and biofuel companies. It also wants to increase its investments in the agriculture sector, he added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> Enara Group <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a8d26855-a0c2-4654-951e-b0030b6a04b8\/fresh-tourism-incentives-ahead%3F\" style=\"\" rel=\"noopener\">plans<\/a> to dual list on the EGX and a Gulf exchange next year, El Gabaly said in May, without providing further details. The company is currently being restructured ahead of the listing and in the process of selecting an investment bank to manage the listing.<\/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- More Emirati investments? <\/strong>The government of UAE\u2019s Fujairah discussed potential investments in our oil sector during a visit by Oil Minister Karim Badawi to Fujairah, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0HARTqwJU29LtvvofZ4CHASXcj7KDAPWUw2iNADEwRdVN1uZQY2zTUmugnUszPVHil?__cft__%5B0%5D=AZXpXGClExqDk23o_MUL7JomBDS_CKJ-KtwZpYTH9Cw5TtyWw9NaBIhZBo4aZTfFx5EVBXOFMGIaRJO_B54CSmt9ZJeJmknyiU0Si0hFQB-Dduv0yAfnCQ8nwcG3emMJAzNpiEv2O_cGkzRrWzl3k908QOEzlQSSHX60tzGdBiD6KW1Q05dIE51RJl69W_Hy6ZUSOSv5aM8Fkh2yliwMTH8Y&amp;__tn__=%2CO%2CP-R\" style=\"\" rel=\"noopener\">statement<\/a>. Discussions included the emirate partnering with Egypt to develop joint projects aimed at enhancing petroleum storage and handling infrastructure in Egypt, as well as cooperation on ship bunkering.<\/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>Madinet Masr launches new EGP 10 bn project in Sarai: <\/strong>Real estate developer Madinet Masr has launched its latest project in its Sarai development in New Cairo \u2014 dubbed Esse Residence \u2014 with investments of around EGP 10 bn, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2392.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The new project is scheduled for delivery in 4 years and is expected to generate EGP 18.2 bn in revenues.<\/p><p class=\"tag-border-left\">DEBT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Telecom Egypt is looking to borrow EGP 18 bn from a syndicate of local banks<\/strong> led by Banque Misr and CIB, two unnamed sources tell <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/banks\/49791\/%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D9%84%D9%84%D8%A7%D8%AA%D8%B5%D8%A7%D9%84%D8%A7%D8%AA-%D8%AA%D8%B3%D8%B9%D9%89-%D9%84%D8%A7%D9%82%D8%AA%D8%B1%D8%A7%D8%B6-18-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87\/?utm_source=facebook&amp;utm_medium=social&amp;utm_campaign=%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D8%A7%D9%84%D8%B4%D8%B1%D9%82---%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The loan \u2014 reportedly set to be finalized within two weeks \u2014 would be divided into an EGP 12 bn tranche earmarked for paying off the company\u2019s short-term credit facilities and a second tranche that would fund operations and network development.<\/p><p class=\"tag-border-left\">MINING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fresh mining tender:<\/strong> The government is gearing up to launch an international tender for mineral exploration in Sinai, the Eastern Desert, and the Western Desert before the end of the year, writes <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%ad%d9%83%d9%88%d9%85%d8%a9-%d8%aa%d8%b3%d8%aa%d8%b9%d8%af-%d9%84%d8%b7%d8%b1%d8%ad-%d9%85%d8%b2%d8%a7%d9%8a%d8%af%d8%a9-%d8%b9%d8%a7%d9%84%d9%85%d9%8a%d8%a9-%d8%ac%d8%af%d9%8a%d8%af-2\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>, citing high-level government officials. <\/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\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr\/\">Madinet Masr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opay\/\">OPay<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2416.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2416.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636346\" class=\"content-area-description single-story post-636346 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets 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\/.79c8e408-0665-4f89-adda-ecf26d103c31.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The US Federal Reserve is expected to leave its benchmark interest rate unchanged at <\/strong><strong>5.25-5.5% during a two-day meeting<\/strong> that starts later today, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5cda73be-e155-40ea-8b5c-c4dabd8b9c1e\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Watch this space: <\/strong>Analysts think the Fed will signal on Wednesday (or in meeting minutes released later) that it is ready to start cutting rates by September. Recent data shows inflation is under control and the labor market is cooling off, with fewer job gains and rising layoffs. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The central bank of Japan and England will also meet this week<\/strong>, as we noted yesterday. Japan could go for a rate hike (its two-day meeting begins today), while the Bank of England looks set to make a cut when it meets on Thursday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- China targets bonuses + compensation for fund managers, bankers: <\/strong>China is intensifying its <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c0d3a55e-099a-4009-9b92-4579310b2517\" style=\"\" rel=\"noopener\">crackdown on financial sector compensation<\/a>, extending its reach to mutual fund managers and bankers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s happening? <\/strong>Managers at some state-owned funds have been ordered to return bonuses, as are Hong Kong-based executives at Citi and Everbright. Pundits see the clawbacks happening in the context of Xi Jinping emphasis that \u201cnew quality productive forces\u201d (read: tech and manufacturing) should be prioritized as finance gets downplayed. <\/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>It\u2019s red as far as the eye can see in Asia this morning.<\/strong> All five of the major equities benchmarks we follow are in the red, signaling a \u201cmeh\u201d day for investors in Australia, Japan, South Korea, Hong Kong, and China. US and European stock futures are down in overnight trading. <\/p><p><a target=\"_blank\" id=\"t.39c8b18b887ce3e0302cdc5fb0489d9ef7d44850\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28,851<\/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: +15.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.26<\/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 48.40<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.27<\/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 48.37<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,121<\/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: +1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,395<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: -1.9%)<\/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>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\">4,308<\/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: +6.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,464<\/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: +14.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,292<\/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: +7.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,815<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 79.84<\/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\">-1.8%<\/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>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 1.91<\/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\">-4.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,426<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 67,444<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.9% (YTD: +59.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 3.4 bn (11.4% below the 90-day average). Local investors were net buyers. The index is up 15.9% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Telecom Egypt (+2.1%), Abu Qir Fertilizers (+1.0%), and Sidpec (+1.0%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>E-finance (-2.7%), Talaat Moustafa Group (-2.6%), and Qalaa Holdings (-2.6%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EBank\u2019s capital increase gets the greenlight: <\/strong>The bank\u2019s extraordinary general assembly earlier this month approved a decision to raise its issued and paid-up capital by EGP 2.5 bn to EGP 9.9 bn and double its authorized capital to EGP 20 bn, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2319.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The Financial Regulatory Authority <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79f1a91a-de7b-4d6a-a717-81c8fc62b93f\/softbank-to-sink-usd-9-bn-a-year-into-ai\" style=\"\" rel=\"noopener\">approved the increase<\/a> back in May. <\/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\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"636348\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/green-hydrogen-storage-infrastructure-will-play-a-vital-role-in-our-green-transition\/\">\r\n                            Green hydrogen storage infrastructure will play a vital role in our green transition<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/green-hydrogen-storage-infrastructure-will-play-a-vital-role-in-our-green-transition\/\" 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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UHS facilities help support the stability of electricity supplies and promote the use of green hydrogen in various sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Egypt angle:<\/strong> Egypt has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15d6f791-948f-4bbb-9bd3-3ddb57475e44\/a-whole-lot-of-green-ambitions-for-el-sisi%25e2%2580%2599s-new-term\" style=\"\" rel=\"noopener\">big green hydrogen ambitions<\/a> as the government works to transform it into a regional hub for green hydrogen production by 2026 and a global hub by 2030, with plans to produce 3.2 mn tons of green hydrogen a year by 2030 and 9.2 mn tons a year by 2040.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A lot of the Egyptian-made green hydrogen will be earmarked for export: <\/strong>Of the 9.2 mn tons of green hydrogen that Egypt wants to produce by 2040, the country wants to export 5.6 mn tons \u2014 amounting to an 8% market share of the global hydrogen market \u2014 an official at the New and Renewable Energy Authority (NREA) told Enterprise. Developing the country\u2019s green hydrogen storage and transportation infrastructure will \u201cenhance Egypt\u2019s export capabilities,\u201d the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Big ambitions need big investments: <\/strong>By 2030, Egypt hopes to implement investments in the hydrogen sector amounting to EGP 5.4 tn (USD 174.5 bn) in the Suez Canal Economic Zone, the official at the NREA added. Investor interest in Egypt is already focussed on green hydrogen, with last month\u2019s Egypt-EU Investment conference inking EUR 63.8 bn worth of green hydrogen and ammonia investments out of a total EUR 67.7 bn worth of investments inked throughout the conference.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The big picture:<\/strong> UHS is seen as key to providing long-term flexibility for carbon-free electricity networks, but the price tag is steep. <a target=\"_blank\" href=\"https:\/\/h2eart.eu\/\" style=\"\" rel=\"noopener\">H2eart for Europe<\/a> estimates that between EUR 18 bn and EUR 36 bn will be needed for underground hydrogen storage systems in Europe alone, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1852.pdf\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1852.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> from the institution.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it\u2019s doable:<\/strong> Although UHS costs are \"extremely high, both in terms of technology used and specific costs,\u201d focusing on expanding production before implementing storage technologies could help balance costs, former NREA head Mohamed El Sobky told Enterprise. El Sobky cautioned that UHS operations may drive up prices in the short term, but added that focusing on production expansion first could help offset some of these costs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Storing power as green hydrogen has some important advantages over batteries:<\/strong> The H2eart for Europe group noted that while \u201cbatteries are sufficient to provide short-term flexibility by storing relatively low amounts of electricity with a rapid charge and discharge rate,\u201d these technologies \u201cfail to provide long-term flexibility due to limited electricity storage.\u201d Batteries are also expensive and the cost of storing electricity is currently more than the cost of electricity itself, Cairo Solar Managing Director Hatem Tawfik told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we lack are incentives,<\/strong> according to Tawfik, who sees that the spread of hydrogen projects depends mainly on areas where renewable energies from wind and solar are present. Tawfik called for more financing, land, and tax cuts to expand renewable energy efforts.<\/p>\n<p style=\"padding-top:12pt;margin:0;padding-left:0;padding-bottom:12pt;line-height:1.15;orphans:2;widows:2;text-align:left;padding-right:0\"><strong>We also need to only generate what we need until we develop storage infrastructure:<\/strong> Renewable energy production must go hand in hand with existing needs and export capabilities, according to El Sobky. Not doing so would be a large drain on investments as a lot of renewable energy produced would not be used, El Sobky added.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Some <\/strong><strong>19% of the concessional development financing from international partners<\/strong> <strong>goes towards water projects<\/strong>, Planning and International Cooperation Minister Rania Mashat <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02nyygwFPAd427CQZqUmMrhT2NAaruqqLUpF8cMbUKXx1DWbKpAkCRZg6swKKSsHoAl\" style=\"\" rel=\"noopener\">said<\/a> last week.<\/li>\n<li><strong>Locally-produced EV batteries:<\/strong> Local EV startup Shift EV <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/595b510c-e5af-4062-a856-717169a979bb\/gov%25e2%2580%2599t-to-invest-in-auto-feeding-industries.-plus:-locally-made-ev-batteries\" style=\"\" rel=\"noopener\">will supply<\/a> Raya Holding\u2019s automotive unit Raya Auto with locally-produced batteries for Raya\u2019s light EVs, under a newly-announced partnership.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"636350\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/636350\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636350\" class=\"content-area-description single-story post-636350 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;\">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>24 September (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/finance2024.enterprise.news\/\" style=\"\">Enterprise Finance 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>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 style=\"font-weight:400;\">, 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>12-15 November (Tuesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0m61FMcuP2Qn6d36We1ozK1CgZEF6KGqaen15UMX7EkfRovB1cuxZ1gFtbqZNFvQ5l\" style=\"\">Arab African Investment and International Cooperation Summit<\/a><\/span><span style=\"font-weight:400;\">, Aswan, 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>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 style=\"font-weight:400;\">September 2024: Turkish-Egyptian Business Council meeting in Turkey.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">September 2024: US-Egypt Strategic Dialogue, Cairo.<\/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>More hotels | Olympic ambitions | Agricultural exports | MNT-Halan wants to go global.<\/p>\n","protected":false},"featured_media":636324,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-636323","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ccb03acf-64f9-4508-b846-8ce89b782049","teaser":"More hotels | Olympic ambitions | Agricultural exports | MNT-Halan wants to go global.","photo_url":"https:\/\/ent.news\/2024\/7\/2408.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>We\u2019re in line for another USD 820 mn from the IMF following the completion of our third loan review - 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\" 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