{"id":636746,"date":"2024-08-06T00:00:00","date_gmt":"2024-08-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=636746"},"modified":"2025-12-17T15:02:33","modified_gmt":"2025-12-17T15:02:33","slug":"global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/","title":{"rendered":"Global markets meltdown hits Egypt \u2014 pushing the EGP to six-month lows"},"content":{"rendered":"<section id=\"636748\" 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=\"636748\">\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\/08\/06\/global-markets-meltdown\/\">\r\n                            Global markets meltdown: Wall Street suffers worst day in almost two years                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/global-markets-meltdown\/\" 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\/08\/06\/global-markets-meltdown\/')\">\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\/08\/06\/global-markets-meltdown\/\">\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=Global markets meltdown&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/global-markets-meltdown\/\">\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\/08\/06\/global-markets-meltdown\/&title=Global markets meltdown\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Global+markets+meltdown+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F06%2Fglobal-markets-meltdown%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/global-markets-meltdown\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/403.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636749\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/global-markets-meltdown\/403-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/403.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"403.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/403.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/403.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636748\" class=\"content-area-description single-story post-636748 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-wall-street tag-what-were-tracking-today 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\/8\/.3367af0e-7131-4b8e-80e0-a1c02e5ac55c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>It has been a crazy 24 hours after a global sell-off triggered a market meltdown, pushing most major indices to close in the red \u2014 Egypt wasn\u2019t spared, with the sell-off echoing through our local debt market and the EGP, which fell to its lowest level since March. <\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a> <strong>Equity markets have endured after a \u201cbrutal\u201d sell-off<\/strong> that wiped USD 6.4 tn from global stock markets, triggered by concerns about the US economy potentially slowing faster than expected while the Fed keeps policy rates unchanged.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Last Friday, the US released its July payroll data, showing slower job growth and unemployment rising to 4.3%. The news caused a big selloff, with stocks and bonds taking a hit. Earlier reports about weak manufacturing and construction only made things worse.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the day ended:<\/strong> US markets all ended in the red, despite paring back some of their losses during the day as \u201cencouraging\u201d US services data helped to steady markets. Treasury yields also clawed back some losses following the fresh data. Still, all three major US indexes were down more than 2.5%:<\/p>\n<ul>\n<li><strong>S&P 500: <\/strong>-3.0%<\/li>\n<li><strong>Dow:<\/strong> .2.6%<\/li>\n<li><strong>Nasdaq Composite: <\/strong>-3.4%<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tech shares were among the worst performers<\/strong>, with Nvidia closing down 6.4%, Apple falling 4.8%, and Tesla dropping 4.2%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our part of the world wasn\u2019t spared:<\/strong> It was also a sea of red in Middle Eastern markets, with the DFM closing down 4.5%, the ADX falling 3.4%, the EGX falling 2.3%, and Tadawul closing down 2.1%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Panic mode on: <\/strong>Wall Street\u2019s \u201cfear gauge\u201d \u2014 Cboe Volatility Index (VIX) \u2014 settled around 38, after peaking at 65, its highest point since the early days of the pandemic. A VIX level above 30 is considered high, indicating significant market fear or uncertainty. While a level below 20 is typically considered low. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over in the forex and crypto markets:<\/strong><\/p>\n<ul>\n<li><strong>JPY:<\/strong> Rose to a seven-month high against the USD.<\/li>\n<li><strong>Malaysia's MYR:<\/strong> Hit its highest level against the greenback since April 2023.<\/li>\n<li><strong>BTC <\/strong>dropped to USD 54k on Monday, down from USD 62k on Friday.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHERE THINGS STAND TODAY- The Nikkei is up in early trading, rising more than 8%<\/strong> within minutes of trading opening this morning to pare back some of its losses from yesterday. The index was down 12.4% yesterday, marking its worst crash since 1987, which added to worries about global market instability. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story is single-handedly leading the conversation everywhere this morning:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/88bd2eaa-5e57-44b7-93df-a5127ebe7fda\" style=\"\" rel=\"noopener\">Financial<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/88bd2eaa-5e57-44b7-93df-a5127ebe7fda\" style=\"\" rel=\"noopener\">Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-05\/-6-4-trillion-wipeout-sows-fear-great-unwind-is-just-starting\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/global-markets-wrapup-1pix-2024-08-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-sp500-nasdaq-live-08-05-2024\" style=\"\" rel=\"noopener\">WSJ<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/05\/1-trillion-wipeout-market-rout-punishes-mega-cap-tech.html\" style=\"\" rel=\"noopener\">CNBC<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong>Bangladeshi Prime Minister Sheikh Hasina fled to India yesterday after stepping down following weeks of violent anti-government demonstrations.<\/p>\n<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>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Do you want to attend our 2024 Enterprise Finance Forum on 24 September? <\/strong>Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.<\/p>\n<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>\n<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>\n<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 above. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>No more funding for fertilizer companies?<\/strong> Several local banks have temporarily halted providing new financing for fertilizer companies due to potential default risks, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/banks\/50333\/%D8%A8%D9%86%D9%88%D9%83-%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%AA%D9%88%D9%82%D9%81-%D9%85%D8%A4%D9%82%D8%AA%D8%A7-%D8%B9%D9%86-%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%B3%D9%85%D8%AF%D8%A9\/?utm_source=facebook&utm_medium=social&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> reports, citing five unnamed bankers. A private bank deputy chairman said his bank has placed the sector \u201cat the top of the most risky sectors in the market, due to major borrowers defaulting,\u201d with another source saying that fertilizer companies\u2019 checks have been bouncing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Fertilizer manufacturers have had a rough couple of months as a squeeze on gas supplies, high temperatures, and increasing electricity consumption prices temporarily <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32fbe8ad-e741-4025-b286-1d61f14a199f\" style=\"\" rel=\"noopener\">pushed their factories<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32fbe8ad-e741-4025-b286-1d61f14a199f\" style=\"\" rel=\"noopener\">offline<\/a>. Following the production shutdowns, some fertilizer companies <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3177ad5e-c6b3-46f4-8c50-199dcf931d03\/madbouly-heads-to-the-house-to-deliver-new-government%25e2%2580%2599s-policy-statement\" style=\"\" rel=\"noopener\">looked to defer loan payments<\/a>, with early indications pointing toward potential flexibility from bankers. <\/p>\n<p class=\"tag-border-left\">DATA POINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong> Foreign currency deposits in Egyptian banks on the rise: <\/strong>Non-governmental foreign currency deposits in Egyptian banks rose USD 2.4 bn in the first half of 2024, reaching USD 53.0 bn by the end of June, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/08\/05\/%D9%88%D8%AF%D8%A7%D8%A6%D8%B9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D9%8A%D9%86-%D8%A8%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9-%D8%AA%D9%82%D9%81%D8%B2-%D8%A8%D8%A3%D9%83%D8%AB%D8%B1-%D9%85%D9%86-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D9%8A-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%AE%D9%84%D8%A7%D9%84-6-%D8%A3%D8%B4%D9%87%D8%B1\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> reports, citing data from the central bank.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another sunny day in Cairo<\/strong>, with a high of 37\u00b0C and a low of 27\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a little cooler in Alexandria<\/strong>, with a high of 33\u00b0C and a low of 24\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** 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>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#1- <\/strong><strong>Egypt is hosting WUF in November:<\/strong> The biennial <a target=\"_blank\" href=\"https:\/\/wuf.unhabitat.org\/\" style=\"\" rel=\"noopener\">World Urban Forum<\/a> is taking place in Cairo from 4-8 November. Egypt will be the first African country to host the forum since its inaugural session in Kenya and the second Arab country to do so following the UAE. Convened by the UN-Habitat, the forum is the second largest event on the United Nations' agenda following the UN Climate Change Conference, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid04isia2XQqUE8kiHtLVX5D1bBTNPrnG6DB74woVTwpPuTCcpwdHnrUSvGmdzeYKzxl\" style=\"\" rel=\"noopener\">statement<\/a>. You can register to attend the event <a target=\"_blank\" href=\"https:\/\/events.unhabitat.org\/\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Looking to do your master\u2019s in the UK? <\/strong>Applications for the British government\u2019s Chevening scholarship open today at <a target=\"_blank\" href=\"https:\/\/www.chevening.org\/scholarships\/application-timeline\/\" style=\"\" rel=\"noopener\">11 am GMT<\/a>. The scholarship offers full financial support for students to pursue an eligible master\u2019s degree at a number of UK universities. Applicants will have until 5 November to submit their applications <a target=\"_blank\" href=\"https:\/\/www.chevening.org\/apply\/\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Also up for grabs: <\/strong>The <a target=\"_blank\" rel=\"noopener\">Yousriya Loza-Sawiris Scholarship<\/a> \u2014 which is offered by the Sawiris Foundation for Social Development \u2014 aims to fully fund two Egyptian students to pursue a Masters in Development Practice at the University of Minnesota\u2019s Hubert Humphrey School of Public Affairs. Interested applicants have until 10 October to <a target=\"_blank\" href=\"https:\/\/www.surveymonkey.com\/r\/NKZNXNQ?fbclid=IwY2xjawEdbIRleHRuA2FlbQIxMAABHdLLJYToIIfx8CK3jP_aFBoWGnRUcRPiyHCd6l9bJmKiC_xAxLvIqi7aEA_aem_6ORxgTzuHZ9hVDRW9PyZDg\" style=\"\" rel=\"noopener\">apply here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Piqued your interest? <\/strong>An online information session with a live Q&A will be held tomorrow at 7 pm. Sign up to attend <a target=\"_blank\" href=\"https:\/\/form.jotform.com\/231864230053549?fbclid=IwZXh0bgNhZW0CMTAAAR2nZvGh0SjXVDjjxTcai0Y3Ehe5BH_RXbSATonXruXdrw-zh4n52ENkBw0_aem_zWvKHQyqWRP1wjtZtgpLiQ\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">OLYMPICS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Day 10 was nowhere near as eventful as day 9<\/strong>, but here are some of the highlights. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Swedish pole vaulter Armand Duplantis \u2014 aka Mondo \u2014 was the star of the Paris Olympics <\/strong><strong>yesterday. <\/strong>Mondo secured the pole vault gold and broke his own record suspending the bar 6.25m. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>TEAM EGYPT- The Pharaohs lost 3-1 to host France<\/strong> in the semifinal of the men\u2019s Olympic football tournament last night. Team Egypt scored the match\u2019s first goal, before France scored in the last 8 minutes of the match and pushed the match into extra-time. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We could still get a spot on the podium: <\/strong>Egypt will face Morocco on Thursday, where they will play for the bronze. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s another packed day for <\/strong><strong>team Egypt<\/strong>, here are some of the matches you should keep your eyes peeled for:<\/p>\n<ul>\n<li><strong>Diving: <\/strong>Mohamed Farouk will be representing the country in the men\u2019s 3m springboard preliminary at 11:00 am.<\/li>\n<li><strong>Wrestling: <\/strong>Moamen Mohamed will face Venezuela's Raiber Jose Orozco in the men\u2019s Greco-Roman 60kg repechage and Mahmoud Abdelrahman will face Uzbekistan\u2019s Aram Vardanyan in the event\u2019s 77kg weight group \u2014 both matches are scheduled for 12:00 pm. Nada Mohamed will take on China\u2019s Feng Ziqi in the women\u2019s freestyle 50kg. Abdellatif Mohamed will face Bulgaria\u2019s Kiril Milov in the men\u2019s Greco-Roman 120kg repechage. <\/li>\n<li><strong>Athletics: <\/strong>Esraa Owis will be taking part in the women\u2019s long jump qualification at 12:15 pm.<\/li>\n<li><strong>Artistic swimming: <\/strong>The country\u2019s artistic swimming team will be taking to the pool for the team free routine at 8:30 pm.<\/li>\n<\/ul>\n<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=6-August\" 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<\/a><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\">Guide<\/a>. <\/p>\n<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>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/239.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s 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>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at the latest steps toward launching Africa\u2019s first voluntary carbon market.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wall-street\/\">Wall Street<\/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=\"636750 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=\"636750\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/636750\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636750\" class=\"content-area-description single-story post-636750 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.somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2663.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Discover the harmonious embrace of mountains and sea at Somabay.<\/span><span> Revel in breathtaking vistas and immerse yourself in nature\u2019s tranquility. #SummerStoriesBegin #OneParadiseAllSeasons #SomabayRedSea<\/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=\"636751\" 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=\"636751\">\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\/08\/06\/global-markets-meltdown-hit-home-the-egp-hit-six-month-lows\/\">\r\n                            Global markets meltdown hit Egypt \u2014 the EGP hit six-month lows                        <\/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\/08\/06\/global-markets-meltdown-hit-home-the-egp-hit-six-month-lows\/\" 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\/08\/06\/global-markets-meltdown-hit-home-the-egp-hit-six-month-lows\/')\">\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\/08\/06\/global-markets-meltdown-hit-home-the-egp-hit-six-month-lows\/\">\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=Global markets meltdown hit home \u2014 the EGP hit six-month lows&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/global-markets-meltdown-hit-home-the-egp-hit-six-month-lows\/\">\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\/08\/06\/global-markets-meltdown-hit-home-the-egp-hit-six-month-lows\/&title=Global markets meltdown hit home \u2014 the EGP hit six-month lows\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Global+markets+meltdown+hit+home+%E2%80%94+the+EGP+hit+six-month+lows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F06%2Fglobal-markets-meltdown-hit-home-the-egp-hit-six-month-lows%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/global-markets-meltdown-hit-home-the-egp-hit-six-month-lows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636752\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/global-markets-meltdown-hit-home-the-egp-hit-six-month-lows\/416-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"416.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636751\" class=\"content-area-description single-story post-636751 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-egx tag-enterpriseam tag-exchange-rate 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\/8\/.facdad70-969b-474f-b9bc-c7c9d7bb5d77.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>We\u2019re feeling the global markets meltdown at home:<\/strong> Between the EGP hitting an almost six-month low and the EGX falling, Egypt was not spared from the global equity sell-off. <\/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>By the numbers:<\/strong> The EGP was changing hands at an average of 49.2 to the greenback \u2014 its lowest level since March \u2014 while the benchmark EGX30 dropped 2.3% to close at 27.8k yesterday, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/385.jpg\" style=\"\" rel=\"noopener\">market data<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Evidence of a flexible exchange rate: <\/strong>The EGP weakening against the USD serves as a healthy indicator of exchange rate flexibility and puts an end to claims that authorities are manipulating the exchange rate by limiting demand, EGBank board member Mohamed Abdel Aal told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The global sell-off may have something to do with it<\/strong><strong>:<\/strong> Recession fears in the US after \u201calarming\u201d US economy data \u2014 including a jump in unemployment rates to 4.3% \u2014 have in recent days thrown equity markets into a tailspin, triggering a global sell-off that pushed Wall Street to its worst day in nearly two years. <strong>We have the full story in the news well, above. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You can also blame it on regional tension: <\/strong>Geopolitical risks across the region are the biggest contributor to the weakness of the EGP, Al Ahly Pharos analyst Esraa Ahmed told Enterprise, adding that the USD index has dipped almost 2%, signaling the greenback\u2019s weakening against major currencies. Other emerging market currencies, like Mexico and Nigeria, did not witness any noticeable movements against the USD, she added.<\/p>\n<p class=\"tag-border-left\">MONEY OUT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More foreign investors are exiting the local debt market:<\/strong> Foreign investors sold some USD 600 mn worth of local debt instruments over the past two days as they poured their capital into safe-haven assets, Economist Hany Abou El Fotouh told Enterprise, explaining that this played a part in the EGP\u2019s slide against the greenback. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind the scenes:<\/strong> Interbank trading activity is healthy, with local banks having bought and sold an average of USD 800 mn over the past couple of days, a substantial increase from the previous average of USD 250 mn, our banking source said. Banks exchanged over USD 1 bn (over an undisclosed period) as banks scrambled to meet the surging demand for USD from investors seeking to withdraw their funds from the country, one banker told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/egypt-stock-market-currency-slide-global-selloff-hits-2024-08-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not all gloomy:<\/strong> While markets saw foreign investors selling their EGP-dominated t-bills and converting the proceeds to USD, outflows from Egyptian treasuries amounted to no more than 10%, another banker told Reuters. \u201cFrontier markets like Egypt are showing relative resilience, despite being somewhat affected,\" Goldman Sachs\u2019 Farouk Soussa told Reuters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reserves remain strong: <\/strong>The flight of hot money over the past three days has not depleted banks\u2019 USD reserves, seeing as a dedicated account covers these outflows as part of precautionary measures aimed at safeguarding against potential disruptions to cash reserves or USD liquidity, a high-ranking banking source told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Last month went differently:<\/strong> Foreign investors bought USD 900 mn worth of government debt instruments last month, unnamed sources tell <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/900-%d9%85%d9%84%d9%8a%d9%88%d9%86-%d8%af%d9%88%d9%84%d8%a7%d8%b1-%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1%d8%a7%d8%aa-%d8%a7%d9%84%d8%a3%d8%ac%d8%a7%d9%86%d8%a8-%d9%81%d9%8a-%d8%a3%d8%af%d9%88\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>, adding that July did not see any foreign investors exiting government debt instruments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>June witnessed the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/862efbea-9bc6-40b6-8d32-1ad9e18c24ae\/\" style=\"\" rel=\"noopener\">exit of some USD 4 bn<\/a> of foreign investments in government debts on the back of concerns about an impending cycle of rate cuts both in Egypt and the US. Foreign investments in Egypt\u2019s t-bills stood at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a4e2053-1456-4ed4-a15a-afc1361e5df4\/\" style=\"\" rel=\"noopener\">USD 35.2 bn by the end of April<\/a>, up from USD 32.0 bn in March, according to central bank data.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Money in:<\/strong> The central bank is looking to raise EGP 115 bn from auctioning off EGP-denominated treasury bills over the coming few days, according to its website. Investors can submit bids for six and 12-month t-bills until Thursday at 11:00 am and they have until next Sunday to submit their bids for three and nine-month bills.<\/p>\n<p class=\"tag-border-left\">THE BIGGER PICTURE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Markets across the Middle East also took a hit: <\/strong>The Saudi Tadawul Index fell 2.1% during yesterday\u2019s trading, while Turkey\u2019s Borsa Istanbul 100 Index was the hardest hit, dropping over 5.5%. Israel\u2019s benchmark TA-35 Index fell 0.9% \u2014 at some point falling as much as 3.1% to hit its lowest level since February. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adding fuel to the fire: <\/strong>There are reports that US Secretary of State Antony Blinken had told his G7 counterparts that Iran and Hezbollah could attack Israel as early as today, three sources in the know told <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/08\/05\/iran-hezbollah-attack-israel-monday-blinken\" style=\"\" rel=\"noopener\">Axios<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The most vulnerable: <\/strong>\u201cThere remains much greater risk to asset prices in Israel, Lebanon, and Iran, with the latter fully sanctioned for foreign investors anyway, than anywhere else in the region,\u201d Hasnain Malik, head of equity strategy research at global data provider Tellimer, told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-05\/israeli-stocks-extend-slide-as-fears-of-iran-attack-mount?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US rate cuts approaching? <\/strong>The Federal Reserve could hold a surprise meeting to cut interest rates before September, Abdel Aal said, adding that he expects Chairman Jerome Powell to issue a reassuring statement tonight to calm markets. Powell had <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/fed-expected-hold-rates-steady-open-door-september-cut-2024-07-31\/\" style=\"\" rel=\"noopener\">said<\/a> on Wednesday that interest rates could be cut as soon as September if inflation, growth, and the labor market move in line with expectations. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exchange-rate\/\">exchange rate<\/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=\"636753\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-fzhwf4e\" data-v=\"4\" data-block-id=\"fzhwf4e\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-fzhwf4e-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-fzhwf4e-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-6b80srd\" data-v=\"4\" data-block-id=\"6b80srd\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-6b80srd-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-6b80srd-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-8ndlko1\" data-v=\"4\" data-block-id=\"8ndlko1\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-8ndlko1-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-8ndlko1-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-r0ey21h\" data-v=\"4\" data-block-id=\"r0ey21h\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-r0ey21h-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-r0ey21h-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" 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=\"636754\" 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=\"636754\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/non-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july\/\">\r\n                            Egypt's non-oil private sector activity remains near growth territory despite dipping in July                        <\/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\/08\/06\/non-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july\/\" 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\/08\/06\/non-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july\/')\">\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\/08\/06\/non-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july\/\">\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=Non-oil private sector activity remains near growth territory despite dipping in July&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/non-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july\/\">\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\/08\/06\/non-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july\/&title=Non-oil private sector activity remains near growth territory despite dipping in July\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Non-oil+private+sector+activity+remains+near+growth+territory+despite+dipping+in+July+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F06%2Fnon-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/non-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/402.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636755\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/non-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july\/402-jpg-32\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/402.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"402.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/402.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/402.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636754\" class=\"content-area-description single-story post-636754 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-pmi tag-sp 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\/8\/.640cb42e-4314-4b81-9a34-f9201f769950.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Non-oil private sector activity<\/strong><strong> was at its second highest level since <\/strong><strong>August 2021,<\/strong><strong> despite dipping in July<\/strong>, <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/303.pdf\" style=\"\" rel=\"noopener\">S&P Global\u2019s Egypt Purchasing Managers\u2019 Index (PMI) (pdf)<\/a> report showed. Egypt\u2019s non-oil activity held near the growth threshold at the start of 3Q 2024, with companies seeing only marginal declines in output and new orders, resulting in businesses reducing their purchases, according to the report. Despite the dip in activity, \u201cthe Egyptian non-oil economy still appears to be on the cusp of expansion,\u201d said S&P Global Market Intelligence Senior Economist David Owen.<\/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>We were hoping that this would be the month that we would finally be in the green: <\/strong>The index dipped slightly to 49.7 in July, down from an almost three-year peak of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13dd8c48-d8d8-405b-91ce-4d5640203db9\/\" style=\"\" rel=\"noopener\">49.9 in June<\/a> \u2014 marking the 44th straight month that the country\u2019s non-oil private sector has been in contraction. Last month the index showed us only 0.1 point away from the 50.0 mark that separates growth from contraction, giving some hope that July would show the private sector finally entering growth territory.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Orders were down again after having been up for the first time in 34 months the month <\/strong><strong>before: <\/strong>After new orders rose in June for the first time since August 2021, July witnessed a fall in new orders with 9% of businesses surveyed reporting a decline in sales, while 7% reported an increase. Input purchases fell their fastest in four months, as companies adjusted their purchases to reflect a dip in orders. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite the dip in new orders overall, export orders were up: <\/strong>An uptick in demand from abroad led to new export orders increasing for the third consecutive month. There was also encouraging news on the employment front, as employment inched back up after falling the month before on the back of a belief that sales will soon pick up.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflation was once again putting pressure on the non-oil private sector:<\/strong> Input prices spiked for the second month in a row, hitting their steepest pace since March, with 14% of firms reporting a rise in prices. However, the overall rate of input price inflation remained softer than the broader trend of the past two years and led to only a modest rise in selling prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business sentiment improves slightly, but remains subdued:<\/strong> Non-oil firms forecast a boost in activity over the next 12 months as market optimism grows. Inflationary pressures were \u201csubdued compared to heightened rates in recent years,\u201d according to Owen, but a \u201cslight pick-up in input cost inflation in July\u201d could leave firms uncertain about prices picking up again. He added that \u201cwhile some firms pointed to a turning of the tide in economic conditions, particularly through rising export demand, market conditions were stated as weak elsewhere.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ELSEWHERE IN THE REGION- <\/strong><\/p>\n<ul>\n<li>Saudi Arabia\u2019s PMI slowed to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/301.pdf\" style=\"\" rel=\"noopener\">54.4 in July (pdf)<\/a>, down from 55.0 in June.<\/li>\n<li>The UAE\u2019s PMI dipped to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/302.pdf\" style=\"\" rel=\"noopener\">53.7 in July (pdf)<\/a>, down from 54.6 in June.<\/li>\n<li> Kuwait\u2019s PMI dropped slightly to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/305.pdf\" style=\"\" rel=\"noopener\">51.5 in July (pdf)<\/a>, down from 51.6 in June.<\/li>\n<li> Qatar\u2019s PMI slowed to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/317.pdf\" style=\"\" rel=\"noopener\">51.3 in July (pdf)<\/a>, down from June\u2019s 23-month high of 55.9.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp\/\">S&amp;P<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636756\" 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=\"636756\">\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\">SOCIAL WELFARE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/govt-could-announce-its-biggest-social-support-package-to-date-in-september\/\">\r\n                            Egypt\u2019s gov\u2019t could announce its biggest social support package to date in September                        <\/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\/08\/06\/govt-could-announce-its-biggest-social-support-package-to-date-in-september\/\" 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\/08\/06\/govt-could-announce-its-biggest-social-support-package-to-date-in-september\/')\">\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\/08\/06\/govt-could-announce-its-biggest-social-support-package-to-date-in-september\/\">\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 could announce its biggest social support package to date in September&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/govt-could-announce-its-biggest-social-support-package-to-date-in-september\/\">\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\/08\/06\/govt-could-announce-its-biggest-social-support-package-to-date-in-september\/&title=Gov\u2019t could announce its biggest social support package to date in September\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Gov%E2%80%99t+could+announce+its+biggest+social+support+package+to+date+in+September+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F06%2Fgovt-could-announce-its-biggest-social-support-package-to-date-in-september%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/govt-could-announce-its-biggest-social-support-package-to-date-in-september\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/396.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636757\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/govt-could-announce-its-biggest-social-support-package-to-date-in-september\/396-jpg-21\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/396.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"396.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/396.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/396.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636756\" class=\"content-area-description single-story post-636756 post type-post status-publish format-standard has-post-thumbnail hentry category-social-welfare tag-economy tag-enterpriseam tag-inflation tag-social-welfare tag-subsidies 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\/8\/.9278dcac-aeac-4517-a051-0588f028d8f7.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A new social support package in the works:<\/strong> The Madbouly government is gearing up to announce a new package of social protection measures in September, with plans to implement it starting October, two government sources told Enterprise.<\/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>What to expect:<\/strong> The package will include wage and pension increases, alongside other forms of support for low-income households to mitigate the impact of inflationary pressures. This is part of a wider plan to restructure subsidies and increase electricity price hikes. Sources <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e71493a-fde3-4dfc-b0e9-286632532659\/%253cmark%253eelectricity%253c%2Fmark%253e-bill-hikes-put-on-hold-until-september--%253cmark%253eelectricity%253c%2Fmark%253e-ministry-source\" style=\"\" rel=\"noopener\">previously told us<\/a> that the government decided to postpone any hikes to electricity prices until September. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why now?<\/strong> The move could offset some of the impact of recent government price increases, including a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45d2052e-4c8d-4dde-b93c-8965df87dd03\/\" style=\"\" rel=\"noopener\">10-15% fuel-price hike<\/a> at the end of July, an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f490e809-9cb1-4e21-93b8-3af74b284fd9\/\" style=\"\" rel=\"noopener\">increase in Metro and train fare<\/a> introduced last Thursday, and a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e811dd85-332f-42a1-98ce-3d1b24f98627\/\" style=\"\" rel=\"noopener\">300% hike to subsidized bread prices<\/a> at the end of May, which piled price pressure on some of Egypt\u2019s most vulnerable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Softening the blow:<\/strong> \u201cWe're facing a significant increase in the cost of securing and providing strategic commodities,\u201d one government source told Enterprise, adding that the government is \u201ccurrently examining the feasibility of raising salaries to help cushion the inflationary effects on wages and pensions.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This would be the second such package to come in 2024:<\/strong> The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76f901c8-012d-4de4-8d1e-eb994506231c\/\" style=\"\" rel=\"noopener\">delivered<\/a> a package of public-sector wage hikes, income tax breaks, pension increases, and a 50% increase in the public-sector minimum wage, all as part of an EGP 180 bn package that came into effect in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026and could be the biggest social protection package to date:<\/strong> The package \u2014 which has not yet been finalized \u2014 could be the biggest such package to date, another government source told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new task force:<\/strong> The government has put together a committee with representatives from the finance, supply, and social solidarity ministries that is working to ensure availability of strategic commodities, secure the financial needs for their import, and pricing them, among other decisions aimed at reducing inflation in the short term.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Annual headline inflation cooled for the fourth consecutive month in June, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59de79e9-0607-4e59-836f-e69920eda138\/\" style=\"\" rel=\"noopener\">hitting a<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59de79e9-0607-4e59-836f-e69920eda138\/\" style=\"\" rel=\"noopener\">17-month low of 27.5%<\/a> in urban areas, down from 28.1% in May.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/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=\"636758 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=\"636758\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/636758\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636758\" class=\"content-area-description single-story post-636758 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.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636759\" 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=\"636759\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/could-the-private-sector-help-revive-state-owned-tire-maker-trenco\/\">\r\n                            Could the private sector help revive the Egyptian government-owned tire maker Trenco?                        <\/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\/08\/06\/could-the-private-sector-help-revive-state-owned-tire-maker-trenco\/\" 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\/08\/06\/could-the-private-sector-help-revive-state-owned-tire-maker-trenco\/')\">\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\/08\/06\/could-the-private-sector-help-revive-state-owned-tire-maker-trenco\/\">\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=Could the private sector help revive state-owned tire maker Trenco?&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/could-the-private-sector-help-revive-state-owned-tire-maker-trenco\/\">\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\/08\/06\/could-the-private-sector-help-revive-state-owned-tire-maker-trenco\/&title=Could the private sector help revive state-owned tire maker Trenco?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Could+the+private+sector+help+revive+state-owned+tire+maker+Trenco%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F06%2Fcould-the-private-sector-help-revive-state-owned-tire-maker-trenco%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/could-the-private-sector-help-revive-state-owned-tire-maker-trenco\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/398.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636760\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/could-the-private-sector-help-revive-state-owned-tire-maker-trenco\/398-jpg-34\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/398.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"398.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/398.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/398.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636759\" class=\"content-area-description single-story post-636759 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-automotive tag-chemical-industries-holding-company tag-enterpriseam tag-manufacturing tag-privatization-watch tag-sinai-manganese-company tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.d1214c74-eb4c-41a3-82b3-9211868e23f9.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Trenco set for a USD 160 mn overhaul with private sector investment:<\/strong> The government is reportedly looking to team up with the private sector to revive and develop state-owned tire manufacturer Trenco, with estimated investments of USD 160 mn, <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%b9%d8%aa%d8%b2%d9%85-%d8%b7%d8%b1%d8%ad-%d8%aa%d8%b7%d9%88%d9%8a%d8%b1-%d8%aa%d8%b1%d9%86%d9%83%d9%88-%d9%84%d9%84%d8%b4%d8%b1%d8%a7\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing a government document. Trenco \u2014 which previously covered 30% of the internal market \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f690219d-16e9-4cc9-9012-22da48774299\/where-we-stand-on-egypt%25e2%2580%2599s-plans-to-localize-tire-manufacturing\" style=\"\" rel=\"noopener\">shut down operations in 2022<\/a>. <\/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 project at a glance:<\/strong> The project aims to see Trenco produce 1.5 mn truck and bus radial (TBR) tires locally, removing the need to import them. The project also entails adding production lines for heavy duty tires.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Things could go in a different direction:<\/strong> Trenco parent firm Chemical Industries Holding Company (CIHC) previously said that it is in talks with foreign companies that have showed interest in setting up a tire factory that would manufacture Trenco\u2019s Nisr brand of tires on CIHC-owned land in Alexandria\u2019s Amreya, according to Al Mal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In line with our localization push:<\/strong> The government is looking into <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bbab4c0b-d0c3-4d53-9949-289663e00369\/automakers-are-already-lining-up-for-the-government%25e2%2580%2599s-local-manufacturing-initiative\" style=\"\" rel=\"noopener\">increasing the required local<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bbab4c0b-d0c3-4d53-9949-289663e00369\/automakers-are-already-lining-up-for-the-government%25e2%2580%2599s-local-manufacturing-initiative\" style=\"\" rel=\"noopener\">component percentage<\/a> in car manufacturing in an effort to boost feeder industries as more global players look to assemble their units locally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>Egypt consumed around 10 mn tires in 2022, of which only 15% (1.5 mn) tires were produced domestically, with the remainder coming from imports. As of last year, Pirelli and Pyramid Tires stand as the only tire manufacturers in Egypt, covering around 8.2% of domestic demand, after Trenco closed its doors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want more? <\/strong>We published an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f690219d-16e9-4cc9-9012-22da48774299\" style=\"\" rel=\"noopener\">Inside Industry<\/a> last year diving into Egypt\u2019s plans to localize tire manufacturing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The previous government first laid out the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a06d4ec-4025-490e-8842-45c8a9fe0d8a\" style=\"\" rel=\"noopener\">Egyptian Automotive Industry<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a06d4ec-4025-490e-8842-45c8a9fe0d8a\" style=\"\" rel=\"noopener\">Development Program (AIDP)<\/a> \u2014 a comprehensive strategy to localize automotive industries \u2014 in 2022. <\/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\">PROGRESS ON THE SINAI MANGANESE STAKE SALE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t to offload a stake in Sinai Manganese:<\/strong> The same document also revealed that the government is planning to offer a minority stake in CIHC\u2019s manganese producer Sinai Manganese.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why now?<\/strong> The move comes as the government looks to fund two new projects with total investments of USD 11 mn \u2014 one for producing and processing kaolin (a clay used in the production of paper, rubber, and paint), with a production capacity of 40k tons a year, and the other for <a target=\"_blank\" href=\"https:\/\/gypsum.org\/making-gypsum-board\/\" style=\"\" rel=\"noopener\">gypsum board calcination<\/a>, with an annual production capacity of 6 mn cubic meters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The company is on the government\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">list of 35 companies<\/a> up for stake sales to strategic investors, via the EGX, or a mix of both. The state-owned National Investment Bank currently <a target=\"_blank\" href=\"http:\/\/www.mpbs.gov.eg\/Arabic\/Affiliates\/AffiliateCompanies\/Pages\/AffiliateCompaniesDetails.aspx?id=14\" style=\"\" rel=\"noopener\">owns 59% of the company<\/a> and CIHC owns the remaining 41%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investors have been lining up for a slice of Sinai Manganese since last year:<\/strong> Al Mal reported <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e665bf8c-5176-4dd5-ba3f-36db09011ff3\/\" style=\"\" rel=\"noopener\">last year<\/a> that several local and international investors were looking to grab a stake in the state-owned company, which was being shopped around by the Sovereign Fund of Egypt ahead of the sale.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chemical-industries-holding-company\/\">Chemical Industries Holding Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sinai-manganese-company\/\">Sinai Manganese Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636761 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=\"636761\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/636761\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636761\" class=\"content-area-description single-story post-636761 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\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=\"636762\" 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=\"636762\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/el-sisi-discusses-regional-developments-during-meeting-with-turkish-foreign-minister\/\">\r\n                            Egypt\u2019s El Sisi discusses regional developments during meeting with Turkish Foreign Minister                        <\/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\/08\/06\/el-sisi-discusses-regional-developments-during-meeting-with-turkish-foreign-minister\/\" 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\/08\/06\/el-sisi-discusses-regional-developments-during-meeting-with-turkish-foreign-minister\/')\">\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\/08\/06\/el-sisi-discusses-regional-developments-during-meeting-with-turkish-foreign-minister\/\">\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=El Sisi discusses regional developments during meeting with Turkish Foreign Minister&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/el-sisi-discusses-regional-developments-during-meeting-with-turkish-foreign-minister\/\">\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\/08\/06\/el-sisi-discusses-regional-developments-during-meeting-with-turkish-foreign-minister\/&title=El Sisi discusses regional developments during meeting with Turkish Foreign Minister\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=El+Sisi+discusses+regional+developments+during+meeting+with+Turkish+Foreign+Minister+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F06%2Fel-sisi-discusses-regional-developments-during-meeting-with-turkish-foreign-minister%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/el-sisi-discusses-regional-developments-during-meeting-with-turkish-foreign-minister\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/415.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636763\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/el-sisi-discusses-regional-developments-during-meeting-with-turkish-foreign-minister\/415-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/415.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"415.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/415.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/415.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636762\" class=\"content-area-description single-story post-636762 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam tag-last-nights-talk-shows 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\/8\/.18dfc66c-b8e3-4074-a38f-cae34a5ac155.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It was a diplomacy-heavy night on the airwaves <\/strong>as the nation\u2019s talking heads zeroed in on President Abdel Fattah El Sisi\u2019s meeting with Turkish Foreign Minister Hakan Fidan in Cairo yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Discussions between the pair were focused on the latest regional developments and <\/strong><strong>threats of an escalation in regional hostilities<\/strong>, according to an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/1054351842720210?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/a>. \u201cThe Middle East is at a very delicate and dangerous juncture that requires exercising the highest levels of self-restraint and upholding the voice of reason and wisdom,\u201d El Sisi said. De-escalating tensions requires coordinated efforts by key stakeholders and the international community to immediately implement a ceasefire in Gaza, he said. Both parties acknowledged the gravity of the regional situation and condemned Israel's escalatory policies. The meeting got airtime on Ala Mas\u2019ouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=eX6lmm7nxuQ\" style=\"\" rel=\"noopener\">watch, runtime: 6:21<\/a>) and Salet El Tahrir (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=6I32E74eFWI\" style=\"\" rel=\"noopener\">watch, runtime: 5:43<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636764\" 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=\"636764\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/western-brands-continue-to-suffer-the-consequences-of-egyptians-boycott\/\">\r\n                            Western brands continue to suffer the consequences of Egyptians\u2019 boycott                        <\/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\/08\/06\/western-brands-continue-to-suffer-the-consequences-of-egyptians-boycott\/\" 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\/08\/06\/western-brands-continue-to-suffer-the-consequences-of-egyptians-boycott\/')\">\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\/08\/06\/western-brands-continue-to-suffer-the-consequences-of-egyptians-boycott\/\">\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=Western brands continue to suffer the consequences of Egyptians\u2019 boycott&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/western-brands-continue-to-suffer-the-consequences-of-egyptians-boycott\/\">\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\/08\/06\/western-brands-continue-to-suffer-the-consequences-of-egyptians-boycott\/&title=Western brands continue to suffer the consequences of Egyptians\u2019 boycott\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Western+brands+continue+to+suffer+the+consequences+of+Egyptians%E2%80%99+boycott+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F06%2Fwestern-brands-continue-to-suffer-the-consequences-of-egyptians-boycott%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/western-brands-continue-to-suffer-the-consequences-of-egyptians-boycott\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/394.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636765\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/western-brands-continue-to-suffer-the-consequences-of-egyptians-boycott\/394-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/394.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"394.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/394.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/394.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636764\" class=\"content-area-description single-story post-636764 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-gaza 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\/8\/.8a7262ad-f723-40e0-81e9-865076b35bf3.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt among the countries where m<\/strong><strong>ultinationals are feeling boycott\u2019s pinch<\/strong><strong>: <\/strong>Sales of Western food and drink franchises in Muslim-majority countries have taken a hit due to widespread boycotts in countries like Egypt, Saudi Arabia, Malaysia, Indonesia, and Pakistan amid the ongoing boycott movement, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a2ee3452-ed34-45a1-8515-a88841c9ed31\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. Franchise operators of Coca-Cola, KFC, Starbucks, Mondelez, Pizza Hut, and L\u2019Oreal are among those that have faced boycotts, given \u201ctheir perceived support for Israel in the war in Gaza,\u201d the salmon-colored paper writes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Marketing campaigns are down too: <\/strong>Many global companies are toning down their marketing to avoid more backlash, co-chair of the American Chamber of Commerce industry and trade commission in Egypt Alaa Hashim tells the FT. \u201cI think a lot of international companies have lowered their profile, and have toned down a lot of communications to avoid provoking counter campaigns.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There may be another factor at play:<\/strong> With big brands losing favor, local products are experiencing a surge in popularity. In Egypt, this comes amid high inflation that has necessarily tightened consumers\u2019 wallets, Hashim noted.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gaza\/\">Gaza<\/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=\"636766\" 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=\"636766\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/oci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score\/\">\r\n                            OCI sells blue ammonia project for USD 2.4 bn                        <\/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\/08\/06\/oci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score\/\" 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\/08\/06\/oci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score\/')\">\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\/08\/06\/oci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score\/\">\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=OCI sells blue ammonia project for USD 2.4 bn. PLUS: News from Valu, KarmSolar, I-Score&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/oci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score\/\">\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\/08\/06\/oci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score\/&title=OCI sells blue ammonia project for USD 2.4 bn. PLUS: News from Valu, KarmSolar, I-Score\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=OCI+sells+blue+ammonia+project+for+USD+2.4+bn.+PLUS%3A+News+from+Valu%2C+KarmSolar%2C+I-Score+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F06%2Foci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/oci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/392.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636767\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/oci-sells-blue-ammonia-project-for-usd-2-4-bn-plus-news-from-valu-karmsolar-i-score\/392-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/392.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"392.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/392.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/392.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636766\" class=\"content-area-description single-story post-636766 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-evs tag-financial-regulatory-authority tag-green-ammonia tag-i-score tag-karmsolar tag-oci-global tag-renewables tag-valu 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\/8\/.66a1eee6-0067-44ac-897a-e4bb15384867.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">RENEWABLES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>OCI to offload<\/strong><strong> US blue ammonia project for USD 2.35 bn: <\/strong>Nassef Sawiris-backed, Netherlands-headquartered chemicals company OCI Global has agreed to sell its low-carbon ammonia project in Texas to Australia\u2019s largest oil and gas developer <a target=\"_blank\" href=\"https:\/\/www.woodside.com\/\" style=\"\" rel=\"noopener\">Woodside Energy<\/a> for USD 2.35 bn, according to a <a target=\"_blank\" href=\"https:\/\/oci-global.com\/news-stories\/press-releases\/oci-global-announces-agreement-for-the-sale-of-its-clean-ammonia-project-in-beaumont-texas-to-woodside-energy\/\" style=\"\" rel=\"noopener\">statement<\/a>. OCI\u2019s Texas facility is \u201cthe world\u2019s first large-scale, low-carbon intensity hydrogen-based greenfield ammonia facility.\u201d It will have a production capacity of 1.1 mn tons of blue ammonia per year during its first phase \u2014 it is set to begin production next year. <\/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>REMEMBER- Sawiris has big restructuring plans for OCI: <\/strong>Nassef Sawiris \u2014 who owns a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/12a65d3c-3825-47d2-9a57-75f7f7a96829\/today:%253cmark%253e-sawiris%253c%2Fmark%253e%25e2%2580%2599-backed-oci-global-signs-an-offtake-agreement-with-us-green-hydrogen-developer-new-fortress-energy\" style=\"\" rel=\"noopener\">38.8% stake in the firm<\/a> \u2014 said he was considering <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43def9e6-cf20-4971-9508-8d1e11becc17\/brazilian-president-lula-is-meeting-el-sisi-later-today\" style=\"\" rel=\"noopener\">overhauling OCI<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43def9e6-cf20-4971-9508-8d1e11becc17\/brazilian-president-lula-is-meeting-el-sisi-later-today\" style=\"\" rel=\"noopener\">GlobaI<\/a> in February, with one of the options being turning the empire into a cash-shell company pursuing acquisitions in new industries. Most recently, the company sold its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c1b11e94-533d-4af4-984c-ed48fd056c83\" style=\"\" rel=\"noopener\">50% +1 stake in Fertiglobe<\/a> \u2014 its JV with Abu Dhabi National Oil Company \u2014 to Adnoc for USD 3.62 bn.<\/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\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Acumen eyes robo-advisor, carbon trading, and bond trading licenses: <\/strong>Acumen Securities Brokerage plans to secure a robo-advisor license from the Financial Regulatory Authority (FRA) before the end of the year, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/08\/05\/1815117\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing Managing Director Rania El Gendy. The firm also aims to secure the necessary licenses to offer a comprehensive suite of services to its clients, bond trading and carbon trading, she said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>The FRA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8af8de31-d813-49b1-acbb-0b6e3352140c\" style=\"\" rel=\"noopener\">issued controls<\/a> for licensing robo-advisors back in May, setting the minimum capital for companies seeking licensing at EGP 15 mn and requiring the submission of quarterly performance reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Robo-advisors?<\/strong> They are AI-powered virtual financial advisors that manage investment portfolios by assessing customers' risk appetite and making stock recommendations accordingly.<\/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\">EV-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EV charging is coming to District 5:<\/strong> Leading fintech player Valu and solar energy company KarmSolar are setting up an EV charging network in New Cairo\u2019s District 5, the companies said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/375.pdf\" style=\"\" rel=\"noopener\">a joint statement (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/375.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/375.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The project will be carried out through KarmSolar\u2019s new subsidiary Karm, while Valu will provide \u201chassle-free\u201d payment solutions for EV charging using the Karm. application. <\/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\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I-Score unveils market analytics platform:<\/strong> The Egyptian Credit Bureau (I-Score) has launched a market analytics platform for banks operating in the local banking system, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d9%85%d8%b5%d8%b1%d9%8a%d8%a9-%d9%84%d9%84%d8%a7%d8%b3%d8%aa%d8%b9%d9%84%d8%a7%d9%85-%d8%a7%d9%84%d8%a7%d8%a6%d8%aa%d9%85%d8%a7%d9%86%d9%8a-iscore-%d8%aa%d8%b7%d9%84%d9%82\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports. The platform allows banks to evaluate, monitor, and analyze loan portfolio performance in comparison to the banking sector in general and with competitors over a 12-month period.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-ammonia\/\">green ammonia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/i-score\/\">I-Score<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karmsolar\/\">KarmSolar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oci-global\/\">OCI Global<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"636768\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"636768\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/\">\r\n                            Optimism over cryptocurrencies sours as BTC, ETH plummet amid stock market slump                        <\/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\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/\" 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\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/')\">\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\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/\">\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=Optimism over cryptocurrencies sours as BTC, ETH plummet amid stock market slump&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/\">\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\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/&title=Optimism over cryptocurrencies sours as BTC, ETH plummet amid stock market slump\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Optimism+over+cryptocurrencies+sours+as+BTC%2C+ETH+plummet+amid+stock+market+slump+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F06%2Foptimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/390.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"636769\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/390-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/390.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"390.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/390.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/390.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636768\" class=\"content-area-description single-story post-636768 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-cryptocurrency 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\/8\/.d8266b87-7f6f-4abd-8926-a3bf62de0cee.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Bad news for crypto bros:<\/strong> Cryptocurrencies are the latest victims of plummeting stock markets, as investors flee risky assets for safer harbors. BTC had tumbled by 8.9% over the last 24 hours as of midnight yesterday, while the second largest cryptocurrency ETH fell 11.9% in the same period, marking some of the largest single-day drops seen in years.<\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This souring of sentiment marks a sharp reversal of the optimism that had recently<\/strong><strong> permeated crypto markets<\/strong> following the US Securities and Exchange Commission in January approving ETFs that track the spot prices of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff7c363c-9225-49b1-8a2b-d55b6ce8203d\" style=\"\" rel=\"noopener\">BTC<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf86bcb-7429-4020-9e6a-665fb475923e\/crypto-gains-on-etf-optimism\" style=\"\" rel=\"noopener\">ETH<\/a>. Crypto also got a boost last month as US presidential candidates Donald Trump and Kamala Harris <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8c514af-4682-4b90-9c06-72e3a8b907e7\/usd-820-mn-tranche-lands-in-state-coffers-after-imf-rubber-stamp-third-review\" style=\"\" rel=\"noopener\">jockeyed to position themselves<\/a> as the \u201cpro-crypto\u201d candidate. Trump\u2019s appearance at the BTC 2024 convention even pushed BTC above <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/bitcoin-falls-569-58987-2024-08-04\/\" style=\"\" rel=\"noopener\">USD 70k<\/a> for the first time in over a month \u2014 despite his one-time <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/business-57392734\" style=\"\" rel=\"noopener\">branding<\/a> of the cryptocurrency as a \u201cscam.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your reminder that crypto is not a safe haven: <\/strong>While crypto\u2019s fall is largely the result of <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-sp500-nasdaq-live-08-05-2024\/card\/bitcoin-and-ether-prices-take-a-beating-too-ZXEEzWbj5GM8MW6Y9Qom\" style=\"\" rel=\"noopener\">the<\/a><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-sp500-nasdaq-live-08-05-2024\/card\/bitcoin-and-ether-prices-take-a-beating-too-ZXEEzWbj5GM8MW6Y9Qom\" style=\"\" rel=\"noopener\">same pressures<\/a> that are impacting assets everywhere, its risk profile makes it particularly susceptible to market downturn. \u201cIt's a big reminder that BTC and crypto in general are risk assets and sit at the pointy end of the risk spectrum,\u201d market analyst at IG Tony Sycamore tells <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/bitcoin-falls-569-58987-2024-08-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p><p><a target=\"_blank\" id=\"t.0cc06955b4ff9307df74ee31da9c9c3345cf56c6\" 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\">27,841<\/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\">-2.3% (YTD: +11.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 49.19<\/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 49.33<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 49.2<\/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 49.3<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,504<\/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\">-2.1% (YTD: -3.9%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,975<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-3.4% (YTD: -6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,046<\/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\">-4.5% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,186<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-3.0% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,008<\/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\">-2.0% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,572<\/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\">-1.5% (YTD: +1.1%)<\/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>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 76.30<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 1.96<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,452<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 53,920<\/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\">-8.9% (YTD: +27.3%)<\/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 2.3% at yesterday\u2019s close<\/strong> on turnover of EGP 4.1 bn (14.4% above the 90-day average). Foreign investors were net buyers. The index is up 11.8% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Oriental Weavers (+1.3%), Telecom Egypt (+1.3%), and ADIB (+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>Elsewedy Electric (-6.4%), Eastern Company (-5.8%), and Amoc (-5.8%).<\/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>#1- ESAC welcomes new shareholders:<\/strong> The Egyptian Soda Ash Company (ESAC) approved the entry of new state-owned shareholders Misr Ins. and the Egyptian Company for Mineral Resources into the company\u2019s ownership structure. This came during the company\u2019s first ordinary and extraordinary general assembly, according to an Oil Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0FMaqqFsdVvwQ25fR9ukmjWJPJcqAckDoKPmQZZ38zjnY6gEcSqpFYsJEaqpqqFH9l\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The company was set up in early 2023 to lead the project to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0cd58af2-675a-444f-b309-dbecca21d0d9\" style=\"\" rel=\"noopener\">build a soda ash<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0cd58af2-675a-444f-b309-dbecca21d0d9\" style=\"\" rel=\"noopener\">complex<\/a>. It is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aed36bed-e276-4e64-b33b-c01ef19175ea\/%253cmark%253esoda-ash%253c%2Fmark%253e-cash\" style=\"\" rel=\"noopener\">primarily state-led<\/a> with Egyptian Petrochemical Holding Company, Chemical Industries Holding Company, and the military\u2019s Arab Organization for Industrialization among its shareholders. A 45% stake in the firm is held between private-sector firms Polyserve, AMN Industrial Investment, and Life Chemicals Group . <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Sidi Kerir Petrochemicals<\/strong><strong> wants to increase its capital: <\/strong>The petrochemicals producer wants to hike its issued and paid-up capital to EGP 1.8 bn from EGP 1.5 bn, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/358.pdf\" style=\"\" rel=\"noopener\">an EGX disclosure (pdf)<\/a>. The extraordinary general assembly will meet on 29 August to vote on the increase. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Eastern Company\u2019s ordinary general assembly approved the sale of one of its <\/strong><strong>factories <\/strong><strong>in <\/strong><strong>6<\/strong><strong> of October<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/363.pdf\" style=\"\" rel=\"noopener\">an EGX disclosure (pdf)<\/a>. The move, which is still pending approval from the Industrial Development Authority, will see United Tobacco acquire Eastern\u2019s Factory 9 for EGP 1.6 bn. <\/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\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"636770\">\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\">10<\/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\/steps-toward-launching-africas-first-voluntary-carbon-market-are-gaining-traction\/\">\r\n                            Steps toward launching Africa\u2019s first voluntary carbon market are gaining traction<\/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\/steps-toward-launching-africas-first-voluntary-carbon-market-are-gaining-traction\/\" 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\/goinggreens\/steps-toward-launching-africas-first-voluntary-carbon-market-are-gaining-traction\/')\">\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\/goinggreens\/steps-toward-launching-africas-first-voluntary-carbon-market-are-gaining-traction\/\">\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=Steps toward launching Africa\u2019s first voluntary carbon market are gaining traction&url=https:\/\/enterpriseam.com\/egypt\/goinggreens\/steps-toward-launching-africas-first-voluntary-carbon-market-are-gaining-traction\/\">\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\/goinggreens\/steps-toward-launching-africas-first-voluntary-carbon-market-are-gaining-traction\/&title=Steps toward launching Africa\u2019s first voluntary carbon market are gaining traction\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Steps+toward+launching+Africa%E2%80%99s+first+voluntary+carbon+market+are+gaining+traction+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fgoinggreens%2Fsteps-toward-launching-africas-first-voluntary-carbon-market-are-gaining-traction%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/steps-toward-launching-africas-first-voluntary-carbon-market-are-gaining-traction\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/388.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"636771\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/steps-toward-launching-africas-first-voluntary-carbon-market-are-gaining-traction\/388-jpg-32\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/388.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"388.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/388.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/388.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-636770\" class=\"content-area-description post-636770 goinggreen type-goinggreen status-publish has-post-thumbnail hentry category-going-green tag-capital-markets tag-carbon-trading tag-enterprise-going-green tag-enterpriseam tag-financial-regulatory-authority tag-going-green tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Whither Egypt\u2019s volunta<\/strong><strong>ry carbon market? <\/strong>The Financial Regulatory Authority (FRA) and EGX are hastening steps to launch Africa\u2019s first voluntary carbon market, most recently with the mid-July issuance of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1c69c8e-5980-4932-a4e2-c029065ec29a\/%253cmark%253efra%253c%2Fmark%253e-unveils-the-requirements-for-carbon-trading\" style=\"\" rel=\"noopener\">rules and mechanisms for trading carbon certificates<\/a> and futures contracts.<\/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>This step reflects a real maturing of FRA policy toward the voluntary carbon market<\/strong>, says Reham Elgizy, CEO of Riyadh-based <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/voluntarycarbonmarket\/\" style=\"\" rel=\"noopener\">Voluntary Carbon Market<\/a>, one that will help the market grow locally and in Africa. According to Elgizy, carbon trading offers a means for mitigating the impacts of climate change \u2014 such as desertification \u2014 alongside an avenue for expanding green projects in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Assuring the liquidity of carbon certificates is crucial to activate the marke<\/strong>t, CIB board member and former FRA head Sherif Samy tells Enterprise, noting the increasing awareness of the importance of greening the economy and the potential profitability of the carbon trading market for green project owners. Samy added that the challenges facing the carbon market are similar to those facing the EGX, including its attractiveness to investors and its competitiveness with regional markets. Yet, Samy affirms that the market is a significant addition that can be built upon going forward.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While it\u2019s still too early to make predictions about the level of market demand<\/strong>, there are several indications that the market has significant momentum, says Samy. There is increasing interest among public and private entities in issuing sustainable debt, alongside interest from banks and EGX-listed companies in sustainability, according to Samy. In addition, significant numbers of private institutions are now receiving green financing from international institutions, he adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are already players on the verge of entering the market: <\/strong>The EGX has entered discussions with Go Green for Agricultural Investment and Development to issue carbon certificates in parallel with the company's efforts to list on the EGX. The bourse also plans to approach four listed entities to issue carbon certificates, head of the EGX Ahmed El Sheikh told Hapi Journal. El Sheikh adds that companies may take up to 18 months to complete the project authorization procedures and certify the issuance of carbon certificates, while other companies have already issued certificates but have thus far only offered them in foreign markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Just days until the market\u2019s first transaction: <\/strong>The voluntary carbon market will witness its first issuance and trading of carbon certificates between seller Egyptian Biodynamic Agriculture Association and buyer ISIS Organic, with Beltone Financial Holding executing the transaction, according to unnamed sources cited by Hapi Journal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The incoming European carbon tax is a major driver of demand for carbon certificates<\/strong> and their futures contracts among Egyptian exporters in energy-intensive and high carbon-emitting sectors as they prepare for the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63f69456-ee23-4b0d-ab40-cf8156033b69\/fertilizer,-cement,-steel,-and-aluminum-exporters-need-to-prepare-for-the-eu%25e2%2580%2599s-carbon-border-adjustment-mechanism\" style=\"\" rel=\"noopener\">implementation of the EU\u2019s Carbon Border Adjustment Mechanism<\/a> by 2026, says Samy. The law is expected to have a significant impact on Egyptian exports, especially those that consume significant energy, including steel, aluminum, cement, and fertilizers. Goods such as chemicals, polymers, mineral oils, pulp and paper, and others may also face pressure to decarbonize in the face of this legislation by the end of the decade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Demand is already quite strong: <\/strong>Officials from seven companies have expressed their intention to apply for the FRA\u2019s approval to trade in carbon emissions reduction certificates and futures contracts in the voluntary carbon market, including CI Capital\u2019s CIBC, Mubasher Financial Services, Arab African International Securities, Bank Audi\u2019s Arabeya Online brokerage, Pioneers Brokerage, Cairo Financial Holding\u2019s brokerage arm Cairo Capital Securities, Osool ESB, and Beltone Securities Brokerage, according to <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/7-%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%b3%d9%85%d8%b3%d8%b1%d8%a9-%d8%aa%d9%8f%d8%ae%d8%b7%d8%b7-%d9%84%d9%84%d8%ad%d8%b5%d9%88%d9%84-%d8%b9%d9%84%d9%89-%d9%85%d9%88%d8%a7%d9%81%d9%82%d8%a9-%d8%a7\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>.cod<\/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\">HOW WILL THE NEW CARBON TRADING MARKET WORK?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new market aims to incentivize carbon reduction projects:<\/strong> Like carbon trading markets the world over, this market will allow companies in Egypt and Africa that work on emission reduction projects to sell certified carbon credits to companies seeking to offset their emissions. The hope is that the market will encourage companies to up their engagement in activities that reduce carbon emissions while achieving financial returns, according to the FRA.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What are carbon certificates? <\/strong>Carbon certificates are tradable financial instruments representing units of greenhouse gas emissions reductions, with each unit representing one ton of CO2 emissions in this case. In Egypt, they will be issued to the developer of the emissions reduction project after being verified according to international standards by FRA-registered local or international entities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the futures contracts? <\/strong>These are ownership contracts for carbon emissions reduction certificates that will be issued in the future, to be delivered to the buyer at a time determined by both parties. These contracts will be traded on the exchange according to the listing and delisting rules for carbon emissions reduction certificates <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5722d75a-8216-457e-abb8-451f57f8401f\/al-ahly-cira%25e2%2580%2599s-saxony-egypt-will-open-its-doors-in-september.-plus:-news-from-the-house,-ntra,-and%253cmark%253e-fra%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">issued by the FRA<\/a> in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New rules restrict issuers to a single market:<\/strong> The rules for trading carbon certificates require the applicant to transfer the certificates to the account of the settlement company, abide by the legal controls governing their handling, and not offer the listed certificates on any other market database during the listing period. The applicant must also continuously and immediately update all project and certificate data on the new market\u2019s <a target=\"_blank\" href=\"https:\/\/www.africarbonex.com\/\" style=\"\" rel=\"noopener\">website<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Setting trading sessions:<\/strong> Trading session dates will be determined by the exchange, and will be announced on the exchange\u2019s website, including the date and time of the session, the name of the project issuing the carbon certificates, a link to the project on the voluntary carbon registry site, the number of certificates available for trading, the trading mechanism, and transaction data for the certificates and their futures contracts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX has specified three mechanisms for trading carbon certificates and futures<\/strong><strong> contracts<\/strong>, including trading through a pre-agreed trading mechanism, through an auction, or through a continuous auction. Trading will be conducted through a pre-agreed transaction mechanism if the the brokerage companies involved request it, while the trade will occur via an auction mechanism \u2014 English or Dutch \u2014 if there is one party selling or buying facing multiple parties on the opposite side. In the case of multiple parties on both the buy and sell sides, trading will be conducted through a continuous auction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trading of unlisted certificates<\/strong>: The regulations also allow trading of unlisted certificates and their futures contracts, but only through the pre-agreed transaction mechanism, provided that the trading parties adhere to the cash and paper settlement of the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Price priority determines the execution of registered buy and sell orders<\/strong>, and if orders are equal in price, execution is carried out according to order registration time in the trading systems.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The FRA has set conditions for brokerage firms:<\/strong> Brokerage firms\u2019 issued and paid-up capital must be no less than <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1c69c8e-5980-4932-a4e2-c029065ec29a\/%253cmark%253efra%253c%2Fmark%253e-unveils-the-requirements-for-carbon-trading\" style=\"\" rel=\"noopener\">EGP 15 mn<\/a> with equity not lower than their paid-up capital at the time of applying for the authority's approval to trade in these certificates and contracts, among other conditions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A carbon pricing law might be next: <\/strong>The government is in the final stages of preparing the country\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a5ae3ac5-8aca-4a2a-a005-a3a36e0e8cd8\/egypt%25e2%2580%2599s-first%253cmark%253e-carbon-pricing%253c%2Fmark%253e-draft-law-is-almost-here\" style=\"\" rel=\"noopener\">first draft law for carbon pricing<\/a>, a government official in the renewable energy sector told Enterprise last month. The draft law is expected to be completed by the end of this year and will be presented for discussion with key players in high-emissions industries before a comprehensive bill is submitted to the House.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Poultry farms could be getting access to solar: <\/strong>The electricity and agriculture ministries are studying an initiative to provide financing for solar cell installation on poultry farms. (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ysmGHFpZ4qDurDxZQYLwCkTXWNa6r49W2EKz28EdiMqQsv81bwSQYsFBP6WjP4AHl\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>AfDB may help fund our USD 1.5 bn wind farm: <\/strong>The African Development Bank (AfDB) is considering financing the USD 1.5 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b6adeb2-4542-420b-b461-22ebaca13fdb\/afdb-could-help-fund-our-1.1-gw-wind-farm.-plus:-news-from-ibn-sina,-palm-hills,-honor\" style=\"\" rel=\"noopener\">1.1 GW wind farm<\/a> in the Gulf of Suez being carried out by Saudi Arabia\u2019s ACWA Power and Hassan Allam Holding.<\/li>\n<li><strong>Gov\u2019t is looking to ramp up its hydropower capacity: <\/strong>The Electricity Ministry plans to carry out <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a2d8e31-7b35-4552-8bf5-9318de0121b4\/gov%25e2%2580%2599t-eyes-usd-4-bn-worth-of-hydropower-projects\" style=\"\" rel=\"noopener\">USD 4 bn worth of hydroelectric power projects<\/a> in partnership with the private sector.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carbon-trading\/\">carbon trading<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/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=\"636772\" 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\/08\/06\/636772\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-636772\" class=\"content-area-description single-story post-636772 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;\">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 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>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\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>Egypt loses to France | Nearing growth | Social support | Blue ammonia | Egyptian tires.<\/p>\n","protected":false},"featured_media":636747,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-636746","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ccdca09e-b890-4c64-befb-02e6d0d8d8ca","teaser":"Egypt loses to France | Nearing growth | Social support | Blue ammonia | Egyptian tires.","photo_url":"https:\/\/ent.news\/2024\/8\/429.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>Global markets meltdown hits Egypt \u2014 pushing the EGP to six-month lows - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global markets meltdown hits Egypt \u2014 pushing the EGP to six-month lows\" \/>\n<meta property=\"og:description\" content=\"Egypt loses to France | Nearing growth | Social support | Blue ammonia | Egyptian tires.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-17T15:02:33+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/429.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/\",\"name\":\"Global markets meltdown hits Egypt \u2014 pushing the EGP to six-month lows - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/429.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2024-08-06T00:00:00+00:00\",\"dateModified\":\"2025-12-17T15:02:33+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/429.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/429.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Issues\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/AMarchives\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Global markets meltdown hits Egypt \u2014 pushing the EGP to six-month lows\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Global markets meltdown hits Egypt \u2014 pushing the EGP to six-month lows - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/","og_locale":"en_US","og_type":"article","og_title":"Global markets meltdown hits Egypt \u2014 pushing the EGP to six-month lows","og_description":"Egypt loses to France | Nearing growth | Social support | Blue ammonia | Egyptian tires.","og_url":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/","og_site_name":"EnterpriseAM Egypt","article_modified_time":"2025-12-17T15:02:33+00:00","twitter_card":"summary_large_image","twitter_image":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/429.jpg?fit=%2C&ssl=1","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/","url":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/","name":"Global markets meltdown hits Egypt \u2014 pushing the EGP to six-month lows - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/429.jpg?fit=%2C&ssl=1","datePublished":"2024-08-06T00:00:00+00:00","dateModified":"2025-12-17T15:02:33+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/429.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/429.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/global-markets-meltdown-hits-egypt-pushing-the-egp-to-six-month-lows\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Issues","item":"https:\/\/enterpriseam.com\/egypt\/AMarchives\/"},{"@type":"ListItem","position":3,"name":"Global markets meltdown hits Egypt \u2014 pushing the EGP to six-month lows"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}}]}},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/636746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/issue"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/636746\/revisions"}],"predecessor-version":[{"id":636796,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/636746\/revisions\/636796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/636747"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=636746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=636746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=636746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}